Looking Ahead to 2015 Ohio Real Estate

The new year will be here in just a few days and while we wrap up last minute ties to 2014, the real estate market is one significant reason to look ahead! Realtor.com released their new 2015 Housing Forecast and with lower mortgage rates continuing, Ohio homebuyers will have a chance to break into the market with low costs and less competition.

If you’re preparing to make a move in 2015, you can expect to find the following in the new year’s real estate market:

Low mortgage rates
Low mortgage rates have been hovering around historically-low levels—even in recent weeks below four percent—and are expected to continue. Not only does this give Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley and Strongsville hopefuls a chance to purchase a home with lower costs, but also allows first-time homebuyers to make an entrance.

Normal home price appreciation
For the past 2 years, home prices have seen abnormally high levels. 2014 allowed for these prices to moderate and 2015 will continue to normalize these numbers. “We are now experiencing increases in home prices consistent with with long-term historical performance,” Realtor.com reported.

Less competition
Buying frenzies in recent months have edged many homebuyers out of the market— investors snagged the majority of distressed properties and came in with larger offers. But with the number of distressed properties dropping off, investors are leaving and more traditional buyers will be allowed the chance to purchase a home in Medina or Cuyahoga County.

Keep in mind that the real estate market is different in every community, so it’s wise to consult your agent before you make any assumptions. Contact BOLD Real Estate Consultants today for details on the market in Brunswick, Medina, Strongsville, Valley City.

Sajag Patel
BOLD Real Estate Consultants

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