(WKBN) — Back in March, housing prices soared to a record high, according to Reuters. This has caused it to switch from a buyer’s market we saw in the heat of the pandemic to a seller’s market.
A local realtor is seeing that in our area, but it’s not all doom and gloom.
“It’s a very busy time,” said Laura Altobelli.
Altobelli is a realtor with Altobelli Real Estate in Niles. She says the spring and summer months are a good time to look for a new home.
“Right now, a little bit since school is getting out, people are going on vacations, a little slower, but it is like the right time to put a house up,” said Altobelli.
It definitely is the right time if you’re a seller because as Altobelli said, the market is seeing high prices and a housing shortage.
“Now that interest rates have rose a little bit, you know, prices are still where they were, but we’re seeing buyers with less ability to buy as much as they were or spend as much as they were,” said Altobelli.
Altobelli says she thinks once there’s more inventory, then we might see some changes.
“I think that in today’s real estate world, we’re also seeing kind of different than like five years ago. You know, a lot of buyers would make offers with closing costs, and all that stuff for the seller to pay, are coming in under asking. We’re not really seeing closing costs anymore being asked to be by the sellers or under asking prices,” said Altobelli.
Her advice: stay patient and find a good agent to help you out.