CLEVELAND — Jessica Smith said her mom’s career as a realtor inspired her to pursue the same career. 

What You Need To Know

  • Jessica Smith said being a realtor means making a difference in the community

  • Smith said properties currently on the market show a trend that it’s a seller's market

  • She said this is a result of 2019’s strong economic growth

  • She said no matter if you’re looking to sell or buy, it’s important to understand the market

“I was looking for a job where I could own my own business and then also help others,” she said. 

Smith said properties currently on the market show a trend.  

“We have a big shortage of inventory,” she said. “We are sitting at one to two months inventory right now. In a balanced market, it is three to six months, buyer's market is six months so we’re definitely in a seller’s market right now, very limited inventory on the market.” 

She said homes are selling faster and buyers must compete with each other to score a property. When this happens, buyers are often willing to spend more on a home than they would otherwise, while sellers may raise their asking prices. 

“I think a big thing is being prepared and looking at when you want to buy and timing that out,” she said. 

She said this is a result of 2019’s strong economic growth, placing upward pressure on prices in multiple industries like food and entertainment, but not the housing market. 

“I really don’t foresee that having that big of an effect on us this year. I still think it can be a seller’s market, multiple offers. I think buyers will need to bring their 'A game' and I’m here to help them,” she said. 

The Consumer Price Index reports shelter costs increased 0.3% in January of 2022, which is the smallest gain since August 2021 and slightly below December’s increase. The category is up 4.4% over the past year. 

Smith said people looking to buy a home should understand interest rates are the lowest when taking out a 15- or 30-year fixed rate mortgage. Payments are fixed for the life of the loan while other prices from food to clothing to gas increase. The monthly housing costs will remain consistent, protecting a person’s budget.  

When choosing a home, she said people should consider a property that is newly constructed. 

“You’re not worrying about anything besides packing and furnishing which is super nice. You know, it’s hard to secure a contractor right now and just people don’t have the time to do the projects sometimes their self,” she said. 

She said no matter if you’re looking to sell or buy, it’s important to understand the market. 

“Asking a realtor for the comparable and making sure you’re making wise investments. See what that would look like maybe you know a few years in the future,” she said. 

To work with Smith, click here.