Although home values are still high, real estate isn't really in a “name your price” situation anymore
By Patricia Nugent
Though no one can know the future with certainty, when it comes to the local real estate market, you’ll find no better soothsayers than Denise and Mark Zervos, who’ve spent decades successfully running The Neighborhood Experts at Platinum Real Estate.
“The month of October is a good barometer of what you can expect in the year ahead,” she says. “We are out of the summer selling season, yet winter hasn’t set in.”
Denise pulled up her market research for the past several Octobers in Lake County to compare to the one we just closed out, and the numbers were telling.
“During October of 2020, there were 276 houses sold, then in 2021, 329 homes sold, in 2022, 243 homes sold and in 2023, the number (at the time of the Mimi publication deadline on Thursday, October 26) was down to 151,” she explains. “So, there is definitely less activity. However, what we’re just starting to see over the last few months is that homes are sitting on the market longer. That may indicate the window of opportunity in this sellers’ market is just beginning to close. There is a rise in homes that are active and not being purchased, with 268 total homes currently on the market regardless of price range in Lake County.”
Although home values are still high, she says we aren’t really in a “name your price” situation anymore.
“If your home is priced correctly, we’re still seeing some multiple offers,” she adds. “The bottom line is no one can know the future, but we hope sellers look to us for guidance when it comes to making the smartest decisions to prepare for it. Give me a call. My cell is 216-440-9089. I’m happy to do a free marketing analysis to let you know what you can expect to sell your home for right now.”
Headquartered within The Platinum Center, at 7200 Mentor Street in Mentor, Platinum Real Estate has offices in Northeast Ohio and Columbus, Florida and South Carolina. To get more information, call 216-990-2100 or 440-974-SALE or visit YourNeighborhoodExperts.com.