when is the housing market going to improve in the Cleveland area?

Question

I sell real estate here and I am wondering where all the buyes are and why there are so few buyers.

Answer 1

When do I reach the end of a piece of string? Nobody knows what the housing market is going to do. Someone produces a report with financial data to "prove" the market has already bottomed out, then the next day another report comes out to disprove the theory.

Whilst buyers are feeling less pain about staying put than sellers are feeling the pain of not selling, prices will continue down. IMO too many sellers are still asking too much, then trying to get out from under their 110% sub-prime loans reaching the end of their fixed-rate era. Plus the tax valuations are just hitting the peak of the housing boom.

There's also a glut of foreclosed property on the market from failed real-estate rehabs, sub-prime loans, etc. A lot of these seem price top-heavy as the banks try to recoup.

Sellers are in more pain. Buyers don't want that pain.

Oil prices are causing enough hurt, making buyers wary of any commitment that's bigger than replacing the car with a fuel efficient model.

So whilst there are always buyers, just now they're very price-conscious and have a lot of choice. Sellers need a dose of reality to attract buyers, whereas part-time agents are always trying to max their commissions so want the sellers to max the price.

Answer 2

Ohio ranks near the top of the nation in foreclosure actions. Your market is becoming flooded with more properties available than there are buyers. Expect the weakness in the market to continue until inventories available come into closer balance with the supply of buyers.

From what I have read, this could be one or two more years, until the foreclosures shake out.

Answer 3

As a Realtor the market goes up and down. You have to find that nitch and run with it. I am in the same boat at the moment, always revamping your marketing strategy is a must. Just get out there and talk to people, someone will be selling you just need to be the name they remember.
Good Luck!
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Answer 4

Sorry to be the bearer of undesirable information, yet domicile expenditures are consistent with what the marketplace will bear. era. Lot and a super variety of persons are dropping money merchandising their residences these days, extremely in markets with many sellers and few purchasers. regrettably genuine sources is now no longer a undeniable-fireplace thank you to extend sources, and you may desire to could desire to "take a achievement" as a manner to sell. in case you do no longer quite could desire to sell precise now, it may desire to no longer be a foul concept to take a seat down tight for a year or 2 and watch the marketplace maximum appropriate itself. in case you do could desire to pass now, reducing the cost could desire to be the only option. stable success!