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Cleveland is No. 2 on Zillow’s list of hot housing markets in 2023

Cleveland has a prime spot on Zillow’s annual predictions for the hottest housing markets of the year. The tech-driven real estate marketplace just released its top 10 for 2023, and Cleveland is at No. 2, behind only top-ranked Charlotte, North Carolina. The rest of the top 10, in order: Pittsburgh; Dallas; Nashville; Jacksonville, Florida; Kansas City, Missouri; Miami; Atlanta; and Philadelphia. Zillow said its list is “based on an analysis of forecast home value growth, recent housing market velocity and projected changes in the labor market, home construction activity and number of homeowner households.” Pushing Charlotte to the top of the list, Zillow said, is its “forecasted annual home price growth,” while Cleveland’s second-place rank “can be attributed to its high market velocity and job growth.” Anushna Prakash, economic data analyst at Zillow, said in a statement, “This year’s hottest markets will feel much chillier than they did a year ago. The desire to move hasn’t changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work.” There are only four holdovers — Charlotte, Nashville, Jacksonville and Atlanta — from last year’s Zillow top 10, which the firm said is “an indicator of how much the housing market has changed in just one year.” Some previous high-flyers — San Jose and Sacramento, California; Minneapolis–St. Paul; Denver; and San Francisco — make up the five coolest large markets in Zillow’s 2023 projections. Home Values In Cleveland Have Increased 18.8% Yoy The Cleveland, real estate market has seen steady appreciation in recent years. According to the latest Akron Cleveland Association of Realtors report, the average home value is $236,873. The current inventory of available homes is 1.3 months, down 7.9% from the same period a year ago. As a result, rental property is in high demand. Over half of the housing units in Cleveland are occupied by renters. This trend has created a huge demand for single-family rental properties. Rental property can offer both cash flow and appreciation over the long term. Downtown Cleveland has seen rapid growth over the past several years. $19 billion in development has been completed or planned downtown since 2010. The city recently redeveloped a ten-acre green space. Additionally, there are many jobs in the Cleveland metropolitan area. Many of them pay well, but there are not enough qualified candidates to fill them. It seems the investment potential for Cleveland is still going strong and shows no signs of letting up. If you would like more information and may be interesting in Cleveland property investments please email the team at : invest@globalinvestmentsincorporated.com

The USA Housing Market – What can we expect this year ?

Last year we wrote a few articles on the US housing market about how high interest rates were starting to slow down the market while inventory also remained constrained. Now that we have entered a new year how are things shaping up now ? the answer really depends on who you ask. A lot of people in the housing industry will predict lower Buyer demand amid fears of higher borrowing rates, plus Buyers are still facing a shortage of inventory so the feeling is lets put 2023 on the back burner and see what happens. Others think the housing market will continue to outperform and grow as compared to the pre-pandemic. Nick Bailey, president and CEO of RE/MAX, LLC recently quoted “ One thing I can say for certain about the housing market in 2023 is that no matter the macro-economic conditions, Americans will continue to buy and sell millions of homes” Last year the US housing market started to face a downturn and so far this year things do not look set to change, the volume of transactions are lower than this time last year and we are staring to early signs of declining prices across age country. But predictions are a bit of an unknown and nobody can see 12 months in advance but what happens this year will depend on what happens in the broader economy. Will inflation continue to rise or will it fall ? are we going to see a recession or with the Federal Bank step in and soften the landing. Many experts are in agreement that likelihood is mortgage rates will start to fall this year and in this event we could actually start seeing price increases again, some are saying we can expect a 4% fall in prices at the start of the year but come the end of Spring we could be looking at price increases of over 5% or more. One thing bear in mind is that these general predictions are nationwide and not are not specific to a certain State or City, each State and City has its own unique combination of factors that is driving house prices and demand. Taking Cleveland as an example we seen the housing market decline in November last year due to rising mortgage rates both sales and new listings were down as compared to last year. But actual house prices are still rising by single digits. According to Realtor.com, Cleveland-Elyria, Ohio has been ranked 32nd among the 100 largest U.S. metros in their 2023 housing forecast. In 2023, Cleveland home prices are projected to increase by 4.3%, while home sales are projected to increase by 2.7%. In Cleveland–Elyria house prices rose 10.8% over the past year and rose 0.4% over the last quarter. The Cumulative change in the Cleveland house price index since 2007 has been +57.7%. Cleveland has a record of being one of the best long-term real estate investments in the U.S. The cumulative appreciation rate over the ten years has been 67.95%, which ranks in the top 50% nationwide. This equates to an annual average Cleveland house appreciation rate of 5.32%. There is general consensus that we have now entered a Buyers market but not in Cleveland, in Cleveland we are still seeing a Sellers market as there still is a limited supply of houses for sale and Buyers are still offered to compete with each other which is resulting in higher prices and quicker sales. When you have a high demand and limited supply this benefits the Seller when it comes to setting their price. The only way the the scales will tip in Cleveland is if we see an increase in inventory to more than six months inventory which is not very likely to happen in 2023 or maybe even in 2024. Even if mortgage rates do not stop increasing the likelihood is that Cleveland house prices will not decline given the volume of demand and low level of supply. If you would like to see some of our Cleveland inventory please email invest@globalinvestmentsincorporated.com

