In March home sales rose slightly (0.8%) as compared to a year ago, while homes available for sale decreased almost 58%. New homes entered the market at an equal rate in almost an equal about last year (0.4% growth). While the inventory continues to limit choices, this month home prices rose 8.9% over March 2020. Multiple offers and sales over asking price continue in NE Ohio. We have an excellent track record of having 7 offers accepted for 7 differnet buyers. Each buyer had written only one offer. Meaning that we helped the buyers successfully purchase their first choice of home. How did we do this? We wrote strong offers, that had the best terms not even the highest price also. The best way to navigate this tumultuous market and be successful in your home search is with the help of a professional Realtor®. If you or someone you know is interested in looking for a new home, please click the link below.
With the decreased inventory in the market, market time continues to shorten as well as placing pressure on home prices. Average time on market has fallen to less than one month. This is a record for Northeast Ohio. This month, 58% of fewer number of homes came on the market compared to March 2020. With continued low interest rates, limited options continue to force multiple offers and buyers to be less cautious about the homes they are purchasing. With such a competitive marketplace, it is a great time to sell a home. We have recently negotiated sales anywhere from 10% to 20% over asking price. Simplifying the process is the job of a professional Realtor®. If you or someone you know is interested in selling their home or simply finding out it's value, please click the link below.
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