What you need to know about the 2022 Real Estate Market in Summit County? (May 26th, 2022)
There are some key questions that you need to ask your Real Estate Broker in making any decisions about buying a property or selling a property in Summit County as we enter into the remainder of 2022. The real estate markets around the country have been impacted by multiple offers from Buyer Demand along with low inventory (supply) where “multiple offers” buying environment has resulted in cash offers commonly being selected over financed contracts.
“How is the Real Estate Market?”
“What is the best time to buy a property in Summit County?”
“What do I have to as a Buyer to have a Seller select my contract?”
“Do you think that the real estate pricing will continue to increase in the market?
“Do you anticipate that more listings will be coming on the market in 2022?”
“Where is the best place to buy in Summit County?”
“What has been the change in real estate pricing over the last few years?”
“What do I need to know about STR policies and ordinances in Summit County?”
“What can I purchase for $1 Million Dollars in Summit County?”
“When will the market value of properties begin to level off in the market?
“What is the price range if I wanted to purchase a 2 Bedroom/2Bath Condo in Summit County?”
“How is the Real Estate Market?”
“How much is my property worth today?”
“How much do you think you can sell it for in today’s real estate market?”
“How long would it take to sell my property?”
“Why should I hire you to be my Real Estate Broker?”
“What has been happening with real estate pricing in my location since I purchased it?”
“How do I deal with “multiple offers” if that would happen?”
MARKET INFORMATION NEEDED TO ANSWER QUESTIONS
– How is the Market?
Sellers over the years have decided to sell their properties with 2020 and 2021 being the two highest number of transactions in the last 10 years.
The time it takes to sell a property in Summit County has reduced significantly during the last 10 years with the last 5 years where the Average Days on the market averages around 65 days.
The low inventory at any given time is a bit deceiving since each year approximately 2775 Sellers are making decisions to sell each year over the last 10 years. The Seller prospect when asking the question “When is the best time to sell?” should be informed that anytime based on trends of the past.
The information in this graph provides insight on pricing trends over the last 10 years where there has been 10 consecutive years of property valuations in Residential properties in Summit County. Buyers who purchased during the last 10 years in making buying decisions have been rewarded with increased equity gains in their properties.
Sellers and Buyers continue to sell and buy properties in Summit County. The last ten years shows that both parties decisions have resulted in significant increases in total Sales Volume each year. This is a market metric that is healthy and beneficial to the real estate market parties of both Sellers and Buyers over the last 10 years.
The sale and purchase of Condos in Summit County has been the leader in the overall market share in terms of transaction each year. The condo valuations have continued to increase for Buyers in each subsequent year from the date of their purchase during the last ten years. Sellers have been the beneficiary of the real estate market when selling where gains in equity has continued each year in selling during the last 10 years.