December Days at Cleveland Metroparks Zoo

December Days at the Cleveland Metroparks Zoo kicks off today, December 17 at 11am. From now until Sunday, December 30, enjoy fun and festive family events at the zoo, including special seasonal activities such as holiday crafts, live music, cookie decorating, picture-taking with Santa and Mrs. Claus at the Wolf Lodge and more.

The Zoo Gift Shop will have a special pop-up Santa Shop located inside Wolf Wilderness from December 17 to December 24, where you can pick up fair trade and conservations gifts including Congo Coffee, which benefits the Panzi Hospital in Congo; Yerba Mate tea from Argentina; and PooPoo Paper products, which are made from recycled animal dung. Sounds pretty crazy, but don’t knock it till you check it out.

Of course, the main attraction at the zoo will always be the animals. Visit the bears, tigers and reindeer at the Northern Trek, and then ride the complimentary heated shuttle to the Primate, Cat & Aquatics Building, where you can see different monkeys, felines and sea creatures.

Don’t worry about the cold weather, as the Zoo also offers warm indoor exhibits. The RainForest houses 600 animals and around 10,000 plants! Kids will especially enjoy watching the orangutans, otters and sloths at play.

The Cleveland Metroparks Zoo is located at 3900 Wildlife Way in Cleveland, and will be open from 11am to 3pm from December 17 to December 30 (closed on Christmas Day.)

Cleveland Botanical Garden’s WinterShow November 23-December 31

The Cleveland Botanical Garden’s annual WinterShow kicks off on Friday, November 23 and will run through Monday, December 31. This year’s theme is “Glow,” and the promises to be even bigger, better and more interactive than past events.

In line the show’s theme, the five-story, 18,000 square foot Eleanor Armstrong Smith Glasshouse will be lit up in a bright green glow, as a prelude to the holiday event. Other attractions visitors can expect to see at the event include The Garden Express train for kids, which will run through the outdoor garden paths for the first time.

Kate Fox, director of special exhibits, said, “It’s going to be a big hit. Steam comes out, and it has whistle sounds. It’s really cute.”

Meanwhile, the Garden’s Clark Hall will be transformed into a picturesque Alpine Village, complete with carolers and musicians to set the mood. The Gingerbread Haus bakery, which is inspired by Swiss Alpine architecture, will prove a special treat for children, as they can decorate their own gingerbread houses with candies and other sweets provided by the Garden’s amusing elves.

Kids can also do some shopping at the Treetop Shop, a two-story Alpine-style clubhouse. There they may buy gift bags ranging from $2-8 for their friends and family.
Another heartwarming feature is the Wishing Tree, situated by the Garden’s library. Here children may write their hopes and dreams for the new year on an ornament, and proudly display it on the tree.

Natalie Ronayne, garden executive director, said, “Visiting the Garden around the holidays to see all the fantastic gingerbread houses and trees has become a tradition for many families around town. It feels right for us to build upon that tradition and make the experience much more multisensory and immersive.”

The Cleveland Botanical Garden is located at 11030 East Blvd. in Cleveland. For more information including hours and ticket prices, please visit cbgarden.org.

North Royalton Animal Hospital and Paws at Play Open House

The holidays aren’t just for children. Pet lovers and owners know that the season is about spending time with and giving joy to loved ones, and that includes animals. In light of that, the North Royalton Animal Hospital and Paws at Play Resort & Daycare are offering a special holiday treat for pets with an open house on Saturday, December 15.

The event will run from 10am to 2pm on that day, and will give owners and pets a chance to tour a newly remodeled facility located 9027 Ridge Road. Pets can have their pictures taken with Santa Clause, as well as receive little gifts. Refreshments will be provided for both pets and their owners.

Business Manager Jennifer Hechko said, “We’re known for the Pet Carnival on the City Green. About 1,200 people traditionally show up for that. But that’s not at the hospital because we don’t have the room for it. This open house allows us to invite the community to see the new building.”

The North Royalton Animal Hospital was founded by Hechko’s father, John T. Bryk, in 1957. Paws at Play shares the building with the hospital, thereby making it one of the only vet-supervised boarding facilities in the area. The new facility was recently expanded from 2,500 square feet to a whopping 14,000 square feet.
As Hechko says, “We’re bringing all your pet’s needs under one roof.”

