Ohio Housing Market Predictions for 2023

I was talking to a client this morning and they think that the real estate market is a buyers market. I would say this is simply a different market than we have ever seen before. I found this article at https://propertyonion.com/education/ohio-housing-market-predictions-for-2023/

"Demand for homes in most of the greater-Cleveland area remains strong, partly the result of insufficient inventory. The housing inventory equates to merely 1.3 months, well below the 5 or 6-month level traditionally associated with a healthy real estate market. Simply put, the months’ supply refers to the length of time (months) it would take to deplete the existing homes for sale in a given market"

1.3 Months and 6 months are needed. The real estate market will probably not crash at all. In fact in Cleveland Ohio it will probably go up at a 2-3% pace.

" The short supply of available homes in the Cleveland area was further exacerbated in late 2022 amid escalating interest rates. This should come as no surprise, as existing property owners with a mortgage at 3 or 4% lack the motivation to sell and face rates of 6 or 7% in their next home."

This is another issue that is creating an inventory shortage. People like where they live and their mortgage payment. With inflation and interest rates heading north it will continue to be an issue.

The other issue is new medium priced homes being built. In 2008-2016 basically no new medium priced homes were built. This is also another reason for the shortage.

" Many local real estate professionals suggest that investors should look at Cleveland in 2023, as the market should increasingly favor buyers more than sellers. Within the city limits, renters occupy more than half of the housing units; therefore, strong demand exists for rental units — particularly in the single-family rental home market."

This is the silver lining so to speak, rents will be a stronger market. That is where I come in. I find great real estate for my investors and do all the detailed work until it's at the property manager (Avalon Group Realty). My clients get updates and progress on their property through the process.

Buying real estate for investment today is very smart! Don't wait

Call me (Brett) 216-703-5740 Fathom Realty or Whatsapp me

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