I can’t believe we’re almost at the end of 2018! We had an incredible year with an increase of 20% in our sales from 2017—we couldn’t have done it without you!
Moving on, let’s take a look at our latest market numbers for our Northeast Ohio area.
7,302 homes sold this year in Summit County compared to 7,948 in 2017, an 8% decrease. Stark County saw 4,296 homes sell, which is a 4% decrease from last year’s 4,499 sales.
Homes sold, on average, in 75 days in Summit County and 68 days in Stark County—there was virtually no change from last year’s numbers.
Homeowners in Summit County received 96% of their original asking price versus 96.5% in Stark County—also no difference from last year.
What we have noticed changing are interest rates. In December 2017, the interest rate was 3.9%. It’s now at 4.8%, an increase of nearly 1%. Over the life of a 30-year mortgage loan, this 1% means you’ll be paying an additional $30,000 in interest.
Our market is still very strong for Northeast Ohio sellers. If anything, it’s even stronger than last year, due to fewer homes being sold. Buyers should buy soon to lock in a good interest rate before they rise even further—the Fed plans to raise rates four times in 2019.
If you’re considering buying or selling a home, give us a call and let’s get started. We look forward to helping you!