For more information on the open house, please visit nrah.vetstreet.com.

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.

Cleveland, Northeast OH Area Real Estate Market October 2012

According to the Northeast Ohio Regional Multiple Listing Service and an article from the Cleveland Plain Dealer, homes sales in the region continue to surpass last year's sales figures. Lower home inventory, along with higher buyer demand due to low interest rates, is driving this increase in activity and increase in sales prices.

Usually the market slows in the fourth quarter, but that was not the case this year with a rise in sales during that time-frame. Sales comparing October 2011 to October 2012 show considerable improvement.  Among the 15 counties in Northeast Ohio, single family home sales are up 24.4% and condo sales are up 43.8%.  In addition to the increase in sales activity, Northeast Ohio is showing a 13.2% increase in single family home prices and 0.5% decrease for condos, compared to last October. 

The key point here is that the market is starting to stabilize.  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 reached nearly as low as they can go, when deciding the best time to make a purchase.  The data over the past several months indicates we have seen the bottom of the local real estate market.

By comparison, Northeast Ohio continues to outpace the national sales increase of 2.1%.  Nationally, 4.79 million homes have sold, which is behind the 5-6 million home sales, considered to be a normal or healthy range. 

Pricing Your Home To Sell

Home pricing is the most important aspect of home sales, in any real estate market.  Any property will sell, regardless of the market, if it's priced with that surrounding market. 

A common misconception is to price a home high when first listed and then reduce later.  If a home is priced right, a home will get more showings, as you can see in the graphic below.  More showings indicate the market feels the home is listed properly, and there's a feeling that a deal can be put together. In fact, if a home is priced right where it should be, the offer could come fast and even produce multiple offers, driving the price up!
   


____________________________________________________________________________

As you may be aware, we are currently experiencing a buyer's market, although it is not quite the buyer's market it was over the past several years.  Low interest rates are creating higher buyer demand, and we are also seeing fewer homes for sale.  Depending on the location, that mix of higher demand and shorter supply is showing an improvement in sales prices.

Still, we are in a buyer's market, and in a buyer's market a home needs to be priced better than the competition and in equal or better condition.  As you can see from the graphic below, the homes that are not well priced or not in the best condition aren't selling.



____________________________________________________________________________

Recent sales data in Northeast Ohio shows that out of every 100 homes listed for sale, 46 fail to sell.  This is actually an improvement over the fourth quarter last year. 

Even with this improvement, of the 54 that did sell in the fourth quarter, 33 of the homes (60% of the homes that sold) required at least one price reduction.  That tells us that 79 out of every 100 homes are priced incorrectly at the time it is listed.

To further dispel the the notion that pricing high at the beginning of the listing won't effect the sale or the price of the home, the graphic below shows the difference in homes that didn't require reductions versus homes that did.  Homes priced correctly sold in 34 days for 96% of asking price, while the homes that required reductions sold in 191 days for 80% of asking price.


____________________________________________________________________________


Again, the key to selling real estate is proper pricing.  Related to that, is hiring an agent that has a solid marketing plan and can provide you with the proper research you need to make an informed decision on pricing.  That way, you're not wasting valuable time and money and wondering why your home is still on the market.

I invite you to contact me anytime to discuss further.

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 3.35%, and for a 15 year fixed the rate is at an incredibly low 2.70%.  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, low rates are causing higher buyer demand.  In addition, there are fewer homes for sale than there were a year ago, causing home prices (depending on location), to increase. 

According to the local MLS housing statistics, single family home sales are up 5.5% from last September. Year to date sales are up 14.1%. Average sale price are up 3.8%, compared to last September. Year to date average price is up 5.6%. So, if you're thinking of making a move, the time may be now...

Feel free to Contact Me for more information.

Cleveland, Northeast OH Area Real Estate Market August 2012

According to the Northeast Ohio Regional Multiple Listing Service and an article from the Cleveland Plain Dealer, homes sales in the region continue to surpass last year's sales figures. Lower home inventory, along with higher buyer demand due to low interest rates, is driving this increase in activity and increase in sales prices.

