The Neighborhood Experts at Platinum Real Estate say you could end up saving big by buying now
By Mimi Vanderhaven
These past months we’ve been discussing the state of the local real estate market: low number of homes for sale, multiple offers and rising list prices. In fact, the average home price index reports that home values have increased 5.5% since 2019. It all points to a seller’s market.
But what if you are a buyer? Is now an inopportune time to buy a home?
We caught up with local real estate expert Denise Zervos, who, along with her husband, Mark, owns The Neighborhood Experts at Platinum Real Estate, to find out.
“Right now is actually a wonderful time to buy a home,” she says. “Even though the prices have gone up, the actual monthly payment cost has gone down due to interest rates that are lower than last year. As the chart accompanying this story illustrates, actual cost is a factor of price and interest rate.”
For a home on the market last year at $250,000, with 2019’s higher interest rate, your monthly payment would be $1,155. This year, even if the same house is priced higher at $263,750, with the current lower interest rate, your monthly payment would actually be $61 less, or $1,094. In the big picture, you’d save $21,960 over the life of the loan.
“It’s a misconception that buyers might be overpaying in the current market,” she explains. “And you never know what’s around the corner in terms of interest rates. People who think they should wait until next year to buy a home might want to rethink that. The rates might tick back up.”
Heading into the winter months, Denise reports that her team doesn’t slow down a bit.
“Lake County is a hot market, and there is a pool of qualified, serious buyers we are working with,” she says. “If you are thinking of waiting until spring to put your home on the market, you’ll miss out on all the opportunities happening now for a quick sale at your selling price or above.”
Platinum Real Estate has 16 offices in Northeast Ohio and Columbus and nine in Florida. For a confidential appointment or to get more information, call 216-990-2100 or 440-974-SALE and visit YourNeighborhoodExpert.com.