Akron Real Estate Market Update

While there are conflicting opinions on where the Akron area real estate market is headed, I wanted to give an inspector’s view on where the market is now.

From our perspective here at North Ohio Property Inspection, the real estate market is feeling pretty hot. According to Trulia, the price per square foot in the Akron area is $74, the highest it’s been in recent memory.

A Problem of Inventory

As the case in many areas around the country, there simply isn’t many houses going up for sale. “Inventory is tight” as real estate professionals will say. This naturally causes upward pressure on home prices, assuming there are more buyers than homes for sale.

In Akron and surrounding areas, we are still seeing multiple offers on many homes and selling prices being above asking price.

What Homebuyers Can Do

When inventory is low and demand for homes is above average, this calls for home shoppers to be more prepared. Here are some tips that can help you get under contract when you find the house you want to call a home:

• Get pre-approved – Find a solid, reputable lender and get pre-approved. This requires giving them a few pieces of information so they can do a soft check on your credit and income.
• Have a healthy down payment – Some homebuyers borrow money from relatives, and some simply save up for a few more months in order to get above that 5% mark. This signals to a seller that you’re in more of a solid financial position and less likely to bail on the deal.
• Have a clear idea of what you want – This enables you to move quickly and confidently when you find a home that meets your criteria.
• Have a home inspector in mind – When you finally get a contract accepted, it’s time to get a home inspection. Research and making calls can often push back timelines, so avoid that by doing a bit of research while you’re still house shopping. Find a solid home inspectors with good reviews and training.

Development and Investment in Akron

A recent report from the Greater Ohio Policy Center says, “the health of Akron’s housing, often considered too affordable to be profitable, at least for developers”.

Local city planners have plans to spur more development in the area to raise investment incentives. They aim to get Akron’s population up to 250k by 2050.