The Observation Deck

Many of you who know me know that I have been trying to sell my home in Lakewood for months. I just got off the phone with my real estate agent who told me that there are more than 100 homes in Lakewood in my price range on the market right now. She said there is a similar situation all over the West Side.

What's up? Where is everyone going? Anyone wanna buy a nice house?

We had a long period of a relatively healthy real estate market, helped by a good economy and low mortgage rates. Unfortunately, real estate has its cycles. Its easy to forget that when things had been going well for so long.

There are probably many reasons for the downturn, from a less robust economy to the fact that the low rates were in effect for so long that many renters turned to homeowners and there's just only so many people to go around!


It is being felt in all areas, not just Lakewood. Hopefully, you have a good agent who can advise you as to proper pricing and other sales techniques to get your house sold.

Well, I can understand the cyclical nature of the market--I mean, I'm a victim of it, after all. But where did all the people go who moved out of their homes? My realtor says this trend is holding true throughout the West Side and someone told me of a Plain Dealer story about the Cleveland real estate slump.
It stands to reason that if homes are being vacated at such a rate, the people must be leaving. Where to? Why?

I understand that you have moved from your home, but not everyone trying to sell their home has moved. Most are attempting to move but it is dependent on the sale of their current home. They will stay where they are until it sells because most people need the equity from their house to complete the purchase of a new residence.

I personally know of one family who didn't need the equity and DID move and have a house sitting waiting to be sold. They moved to another house IN LAKEWOOD that was a better size for their family.

The number of houses for sale does not necessarily indicate the number of people who have left the area.

If its any consolation, I just saw that two houses near me that have been sitting for several months now have SOLD signs on them. Maybe things are picking up? Let's hope so.