The Neighborhood Experts at Platinum Real Estate say there’s a housing shortage happening right now
By Mimi Vanderhaven
If you think you haven’t been seeing many for sale signs when driving around town lately—you’re right.
“As Realtors, we’re asking ourselves, ‘where have all the houses for sale gone?’” says local expert Denise Zervos, who, along with her husband, Mark, heads up The Neighborhood Experts at Platinum Real Estate. “We’re experiencing a serious lack of inventory on the market right now. And the biggest shortage lies in that middle range of $200,000-$400,000. Homes in this range are often purchased by first- and second-time homebuyers moving up, as well as baby boomers who are ‘right-sizing’ their homes.”
This shortage mirrors what’s going on nationally. According to the National Association of Realtors, the number of homes for sale is at the lowest point it’s been in the last seven years. And the number of home sales from 2019 was up 10.8 percent over the year before.
“It seems the sold inventory is not being replaced,” says Denise. “The silver lining of this inventory shortage is those who put their homes on the market can expect a quick turnaround and top dollar for their home, even multiple offers.”
Offsetting the shortage here in Lake County are several new developments going up with more in the planning stages.
“The new neighborhoods will be pulling potential buyers from existing neighborhoods,” she says. “There’s new construction going up off Mentor Avenue near Route 84, several slated to go up for zoning review, including the horse property across from the mall, and lots of activity in Concord as well. The price range for these new homes falls mostly in the $350,000-$400,000 range.”
She notes that newer developments are often more attractive to home buyers than older homes, and folks on the fence about whether or not to put their home up for sale should consider how much stiffer the competition will become when these coming neighborhoods are built.
“Of course, we always recommend keeping your home up-to-date inside and out, replacing things like flooring, cabinetry, appliances, the roof or furnace when necessary,” she says.
Platinum Real Estate has 14 offices in Northeast Ohio and Columbus and nine in Florida. For a confidential appointment or to get more information, call 216-990-2100 or 440-974-SALE and visit YourNeighborhoodExpert.com.