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.

Interest Rates: Perfect Time To Buy (And Sell)!

Interest rates are at a new low for 2012!

The average 30 year fixed interest rate is now at 3.70%, and for a 15 year fixed the rate is at an incredibly low 2.99%.  As you may know, interest rates fluctuate constantly, so taking advantage of a low rate should be done swiftly.  Whether you're looking to finance a home purchase or refinance your current mortgage, a call to a mortgage lender may be a good idea.

Regarding a home purchase or sale, rates are forecasted to start climbing closer to 4.5% by year's end, and home prices (depending on location), are expected to see a slight increase.  Because of this, we're seeing an increase in buying and selling activity in the marketplace. 

According to local MLS housing statistics for January through April 2012 in the Akron, Canton, Cleveland, and Youngstown region, the average sale price up 5.3%, total dollar volume up 22.4%.  So, if you're thinking of making a move, the time may be now...

Feel free to Contact Me for more information.

Choosing the Right Listing Agent to Sell Your Home

There are several areas that you may want to consider during the interview process, which are addressed below. When you decide to interview an agent, this serves as a great list of talking points to discuss. 

1. Experience: How long have you been in the real estate business? Do you have additional experience in related fields? Do you work full-time or part-time? How well do you know the area? In what type of sales (luxury homes, foreclosures, commercial, etc.) do you specialize, and in what locations do you work? 


The time on the job isn’t the most reliable factor. An agent with less time as a Realtor sometimes actually has more experience, because they close more transactions. That is why the additional questions listed above will help you to better determine experience versus job time. The key is to find out if the agent’s experience and expertise mesh with your needs

• The typical Realtor had 8 transaction sides in 2010—this is up from 7 sides in 2009.

• Brokers and broker associates typically had 10 transactions, while sales agents typically had 7.

***To compare, my real estate team and I close 120 transactions per year.***

• A transaction side can either be the selling or buying side of a real estate transaction. If the agent worked as both the buyer and seller’s agent that would count as two transaction sides.

2. Knowledge: What expertise do you have? What is your knowledge of the area and the market? What are homes like mine selling for right now? 


Make sure the agent you choose has a good feel for the market around your home. Some agents work in just one city, while others work in multiple counties. Agents can be very successful with either approach. It’s also recommended you determine the agent’s overall knowledge in real estate, marketing, negotiation and closing of transactions. 


3. Organization: Do you work by yourself or do you have an assistant, office staff or team? What are their names and what will be their role in the transaction? 



It is not uncommon for agents who sell a lot of houses to hire people to work with them, as we have. As their businesses grow, they must be able to deliver the same or higher quality service to more people. You may want to know who on the team will take part in your transaction, and what role each person will play. 


4. Marketing Plan: Can you tell me specifically what your marketing plan includes? Where do you advertise (internet, print, networking)? How and where your home be marketed? Do you use social media (Facebook, Twitter, blogging)? Does the agent create virtual tours/video of your home? Does the agent hold broker’s open houses and do any other open houses? Do you have a home stager? Does your agent have an overall presence in the community as a “known” expert in the field? 

If you said yes to all of these, the marketing effort appears to be strong. However, the effectiveness of the marketing plan can still be an issue. That’s why communication and sharing the results of the marketing efforts is important; so a contingency plan can be created to give your home maximum exposure to buyers


5. Communication: How often do you or your office staff stay in touch with me? How do I get feedback on showings of my home? How quickly do you contact buyer’s agent about feedback? Do you provide reports that will show me the results of your marketing and update me on near-by home sales? 


This is a huge point to explore, and one that is tough to gauge until you actually start working with that agent. My advice is to see how the agent addresses questions about communication and follow up. If the agent is not concise with these points, this may be a good indication that communication is not a strong suit. 


6. Pricing Strategy: Can you show me how much homes are selling for near me and how you developed the recommended pricing for my home? What is you sales price percentage compared to the list price? How long do your listings take to sell, compared to other agents? 


The agent should be able to help you determine a recommended listing price range and provide you with the information used to come to that conclusion. Finding out the agent’s statistics regarding sales price versus list price and market time will help show you how accurate the agent is with his/her advice. You want an agent that can not only give you the correct information, but also have the conviction to tell you the truth instead of what you want to hear just to get the listing. 


7. Commission Structure: How much do you charge? Are there any additional administrative or service fees? What will be my estimated net proceeds after the transaction? 


