Slowly but surly the home prices in Akron are dropping. Every day I see more houses that have a 'price reduced' notice on their listing. This isn't great for the sellers out there, but it's good for anyone interested in buying. That along with the cold weather makes this winter a good time to shop around.
According to an article in the Nationwide website, "Prices may also be lower in winter. In January and February, houses typically cost 8.45% less than they do in June and August, according to a study from NerdWallet." https://blog.nationwide.com/best-time-to-buy-a-house/
With the new year will come house buying opportunities for sure!
Many are predicting another big crash. Some say hogwash, and that the current growth will continue. The New York Post writes about how the next crash will be worse than the Great Depression. That's pretty scary stuff, especially because they do not give any tips on how to survive a big crash if we have one.
Smart investors, like the folks at CLE Turnkey, are saying:
Continuing to keep updated about the real estate market here in Akron is an ongoing process. Zillow reports that prices will keep going up into the middle of next year. Some sites predict that we will be entering a buyer's market in 2019 and 2020. Things that show this prediction are:
Buyer Market Signals:
The median home value in Ohio is $132,900. Ohio home values have gone up 5.1% over the past year and Zillow predicts they will rise 6.6% within the next year. "
According to Gord Collins, Cleveland is on the list of one of the 'Darlings' of 2019 for buying homes. Will this effect Akron? We will wait to find out. For more info you can read the article below...
Even laggards such as Houston, Philadelphia, Cleveland, Pittsburgh, and even Chicago might be the darlings of 2019 and 2020. See the supporting stats below from NAR, Zillow, Tradingeconomics, FreddieMac, Forbes, Forisk, and more. ... with US businesses getting a huge sales boost in their own country and with fewer imported products, Americans will enjoy low unemployment, higher wages and more access to home financing. It’s all positive and optimistic for a strong housing market and perhaps the best time to buy a house.
Well, after a hot few months the Akron housing market is beginning to slow down. On average houses are sitting on the market an extra 10 days. But, housing prices are still high for our area. If you are thinking of purchasing a new home, we advise waiting a few months. When the colder months set in not as many people will be out shopping for homes and you can probably get a better deal.
I have lived in the Akron, Ohio area for over 10 years and call it home. When I started getting in to real estate investing I wanted to do something to give back to the community and make a difference. At Akrella Homes, we buy distressed homes, make them beautiful again and rent them out at an affordable price. We love improving the homes in our city, and helping the families find a beautiful affordable place to live.