The question of the day seems to be, "When will the Cuyahoga real estate market begin to go up?" I would love to give you a definite and specific answer, but the fact is, I cannot. No one can.
When I look back at the prognosticating gurus from Wall Street, Fannie Mae, the Banking Industry and the White House - the past predictions for our current real estate market were all off by a country mile.
We know that it will go up, but when is pure speculation. I am aware that many of you are concerned about your equity and what effect the current economic situation may be having on it. This much I can tell you, if you purchased your home prior to 2003, you have gained equity. Provided, that is, you have not refinanced or taken out a home equity loan.
To help you further evaluate the current market conditions I have included some figures on "Sold" properties for Cuyahoga and Lorain counties. These market stats are a six-month snapshot of some local areas, taken from the Northern Ohio MLS from February 2008 to August 2008. The figures show the average price paid as well as market times for these homes.
I chose key areas in Cuyahoga and Lorain counties. If I did not show stats from an area of interest to you, or if you would like more specific area information, email me at CWoodard@remax.net, and I will provide an in-depth survey of the market in your area.
My advice: If you can purchase, do so. There are spectacular real estate bargains out there and this is a great time to speculate. But DO NOT spend money that you do not have on speculation. Invest wisely, don't gamble.
I have been serving west suburban Cuyahoga and northeastern Lorain counties since 1976. I keep my clients up-to-date on trends in the market so they can make informed decisions on the most important purchase of their lifetime. Please visit my website, CarolWoodard.com, for much more information.
Comments (0)Subscribe to CommentsComment