The Neighborhood Experts at Platinum Real Estate says the number of homes for sale is growing
By Patricia Nugent
Isn’t it hard to believe we’ve nearly sailed past the halfway point of 2022?
Though this has been a tricky time for the real estate market, Mark and Denise Zervos, owners of Platinum Real Estate and team partners of The Neighborhood Experts and the Luxury Home Experts, report they are seeing silver linings when gazing into their crystal ball.
“For the rest of the year, we expect the market numbers in Lake County to stay on par with what’s happening nationally,” says Denise. “The number of homes available to purchase is finally growing and that will continue for the rest of 2022. We look at that from two perspectives. First of all, for the buyers that means they have more choices available. But they should still understand the supply is lower than normal and be ready to move fast. For sellers, they will have more options of homes to buy when theirs sells quickly. One of the barriers to selling we have found in this sellers’ market is that people wonder where they will they go when they sell.”
In May, a whopping 264 homes sold, with 648 under contract.
Mortgage rates ticking upward is also impacting the market, putting a little heat on buyers to lock in before they rise, which they are projected to do throughout the rest of this year.
“I feel the statistic of the average number of days a home was on the market last month dropping to an average of 22 days is a sign of buyers reacting to the rate hikes,” she says. “Now more than ever, people need their real estate agent to be in close contact with their mortgage lender since the landscape is changing.”
Another plus, she adds, is that homes in Lake County are not only holding steady, but are continuing to appreciate in value.
Platinum Real Estate has offices in Northeast Ohio, Columbus and Florida. The new Platinum Center headquarters is located at 7200 Center Street in Mentor. To get more information, call 216-990-2100 or 440-974-SALE and visit YourNeighborhoodExpert.com.