Slavic Village’s Broadway News

The five-way intersection of Broadway Avenue, East 55th Street and Hamlet Avenue is the traditional centre of Slavic Village, once called Little Bohemia for its large Czech population. It retains all of its pre-World War I buildings. Reviving this area as part of the Broadway transit corridor is the goal of new planning and development by the Greater Cleveland Regional Transit Authority and Slavic Village Development Inc. The Broadway Avenue corridor in Cleveland’s Slavic Village could soon see new signs of life thanks to a federal grant that was awarded last week to the Greater Cleveland Regional Transit Authority (GCRTA). The $432,000 grant will allow the transit agency to develop plans to redesign the Broadway corridor from the Turney-Ella bus loop near Calvary Cemetery to downtown as a bus rapid transit (BRT) route with enhanced pedestrian and bicycle infrastructure. Once those plans are complete, it can then apply for federal funds to build that infrastructure. The planning work will also help guide land use decisions involving zoning, parking policies and public incentives to support local transit-oriented development ( TOD ). The city of Cleveland and Slavic Village Development Inc is a nonprofit community development corporation. On Nov. 17, the Federal Transit Administration announced the award of approximately $13.1 million from its Pilot Program for TOD to 19 projects in 14 states for 2022. The TOD planning grants support community efforts to improve access to public transportation. The grants help organisations plan for transportation projects that connect communities and improve access to transit and affordable housing. “The Greater Cleveland Regional Transit Authority will receive funding to plan for TOD along the proposed Broadway Avenue Corridor project, a multi-modal planning project that will incorporate bus rapid transit with bike and pedestrian infrastructure,” said the FTA in awarding the grant. “The TOD plan will increase bicycle and pedestrian access to transit hubs, recommend ways to incorporate green infrastructure, and analyse ways to revitalise commercial and housing opportunities near transit stations.” This is the second time GCRTA has been awarded funding from the FTA’s Pilot Program for TOD which has been in existence since 2015. In 2018, GCRTA won $336,000 to plan for TOD along the MetroHealth Line, a planned BRT line connecting downtown Cleveland with the city’s Old Brooklyn neighbourhood via West 25th Street to serve MetroHealth’s expanded health facilities plus growing residential and employment areas. The NOACA report also stressed the importance of TOD investment in what it called “the village centre” — the core of Slavic Village, which is an historic district surrounding the intersection of Broadway East 55th. This five-leg intersection including Hamlet Avenue is a traditional mixed-use neighbourhood centre, with commercial buildings, many featuring apartments above storefronts, fronting the main streets. Global Investments currently have 2 amazing properties currently for sale matching this criteria. Please see the following links : https://globalinvestsinc.com/property/cleveland-174900/ https://globalinvestsinc.com/property/cleveland-474900/ NOACA’s report noted this is one of only two intersections in Cleveland with pre-World War I buildings on all of its corners. This crossroads has 50 businesses and institutions, a post office, the offices of Slavic Village Development, Inc., and several churches, including the landmark Our Lady of Lourdes. The construction of multiple distribution centres nearby that will offer more than 1,000 jobs. One is already under construction — the $30 million, 156,775-square-foot Cleveland Cold Storage food warehouse at East 75th Street and Opportunity Corridor Boulevard. Another — the 182,000-square-foot Reserve Premier warehouse at 3000 E. 55th — is getting its site cleared in preparation for construction. Another big project is the possibility that the Cleveland Browns may seek to move the football stadium off the lakefront so it can be developed with year-round uses. Team owner the Haslam Sports Group reportedly has shown interest in building a new stadium on the current site of the Main Post Office along Broadway or possibly another site just south of the Municipal Parking Lot. The stadium would apparently be part of a “ballpark village” development district. If you would like more information or wish for a call regarding the latest properties Global Investments can offer in this location then please email us today at : invest@globalinvestmentsincorporated.

