Pointer Appraisal Northeast Ohio Property Economics & Appraisal Blog

The summer season has fared well for many residential markets in Northeast Ohio. In many areas we are seeing stabilization of average and median sales prices of recently closed properties, an improvement from prior periods of decline.  We have generally attributed this increase to the wave of buyers taking advantage of the First Time Homeowner Tax Credit and seeking properties in move in condition. 

The trend of future sales prices will depend on a magnitude of factors: whether the Tax Credit is Extended, if the recent increase in foreclosure filings will place many REO properties on the market at the same time, if the reluctancy to short sales by lenders will eventually lead to more foreclosures, and if the local economy will stabilize and eventually grow, adding jobs and wages to the local economy.

 Russell Kitzberger, Appraiser, Pointer Appraisal Services, Serving Northeast Ohio, Cleveland and Akron.