Selling Your Home In The Winter

As you may probably know, most home sellers wait until Spring and Summer to list their homes.  This is done, primarily because there are more buyers looking during this time period.  From the seller's perspective, this gives them a higher chance of selling their home.

However, listing in the Winter can give you the bigger advantage.  While there are fewer buyers during this time of the year, the buyers who are braving the cold are typically more serious buyers.  You get fewer people "kicking the tires" and more people ready to buy NOW.  According the the National Association of Realtors, it takes approximately 12 weeks for a buyer to find the right home and complete the transaction.  By listing in the Winter, this can give the seller a completed transaction by the beginning of Spring.

As I mentioned, once Spring rolls around, more buyers will begin to come out.  There will also be a lot more homes for sale, competing with your home.  More competition means you will have to do even more to set your home apart from the other listings, which may include a lower price.

When you factor in low interest rates, this is a great time to sell.  Buyers are trying to take advantage of the low rates while they are still low.  It will also allow you to buy your next home at a lower interest rate and give you time to seek out a great purchase, before sales prices begin to increase.

Because all cities and locations are different, I welcome you to contact me to discuss your particular home and situation.

Feel free to Contact Me anytime for more information.

Home Purchase Closing Costs In Ohio

In the past year, closing costs in the state of Ohio have reduced by 6%. With that reduction Ohio is still the 11th-highest in closing costs nationwide.  On average, for a $200,000 home purchase mortgage in Ohio, it now costs $3,933, down from $4,165 last year. 

The U.S. average is $3,754, a decline of 7 percent from 2011.

The reduction in costs can be attributed to new regulations that require lenders to be more accurate when estimating closing costs for borrowers.  The regulation, which was put in place two years ago as part of the Real Estate Settlement Practices Act requires lenders to provide a "good faith estimate" of third-party fees that is within 10% of the actual amount the buyer will pay.

In addition, the mortgage crisis drove a lot of the high-cost mortgage brokers out of business.  The collapse of the housing market means that dramatically fewer people are buying homes, so banks and title companies have to be more competitive.

U.S. Real Estate Market Improved For Buyers And Sellers

According to an article in the Wall Street Journal, S&P's David Blitzer indicated that nearly seven years after the housing bubble burst, most indexes of house prices are bending up. "We finally saw some rising home prices."  Nationally, the number of existing homes for sale has fallen close to the normal level of six months' worth despite all the foreclosed homes. 

This national trend is something I'm seeing locally in many of the Northeast Ohio suburbs, where as the inner-ring suburbs and Cleveland areas are still seeing a considerable supply of homes versus buyer demand.  When we see lower supply and higher demand for homes (due to historically low interest rates), we will begin to see an increase in sales prices.

We're also seeing improvements in new home construction on a national and local level, but it still has a long way to go from what construction was like in 2002, which we may never see again. 

As the economy and employment rate improves, so will the real estate market.  As a Seller, the great news is that there are less Homes For Sale compared to last year, and there is higher buyer demand.  Again, in that scenario, that means sales prices will remain where they are or show modest increases.  As a Buyer, the great news is that interest rates are at or near record lows and the lenders have relaxed their approval criteria a bit over the past year or so.

I don't know what the future will hold in regards to the economy, real estate market or interests rates.  What I do know, is that this local market in Northeast Ohio has shown significant improvement, and it's a great time to consider making a move.

Hinckley, Ohio Real Estate and Information Source

Hinckley, Ohio

City Information and History

Hinckley, Ohio, in Medina county is exactly five miles square but contains 1133 acres more than the conventional 16,000 acres, due to the hills and valleys and generally 'wrinkled' surface.  The township is known as the home of the buzzards. On March 15 of every year, large flocks of buzzards arrive.  Hinckley is just over 30 minutes from Cleveland, 15 minutes from Medina and 30 minutes from Akron, with nearby access to I-71, I-227 and the turnpike.