Usually the market slows between July and August, but that was not the case this year with a rise in sales during that time-frame. Sales comparing August 2011 to August 2012 show considerable improvement.  Among the 15 counties in Northeast Ohio, single family home sales are up 14.6% and condo sales are up 20.2%.  In addition to the increase in sales activity, Northeast Ohio is showing a 4.9% increase in single family home prices and 3.3% increase for condos, compared to last August. 

The key point here is that the market is starting to stabilize.  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 reached nearly as low as they can go, when deciding the best time to make a purchase.  The data over the past several months indicates we have seen the bottom of the local real estate market.





By comparison, Northeast Ohio continues to outpace the national sales increase of 9.3%.  Nationally, 4.82 million homes have sold, which is behind the 5-6 million home sales, considered to be a normal or healthy range. 

Cleveland, Northeast OH Area Real Estate Market July 2012

According to the Northeast Ohio Regional Multiple Listing Service and an article from the Cleveland Plain Dealer, homes sales in the region continue to surpass last year's sales figures. Lower home inventory, along with higher buyer demand due to low interest rates, is driving this increase in activity and increase in sales prices.

While home sales declined slightly from June 2012 to July 2012, sales comparing July 2011 to July 2012 show considerable improvement.  Among the 15 counties in Northeast Ohio, single family home sales are up 18.4% and condo sales are up 26%.  In addition to the increase in sales activity, Northeast Ohio is showing a 9% increase in single family home prices and 2.6% increase for condos. 

The key point here is that the market is starting to correct itself and balance.  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 increased over the past couple weeks (and is forecasted to continue in that direction), when deciding when to make a purchase.  The data over the past several months indicates we have seen the bottom of the local real estate market.





Northeast Ohio is currently outpacing the nation sales increase of 10.4%.  Nationally, 4.47 million homes have sold, which is behind the 5-6 million home sales, considered to be a normal or healthy range.  The chief economist for the National Association of Realtors feels 5 million sales next year is attainable, "but it will require more sensible lending standards and strong job creation to push beyond that."

Cities With Point Of Sales (POS) Violation Inspections in Cleveland Ohio Area

The following is a list of cities in the Cleveland, Ohio area that require a point of sale inspection before title transfer and purchase.

 

Bedford
Building Dept. (440) 735-6530
 www.bedfordoh.gov
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: Varies from $50 for single-family dwelling plus $25 for each additional rental unit; Commercial buildings are minimum of $75 and maximum of $200
Re-inspection Fee: Same as original Fees
Escrow: An amount not less than $100 and equal to 150% of the estimated cost of repairs for outstanding violations. Estimate must be provided by a company registered with the City of Bedford.

Bedford Heights
Building Dept. (440) 786-3200
www.bedfordheights.gov
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $125.
Re-inspection Fee: N/A

Berea
Building Dept. (440) 526-5812
www.bereaohio.gov
Interior POS: No
Exterior POS: Yes
Inspection Fee: $75
Re-inspection Fee: $75.
Escrow: At the request of the owner of the property or his agent, the City may issue a letter or other document signed and dated by a Building Department Official stating that some, but not all, of the violations listed on a specific Certificate of Exterior Inspection have been completed to the City’s satisfaction.

Bratenahl
Building Dept.
www.bratenahl.org
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $25
Certificate Expiration: Time limit for correction of minor repairs is agreed upon with owner or his agent or prospective occupant and Commissioner of Buildings. Time limit for corrections of issues that are a hazard to health, safety or welfare of occupants is determined solely by Commisioner of Buildings.
Re-inspection Fee: $35 for second inspection and $50 for each after.


Brooklyn Heights
Building Dept. (216) 749-4300
www.brooklynhts.org
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $50
Re-inspection Fee: $25.
Escrow: N/A

Brook Park
Building Dept. (216) 433-7412
www.cityofbrookpark.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: No charge if in June, July, or August.
Reinspection fee: No charge
Escrow: None but requires buyer to sign waiver and agree to do repairs within 90 days of closing.

