Despite all the negativity in the media, buyers and sellers are still loading moving trucks in the Cleveland market!
Enjoying a Cold One on Moving Day
It’s true that November 2008 sales were down 13.8% compared to November 2007. It is also true that 1493 homes sold according to Northern Ohio Regional Multiple Listing Service (NORMLS) statistics. So is it really fair to say the market is terrible when in comparison only 240 fewer homes sold? I don’t think so! Now you may be thinking I have on a pair of rose colored glasses, but I can honestly say that has nothing to do with my optimism. The simple truth is that I have been working with buyers all winter long and they are getting approved for loans, and they are buying homes!
The biggest challenge can be that the amazingly low interest rates have prompted many first time buyers to jump into the market sooner than they planned, leaving them with less than the traditional 20% down payment. I wish the media would talk more about the options available to these buyers! There are incentives to purchase HUD homes with as little as $100 down, FHA loans are available with as little as 3.5% down, VA loans are 0% down, and in some areas USDA offers 0% down.
I’m just getting started! When those first time buyers purchase their first home the sellers of that home can now move up to their 2nd home. Don’t forget that every year people get married, divorced, graduate, & are transferred. These life events usually prompt them to move, and in many cases buy homes. Just think about it… you will soon see what I’m seeing! If you’re not, then contact me. I’m here to help!