The Hinckley area became available to Judge Samuel Hinckley of Northampton Massachusetts. He was reputed to be one of the shrewdest land proprietors of his time. He predicted that the day would come when his land in Hinckley would sell for as much as $10 per acre but he did not expect to live long enough to realize such profits.  As the pioneers from the East began to move westward, the Judge was quick to place his holding in other parts of the Western Reserve for sale. He was in no particular hurry to dispose of his Hinckley holdings because they were of less value and Hinckley remained a wilderness for quite a while after adjoining townships had been settled.

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Real Estate

Hinckley Township residents enjoy its rural 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. Homes range from $120,000 to well-over $1,000,000. The Metro Parks are literally a few minutes away. They offer picnicking, hiking, bicycling, fishing, skiing, and unspoiled nature.

Hinckley 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 Hinckley.  Also provided is full access to all current listings for sale in Hinckley.

Current Hinckley Market Data

Homes For Sale In Hinckley

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

Strongsville, Ohio Real Estate and Information Source

Strongsville, OH

City Information and History

Strongsville is a located in Cuyahoga County, Ohio, situated about 25 minutes from downtown Cleveland and about 15 minutes from the Cleveland International Airport.  The city's nickname is "Crossroads of the Nation," as this is where the Ohio Turnpike and Interstate 71 intersect. The Strongsville Recreation Center and Senior Center were named after former mayor Walter F. Ehrnfelt. The population was 44,750 as of the 2010 Census, and the city is well known for its school system, MetroParks access, and abundance of shopping and restaurant locations.
Strongsville officially became a township on February 25, 1818, a village in 1923, and was ultimately designated a city in 1961. Founded by settlers arriving in the newly purchased Connecticut Western Reserve, the city was named after John Stoughton Strong, the group's leader. Many of the main streets in the city are named after other principle figures and landowners from the city's history, e.g. Howe, Drake, Shurmer, Whitney.
In the mid-19th century, the Pomeroy House, then called The Homestead, was a stop on the underground railroad. Alanson Pomeroy, the home owner and a prominent Strongsville resident, concealed runaway slaves on his property. From this residence in Strongsville, the runaway slaves were taken to boats on Rocky River for passage to Canada.



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Real Estate

Residents like Strongsville because of its atmosphere and 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 $70,000 and up, and homes range from $80,000 to over $1,000,000. The Metro Parks are literally a few minutes away. They offer picnicking, hiking, bicycling, fishing, skiing, and unspoiled nature.

Strongsville 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 Strongsville.  Also provided is full access to all current listings for sale in Strongsville.

Current Strongsville Market Data

Homes for Sale in Strongsville

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

Brunswick, Ohio Real Estate and Information Source

City Information and History

Brunswick, Ohio, in Medina county, is 12 miles N of Medina, Ohio and 22 miles SW of Cleveland, Ohio. The people of the city are in the Cleveland - Lorain - Elyria metropolitan area. Brunswick has a population of 34,255, according to the 2010 census.  Brunswick was named #3 of the top 10 cities for families by Family Circle magazine in 2008.  The city is known for it's schools and it's recent growth over the past several years.

The first modern settlers in this area were Solomon and Frederick Deming, arriving in March 1815. The area was named after a town in Germany, and Brunswick had its first election in April 1818.

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Real Estate

Residents like Brunswick because of its country-like atmosphere and its convenient location. The city has homes and neighborhoods to suit most budgets and life styles.  Condominium prices range from about $40,000 and up, and homes range from $50,000 to over $600,000, with an average sales price around $154,000. The Metro Parks are nearby, offering picnicking, hiking, bicycling, fishing, skiing, and unspoiled nature.

Brunswick is a considered a desirable Cleveland/Medina 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 Brunswick.  Also provided is full access to all current listings for sale in Brunswick.

















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

A Short Sale May Be Your Best Option To Avoid Foreclosure

Headlines today are filled with stories about homeowners in financial distress—people who face a lender’s foreclosure on their home.

