Spring has always been the hottest time of the year for real estate, especially for Greater Cleveland. The combination of sunshine, flowers, blue skies, better photography and happier moods, can all translate into finding the perfect match for buyers and sellers alike. Below, we’ve put together a list of all the reasons why Spring 2017 real estate is worth looking out for, even if you haven’t considered buying or selling this year. With all the excitement Cleveland experienced in 2016: the Cavs championship, the RNC and the Indians World Series run, this is certainly one of the most exciting places to live, and the regional real estate market is benefitting from all the excitement.
Low Interest Rates for Buyers
Whether it’s your first home purchase or your fifth, a low interest rate is not a benefit to sneeze at. Luckily, 2017 is beginning with interest rates still low, and they should stay that way fresh into the Spring market.
Climbing Home Prices
Good news for sellers: according to Forbes, home prices slowly rose every month in 2016, and those prices should stay on the uptick into 2017. That, in addition to all the excitement around living in Cleveland, makes for a great sellers market. If you’re considering selling your home in the next year, the Spring market may be the perfect opportunity.
While spring is generally considered a “sellers market” in real estate circles, it is equally an incredible time for buyers to take advantage of the market as well? Why? Because of the quantity of new inventory, discerning buyers have the luxury of cherry-picking the perfect home when there is more to choose from.
New Regional Developments
I always say Cleveland is the coolest place to live right now, from all the sports successes to new restaurants opening every day, new developments in the region attract lots of new home-buyers from outside of Cleveland. On top of that, new developments add arts, dining and entertainment options, making neighborhoods even more desirable to live in. We are ecstatic to see what developments like Pinecrest in Orange and The Van Aken District in Shaker Heights bring to Cleveland.
Large Number of First time Home Buyers
According to Forbes, the average age for a home purchaser is 33, that means, millennials will be joining the real estate market any time now. Additionally, “There is an uptick in singles purchasing homes, whereas in the past, most homebuyers were married.” These new shifts and trends in the market are worth noting, and keeping in mind that millennials respond to different sales and marketing differently than Gen X’s before them. Agents and sellers alike will need to begin investing in digital marketing sooner rather than later as to not miss reaching millennials in their marketing plans.
Last, but not least, and perhaps the most obvious is weather. Unlike so many places through the US, Northeast Ohio represents a true four-season region. Of course, this has its pros and cons, but it undoubtedly makes Spring the best and most desirable time to buy or sell a home.
So what are you waiting for? If you’re thinking about buying or selling, talk to me about this exciting Spring market before it’s over.