By Rich Cosgrove, President Stark County Association of REALTORS®
REALTORS® use many different words to describe your home; cute, spacious, updated, beautiful, open, etc. 2020 brought in a whole new set of words to describe your home. Movie house, school, sports arena, date night destination, pet grooming salon, camp site, reception hall, and perhaps wedding venue. Today begins a new year of possibilities and maybe you have decided the place you call home just isn’t big enough to continue all the activities of 2020.
Start the new year off right with a for sale sign. The National Association of REALTORS’ chief economist Lawrence Yun is predicting 2020’s banner year will continue well into 2021 with sales prices increasing by 3%. “This winter may be one of the best winters for sales activity,” Yun said. “It won’t match summer or spring sales numbers, but on a winter-to-winter comparison, this could be one of the best breakout years just based on the fact that pending contracts are at such a higher level.”
Yun also believes we will see a mortgage rate increase by 3% by the end of 2021. Rates are currently at a historic low and have allowed many people to buy a home for the first time. With current interest rates it is possible that a house payment is less than one would pay for rent monthly. The lower rates have also allowed move up buyers to find a larger home while keeping their payment in budget.
November’s local housing market
REALTOR® Property Resource found that in November, Stark County had 452 active listings and 408 new listings. In total, there were 437 recorded homes sold with an average sale price of $168,863.
For Trumbull County, there were 293 active listings and 256 new listings in November. 201 homes were sold, with an average list price of 158,526, and an average sale price of 130,222. Compared to last year, there were 50.4% less active listings, however, 5.8% more homes sold.
Even with less inventory, we continue to see more homes that are listed for sale sell quickly and for top dollar. If you’re not sure what your home may be worth or even if you’re just thinking about selling, call a REATLOR® today. You may be surprised how much equity you have accumulated. You may also be surprised how much more house you can buy with our low interest rates. Happy New Year!
The Stark County Association of REALTORS® invites you to visit our website at www.starkrealtors.com. There you can find a complete list of REALTORS® and Affiliate members who are available to help with your real estate needs. The Stark County Association of REALTORS® members are honored to service the Stark, Trumbull, & Carroll County Communities.
If you have any questions or comments on this article, please contact me by email at firstname.lastname@example.org.
The voice of real estate in Carroll, Stark, and Trumbull counties.