Millions of American home owners are wondering what to do.
Like most crises, this one has produced its share of rumors and misinformation. One of the biggest ones is “just let it happen." Why fight back, this line of thinking goes. It’s too emotionally draining, and the government’s loan modifications aren’t helping many people. Well, that’s only partly true.
While government loan modification programs have fallen short of the mark so far, there is another solid, sensible option for homeowners. It’s called a short sale—a sale to a buyer where the seller’s lender agrees to accept less than the full amount owned.

Why not be foreclosed? Why sell short? Agents who have closed hundreds of these transactions provide this list of reasons:

• Avoid the foreclosure stigma – Homeowners will always have to disclose that they had a foreclosure on any mortgage application and (many job applications) that they submit in the future. This can have an adverse affect on their future mortgage rates. Foreclosure is asked about specifically in credit inquiries. There is no seven-year time limit on this item.
• Protect credit score – Credit scores will be lowered by 300-plus points (per loan) by foreclosure. The impact of a short sale—about half that much.
• Improve eligibility for a government insured loan – The homeowner will be ineligible for a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.
• Avoid a deficiency judgment – Lenders can seek a deficiency judgment against the homeowner and collect any amount they do not recover at sale.
• Protect employment prospects – Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire, or even current employment, in jeopardy.

These are the top reasons, but there are more. An expert short sale specialist agent can give a full picture of the options.

One more tip. Don’t believe everything you read about how long short sales take and how few get finalized. Short sale timelines, while still longer than normal, are shrinking as lenders get their paperwork act together. Find out who the top short sale agents are in your market. These pros are closing 70 to 90 percent of the short sales they represent—more than three times the national average. They know where to find buyers, and how to negotiate the buyer’s offer effectively with lenders and get the deal closed—so the homeowner can move on with life and recover.

What Is My Home Worth?

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.

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.




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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

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.

• 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.

Residential Property Disclosure Law in Ohio

When listing your home for sale or rent, you and your real estate agent are required to disclose all facts materially affecting the value, safety and condition of the property which are known only by you.  This is done by completing a four page Residential Property Disclosure Form.

The Residential Disclosure Law in Ohio requires the seller of a home to disclose to possible buyers information pertaining to the visible (patent) and non-visible (latent) condition and defects of the home.  The seller must complete the form to the best of his/her knowledge and the buyer acknowledges they have received and reviewed the form by signing and dating it, as well.

Disclosures should be provided to the buyer before executing an agreement to purchase. There is no penalty to the seller if the disclosures are given after the entering into a contract, but the buyer may have the right to rescind the contract even after entering into a contractual agreement with the seller.

The Buyer would have 3 days to rescind the contract without penalty, once the disclosures are delivered, if done so after an agreement is formed. Should the Seller simply not provide a Disclosure, the Buyer has 30 days from the execution date of the contract, or until escrow closes, whichever comes first, to rescind the contract without penalty. 

For additional information about Ohio residential property disclosure law, you should consult with an attorney.

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Here are some notes and advice relating to disclosures and home condition:

1. If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market.  Just don't overdo it on repair costs and price yourself out of the market.

2. During a buyer's inspection, environmental hazards may be uncovered, such as radon gas coming from the basement, asbestos, peeling lead based paint, leaking in-ground oil tanks, mold, etc. These are issues that the buyer or mortgage lender will probably want repaired before allowing the purchase to close.

3. In Ohio, you need to disclose that a previous inspection revealed a defect. Inspection reports are material facts and must be disclosed, even if you obtain other reports to contradict those findings or you question their accuracy. In addition, if your agent has knowledge of the negative report, he or she must disclose that fact to subsequent buyers even if you decide not to amend your form.

4. If the property condition changes after you have given the Disclosure Form to a buyer, the Disclosure Law in Ohio says the seller "may" amend the disclosure form in this situation, but does not require you to do so. If you do provide a buyer with an amended form after you enter into a purchase contract, the buyer then has three (3) business days from the date he received your amended form to rescind the contract.

