Looking to sell your home in Cleveland? Discover expert tips and resources to streamline your selling process.
Looking to sell a home in Cleveland, Ohio? You’re in an excellent position to find home buyers—while the rise in interest rates has affected market rates and priced first-time potential buyers out of many other markets, Cleveland’s low housing cost is attracting attention.
To land the right buyer and the offer you want as a homeowner, you’ll need to stay in the loop on the Cleveland house market, get your property ready to sell, plan out marketing, and partner with the right agent or home seller.
In the week of May 6, 2024, the highest-priced home sale in Cleveland, Ohio closed at $3.2 million—but that’s an extremely rare outlier.1 During that same week, 80 other homes sold with an average price of $166,117.
Compared to the current nationwide median sale price of $420,800, that makes Cleveland quite affordable.2 In fact, a recent study of the 50 largest U.S. metro areas put Cleveland in first place for the lowest increase in median home price from 2000 to 2023, at 78%.3
At a county level, 2024 home prices are reacting to the typical seasonal shifts for Cleveland: peaking in June, July, and August, and bottoming out in January and February.4 Median sale prices thus far this year have come in at:
Median sale prices should reach close to $200,000 in June 2024.
Talk to your real estate agent about micro-trends in your neighborhood. They should provide you with a comparative market analysis (CMA) to help with pricing for potential buyers, plus a neighborhood-level analysis of the average number of days on the market, the number of homes selling at, over, or under listing price, and sale prices.
There are a few options when it comes to sale prep. You can:
The most common minor upgrades are repainting, carpet cleaning or replacement, and landscaping. Talk to a real estate agent before considering major changes—few allow you to recoup the time and cost involved.
Marketing should be a key part of vetting potential real estate agents before you sign with one. What can they do for you to attract the largest buying pool and reach the right home buyers to sell your home quickly?
Your real estate agent—or the homeowner, if you opt to go the for sale by owner (FSBO) route—needs to create a written plan of marketing efforts. These days, that includes a mix of old-school and digital methods.
The basics include:
Ask whether they can also provide:
Make sure you navigate how to determine your home’s value. Focus on your property’s features and advantages at the marketing stage. This could be high-efficiency windows and appliances, convenient public transportation, a nearby park—whatever makes it a delight to live in your house and neighborhood to entice a potential buyer.
For instance, Niche’s 2024 grades and ratings for Cleveland include7:
On Cleveland’s Best Neighborhoods to Live In, their top five are8:
Ohio doesn’t require you to engage either a real estate lawyer or agent to sell your home, though an agent is the most common choice to walk you through the process.
The Ohio Department of Commerce requires all sellers to complete a Residential Property Disclosure form to detail all "material matters relating to the physical condition of the property" that you’re aware of.9
With a cash buyer, you’ll usually start with an in-home or virtual visit, receive a preliminary offer, permit a home inspection, sign a final contract, set a closing date, and complete the sale with a title insurance or legal company.
A traditional sale adds several steps including:
Rather than prepping your home for sale and waiting for a buyer’s financing to come through, you can sell your home as is to Truehold through a Cleveland sale-leaseback, with a closing day scheduled at your convenience.
A sale-leaseback with Truehold offers complete flexibility on a move-out date. Instead of handing over the keys with the deed, you can unlock your equity, debt-free, and opt to stay on seamlessly as a renter. Some of our clients use this time to focus on organizing, home shopping, and moving at their pace, and some stay indefinitely as renters without the cost and headache of property tax, major repairs, and homeowners insurance.
Learn more before you commit to a traditional sale by calling (314) 353-9757. A Truehold Advisor will reach out to break down the details, answer any questions, and see if Truehold's sale-leaseback is right for you.
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