CLEVELAND — Here's a phrase some realtors are sharing with potential home buyers right now: If you have to sleep on it, you won't sleep in it.

What You Need To Know

  • Realtors in Ohio said they're seeing an unprecedented competitive housing market, with homes selling fast and often above list price

  • Low interest rates though have made it an enticing time for people to buy a home

  • That’s kept real estate agents plenty busy in Ohio

Drew Best has lived all over the country, and even in Canada. 

“I played college hockey at the University of Vermont. So I was out there for a few years so I’ve lived around," said Best. "The reason I moved to Cleveland was for my wife. Her family is from there."

But when the 27-year-old and his wife decided it was time to buy a house, the market presented some challenges. 

“It was very frustrating. We saw tons of houses. I think we put in 10 different offers. We were trying to be very strategic with the type of offers we put in," Best said.

Real Estate Agent Scott Newman's phone is always buzzing. He said the current housing market is a busy one. 

“Well I pretty much can’t put it down. Thankfully there’s texting and emails, but the phone does not stop ringing. One of the biggest changes right now is urgency. You know, used to be you could see a house on the market, schedule something this upcoming weekend, but now it’s a race to the house,” said Newman, who works with the Crockett Team at Howard Hanna.

Newman said we’re currently seeing a low number of houses for sale compared to the number of buyers looking for a home. He believes people delayed moving during the quarantine, and that combined with low interest rates, are some of the reasons for the current situation. But he said the right preparation can help you navigate the crazy housing situation. 

“You want to make sure you’re ready to move quickly, and the best way to do that is to have your pre-approval, your lending, your down payment, all of your pros and cons that you need for the house ready so when the right house comes along, you can move quickly with having that stuff done already,” said Newman.  

Best and his wife are happy to be done with the long experience of buying a home. They're ready to move in. 

“Words couldn’t describe it really just because we’d been looking for an entire year and because we had had so many offers get rejected,” said Best. “We kept telling ourselves it was all for this excitement right her,e and so we’re just counting the days now until we can move in.” 

Homebuyers continue to navigate an unprecedented market, hoping to find the right place to call home.

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