With a limited numbers of homes available for purchase, sales are slowing. We are experiencing record low inventory and this market continues to pressure home prices. More demand my buyers with home inventory down, means buyers must be ready, willing and able to make an offer within hours of viewing the property.
New home construction is rising and affordable (yet rising) interest rates help everyone but underwriting standards remain excessively tight! Currently in Northeast Ohio, we have an average of 3.5 month supply of homes for sale at the current sales pace. Generally, a 6 month supply of available homes creates a balanced market between buyers and sellers. April 2013 local stats reflected that the number of new listings were down from a year ago. Number of properties sold was substantially higher than the same time in 2012.
Average time of the market has decreased 12.6% from the same time in 2012. The rule of supply and demand is back in our real estate marketplace. Homeownership remains a priority for renters. Just because the current market tends to favor sellers does not mean a buyer's dream home is not available. Again, I want to state...... "Buyers must be ready, willing and able to perform when they visit a home they feel meets their needs!" Ready with a pre-approval for a mortgage loan, willing to make a decision without talking to 6 other people not involved with the financing or sleeping on it, and able to understand what commitment you are making to yourself, your family and your lender to repay the loan!
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Carol Murphy
Keller Williams, Greater Cleveland West ~ Carol Murphy Team