Make sure you know what you’ll be charged before you commit to an agent or commit to a list price. You should be able to determine what your net proceeds will be first. Hopefully by now, you can begin to determine if you’re getting the service you require for the commission you’ll be charged. 


8. Success: What is your level of success among your peers? Are you a top agent in the area? How many transactions do you complete in a year? 


This is some good information to have, especially if you’re "on the fence" about hiring an agent. You may find an agent that has everything you need that does not sell 100+ listings a year. However, if they only close a few transactions a year, you may want to interview another agent before making a final decision. 


9. References: Can you share references of current and/or past clients? 


This is a better way to truly determine success…through the words of actual clients. What current and past clients have to say about the agent carries a lot of weight versus just simply looking at "the numbers." References are where you can begin to determine the intangibles such as care, attention, importance of client needs, ease of transaction, etc. 


Once you’ve gone through these points, you should be able to determine whether a given agent fits your needs and expectations. You should feel you found an agent that sets him or herself apart and meets or exceeds your expectations. 

Now It’s Interview Time

Unless you’ve determined that your previous agent still fits the bill, you’re going to want to set up an interview with another agent or two. There is no real "best" time of year to interview an agent or list your home. If you want to sell your home, the best time is now…
Feel free to Contact Me anytime for more information.

Selling Your Home By Owner

Selling Your Home By Owner

Congratulations on Deciding to Sell Your Home!

In every market and every economy, there are always home-owners that opt to market their homes "for sale by owner."  While most agents don't show homes by owner, I pay close attention to the market, including these homes.

I think owners should explore the option of selling their own home.  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 actually sell for 10% less than a home sold by a Realtor. Small towns and resort areas tend to have the highest rates of FSBO sales, with only 7% of suburban area transactions being FSBOs.

As you can see, 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. 

Statistics From The National Association of Realtors

First, the facts and data:  FSBOs accounted for 10% of home sales in 2011. The typical FSBO home sold for approximately $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%

Most Important Reason for Selling Home As FSBO:

• Did not want to pay commission fee: 37%
• Sold it to a relative / friend / neighbor: 27%
• Buyers contacted seller directly: 16%
• Agent was unable to sell home: 8%
• Did not want to deal with an agent: 8%
• Seller has a real estate license: 2%
• Could not find agent to handle transaction: 1%
• Other: 2%

Of that 10% of national home sales, approximately 40% 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 exactly how accurate these statistics are, but from my experience locally, homes sold without an agent involved are very few and far between.  If you do move forward with selling your home by owner, here are some tips, insights and advice to give you the best chance of success.

Advice on Selling By Owner

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 and critique your home as if you were 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.  I would be happy to help you by providing a Free Market Analysis.  This information is highly valuable and directly affects your ability to sell your home.

Home Staging. Staging Your Home properly will help your home sell faster and for more money.  It is a worthy investment to consider to give your home a competitive advantage.

Advertise!  The internet is your biggest source for potential buyers.  Over 90% of home-buyers use the internet to find their home and 87% use a Realtor. With that said, you may want to consider getting your home into the MLS. In addition, use as many home sales sites as possible. My real estate team and I advertise on nearly 600 Websites!  Choosing the right sites, will bring the right kind of inquiries.  Set aside money to market your home and spend wisely.  Newspaper ads produce low response rates for the expense.  The key to a good ad, is to have a concise, accurate description with vibrant pictures and a "call to action" that gets buyers to contact you.

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.  If you don't think you'll always be available, you may want to have someone help you.  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.  Be safe!

Complete the required discosures. Have the Residential Property Disclosures filled out properly and 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.  An error, breach and/or ommission can be very costly!

Before you decide to sell by owner, interview a couple real estate agents

1. It'll give you the ability to evaluate whether the commission fee will pay for the time and expense (marketing, attorney fees, carrying costs, etc.) incurred by selling yourself.

2. You may be surprised to find the Realtor is flexible on the commission.

3. 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 or you don't have the time to dedicate to selling your own home.

"I would love the opportunity to interview with you, view your wonderful home and see if my real estate team and I are the best fit for your needs.  I welcome your call or email anytime!"


Learn How My Team Sells Real Estate
Just Register Below, and I'll Email You Our
Listing Book and Other Important Information

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.

View Larger Map


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

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.

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.



View Larger Map

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

Considering 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.

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.

I

View Larger Map


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

New Insurance Policy Protects Ohio Homeowners' Home Values

There is a new insurance coverage for homeowners that will guarantee the value of your home.  The new insurance policy, being offered by Home Value Insurance Company, is designed to insure homeowners against losses if their home has depreciated when it's time to sell.

