As a company we have been selling investment properties in Cleveland Ohio for the past three years and it is by far our best selling product, accounting for over 70% for the companies sales and enquires from investors all over the Globe. However recently we have seen an upside in the prices and also a shortage of inventory indicating that with a large demand for these types of houses from the overseas market, sellers and suppliers have an opportunity to increase their prices. Also with the amount of overseas and domestic investors snapping up these types of properties we are also finding it harder to locate good inventory that meets our investors criteria.
Unfortunately for potential or current investors looking at investing in Cleveland it looks like the clock is ticking.
Prices are on the rise and the supply of these types of turnkey homes is down and finding good tenanted or renovated properties in good neighbourhoods is getting tougher.
All indicators point to growing income, a solid job market, and increasing home values in Ohio. The Cleveland real estate market prediction is incredibly positive. Investors and home buyers will reap benefits when considering the city and its suburbs over the next 5 – 10 years hence the huge demand for these types of properties now.
Cleveland is home to just under 400,000 people. The larger metropolitan area is home to roughly two million people. That makes the Cleveland real estate market the 32nd largest in the country. If you include the Cleveland-Akron-Canton metro area there are three and a half million people in the “combined statistical area”, making it the 15th largest metropolitan area in the United States. This century old city was once a major manufacturing centre and now has reinvented itself as a medical and bio-med hub.
Although prices are on the rise Cleveland Ohio still offers an incredible opportunity for any cash buyer to get well priced tenanted houses with great cash on cash returns and good appreciation over the coming 5-10 years.
