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
Thursday, July 28, 2011
Thursday, July 14, 2011
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
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
Friday, July 8, 2011
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.
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.
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.
Thursday, June 23, 2011
Keller Williams Realty: Top Workplace in Northeast Ohio in 2011
I have always believed in the notion that "happy workers make for happy clients." With that being said, the Cleveland Plain Dealer newspaper named Keller Williams Realty the best place to work in Northeast Ohio (Cleveland, Akron, Medina, Lorain areas) in 2011. Not only Keller Williams top the list, the company and it's 13 area offices, it is the only real estate company in the top 100. That says a lot in the current economic and real estate market...
Keller Williams Realty is the fastest growing real estate company in the nation, which now has nearly 700 offices and over 77,000 agents. This makes Keller Williams the second largest real estate company in the country, looking to close-in on number one.
So why is Keller Williams preferred over other real estate companies? Because they have developed a real estate model that supports and educates it's agents, allowing them to be better prepared to meet their clients' needs. Agents are free to run their own business, without interference, and have full access to numerous company-sponsored training and education opportunities to stay informed in this ever-changing industry. Essentially, Keller Williams provides all of the tools to succeed, and in turn, the agents dictate how they use those tools to forge their success and best serve their clients.
I am proud to say that I am an agent with this great organization, and I can fully understand why Keller Williams was named the best workplace in Northeast Ohio. I welcome you to Contact Me anytime to discuss the company and my experiences anytime!
Keller Williams Realty is the fastest growing real estate company in the nation, which now has nearly 700 offices and over 77,000 agents. This makes Keller Williams the second largest real estate company in the country, looking to close-in on number one.
So why is Keller Williams preferred over other real estate companies? Because they have developed a real estate model that supports and educates it's agents, allowing them to be better prepared to meet their clients' needs. Agents are free to run their own business, without interference, and have full access to numerous company-sponsored training and education opportunities to stay informed in this ever-changing industry. Essentially, Keller Williams provides all of the tools to succeed, and in turn, the agents dictate how they use those tools to forge their success and best serve their clients.
I am proud to say that I am an agent with this great organization, and I can fully understand why Keller Williams was named the best workplace in Northeast Ohio. I welcome you to Contact Me anytime to discuss the company and my experiences anytime!
Thursday, June 16, 2011
Neighborhood Spotlight: Macintosh Farms, Broadview Heights, OH
The Macintosh Farms development in Broadview Heights, Ohio is a planned community situated off of Broadview Rd (Rt 176), which consists of condominiums, cluster homes and single family homes. Most of the condos were built from 1986 to early 1990's, while the single family and cluster homes were constructed from 1995 to the early 2000's. There are multiple entry points into the development, one on Fireside Trail and the other two entries are on Macintosh Lane, which is the horseshoe-shaped road that is at the heart of the development.
The community is situated between Cleveland and Akron, and within minutes of four major highways. Residents enjoy the benefits of three swimming pools, a recreation barn, an outdoor amphitheatre, walking trails, tennis and basketball courts, stocked fish ponds and proximity to many nearby golf courses, the Cuyahoga Valley National Recreation Area, the Cleveland Metroparks, and Brandywine/Boston Mills ski resorts. Macintosh Farms is located in the North Royalton City school district.
Recent single family home sales prices in Macintosh range from the low $200's to the mid $300's, with a square footage range from 2,000 to 4,000 square feet. The condominiums and cluster sales range from approximately $120,000 to the upper $200's and are from 1,400 to 2,800 square feet.
The homeowner association for all home types is $35/mo. For single family homes, there are no additional association fees. The cluster homes and condos have additional maintenance fees, in an approximate range from $95/mo to $250/mo, for landscaping, lawn maintenance and snow removal.
Feel free to Contact Me anytime for more information.
Macintosh Farms Association Website
Google Map of Macintosh Farms
Search for Broadview Heights Homes Currently For Sale
City of Broadview Heights Website
North Royalton School Ratings
Broadview Heights School Ratings
Broadview Heights Demographics
The community is situated between Cleveland and Akron, and within minutes of four major highways. Residents enjoy the benefits of three swimming pools, a recreation barn, an outdoor amphitheatre, walking trails, tennis and basketball courts, stocked fish ponds and proximity to many nearby golf courses, the Cuyahoga Valley National Recreation Area, the Cleveland Metroparks, and Brandywine/Boston Mills ski resorts. Macintosh Farms is located in the North Royalton City school district.
Recent single family home sales prices in Macintosh range from the low $200's to the mid $300's, with a square footage range from 2,000 to 4,000 square feet. The condominiums and cluster sales range from approximately $120,000 to the upper $200's and are from 1,400 to 2,800 square feet.
The homeowner association for all home types is $35/mo. For single family homes, there are no additional association fees. The cluster homes and condos have additional maintenance fees, in an approximate range from $95/mo to $250/mo, for landscaping, lawn maintenance and snow removal.