Is Christmas a good time to buy a property investment?

Is Christmas a good time to buy a property investment ? this is a question we are asked every year. The simple answer is yes, the Christmas season is one of the best times of the year to purchase an investment property, you are probably wondering why ? When we think of Christina we think of down time, spending time with loved ones and enjoying good company and food, looking at investment property is probably the last thing on your mind but it shouldn’t be. The Christmas season is one of the best times of the year to look at investment properties because you have a number of different factors that come into play at the this time of the year. First of all you to tend to see the prices of some properties being lowered at the end of December as Sellers try to warp up outstanding business before the commencement of a new year. If the property has been sitting for a few months Sellers are more open to bids in a time considered slow in real estate. From the Buyers point of view this means prices in general are below market value at this time of year so you could snap up a bargain if you are on the look out. Also at this time of year you find less competition in the market, with agents taking a break and the market slowing down until well into the New Year you have more breathing space. Many people feel it is the wrong time of the year to be considering a property purchase, so there are less offers on the table, that means your investment property will not be taken away from you because of a higher offer. You have more time to ponder and consider the different options available to you and can even try making a lower offer. Sellers are likely looking for a quick settlement if their house is on the market over the holidays, there is also a good chance you could secure a quick settlement on the property and get things wrapped up quickly. Another plus is you get the see how the house is performing during the peak of winter, if you are buying a house in the summertime it might take several months to see if there are any insulation issues, heating or roof leaks as normally it will be much hotter and dryer in the summertime .Getting an inspection done with heavy rain or snow is ideal to really test out the property. As we reach the end of the year many Sellers are getting ready to put their properties on the market in early spring as this time of the year tends to be busy as people have made plans for the new year. What you also find is that some Seller want to get a head start and will list their property during the holiday season, by the time the market opens back up again you could have missed your perfect investment property. The great thing about the holiday season is that most people have more time on their hands, you have the chance to do your research at a slower pace, study the market in more detail and make an offer at a more relaxed place, consider your offer and plan out your management and other things needed for a successful investment property. Another plus buying a property at the peak of the winter is getting tenants placed quickly in the new year, in January you tend to see a lot of movement in the tenant market as people take on new jobs , start back at college or simply want to move to another City or State to fulfil their new year plans. Of course, this can be a lot of work at a time of year when you just want to kick back and relax but then again it is a time of year where you could bag the perfect investment property at the perfect price. If you are ready to invest in the USA housing market, or wish for a call and more information on the latest properties Global Investments can offer then please email us today at invest@globalinvestmentsincorporated.