The new insurance has just rolled out, starting in Ohio, then continuing to expand in other states.  This coverage is regulated by the state Department of Insurance, and can only be sold by a licensed insurance agent.

Here are the highlights of the new policy:

• Any homeowner can buy a policy, typically at $20 a month for every $100,000 of value.

• The current home value is determined by the sale price of the home, if purchased within the last year, or an appraised value. The value would be locked in for a 10 year period.

• The insurance premium won't go up by more than 5 percent a year.

• If the homeowner sells at a loss at some point in the future, the insurance will pay up to the percentage of value lost, according to the nationally regarded Standard & Poor's Case-Shiller index. So if a community lost 20 percent of its value over recent years, the owner of a $200,000 home who sold at a loss could file a claim for up to $40,000.

• There are high deductibles the first two years: 10 percent the first year and 5 percent the second year. The purpose of this is to deter flipping.


Based on the information provided thus far, it would seem that a homeowner that may consider selling within the next 5 years would benefit the most from such an insurance coverage.  This would be an option for those who relocate for work, foresee an event that will cause them to move in the short-term, or protect from unforeseen events that will require a home sale.

New FHA Loan Limits - How It Affects Your Home Purchase

Starting October 1st, FHA is reducing loan limits varying by county.
In most of the Ohio counties, the maximum loan amounts will be REDUCED to $271,050. This is a huge reduction in purchase power especially in Summit and Portage County, dropping $58,950 from the prior loan limit of $330,000!! Reductions range from $6,450-$27,700 in the other near-by counties (Lorain, Cuyahoga, Medina, etc.), which are also included in the new $271,050 maximum limit. 

What does this mean for you as a buyer?

After October 1st, 2011, if you're putting the minimum 3.5% down on their FHA loan, the maximum purchase price for your new home would be $280,880, and the new loan amount would be $271,050. Again, these are the maximum limits.  To go with a higher-priced home, a larger down payment would be required to avoid exceeding the FHA maximum loan limit.

If you're considering a home purchase, it's advised that you submit a mortgage application immediately, to take advantage of the prior loan limit.  FHA loans must be assigned an FHA case number by September 30th to qualify for the prior limit. 

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.




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

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

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.

North Royalton, Ohio Real Estate and Information Source

City Information and History



North Royalton, Ohio, in Cuyahoga county, is south of Parma, Ohio and about 12 miles south of Cleveland, Ohio. It borders Strongsville to the east, Broadview Heights to the west.  The city benefits from easy access to the nearby cities and towns within the Greater-Cleveland metropolitan area. There's a considerable amount of shopping and restaurant options available, and great metroparks access.  North Royalton contains a population of approximately 32,500 people.



The township of North Royalton was formed in 1818. It was named Royalton after the town of Royalton in Vermont. The name was changed to North Royalton between 1880 and 1890, since another town in Ohio had the same name. The township became a Village on April 4, 1927. The City Hall of North Royalton was built in 1937 and in January, 1961, North Royalton was reincorporated as a city.





View Larger Map



Real Estate



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























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

Neighborhood Spotlight: Timberlane Estates, North Royalton, OH

Timberlane Estates in North Royalton, Ohio is located off of Boston Rd and can be accessed on Fawnhaven Dr and Evergreen Trail.  The development is within reasonable distance to I-77, 71, 271 and the turnpike. There are multiple shopping locations, and it's within 20-30 minutes to downtown Cleveland and the Cleveland International Airport.  For the horse-lover, there are horse stables just east of the development.

The development consists of over 60 custom-built homes, constructed by various area home builders. This mix of builders creates a collection of home styles and sizes that makes the development landscape interesting and unique.  There are some vacant lots and new construction is still available.

Homes currently listed and recently sold have been in a price range between $345,000 to $529,000. Values in Timberlane range from the mid $300's to upward of $1,000,000, with a majority of the homes in the $400-$600's.  The homes are typically 2,800 sq ft or more, situated on lots that are near or in excess of a 1/2 acre.  Timberlane Estates is part of the North Royalton school district.

The homeowner association fee is $120.00 annually.

Feel free to Contact Me anytime for more information.



Google Map of Timberlane Estates Development


Search for North Royalton Homes Currently For Sale

City of North Royalton Website

North Royalton School Ratings

North Royalton Demographics

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.

_____________________________________________________________

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.