I found this story in http://www.realtor.com/ that talks about the home buyers that were effected by the recession. They will be entering the mortgage market shortly and that will also put strain on the inventory available. The pressure on this real estate market will get very intense. That is great news for investors. The buyers are looking again and wanting a place to live.
Cleveland is unique. I golf in Chagrin Falls and I pass a home on the 8th hole. On one of the homes the home buyer has really updated his back yard into a paradise. New deck and entertainment areas that are second to none. I found out he has just moved his family here from Seattle. The home he sold there had to be a lot more than around $300,000 he paid for that one. This is a sign that there are a lot of out of state buyers moving into this new and modern market.
We were looking at some homes to buy for a client this week and saw that the level of interest is really on the uptick. We put a bid on one home and there were already 5 offers on it. I will be focusing on that area next week. I personally have 4 buyers that need those types of homes.
Lori has also found that the retail market is steady and not a lot out there. We took a young couple out yesterday that wanted a high end home. We looked at two properties that they liked and one property really stood out. The price was in the low $300,000’s. The home was over 4000 SF and in a great area. That home would cost you double in any other popular metro area.
The market is definitely changing with the younger buyers also getting in the market. The proof we have is a first time home buyer that has a home in escrow with us. I am also looking with a few other first time home buyers.
The key is the lending and how many people want to get back into this market, especially the hard hit ones in the recession.
With this continually changing market there are two strategies that we are doing for our clients. One buying cash flow in very quality and high demand areas. The second is getting the flips that make money and have a 60 day or less days on the market.
We offer all the services that you need to buy real estate to live in or to invest in. Call Brett 216-703-5740 Coldwell Banker