Feel free to Contact Me anytime for more information.
Macintosh Farms Association Website
Google Map of Macintosh Farms
Search for Broadview Heights Homes Currently For Sale
City of Broadview Heights Website
North Royalton School Ratings
Broadview Heights School Ratings
Broadview Heights Demographics
Thursday, June 2, 2011
Neighborhood Spotlight: Emerald Woods, Brecksville, OH
Emerald Woods in Brecksville, Ohio is located off of Chippewa Rd (Route 82), with the entry street, Cinnabar Dr, being on the north side of Chippewa. The development consists of just around 100 homes on four streets, ending in cul-de-sacs. Emerald Woods is located close to parks, schools, shopping and the center of town. It is also near I-77, the turnpike, downtown Cleveland and Cleveland International Airport.
Most of the homes here were built in the time-frame of 1992-1995, built on 0.45 - 0.75 acre lots, with most of the homes being 3000-4000+ sq ft. Home sales in Emerald Woods range from the low-to-mid-$300s to the mid-to-upper-$400s. There are some larger homes in the development that exceed these size and value averages. The homeowner association fee is currently $75 per year.
Feel free to Contact Me anytime for more information.
Emerald Woods Association Website
Google Map of Emerald Woods
Search for Brecksville Homes Currently For Sale
City of Brecksville Website
Brecksville School Ratings
Brecksville Demographics
Most of the homes here were built in the time-frame of 1992-1995, built on 0.45 - 0.75 acre lots, with most of the homes being 3000-4000+ sq ft. Home sales in Emerald Woods range from the low-to-mid-$300s to the mid-to-upper-$400s. There are some larger homes in the development that exceed these size and value averages. The homeowner association fee is currently $75 per year.
Feel free to Contact Me anytime for more information.
Emerald Woods Association Website
Google Map of Emerald Woods
Search for Brecksville Homes Currently For Sale
City of Brecksville Website
Brecksville School Ratings
Brecksville Demographics
Thursday, May 26, 2011
Find Local/State Taxes Levied For Any Home Address in Ohio
An aspect of a home purchase that is sometimes overlooked is the amount of taxes that will be paid for a given city, and address. Everyone knows to look at what the property taxes are, but the other taxes levied usually are not given any attention.
The taxes I'm referring to include:
When shopping for a home and deciding where to buy, this may help in deciding where you would like to live and educate you about the taxes you will be required to pay in a given location.
The link below provides you with the tax rates for any address in the state of Ohio.
Ohio Tax Finder
Please feel free to Contact Me anytime for any further assistance.
The taxes I'm referring to include:
- Municipal Tax
- School District Income Tax
- Sales and Use Tax
When shopping for a home and deciding where to buy, this may help in deciding where you would like to live and educate you about the taxes you will be required to pay in a given location.
The link below provides you with the tax rates for any address in the state of Ohio.
Ohio Tax Finder
Please feel free to Contact Me anytime for any further assistance.
Wednesday, May 18, 2011
Radon In The Home: Facts and Solutions
Whenever I write an offer on a home for clients, and I mention getting a radon inspection, more times than not, my clients ask: what is radon and should I get an inspection? Once I tell them what it is, they usually opt for the inspection. Here's why:
Radon is an odorless, colorless radioactive gas that permeates from the soil and through the cement floor of a home's foundation/basement. It comes from the natural breakdown of uranium in the soil, and it is the second-highest known cause of lung cancer. Radon is present throughout the country in various concentration levels. These levels can vary from state-to-state, city-to-city and even from house-to-house. It can be present in any home, new or old, and it is estimated that 1 out of every 15 homes have elevated levels of radon gas.
The EPA deems that a radon concentration level at or above 4.0 pCi/L to be the point where mitigation should be considered and/or necessary. The average radon levels in homes across the United States in 1.3 pCi/L. The levels in Ohio are considered to be in the moderate to high range for radon (anywhere from 2 pCi/L to over 4pCi/L). The only way to know what levels of radon are in a home is to have the home tested.
Fortunately, homes with elevated radon levels can have the level of radon reduced by having the gas mitigated from the home. There are several methods a contractor can use to lower radon levels. Some of these methods prevent radon from entering the home, while others reduce radon levels after it has entered the home. Reviewing these methods and discussing with a contractor, will help you determine what technique is best for your situation.
Feel free to Contact Me anytime for more information.
Radon is an odorless, colorless radioactive gas that permeates from the soil and through the cement floor of a home's foundation/basement. It comes from the natural breakdown of uranium in the soil, and it is the second-highest known cause of lung cancer. Radon is present throughout the country in various concentration levels. These levels can vary from state-to-state, city-to-city and even from house-to-house. It can be present in any home, new or old, and it is estimated that 1 out of every 15 homes have elevated levels of radon gas.
