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COVID-19 causes highs and lows in the Cleveland housing market

Buying and rent costs have increased, but interest rates have fallen, and the Cleveland metropolitan area has become a market for both buyers and sellers.

Cleveland — The cost of buying a home has increased almost everywhere in the past year, and Cleveland is no exception. It has increased by nearly 10% compared to last year.

According to Mark Vittardi of the Akron-Cleveland Association of Realtors, the average price of single-family homes in Kaiyahoga County is $ 142,000, compared to a median of $ 129,000 last year. On top of that, there is a questionable distinction regarding the number of new homes being built in the city-Cleveland was the last to die in a recent survey by ApartmentsList.com.

There are two problems with the Cleveland housing market. The cost of buying and renting is rising, and more housing is needed than under construction.

“We have a swell of buyers. They are simply competing for inventory that isn’t there,” says Vittardi.

Relation: Yes, the lack of timber is real

One of the side effects of social distance, telecommuting and homeschooling is the need for more space, which is increasing the demand for housing. However, fewer homes were built due to another side effect of COVID-19: labor shortages. Many truck drivers lost their jobs or changed jobs at the height of COVID-19, leading to an increase in timber and building materials.

Cleveland is the last ranked home growth among the 100 metropolitan areas of the United States. On top of that, record low interest rates have led more homebuyers to apply for mortgages here-even if not from the area.

“What makes Cleveland attractive is its relatively historic low prices, but the change is rapid. Cleveland is now both local and suburban homebuyers. It’s a place where we’re competing for fewer and fewer homes, ”says Rob Wornack of ApartmentsList.com.

Relation: Rent prices soar in the suburbs as city prices fall

People are still buying, even though housing supplies are not enough to meet demand.

Accounting records for Kaiyahoga County It shows that the number of suburban homes sold from January to May of this year was more than 27 percent higher than in the same month last year.

“Compared to the rest of the country, Cleveland remains a relatively affordable city,” says Warnock.

“It may sound silly, but now it’s good for both buyers and sellers,” says Vittardi.

Editor’s Note: The player video above is from a story published on April 26, 2021.

COVID-19 causes highs and lows in the Cleveland housing market

Source link COVID-19 causes highs and lows in the Cleveland housing market

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