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…