Ohio housing market on the mend

On Behalf of | Jul 11, 2020 | Real estate litigation |

Home sales in Ohio and throughout much of the nation continue to sputter. In fact, the total number of homes and condominium sales in the state was 21% lower for May 2020 than it was for the same period a year before. There was also a 26% drop in the number of houses added to the market for the time periods being compared.

One expert explains that sales numbers are significantly higher than when they dipped to their lowest point in April. This has fueled hopes among industry professionals that the shutdown experienced by the market over the first part of 2020 will only result in short-term effects.

One realtor displays optimism with his prediction that more homes will be available for purchase soon and sales will rise throughout the summer months. The prices of homes in Ohio do not seem to be affected as much by the slowdown. Additionally, homes with a sales price of less than $350,000 that were listed in May took an average of 24 days to sell. Homes that were priced at more than $350,000 but less than $500,000 averaged 37 days on the market before a sell was made.

Another reason for optimism regarding the recovery of the housing market is the record-low mortgage rates. These rates are expected to play an integral role in driving home sales in Ohio as the economy continues to reopen.

Real estate transactions are a complex process that can become quite a challenge for the layman to complete on his or her own. It may help to hire an attorney skilled in real estate matters to guide the way through this complicated and, at times, convoluted area of the law.

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