Consumer Minute: Northeast Ohio home sales stay strong

6:49 PM, Oct 9, 2012   |    comments
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CLEVELAND -- Home sales in Northeast Ohio are as much as 20 percent higher than they were this time last year.

"At this time of year the market generally slows down, from September to November," says Scott Phillips, Jr., of Keller Williams Realty.

"We have seen anything but that at this point. Homes are still selling, and if they are priced right, they are selling very quickly."

Low interest rates, attractive prices, and potential buyers' ability to sell their old homes are helping fuel the increase says Phillips.

"We've seen dramatic increases in suburbs such as Independence and Rocky River. Lakewood, and even Westlake have seen tremendous growth this year as compared to the past year."

A few communities are still slow. Phillips points to Parma and Highland Heights in Cuyahoga County, the far eastern portion of Geauga County, and western Lorain County.

"That's the case on Parma where there are more on the market than there are people looking to buy there," Phillips explained. "It'll take a little longer to catch up and increase those sales numbers."

Previously overpriced homes are coming more in line with the market and as a result are finally selling, says the Keller Williams realtor.

"We've seen clients who have been on the market for 300 days and 400 days, who a slight change in their price or a slight change in their marketing strategy has allowed their home to sell."

The ability to finally sell an existing home is also fueling the recent upturn in the market.

"There's a lot of people now who have been able to sell their homes, that in 2008 and 2009 might not have been able to sell them and get the money they needed<" Williams offered. "When they sell their home then they have to buy something."

WKYC-TV

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