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Sellers are driving the Northeast Ohio housing market as out-of-towners move in

COVID & the Community
COVID & the Community
Published: May. 11, 2021 at 12:42 PM EDT
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CLEVELAND, Ohio (WOIO) - After a rocky year, the housing market is more competitive than it has been in a long time.

It’s a seller’s market, and from what our team uncovered, Lakewood is the top destination for many buyers, followed by Tremont and Ohio City.

”We are going through a lot of ups and downs with a lot of my buyers” said realtor Kristian Romanini.

Romanini told 19 News, with sellers driving the market, being competitive is the only way to get her clients the keys to their dream house.

”We’re writing escalation clauses, which means we’ll beat any offer by a thousand dollars” said Romanini.

The competition for homes is so fierce, many times her clients are going up against 20 other families for the same home, sometimes paying $25,000 over asking price.

”Everyone wants a three bed, two bath home in Lakewood under $300,000,” said Romanini.

And it’s mostly people coming in from outside Northeast Ohio that are putting in the bids.

“Everyone is ready to get out of the big cities, and maybe they’re moving back for a job or for family. It’s a really exciting time and we really think Cleveland is going to drastically change in the next few years,” said realtor and founder of the Elle Kaye Group, Lindsay Kronk.

But here’s the catch, supply isn’t meeting demand.

Kronk found many sellers are afraid to put a “for sale” sign in their yard without having another house to move into first.

”Clients get very scared about moving twice, but if you can take advantage of this market and make the best money, you’ll probably see in a really long time it only helps the market,” said Kronk.

This biggest piece of advice from Kronk and Romanini: Whether you’re buying or selling, get a team of people behind you that can get you the most bang for your buck.

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