Recently at the Howard Hanna Regional Rally, Hoby Hanna, President of Howard Hanna Midwest Region, talked about the upcoming year in real estate. I was so excited, I wanted to share the top 10 factors that will make this a great year.
* Rising Consumer Confidence
* Employment at a 9 Year High
* Unemployment at a 7 year low
* Lowest interest rates in 21 months
* Reduced credit policies
* Rising Home Prices
* Oil Prices Dropping
* Strong Stock Market
* Rising Value of Dollar
* Pent up demand for home ownership
As you can see, the ingredients are there to help fuel an already good market. While we won’t go into detail on all of these items, we did want to pick a few to discuss in more detail.
RISING CONFIDENCE
Consumer confidence is a key component that drives major buying decisions, such as a home purchase. It is fairly common sense, if people feel good about their financial well being, they will be more likely to spend money.
This translates to more buyers in all segments of the market, luxury home buyers, move up buyers, first time buyers and those looking to down size.
Consumers are realizing that now is a good time to move forward with their housing goals and are taking advantage of the favorable market conditions.
PENT UP DEMAND
The rising confidence increases demand, thus flooding the marketplace with buyers. In turn, this represents a great opportunity to those looking to sell as inventories in many price points are still very low.
The high demand and limited inventory helps to increase home values. A good thing for everyone.
The frustration lies for the many buyers who are highly motivated to buy, but are waiting for a great home in their price point to come on the market. A great opportunity exists for home sellers.
CHALLENGES
We have had the same challenge over the last few years; lack of inventories. For example, In Solon, our main market, there are only 85 homes for sale. During the buyer’s markets of 2008-2009, it wouldn’t have been unusual to see well over 200 homes for sale.
So, there is a need for inventory to meet the pent up demand and to help balance out the market. This is especially true for move up buyers, who could easily sell their existing home but don’t have anywhere to go. We simply need more homes to come onto the market.
Overall, the signs are there for a banner year. We’ll keep you posted with our quarterly market report in a few weeks.
Below Are Articles Of Interest Relating To our home town, Solon OH:
Money Magazine Ranks Solon Top Places To Live
Newsweek Ranks Solon On Top Schools List
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The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize in Solon luxury homes, relocation, and first-time buyers.
They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.
The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.
10 Factors That Will Make 2015 A Great Year In Real Estate is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2015
