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Home sales fell in Ohio, nationwide in July, amid concerns about low supply

This is a great snapshot of what is going on in this real estate market. Low supply is a problem for buyers and a god send for sellers. This article comes from http://realestate.cleveland.com/ by Michelle Jarboe, The Plain Dealer. That talks about how the low inventory is effecting the buyers and their home purchases.

""Realtors are reporting diminished buyer traffic because of the scarce number of affordable homes on the market, and the lack of supply is stifling the efforts of many prospective buyers attempting to purchase while mortgage rates hover at historical lows," Lawrence Yun, chief economist for the national trade group, said in a written statement."

Buyers in this market are jumping on the available real estate that is on the market today. I have 4 homes on the market and 4 more coming on soon. This market allows properties that are listed to stand out a lot more in the right neighborhoods.

"Kristin Reynolds, an economist at the IHS Global Insight research firm, echoed that concern, though she said that low borrowing costs along with steady employment and income levels bode well for housing - if people can only find the right houses."

That is the case in this market. When people need homes they will usually find them in this very tight market. I did an open house last Sunday that had over 40 people through. There is a pent up demand for good housing.

""It's very difficult to sustain growing sales volumes when there simply aren't many homes for sale," Svenja Gudell, chief economist for real estate data company Zillow, said in an emailed statement. "What's more, those homes that are for sale are increasingly unaffordable for first-time and entry-level home buyers.""

They are not building enough homes for first time home buyers and that does effect the entry level market. If you do have a home that fits that mold then your golden if you want to sale it. We just closed on a home that was entry level and the buyer is excited to move in. I cannot believe all the paperwork that had to be provided to get this home closed, but we did and everyone is happy. That is why it is so important to use a Realtor in any real estate transaction.

""Homes that do sell are selling faster," she added, "suggesting that buyers are on the sidelines waiting for suitable homes to become available.""

That is the case with the exceptional low interest rates. The buyers are buying when they find the right home. For example we have the only home in a city that is priced in the mid $200,000's. There is no other homes that are priced at that price. This area has homes in the $600,000 range.

Looking for a home at a certain price range and area? Call Brett 216-703-5740 Howard Hanna Ohio and 602-363-6551 West USA Realty Arizona and I can get a Tailored made real estate plan for your needs.  Whether you are an investor or home buyer I can take care of all your needs in Real Estate. 

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