Neil Lozar, Realtor - Key Realty

A few interesting stats I came across this morning...

1.) The U.S. housing market has been mired in a slump going back to 2022, when mortgage rates began to climb from pandemic-era lows. Existing home sales sank to a nearly 30-year low in 2023 as the average rate on a 30-year mortgage surged to a 23-year high of 7.79%, according to mortgage buyer Freddie Mac.

2.) This year things have not been better. Sales of previously occupied U.S. homes fell in May 2024 for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what's traditionally the housing market’s busiest period of the year.

3.) “I thought that we would actually see a recovery this spring —- we are not seeing it," said Lawrence Yun, the National Association of Realtor's chief economist.

The market is weird right now... homes are starting to sit on the market for longer periods of time. My feeling is that there are not a lot of buyers out there - almost seems like a lot of people have given up on buying homes unless they are in life situations in which they have to buy.

Even though the number of homes being sold is trending downward, the price of homes continues to rise. Average sales price nationwide increased compared with the same month a year earlier for the 11th month in a row. The national median sales price rose 5.8% from the same time a year earlier to $419,300, an all-time high on records going back to 1999. It's also up 51% from five years ago.

Crazy times. Normally when demand decreases, prices decrease - it is basic supply and demand theory but that is not happening - yet.

We may be in the beginning stages of a shift away from a strong seller's market to one that is more balanced. Time will tell... the rest of this year should be interesting.

I just came across a statistic that is a major contributing factor to high home prices and lack of inventory on the market right now:

"Between 2012 and 2023, 17.2 million new households formed but only 13.4 million new housing units were completed, according to the National Association of Realtors. That leaves a gap of 3.8 million homes."

Parma With real estate being local, it's important to work with a local expert that understands the changing market.

Check out this very affordable home in Parma. Create equity for yourself by improving this solid brick ranch in a great location.

Click here to view the web site for more details:

5594 W 24th Street Parma OH 44134 Great value for this 3 bedroom, 2 bathroom brick ranch in Parma. There is great potential here with a large kitchen, bright living room, good sized bedrooms and a bonus room addition in the back. The large deck is great for enjoying the backyard. New roof and newer windows already done for you. Brin...

OPEN HOUSE
FOR SALE
195 Panorama Drive, Seven Hills, OH 44131

SUNDAY, JULY 21
1 PM to 4 PM

Asking Price $232,500

Spacious 4 bedroom, 2 1/2 bath split level with over 2500 square feet of living space and located on a quiet, dead end street. This home features three large living areas (first floor living room, lower level family room and a basement rec room). All bedrooms are a good size and the master bedroom includes two closets and a private bathroom. All bathrooms are updated. There is a small office in the basement which has a walk out door to the back yard. The beautiful park like backyard is shaded with mature trees and there is plenty of room here for entertaining. The well maintained deck is huge (33 X 20) and there is an additional sitting area on the patio under the trees. The carpeting throughout this home was recently replaced in January 2019. Windows were replaced and exterior was painted in 2013. New garage door and opener installed in 2015. Kitchen appliances can stay for the new owner. A one year home warranty is included for peace of mind.

OPEN HOUSE
THURSDAY, JULY 18
6:00 pm – 8:00 pm

768 Tollis Parkway, Broadview Heights, Ohio 44147
2 bedroom, 2 1/2 bathoom, Broadview Heights Condo

Bright and open main level floor plan! Enjoy the balcony right off of the kitchen! All bathrooms are updated and the main bathroom and master bathroom feature solid surface countertops, newer flooring and neutral colors. Half bath located on the main floor. The bedrooms both have newer carpeting. Master bedroom is huge and feels even larger with vaulted ceilings. There is a walk in closet in the master. The laundry facilities are located on the second floor near the bedrooms for added convenience. One car attached garage accessible from the unit with an extra storage room for your belongings. Stop by Thursday to see this move in ready unit or contact me for a private showing.

Neil Lozar
Transaction Realty
216-470-7113 (call or text)
[email protected]

OPEN HOUSE
195 Panorama Drive, Seven Hills, OH 44131

SUNDAY, JULY 7
1 PM to 4 PM

Asking Price $234,900

Spacious 4 bedroom, 2 1/2 bath split level with over 2500 square feet of living space and located on a quiet, dead end street. This home features three large living areas (first floor living room, lower level family room and a basement rec room). All bedrooms are a good size and the master bedroom includes two closets and a private bathroom. All bathrooms are updated. There is a small office in the basement which has a walk out door to the back yard. The beautiful park like backyard is shaded with mature trees and there is plenty of room here for entertaining. The well maintained deck is huge (33 X 20) and there is an additional sitting area on the patio under the trees. The carpeting throughout this home was recently replaced in January 2019. Windows were replaced and exterior was painted in 2013. New garage door and opener installed in 2015. Kitchen appliances can stay for the new owner. A one year home warranty is included for peace of mind.

OPEN HOUSE
SUNDAY JUNE 30
1:00 pm – 3:00 pm

768 Tollis Parkway, Broadview Heights, Ohio 44147
2 bedroom, 2 1/2 bathoom, Broadview Heights Condo

Bright and open main level floor plan! Enjoy the balcony right off of the kitchen! All bathrooms are updated and the main bathroom and master bathroom feature solid surface countertops, newer flooring and neutral colors. Half bath located on the main floor. The bedrooms both have newer carpeting. Master bedroom is huge and feels even larger with vaulted ceilings. There is a walk in closet in the master. The laundry facilities are located on the second floor near the bedrooms for added convenience. One car attached garage accessible from the unit with an extra storage room for your belongings. Stop by Sunday to see this move in ready unit or contact me for a private showing.

Neil Lozar
Transaction Realty
[email protected]
216-470-7113 (call or text)

OPEN HOUSE - 3270 Van Aken Blvd, Shaker Heights
SUNDAY, SEPTEMBER 16
2 pm to 4 pm
NEW LOWER PRICE: $239,900

Fully remodeled home features brand new kitchen and baths, all new flooring throughout and updated mechanicals.

4 bedrooms, 2 full and 2 half baths, finished basement, huge sunroom, 2 car attached garage.

This home has a traditional layout, but has modern finishes and color choices.

Located right on the rapid line and just a few stops from the upcoming Van Aken District.

Stop by on Sunday to see it for yourself!

OPEN HOUSE - 7620 KEYWEST DRIVE, PARMA
SUNDAY, SEPTEMBER 9
2 pm to 4 pm
NEW LOWER PRICE: $164,900

4 Bedroom, 1 Full Bath, 2 Half Baths, ranch in desirable Parma neighborhood. Newer roof, furnace, air conditioner. Great floor plan makes this ranch feel much larger than it looks. Additional living spaces in the finished basement and three season room off dining room brings total living space up to just over 2000 square feet. Move in ready and super clean! Stop by to see it this weekend!