WJW Cleveland headline: Hot housing market showing signs of cool down
by: Maia Belay
Posted: Jul 18, 2022 / 07:55 PM EDT
“Longer time on market which is something we haven’t seen over the last 18 to 24 months,” said realtor Mark Vittardi of CENTURY 21 DePiero & Associates. “Properties coming back to market, that’s something we haven’t seen all that often over the last 24 months as well.”
Vittardi said setting realistic expectations is key. The housing demand remains high with limited inventory and rising monthly mortgage payments. The 30-year fixed mortgage rate is hovering below 6%.
“If they were looking at a $300,000 mortgage back in December, their monthly obligation would be roughly $1,200 to $1,300,” said Vittardi. “Now that same property is closer to $1,800. That’s a pretty significant swing.”