Per the Ohio Realtors Website:
The sales activity, according to the Ohio’s Realtors Association of which I am a member, rose 4.2% in August 2020 compared to August of 2019. Both activity and the average sales price posted gains.
August results posted the second consecutive increase of monthly activity since the slowdown following the virus. A continuation of historic low interest rates combined with real estate’s reputation as a historically stable long term investment probably contributed.
There is still a large void in available listings. Most real estate agents are hoping to see an increase in available homes for sale. We saw an average home price in August of $222,797 or a 12.3 percent increase from the $198,394 price point in August of 2019. Sales reached 16,311 or a 4.2 percent increase during the month a year ago.
Who is buying homes? It’s Millennials or buyers born between 1980 and 1998. These buyers are very internet intense. You need to present your home online with all of the bling to grab their attention and hold onto it. They will go to an open house after spending hours searching online. They want videos, 3D tours, and lots of high quality pictures – and you need their attention to attract top dollars for your listing.
“Over 78% of Millenial Home Buyers found the home they purchased online on a mobile device last year!”
These buyers, a majority of buyers currently, are more concerned with commute times, neighborhood and community, features, home office space and things like “walkability and bike lanes” than other buyer groups.
Last year over 92% of Millennial home buyers used a real estate agent to purchase their home. If you are considering selling a home now is a great time to put it on the market! A properly priced, staged and updated home is in high demand! Contact me today for a free value analysis, and a staging consultation – or ask for free home staging information.
Business news real estate update today:
Data obtained from https://www.ohiorealtors.org/home-sales-news-release/