Real estate boom in Northeast Ohio: What’s the reason behind it?

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CLEVELAND (WJW)– As an essential worker in the healthcare industry, Erica Campbell Brown, her husband and two children relocated from Columbus to Northeast Ohio.

But after a year of touring dozens of properties and putting in offers on seven different homes, still no luck. “The entire home search has engulfed our way of life. Every weekend we’re out, looking for a home.”

Brown continued, “We have offered list price; we have offered over list price to the tune of about 15-thousand over list and unfortunately have not been able to secure the home.” It’s the end result of being outbid.

“We attend open houses in which there are easily about 20 other families that are there at the open houses.”

“I’ve never seen anything quite like this. We have such a lack of supply in the marketplace,” said the president of Howard Hanna real estate services, Hoby Hanna.

He said the current real-estate boom is due to the huge buyer demand and low supply.

He said before the pandemic hit, economists were predicting a strong five-year housing market, due to millennial buyers coming of age to purchase. “..but we knew that the little bit of headway might have been lack of inventory, the lack of new construction in our marketplace which has really diminished — especially that empty-nester, baby boomer product, that first floor, master bedroom product.”

Hanna said the current low-interest rates are fueling the fury to buy even more, and said a recent Howard Hanna survey found 7 out of 14 homeowners were willing to put their home on the market, once things begin to settle, as far as the pandemic.

But that’s bad news for families like the Browns, who will continue to rent, at least for now.

“We have to continue the pattern. It’s definitely needed for our family, for our children to have some place of security and a sense of home.”

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