5. Anyone selling or leasing residential real property must provide the form whether they are being represented by a REALTOR or selling the home on their own. For the purposes of the law, residential real property is defined as "real property that is improved by a building or other structure with one to four dwelling units."  This is also the case with a Lead Paint Disclosure Form.

Keller Williams Realty: Top Workplace in Northeast Ohio in 2011

I have always believed in the notion that "happy workers make for happy clients."  With that being said, the Cleveland Plain Dealer newspaper named Keller Williams Realty the best place to work in Northeast Ohio (Cleveland, Akron, Medina, Lorain areas) in 2011.  Not only Keller Williams top the list, the company and it's 13 area offices, it is the only real estate company in the top 100.  That says a lot in the current economic and real estate market...

Keller Williams Realty is the fastest growing real estate company in the nation, which now has nearly 700 offices and over 77,000 agents.  This makes Keller Williams the second largest real estate company in the country, looking to close-in on number one.

So why is Keller Williams preferred over other real estate companies?  Because they have developed a real estate model that supports and educates it's agents, allowing them to be better prepared to meet their clients' needs.  Agents are free to run their own business, without interference, and have full access to numerous company-sponsored training and education opportunities to stay informed in this ever-changing industry.  Essentially, Keller Williams provides all of the tools to succeed, and in turn, the agents dictate how they use those tools to forge their success and best serve their clients.

I am proud to say that I am an agent with this great organization, and I can fully understand why Keller Williams was named the best workplace in Northeast Ohio.  I welcome you to Contact Me anytime to discuss the company and my experiences anytime!

Neighborhood Spotlight: Macintosh Farms, Broadview Heights, OH

The Macintosh Farms development in Broadview Heights, Ohio is a planned community situated off of Broadview Rd (Rt 176), which consists of condominiums, cluster homes and single family homes. Most of the condos were built from 1986 to early 1990's, while the single family and cluster homes were constructed from 1995 to the early 2000's.  There are multiple entry points into the development, one on Fireside Trail and the other two entries are on Macintosh Lane, which is the horseshoe-shaped road that is at the heart of the development. 

The community is situated between Cleveland and Akron, and within minutes of four major highways. Residents enjoy the benefits of three swimming pools, a recreation barn, an outdoor amphitheatre, walking trails, tennis and basketball courts, stocked fish ponds and proximity to many nearby golf courses, the Cuyahoga Valley National Recreation Area, the Cleveland Metroparks, and Brandywine/Boston Mills ski resorts.  Macintosh Farms is located in the North Royalton City school district.

Recent single family home sales prices in Macintosh range from the low $200's to the mid $300's, with a square footage range from 2,000 to 4,000 square feet.  The condominiums and cluster sales range from approximately $120,000 to the upper $200's and are from 1,400 to 2,800 square feet.

The homeowner association for all home types is $35/mo.  For single family homes, there are no additional association fees.  The cluster homes and condos have additional maintenance fees, in an approximate range from $95/mo to $250/mo, for landscaping, lawn maintenance and snow removal.

Feel free to Contact Me anytime for more information.


Macintosh Farms Association Website

Google Map of Macintosh Farms



Search for Broadview Heights Homes Currently For Sale

City of Broadview Heights Website

North Royalton School Ratings

Broadview Heights School Ratings

Broadview Heights Demographics

Radon In The Home: Facts and Solutions

Whenever I write an offer on a home for clients, and I mention getting a radon inspection, more times than not, my clients ask: what is radon and should I get an inspection? Once I tell them what it is, they usually opt for the inspection. Here's why:

Radon is an odorless, colorless radioactive gas that permeates from the soil and through the cement floor of a home's foundation/basement. It comes from the natural breakdown of uranium in the soil, and it is the second-highest known cause of lung cancer. Radon is present throughout the country in various concentration levels. These levels can vary from state-to-state, city-to-city and even from house-to-house. It can be present in any home, new or old, and it is estimated that 1 out of every 15 homes have elevated levels of radon gas.

