Recently, we had the opportunity to sit down with local realtor Jennifer Campanella and talk about the current state of the housing market, as well as her role as a local realtor. Here's a look into our conversation.
How long have you been a realtor in Northeast Ohio?
I’ve been licensed since 2015, I was awarded Rookie of the Year by the Medina County Board of Realtors in 2016 and decided to join The Incorvaia Team shortly after.
Do you work with both buyers and sellers?
Absolutely! I’m a full-time realtor servicing buyers and sellers all over Northeast Ohio.
What do you love about real estate in Northeast Ohio? How does this area stand out from others — like Florida or Texas?
I love Northeast Ohio’s various communities and how each offers its own unique living experiences, from rural areas to gentrified neighborhoods and everything in between.
Could you give us a recap of the real estate market in 2022?
Wow, it’s been a roller coaster year going from homes selling within hours to now being able to take a breath. The Incorvaia Team sold over 700 homes last year alone and we are consistently ranked in the top five teams in Ohio!
How has the market changed going into 2023?
Just as the weather has cooled off, so has the real estate market. The market has mostly neutralized due to the consistent increases in mortgage interest rates. We are also starting to see homes with longer days on the market than we have in years past and buyer competition is less fierce.
What are some of the pros of this new market we're in?
With less buyer competition and homes taking longer to sell, it’s definitely a benefit to buyers to have time to think over making an offer on a new home and possibly having room for negotiations. This cooler market is also a benefit to folks looking to make a move who need to sell first. Where they may once have been afraid of listing their home before finding a home to purchase, now they may feel more confident to list their home as inventory grows.
What about the cons?
Higher mortgage rates mean less affordability for buyers. People’s budgets have been impacted by inflation and with higher mortgage rates buyers may opt for a more affordable price range. In turn, this could cause listing prices to decrease.
How are you helping clients navigate the real estate market?
I educate them on the latest market trends and data so they can make informed decisions. In addition, I’m aligned with mortgage brokers that can help buyers secure financing under many personal circumstances.
What goals do you have for 2023?
To service and educate my clients as this market continues to shift. We’ve all had to learn to pivot over the past few years and this year will be no different. Even in a shifting market, my team's core values will remain steady to provide our clients with the best marketing technology and exceptional service to make their real estate transactions smooth and seamless.