The market is cooling in Akron, Ohio, where local Realtors are reporting a downward slide in prices and higher inventories.

"Akron has many lovingly restored older homes from the 1920's and 1930's as well as a wide range of new construction options," explains Realtor Joe Haban II. "The inventory of homes for sales remains high in this area with the number of buyers slightly reduced. This provides a given buyer with more homes from which to choose. Combine this with the traditional November/December slow down and we have a fairly strong buyer's market.

Haban advises, "In this market, smart pricing (this does not mean low) is critical. A well-researched market analysis will help determine the prices buyers are willing to pay for homes in your neighborhood. Well-priced homes are still selling with only slightly increased market times. For those considering selling their homes now, I recommend to meet with a Realtor® now before the holidays and put together a strategy to have your house on the market right after the first of the year. In Akron, we see a strong surge in activity right after the first of the year, and we expect home inventories to build at that time. If you delay, your home will not be visible to buyers who come out during this peak activity time."

Agrees Realtor Sharon Butler McCray, "The market has changed. A buyers' market is now prevalent in Akron.

"The real estate market got off to a slow start and is now beginning to pick up with activity," says McCray. "Home prices are starting to creep downwards as more inventory is being placed on the market. Sellers are now going to have to negotiate with buyers and maybe what sellers think their home is worth on the market may be disappointing to them. If homes are priced right, they will sell and it allows for a more competitive market for buyers to compete for a particular home.

"Also," she advises, "a longer marketing time in the selling of homes is evident now. Buyers are buying but are slow in making decisions even though the interest rates are low, and there are many incentives for buyers in certain markets, especially the affordable housing market for homes priced under $150K. Buyers have intimated that the condition of homes are not comparable to price and location. Buyers are taking their time and making very calculated decisions and have indicated that they will take their time to buy, browse and wait for the market to become more favorable for them. This in turn will indicate that price reductions may take place to move homes into a price range that buyers will jump at. Many sellers are resistant to price reductions and now prefer to negotiate. Also, we are seeing more for sale by owner properties popping up on the market. However, home sales for the new construction market and homes over $150K are experiencing an upsurge of activity."

Published: November 14, 2002

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