The EPA deems that a radon concentration level at or above 4.0 pCi/L to be the point where mitigation should be considered and/or necessary. The average radon levels in homes across the United States in 1.3 pCi/L. The levels in Ohio are considered to be in the moderate to high range for radon (anywhere from 2 pCi/L to over 4pCi/L). The only way to know what levels of radon are in a home is to have the home tested.

Fortunately, homes with elevated radon levels can have the level of radon reduced by having the gas mitigated from the home. There are several methods a contractor can use to lower radon levels. Some of these methods prevent radon from entering the home, while others reduce radon levels after it has entered the home. Reviewing these methods and discussing with a contractor, will help you determine what technique is best for your situation.

Feel free to Contact Me anytime for more information.

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How to Calculate Property Taxes: Medina County, Ohio

If you're looking to buy or sell residential real estate, it is recommended that you know what the property taxes for the home will be, at a given price. This post is being written to demystify the calculation of property taxes, to help you determine this important piece of information.

The first step is to find out what the effective tax rate is for the city/school district in which the home is located. The most up-to-date tax rates for Medina County can be found at:

http://www.co.medina.oh.us/treas/taxrates.pdf

Be sure to choose the rate sheet for residential tax rates. Once you have this figure, you can follow the steps below to estimate property taxes.

How to Estimate Property Taxes:

1. Multiply the market value of the home by 35%
2. Select the effective millage (aka effective tax rate) for the community
3. Place $0.0 in front of the millage amount in Step 2
4. Multiply the result of Step 1 and Step 3
5. Divide by two (2) to get the half-year effective taxes
6. Multiply to result of Step 5 by 87.50% to determine the adjusted current general half-year tax (after 10% rollback and 2.5% credit)
7. Add special assessment, if any apply, to get the total tax bill


Here's an Example:

Tax on a $300,000 home in correct, Ohio (Hinckley School District)

1. $300,000 x 0.35 = $105,000
2. Millage for Hinckley 50.06
3. Millage figure to use in calculation is $0.05006
4. $105,000 x $0.05006 = $5,256.30
5. $5,256.30 divided by 2 = $2,628.15
6. $2,628.15 x 0.875 = $2,299.63 adjusted current half-year taxes
7. Be sure to add any Special Assessment, if applicable

Feel free to Contact Me anytime for more information.

Neighborhood Spotlight: Waterford Crossing, Strongsville, Ohio

The Waterford Crossing development in Strongsville, Ohio is a planned community site, situated west of Pearl Rd, south of Drake Rd and bordered by Boston Rd to the north and Prospect Rd at the furthest west-end of the development. There are multiple entry points into the development, with Waterford Parkway at the heart of the development.

Waterford has a nice mix of cluster homes and single family homes of various sizes and price ranges. The development began in 1994, with most homes built between 1994-1998 by several builders which include Parkview Homes, Pulte, Ream, Latina, among others. New construction is still occurring and available in this community.

The community offers a swimming pool, community center, tennis courts, sand volleyball courts, play ground and beautifully-maintained common green areas. The development is close to the highway, shopping, Cleveland International Airport and within 30 minutes of downtown Cleveland. Waterford crossing is in the Strongsville city school district.

Homes in Waterford tend to range in value from the low $200's into the mid-to-upper $300's, with the estate homes reaching into the $600's. The average home sales figure currently hovers around $350,000. The annual association fee is currently $425, and the cluster homes have a $100/month maintenance fee for lanscaping and snow removal services.


Waterford Crossing Association Website

Google Map of Waterford Crossing

Search for Strongsville Homes Currently For Sale

City of Strongsville Website

Strongsville School Ratings

Strongsville Demographics

How to Calculate Property Taxes: Cuyahoga County, Ohio

If you're looking to buy or sell residential real estate, it is recommended that you know what the property taxes for the home will be, at a given price. This post is being written to demystify the calculation of property taxes, to help you determine this important piece of information.