Cleveland Heights
Building Dept. (216) 291-4900
www.clevelandheights.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $150 first unit, $50 each additional unit.
Re-inspection Fee: $20.
Escrow: If all Class A violations are not corrected, seller must escrow not less than $1,000 and equal to 125% of the estimated cost of repairs.
Ongoing POS: The exteriors of all owner-occupied single-family homes are inspected on a street-by-street basis on a five-year rotation.

East Cleveland
Building Dept. (216) 681-2415
www.eastcleveland.info
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $50
Re-inspection Fee: N/A
Notes: Properties can be sold “AS IS” but the following conditions MUST be met prior to issuing of Certificate of Inspection. 1. Submit original notarized Affidavit to Building/Housing Department 2. Submit copy of Purchase Agreement to Building/Housing Department 3. Only the Building/Housing Department’s can grant compliance time frame for notarized Affidavit (NINETY (90) DAYS COMPLIANCE) prior to issuing of Certificate of Inspection.

Euclid
Building Dept. (216) 289-2703
www.cityofeuclid.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: Single Family $225; Two Family $260; Three Family $295; Multi-Family $225 per building + $35 per suite. One suite per building not charged.
Re-inspection Fee: $112.50
Escrow: 50% of the estimated costs of repair.
Notes: Assumption of Class A violations and assumption of Class B violations shall require the payment of one hundred fifty dollars ($150.00) by the purchaser at the time the affidavit is presented to the Housing Manager.

Garfield Heights
Building Dept. (216) 475-3171
www.garfieldhts.org
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $75
Re-inspection Fee: $25
Escrow: 150% of the estimated repairs.

Gates Mills
Building Dept. (440) 423-4405
www.gatesmillsvillage.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: N/A
Re-inspection Fee: N/A
Ongoing POS: Every septic tank shall be inspected at least once every three years by a licensed company engaged in the business of cleaning and servicing septic systems. It shall be the duty of the owner of the property whereon such septic tanks are located to keep such septic tanks in proper working condition at all times and to notify the Building Inspector, at least once in every three years, by certificate from the inspecting company, that such system is in proper operating order.

Highland Hills
Building Dept. (216) 283-3003
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $25
Re-inspection Fee: None
Escrow: Attached to the Certificate of Inspection shall be a written agreement signed by the seller and purchaser identifying the party who will be responsible to correct all violations listed with the Certificate of Inspection and, not withstanding any outstanding or new mortgage indebtedness or lien upon the premises, providing that all necessary funds shall be deposited or retained in escrow sufficient to pay for the costs to correct all violations, which funds may be released totally or partially, as the work progresses, upon the authority of the CBO so long as funds are retained to complete unfinished work. In lieu of said funds, being retained in escrow, a payment or performance bond may be approved by the Law Director.
Notes: All violations shall be corrected within thirty (30) calendar days of the issuance of the Certificate of Inspection as required herein, unless an extension is granted. (ii) If the transferor does not correct the violations contained in the Certificate of Inspection prior to the transfer of title, then the purchaser or transferee of the property shall be required to correct the violations contained in the Certificate of Inspection within the time allotted by operation of these Ordinances or within any extension of time permitted

Hunting Valley
Building Dept. (440) 247-2807
www.huntingvalley.net
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: N/A
Re-inspection Fee: N/A

Lakewood
Building Dept. (216) 529-6270
www.lkwdpl.org
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $50
Re-inspection Fee: N/A
Notes: Repairs are the responsibility of the seller of the property. If the buyer wishes to assume some (or all) of the violations, then he/she will need to come to the Lakewood Building Department (with his/her valid driver's license) to sign a notarized Affidavit stating that they will be legally responsible for the repairs. There is no cost for this affidavit.
Ongoing POS: An Annual Inspection is required by law for non-owner occupied properties and to be done every three years. Annual inspections are done (most of the time) on a per-street basis.

