Knowing what your home is worth is an absolute necessity when you're thinking of selling your home. It can also be helpful to assure you're home value is being assessed properly for property taxes, but for this article we'll concentrate on the valuation of your home for selling purposes.
Whether you are selling by owner, or hiring a Realtor, pricing your home properly is the most important component. Of course, condition, location and the economy are also factors, but proper pricing that accounts for these other aspects will sell your home. If you take away nothing else from this article, remember this:
"Any home that is properly priced and marketed will sell in ANY real estate market."
So, that leads us to the main topic...what is my home worth? How do I determine my home value to get my home sold quickly?
The easiest way is to have your home appraised. Appraisals cost around $300 to $400, but may be worth the investment, if it'll help you price your home properly. This is a great option for someone selling by owner. If you're planning on hiring a real estate agent, the agent will provide you with a market analysis to determine the right price to list your home.
When you're interviewing for real estate representation, I advise that you speak to at least 2 Realtors before deciding to hire an agent. You want to make sure you're hiring someone that won't just tell you a price that you want to hear, to get the listing. So, having more than one pricing opinion can prove helpful. The best way to determine this is to ask questions, such as:
1. How many listings do you sell per year?
2. What is the average days on market for your home listings?
3. What percentage of the list price vs. sales price do your listings sell for?
4. How do these statistics compare to the statistics in my community?
These questions will help you piece together how well the agent prices their listings, and most importantly, how well they do in closing the deal. Be sure to have the agent show you how they arrive at their pricing opinion and show you a side-by-side comparison of your home with the most recent sales near your home.
If you have any questions about property valuation and you want to find out what your home is worth, please feel free to contact me anytime.
Thursday, August 25, 2011
Monday, August 15, 2011
Broadview Heights, Ohio Real Estate and Information Source
City Information and History
Broadview Heights, Ohio, in Cuyahoga county, is well situated between Cleveland (15 miles) and Akron (20 miles), at the crossroads of Ohio's east/west and north/south highways. Broadview Heights boasts of its award-winning schools, fine recreation programs, and great city services. Due to our central location and easy access to freeways, residents can travel to the airport and just about anywhere in Cuyahoga County within just 30 minutes during non-rush hour periods. According to the 2010 census, 19,400 people reside in the Broadview Heights city limits.
Indians occupied the territory known as Broadview Heights until 1811, when the first white man, Seth Paine, settled there. He was sent by Colonel John Breck as a surveyor of the land and was given a compensation of 200 acres. The land that Colonel Breck surveyed was called Brecksville Township, and today the cities of Broadview Heights, Brecksville and North Royalton make up the land. The township consisted of 21.28 square miles, and it was sold for $1.52 an acre.
A plank road was constructed from Wallings Corners to the Cleveland city limits in 1829. On November 30, 1926, a vote was held to recognize the village of Broadview Heights. The results were 101 people for and 7 against the new village. A few years later the residents built a city hall and established a part-time Fire Department.
View Larger Map
Real Estate
Residents like Broadview Heights because of its country-like atmosphere and its convenient location. The city has homes and neighborhoods to suit most budgets and life styles – whether you are newly married or an empty nester, have a growing family, or are an executive with large space needs. Condominium prices range from $60,000 and up, and homes range from $120,000 to over $1,000,000. The Metro Parks and Cuyahoga Valley National Park are literally a few minutes away. They offer picnicking, hiking, bicycling, fishing, skiing, and unspoiled nature.
Broadview Heights is a considered a desirable Cleveland area suburb. The current real estate market data for the city can be viewed below, which is great information if your looking to buyer or sell a home in Broadview. Also provided is full access to all current listings for sale in Broadview Heights.
