CLEVELAND — Homebuyers are battling the hot housing market with a shortage of homes and continuously increasing costs.
Alex Irizarry is a nurse at University Hospitals that works the night shift and lives in Lakewood. Since March she’s been searching to buy her first home in anywhere from Rocky River to Westlake even Lyndhurst. But the booming market has made her dream almost impossible.
“As soon as you try to find something that you like or that you enjoy, it immediately gets taken off the market or you get outbid right away,” said Irizarry.
Irizarry says there are times she can't even tour a home before it's gone, or she's outbid.
“I put in an offer on a house almost $15,000 above asking price, and I got outbid by a cash-only sale or like all cash sale,” said Irizarry.
Irizarry isn't alone in her frustrations.
“In Northeast Ohio, there is currently a shortage of homes available for purchase,” said Drew Gaebelein a realtor eXp Realty and Director of the Akron Cleveland Association of Realtors.
Gaebelin says the housing market is out of control as people are spending thousands above the asking price just to be considered.
“There are people buying houses sight unseen, you know, and as far as getting it, getting to the house before it goes under contract, it is a market out there where you almost have to be available the same day,” said Gaebelin.
According to the May Cleveland Housing Market report in Cleveland, the cost of homes has jumped by more than $16,000 since last year and they are being sold 8% quicker.
“We're getting a lot of requests for showings later in the evenings, earlier in the mornings,” said Gaebelin.
Gaebelin says to get a house right now you must be willing to move fast, be preapproved for a mortgage, and take more risks.
“You know, the more money you can put down is always attractive to sellers, and less inspections, the better. I don't personally recommend waiving inspections, but some people do,” said Gaebelin.
Irizarry, she’s discouraged, she may keep trying, but is considering holding off for now,,
“It does feel unattainable and it's moving me towards just renting. To be honest with you, like, I can't feel like I can commit to a house if I can't take the time to process the house,” said Irizarry.
In addition to those rising rates and the shortage of homes, rent is also on the rise. While the national overage cost of rent has dropped by .1%, in Cleveland by the end of last year, it went up by 11%.
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