Happy Monday, and thank you for coming back to another week of all things real estate in the Cleveland area.
So first things first — I need a good name for this blog over all. So think about it while you read this one! Please help me out by sending me a message, leaving a comment, or communicating with me in any other way you want.
So last week we spoke about why Cleveland is a great place over all, and why if you’re buying to live or invest you should. Don’t take my word for it though, go ahead and do some research, and if you find something cool go ahead and share it with me please!
So we talked about buying, but what about selling? Well it’s an amazing time to sell! We are currently in a very competitive market for buyers, what does that mean? It’s a sellers market. 100%. Maybe you’ve heard the term before maybe you haven’t. Either way, being in a sellers market mean there is more demand than there is supply, and when you’re selling, there’s no better problem to have. Let’s talk about that a little in non real estate terms. Also if you’re more a visual learner, go ahead and take a look at the graph below. While we could spend a whole college lesson on supply and demand, the distilled version of this that applies to real estate is thinking of something like diamonds: there aren’t a lot of them for sale, and they are hard to get so the price goes up. It is the intersection when low supply meets high demand.
Aside from this little dive into microeconomics, there’s a number of other reasons why it’s a great time sell. One of the most important reasons is that mortgage rates are at an all time low with some lenders offering interest rates as low as 2.5%. Let me say that again... as low as 2.5%! This is federal student loan interest rate kind of low! Just low interest rates alone create a huge benefit for buyers, and by extension for you sellers as well. Lower interest rates like these mean buyers have more purchasing power, and more confidence when buying. Now that $200k mortgage they were looking at is less per month than they had anticipated and they can go up to $210, or $220k which mean you can price a little high than before, and or get those full price, or even above list price offers!
Once again thank you for reading. Don’t forget to send me blog name ideas, and if theres any topics you want to learn more about, or find something interesting you think I should write about please let me know! I’d love to hear from you! With that in mind, I think next week we’ll be talking about the home buying process, so come on back then and check it out!