Homes For Sale In Broadview Heights
Helpful Area Links
City Government Website
Demographics
School Ratings
School Board
Area Attractions
Weather Forecast
Utility Providers/City Services
Nearby Shopping, Restaurants, Hospitals, Parks, and more
Broadview Heights, Ohio, in Cuyahoga county, is well situated between Cleveland (15 miles) and Akron (20 miles), at the crossroads of Ohio's east/west and north/south highways. Broadview Heights boasts of its award-winning schools, fine recreation programs, and great city services. Due to our central location and easy access to freeways, residents can travel to the airport and just about anywhere in Cuyahoga County within just 30 minutes during non-rush hour periods. According to the 2010 census, 19,400 people reside in the Broadview Heights city limits.
Indians occupied the territory known as Broadview Heights until 1811, when the first white man, Seth Paine, settled there. He was sent by Colonel John Breck as a surveyor of the land and was given a compensation of 200 acres. The land that Colonel Breck surveyed was called Brecksville Township, and today the cities of Broadview Heights, Brecksville and North Royalton make up the land. The township consisted of 21.28 square miles, and it was sold for $1.52 an acre.
A plank road was constructed from Wallings Corners to the Cleveland city limits in 1829. On November 30, 1926, a vote was held to recognize the village of Broadview Heights. The results were 101 people for and 7 against the new village. A few years later the residents built a city hall and established a part-time Fire Department.
View Larger Map
Real Estate
Residents like Broadview Heights because of its country-like atmosphere and its convenient location. The city has homes and neighborhoods to suit most budgets and life styles – whether you are newly married or an empty nester, have a growing family, or are an executive with large space needs. Condominium prices range from $60,000 and up, and homes range from $120,000 to over $1,000,000. The Metro Parks and Cuyahoga Valley National Park are literally a few minutes away. They offer picnicking, hiking, bicycling, fishing, skiing, and unspoiled nature.
Broadview Heights is a considered a desirable Cleveland area suburb. The current real estate market data for the city can be viewed below, which is great information if your looking to buyer or sell a home in Broadview. Also provided is full access to all current listings for sale in Broadview Heights.
Current Broadview Heights Market Data
Homes For Sale In Broadview Heights
Helpful Area Links
City Government Website
Demographics
School Ratings
School Board
Area Attractions
Weather Forecast
Utility Providers/City Services
Nearby Shopping, Restaurants, Hospitals, Parks, and more
Thursday, August 11, 2011
Impact of US Debt Downgrade on the Real Estate Market
Chief Economist for the National Association of Realtors, Lawrence Yun, discusses the impact of the US debt downgrade on the national real estate market.
See Video Here
See Video Here
Tuesday, August 9, 2011
Selling For Sale By Owner vs. Using a Realtor
In every market and every economy, there are always home-owners that opt to market their homes "for sale by owner." As a real estate agent, I pay close attention to the market, including these homes.
In my opinion, I think owners should explore the option of selling their home by owner. The main reason owners try to sell on their own, is to save money on the commission. I understand that this can be an expense someone would like to avoid, but on the average, homes sold by owner sell for more than 10% less than a home sold by a Realtor. Successful home sales by owner make up a very small piece of the entire sales market, so you should know the facts before taking this endeavor head-on.
Here are some statistics for the National Association of Realtors:
For Sale By Owner (FSBO) Statistics
FSBOs accounted for 9% of home sales in 2010. The typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales.
FSBO Methods Used to Market Home:
• Listing on Internet . . . 27%
• For-sale-by-owner Web site . . . 11%
• Yard sign . . . 46%
• Friends/neighbors . . . 39%
• Newspaper ad . . . 12%
• Open house . . . 14%
Most Difficult Tasks for FSBO Sellers:
• Getting the right price . . . 23%
• Preparing/fixing up home for sale: 18%
• Selling within the planned length of time: 14%
• Having enough time to devote to all aspects of the sale: 13%
• Understanding and performing paperwork: 10%
Of that 9% of national home sales, approximately half of those sales are made to a family member or friend. So, unless you know someone close to you that already wants your home, you have your work cut out for you. In fact, even the Founder of ForSaleByOwner.com recently sold his home with a real estate agent.
