4 Things You Need to Know Before Selling Your Home in Cleveland, OH
Know Cleveland’s Housing Trends and Improve Your Selling Odds
Cleveland, Ohio has been one of the hottest housing markets in recent years. In fact, from 1990 to 2000, Cleveland experienced a 32% rise in its population. That’s the highest out of any city in the Midwest, including Chicago!
In recent years, Cleveland has undergone a renaissance that makes it attractive to prospective out-of-state buyers. It has the largest metropolitan lakefront in the world, 27 colleges and universities, the second-largest theater district in the country, three major sports teams, ten Fortune 500 headquarters, and the fastest-growing healthcare economy in the United States. And, that’s just the tip of the proverbial iceberg.
Without a doubt, Cleveland is a diamond in the Midwest’s crown, but despite its growth, you still need to be strategic when it comes to selling your home in this city. Here are four things you need to know about before putting your home on the market in Cleveland, Ohio.
#1: Know Your Local Cleveland Housing Market
Cleveland is home to several neighborhoods and each one has its own unique housing market. While the city as a whole has a red-hot housing market, not every neighborhood is the same so it’s important to know what your local market is like. This way, you can price your home accordingly. Two of the hottest markets in the city are Lakewood and West Park, with both reliably seeing homes sell for well over list price.
#2: Millennials Should Be Your Target
With rental prices rising in Cleveland’s downtown, millennials are being driven out of the city center and toward the city’s inner-ring suburbs. This means millennials will be leading the home-buying trend in Cleveland. So, you should make the younger population your target audience in order to achieve the best reach.
#3: List Your Home Sooner Rather Than Later
If you are serious about selling, then you should list your home for sale sooner, rather than later. Why? Because interest rates are already starting to climb and that trend is expected to continue, moving forward. Not only this, but with the vast policy changes being implemented by the new administration, many other changes may be in store for the country’s housing market.
#4: Home Prices Are Outpacing Incomes
Because of Cleveland’s rapid rise in popularity, the home prices in the city are rising faster than most incomes. This is a trend that will most likely continue through the end of 2017 and beyond. But this can be seen as both a plus and a negative for sellers.
On one hand, it causes homeowners who are currently locked in their low-interest mortgages to take their homes off of the market. On the other hand, buyers are going to have a lower inventory of homes to choose from, and this means that sellers remain in control of the market.