The first step is to find out what the effective tax rate is for the city/school district in which the home is located. The most up-to-date tax rates for Cuyahoga County can be found at:

http://treasurer.cuyahogacounty.us/en-US/community-tax-rates.aspx

Be sure to choose the rate sheet for residential tax rates. Once you have this figure, you can follow the steps below to estimate property taxes.

How to Estimate Property Taxes:

1. Multiply the market value of the home by 35%
2. Select the effective millage (aka effective tax rate) for the community
3. Place $0.0 in front of the millage amount in Step 2
4. Multiply the result of Step 1 and Step 3
5. Divide by two (2) to get the half-year effective taxes
6. Multiply to result of Step 5 by 87.50% to determine the adjusted current general half-year tax (after 10% rollback and 2.5% credit)
7. Add special assessment, if any apply, to get the total tax bill


Here's an Example:

Tax on a $200,000 home in North Royalton, Ohio

1. $200,000 x 0.35 = $70,000
2. Millage for North Royalton 70.03
3. Millage figure to use in calculation is $0.07003
4. $70,000 x $0.07003 = $4,902.10
5. $4,902.10 divided by 2 = $2,451.05
6. $2,451.05 x 0.875 = $2,144.67 adjusted currect half-year taxes
7. Be sure to add and Special Assessment, if applicable

Neighborhood Spotlight: New Hampton, Broadview Heights, Ohio

The New Hampton development in Broadview Heights, Ohio is a 290-acre community developed by Pulte homes. Most of the 500+ homes were built between 2002-2004, which consists of a mix of single family homes and estate homes, along with some town homes and cluster homes, as well. New Hampton is situated at the corner of Broadview Rd and E. Boston Rd. From Broadview Rd., you would enter the development from Hamilton Dr. From E. Boston Rd., there are entrances at Oxford Dr and Wilmington Dr.

The community offers a swimming pool, play ground, community center and walking/nature trails. The develpoment is close to the highway, golf, shopping, Cleveland International Airport and within 30 minutes of downtown Cleveland. New Hampton is in the North Royalton school district.

Single family home prices in New Hampton range from the low $200's to the mid $300's, with a square footage range from approximately 1,800 to 3,500 sq ft. There is an annual home owner's association fee of $350.

The townhome prices range from the low $150's to $170's, ranging from 1500 to 1600 sq ft. In addition to the annual association fee, the townhomes have a $127/month maintenance fee for landscaping, lawn cutting and snow removal.


New Hampton Association Website

Google Map of New Hampton

Search for Broadview Heights Homes Currently For Sale

City of Broadview Heights Website

North Royalton School Ratings

Broadview Heights School Ratings

Broadview Heights Demographics

Neighborhood Spotlight: Pinestream Development, North Royalton, Ohio

The Pinestream development in North Royalton, Ohio is located on the corner of State Rd and Edgerton Rd, near Briarwood golf course. From Edgerton Rd, you would enter on Waterbridge and from State Rd, you would enter from Riverview. The development is within reasonable distance to 77, 71 and the turnpike.

The development has approximately 150 single family homes with minimum sizes of 2,600 Sq ft for a two-story home and 2,300 sq ft for ranches, with most homes averaging over 3,000 sq ft. The lots range from 1/2 acre to 3/4 acre. Some building sites still remain. The homes are relatively new, most of which were built from 1997-2004, with some newer home still being constructed. Sales over the past year or so have ranged from the $330's to $520's.

Home Owner Association fee is around $100 annually.

Pinestream Association Website

Google Map of Pinestream Development

Search for North Royalton Homes Currently For Sale

City of North Royalton Website

North Royalton School Ratings

North Royalton Demographics


For additional information, please feel free to contact me anytime.