My take on the Future of Cleveland Ohio Real Estate
There is a lot of speculation on the future of real estate. I wanted to give you my take on the future of real estate in 2021.
Of course the interest rate will be a big factor on the Real Estate Market. As most investors and home buyers know this has been very attractive to home buyers and has affected the inventory. Finding a home in Cleveland Ohio can be tricky if you're trying to buy in a hot market.
Cities in Cleveland that will see the best results on equity will be the better areas that have no Point of Sale and the city is easier to get property sold. For example cities with Point of Sale violations will see flatter equity and ones that do not have it will see better equity growth.
If interest rates see an increase then that will help the housing inventory which is at an all time low. The real estate market in Cleveland Ohio needs more homes on the market for the buyers demand.
I am also seeing solid rental rates if the property is marketed by a Realtor. My listings have almost all gone for full price. Rents have gone up about $50-$100 a month according to where the home is located. I see a little uptick on rents in 2021, and we are seeing most tenants renewing their leases. Vacancies are basically non-existent.
With Covid 19 ending at least in Ohio that will also get more homeowners that have been on the fence about selling and will start to look at maybe moving forward.
The Real Estate market in the Cleveland Ohio area looks very solid in 2021 and 2022. The political arena is always changing, but real estate is something everyone needs and wants.
Need Investment Real Estate or to Sale your home? Call me
Brett Young
MEGA Million Dollar Producer
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