2013 Cleveland Labor Day Oktoberfest This Weekend

Screencap taken from http://clevelandoktoberfest.com/

The 2013 Cleveland Labor Day Oktoberfest, tagged as Northeast Ohio’s largest annual outdoor festival, will take place at the Cuyahoga County Fairgrounds from Friday, August 30 to Monday, September 2. For four exciting days, visitors can expect authentic German food, live entertainment from local and regional musicians, German dance groups and of course, gallons and gallons of ice-cold beer.

A diverse and unique experience, the Cleveland Labor Day Oktoberfest will have something to offer everyone. For art lovers, there will be a dedicated Art Market, sidewalk chalk art and a demonstration by sand sculptor Carl Jara. A 5k race, corn hole boards and other sporty activities will cater to more athletic visitors. Shopaholics can visit the Bavarian Bazaar while car enthusiasts can check out the VW Show & Campout as well as the juried Car Show. Of course, the festival also has fun activities lined up for the kids, including the Frisch Marionette Show, inflatables, toy trains, a gingerbread house building competition, sandboxes, a stunning fireworks display and more.

Admission costs $10 with a $2 discount if you purchase tickets online. Children under 12 get in free. Hours are from 5pm to midnight on Friday, noon to midnight on Saturday and Sunday and from noon to 9pm on Monday. The Cuyahoga County Fairgrounds are located at 164 Eastland Road in Berea. For more information, please visit clevelandoktoberfest.com.

Cleveland, Northeast OH Area Real Estate Market July 2013

According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper, homes sales in the region continue to surpass last year's sales figures. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, is driving this increase in activity and increase in sales prices.  The low inventory continues to increase new construction demand, as well.
Sales comparing July 2012 to July 2013 show increasing sales figures by double digits, like they did in May and June.  Among the 15 counties in Northeast Ohio, single family home sales are up 22.6% and 30.2% for condominium sales.  From June to July 2013, sales rose by 9%. 

By comparison, Northeast Ohio is showing a 6.3% price increase from last year, with the state of Ohio's at 7.2%. Ohio's sales volume increase was also up by over 25.8% from July 2012.  The US market saw a 13.7% increase in sales price from the year before, and is showing a sales volume increase of only 17.2%.  Northeast Ohio's price increases have improved to a lesser degree the past couple months, while Ohio and the US have been fairly stable.

"Although housing affordability conditions will become less attractive, jobs are being added to the economy," Lawrence Yun, chief economist for the National Association of Realtors, said in a written statement. "And mortgage underwriting standards should normalize over time from current stringent conditions as default rates fall."

The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have begun to increase over the past several months, hovering around 4.5%. 

This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.

Consider Home Staging to Sell Your Home

So, you're selling your home, or at least considering it.  But how do you compete with the rest of the market around you?  Pricing? Condition? Listing with an agent that knows how to market your home properly?  YES!

For the purposes of this post, we're going to concentrate on the condition of the home...

Why to Consider Staging

As a seller, you want to put yourself in the best position to get buyers' attention and have them perceive a value for your home, in comparison to other homes on the market in the area.  A buyer needs to see themselves living in your home.  Whether you're currently living in your home or have left it vacant, home staging may be what you need to set your home apart from the rest.

The purpose to home staging is to give your home an updated look, and to give a buyer the ability to see what the home would look like in it's best possible condition.  It helps highlight the home's best features, with the goal of appealing to a broad range of buyers, selling faster and for a higher dollar amount.  According to statistics from the Accredited Staging Professional website, the success rate (see below) can be quite substantial.


Return on Investment

Costs can vary, depending on the size of the home and how much staging work is done.  It can be a few hundred dollars to several thousand, but if it results in a quick sale for top dollar, it may prove to be well worth the investment. According to staging professionals, it can provide a 3-7% higher sales price.

The following is a summary of the results of HomeGain's national survey, based on the ten areas of home improvement identified by real estate agents in HomeGain's survey. They are listed from the highest to lowest returns on investment:


Bottom Line

As I always advise my sellers, if there is something that can place your home above all the rest, it should always be considered.  In regards to home staging, if the results and the return on investment can be achieved, it may be a way for a seller to "beat the market" in a time when the market heavily favors the buyer.