Maple Heights
Building Dept. (216) 663-4094
www.mapleheights.cuyahogacounty.us
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: Single-family $ 75; Single condominium $50; Two-family dwelling $85; Three-family
dwelling $95
Re-inspection Fee: $25
Escrow: 150% of the estimated cost of repairs
Notes: Any prospective Buyer of a residence who intends to assume some or all of the violations listed on the Certificate of Inspection must deposit 150% of the estimated total cost of all required repairs into an escrow account and written confirmation of such escrow account shall be provided to the Building Department before the Building Department will issue a Certificate of Occupancy. Funds may only be released from this account by written approval of the Building Commissioner. Written estimates of the total cost must be submitted from a minimum of two contractors registered to perform work in the City of Maple Heights.

Mayfield Heights
Building Dept. (440) 442-2626
www.mayfieldheights.org
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $50
Re-inspection Fee: N/A
Escrow: Escrow funds are required when violations remain at the time of title transfer. Funds must be set aside to assure that violations are corrected at a later date. The amount listed on the front page of the inspection report is the amount required to be held as “escrow.” This amount is determined by the housing inspector. This amount does not guarantee to be the cost to cover repairs.
Notes: If the buyer agrees to assume some or all of the violations, they will need to fill out a notarized statement of assumption and an escrow account will need to be created.

Newburg Heights
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $40 Single Family, $50 Two-Family
Re-inspection Fee: $15
Notes: The owner of the property to repair, improve or demolish the structures or premises concerned within ninety days of the date of issuance of the Certificate.

Orange Village
Building Dept. (440) 498-4400
www.orangevillage.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $50 Single Family
Re-inspection Fee: N/A

Oakwood
Building Dept. (440) 232-9980
www.oakwoodvillageoh.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $20 Single Family; $20 plus $5 per unit for multi-family
Re-inspection Fee: N/A

Shaker Heights
Building Dept. (216) 491-1400
www.shakeronline.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: A fee of $100.00 for the first dwelling unit and $25.00 for each additional unit.
Re-inspection Fee: $25 after first two requested re-inspections
Escrow: 150% of the estimated cost of repairs
Notes: Funds held in escrow shall be disbursed only upon written authorization from the City. If the amount held is less than $5,000, no funds shall be released until all violations are corrected. If the amount is $5,000 but less than $20,000, the City may authorize one (1) partial release of funds from escrow if it is determined that substantial progress has been made in correcting the violations and that sufficient funds remain in escrow to correct all remaining violations. If the amount is $20,000 but less than $40,000, two (2) partial releases may be approved. If the amount is $40,000 but less than $60,000, three (3) partial releases may be approved. On escrow accounts equal to or exceeding $60,000, four (4) partial releases may be authorized. The purchaser is responsible for correcting all violations remaining at transfer of title within ninety (90) days unless, for good cause, an extension of time is approved by the Housing Inspection
Department.

University Heights
Building Dept. (216) 932-7800
www.universityheights.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $75 single family; $125.00 two family
Re-inspection Fee: N/A
Notes: The buyer(s) must sign an “assumption form”, and funds must be escrowed to cover the cost of correction of any outstanding violations. Upon receipt of the signed assumption form and a letter of verification from the escrow company stating the amount of funds held for violation correction, the building department will issue a “transfer release” (usually to the escrow company) stating that our requirements are met and releasing the property for transfer. Ordinance states that violations must be corrected within 30 (thirty) days of the date of the report. However, the building department grants requests for extensions on a “progress-made” basis.
Ongoing POS: The Building Department requires an exterior housing inspection, once every three years, for one and two family homes.

Warrensville Heights
Building Dept. (216) 587-1230
www.cityofwarrensville.com
Interior POS: Yes
Exterior POS: Yes
Inspection Fee: $50 Single Family; $30 per multifamily unit; $90 commercial structures
Re-inspection Fee: No Fee Within 1 Year
Escrow: 150% of the estimated cost of repairs
Notes: Code violations noted on the certificate, except in a case of danger to the public health or safety, to be corrected by the owner of the property within sixty (60) days of the issuance of the certificate unless, for good cause, the Building Commissioner has extended that time for compliance. If the owner of a property does not correct the violations enumerated in the certificate of inspection prior to the time the title is transferred to the purchaser, then the purchaser of that property shall be required to correct the violations contained in the certificate of inspection within the time allotted in the notice given to the prior owner or within the extended time permitted by the Building Commissioner

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!"


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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

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.



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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

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

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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