I don't know how accurate these statistics are, but from my experience, homes sold without an agent involved are very few and far between. If you do move forward with selling your home by owner, here some tips, insights and advice to give you the best chance of success.
My final word of advice is that before you decide to sell your home by owner, interview a couple real estate agents. First, it'll give you the ability to evaluate whether the commission fee will pay for the time and expense (marketing, attorney fees, etc) incurred by selling yourself. Second, you may be surprised to find the Realtor is flexible on the commission. Third, you may find a potential agent to list your home in the future, if your efforts by owner don't turn out as you hoped.
In my opinion, I think owners should explore the option of selling their home by owner. The main reason owners try to sell on their own, is to save money on the commission. I understand that this can be an expense someone would like to avoid, but on the average, homes sold by owner sell for more than 10% less than a home sold by a Realtor. Successful home sales by owner make up a very small piece of the entire sales market, so you should know the facts before taking this endeavor head-on.
Here are some statistics for the National Association of Realtors:
For Sale By Owner (FSBO) Statistics
FSBOs accounted for 9% of home sales in 2010. The typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales.
FSBO Methods Used to Market Home:
• Listing on Internet . . . 27%
• For-sale-by-owner Web site . . . 11%
• Yard sign . . . 46%
• Friends/neighbors . . . 39%
• Newspaper ad . . . 12%
• Open house . . . 14%
Most Difficult Tasks for FSBO Sellers:
• Getting the right price . . . 23%
• Preparing/fixing up home for sale: 18%
• Selling within the planned length of time: 14%
• Having enough time to devote to all aspects of the sale: 13%
• Understanding and performing paperwork: 10%
Of that 9% of national home sales, approximately half of those sales are made to a family member or friend. So, unless you know someone close to you that already wants your home, you have your work cut out for you. In fact, even the Founder of ForSaleByOwner.com recently sold his home with a real estate agent.
I don't know how accurate these statistics are, but from my experience, homes sold without an agent involved are very few and far between. If you do move forward with selling your home by owner, here some tips, insights and advice to give you the best chance of success.
- Price your home correctly for the market from the start. Research home sales within a 1-mile radius that are the most similar to yours. Look at your home as a buyer, not as the owner, and give an honest evaluation. It will save you a lot of time and money. Buyers looking at homes in the area, learn the values quickly. If you're over-priced, home-buyers will simply choose another home to purchase.
- Advertise! The internet is your biggest source for buyers. Over 90% of home-buyers use the internet to find their home and 87% use a Realtor. That said, you may want to get your home into the MLS. In addition, use as many home sales sites as possible. My real estate team and I advertise on nearly 300 sites! Choosing the right sites, will bring the right kind of inquiries. Newspaper ads produce low response rates for the expense.
- Make yourself available to have your home shown at anytime. Turning down a showing could lose a sale and extend the time you'll have to market your home. There are a lot of homes for sale, and buyers will typically just move on to other options.
- Pre-qualify your potential buyers. Before you schedule an appointment to show your home, make sure they're approved to finance your home. This will save you time, in addition to ensuring you're working with an actual buyer, and not just letting some stranger into your home with no intent or ability to buy.
- Complete the required Residential Property Disclosures and have them ready for buyers to review.
- Contact a local title agency and/or real estate attorney to draw up the proper paperwork and complete the transaction. It is imperative you have the proper paperwork to write up the final agreement and account for all aspects of the deal's contingencies. Making a paperwork error can be very costly!
My final word of advice is that before you decide to sell your home by owner, interview a couple real estate agents. First, it'll give you the ability to evaluate whether the commission fee will pay for the time and expense (marketing, attorney fees, etc) incurred by selling yourself. Second, you may be surprised to find the Realtor is flexible on the commission. Third, you may find a potential agent to list your home in the future, if your efforts by owner don't turn out as you hoped.
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