The EPA deems that a radon concentration level at or above 4.0 pCi/L to be the point where mitigation should be considered and/or necessary. The average radon levels in homes across the United States in 1.3 pCi/L. The levels in Ohio are considered to be in the moderate to high range for radon (anywhere from 2 pCi/L to over 4pCi/L). The only way to know what levels of radon are in a home is to have the home tested.
Fortunately, homes with elevated radon levels can have the level of radon reduced by having the gas mitigated from the home. There are several methods a contractor can use to lower radon levels. Some of these methods prevent radon from entering the home, while others reduce radon levels after it has entered the home. Reviewing these methods and discussing with a contractor, will help you determine what technique is best for your situation.
Feel free to Contact Me anytime for more information.
Come Join My Real Estate Fan PageWednesday, May 11, 2011
How to Calculate Property Taxes: Medina County, Ohio
If you're looking to buy or sell residential real estate, it is recommended that you know what the property taxes for the home will be, at a given price. This post is being written to demystify the calculation of property taxes, to help you determine this important piece of information.
The first step is to find out what the effective tax rate is for the city/school district in which the home is located. The most up-to-date tax rates for Medina County can be found at:
http://www.co.medina.oh.us/treas/taxrates.pdf
Be sure to choose the rate sheet for residential tax rates. Once you have this figure, you can follow the steps below to estimate property taxes.
How to Estimate Property Taxes:
1. Multiply the market value of the home by 35%
2. Select the effective millage (aka effective tax rate) for the community
3. Place $0.0 in front of the millage amount in Step 2
4. Multiply the result of Step 1 and Step 3
5. Divide by two (2) to get the half-year effective taxes
6. Multiply to result of Step 5 by 87.50% to determine the adjusted current general half-year tax (after 10% rollback and 2.5% credit)
7. Add special assessment, if any apply, to get the total tax bill
Here's an Example:
Tax on a $300,000 home in correct, Ohio (Hinckley School District)
1. $300,000 x 0.35 = $105,000
2. Millage for Hinckley 50.06
3. Millage figure to use in calculation is $0.05006
4. $105,000 x $0.05006 = $5,256.30
5. $5,256.30 divided by 2 = $2,628.15
6. $2,628.15 x 0.875 = $2,299.63 adjusted current half-year taxes
7. Be sure to add any Special Assessment, if applicable
Feel free to Contact Me anytime for more information.
The first step is to find out what the effective tax rate is for the city/school district in which the home is located. The most up-to-date tax rates for Medina County can be found at:
http://www.co.medina.oh.us/treas/taxrates.pdf
Be sure to choose the rate sheet for residential tax rates. Once you have this figure, you can follow the steps below to estimate property taxes.
How to Estimate Property Taxes:
1. Multiply the market value of the home by 35%
2. Select the effective millage (aka effective tax rate) for the community
3. Place $0.0 in front of the millage amount in Step 2
4. Multiply the result of Step 1 and Step 3
5. Divide by two (2) to get the half-year effective taxes
6. Multiply to result of Step 5 by 87.50% to determine the adjusted current general half-year tax (after 10% rollback and 2.5% credit)
7. Add special assessment, if any apply, to get the total tax bill
Here's an Example:
Tax on a $300,000 home in correct, Ohio (Hinckley School District)
1. $300,000 x 0.35 = $105,000
2. Millage for Hinckley 50.06
3. Millage figure to use in calculation is $0.05006
4. $105,000 x $0.05006 = $5,256.30
5. $5,256.30 divided by 2 = $2,628.15
6. $2,628.15 x 0.875 = $2,299.63 adjusted current half-year taxes
7. Be sure to add any Special Assessment, if applicable
Feel free to Contact Me anytime for more information.
Tuesday, May 3, 2011
Neighborhood Spotlight: Benjamin Farm, Brunswick, OH
Park Place at Benjamin Farm in Brunswick, Ohio consists of just over 200 homes, and was established in 1994. The development consists of single family homes, most of which being built between 1995-1998 by Pulte Homes. Benjamin Farm is located off of W 130th St, South of Grafton Rd.
The community offers a country-like atmosphere with generous open spaces, private wooded parks, trails, and picnic facilities as well as the added amenity of living just a short drive from downtown Cleveland, highways, shopping and more. Benjamin Farm is located in the Brunswick school district.
Single family home prices in Benjamin Farm range from $200,000-$260,000, with a square footage range from approximately 1,800 to 3,500 sq ft. The home-owner association fee is $140.00 annually.
Feel free to Contact Me anytime for more information.
Benjamin Farm Association Website
Google Map of Benjamin Farm
Search for Brunswick Homes Currently For Sale
City of Brunswick Website
Brunswick School Ratings
Brunswick Demographics
The community offers a country-like atmosphere with generous open spaces, private wooded parks, trails, and picnic facilities as well as the added amenity of living just a short drive from downtown Cleveland, highways, shopping and more. Benjamin Farm is located in the Brunswick school district.
Single family home prices in Benjamin Farm range from $200,000-$260,000, with a square footage range from approximately 1,800 to 3,500 sq ft. The home-owner association fee is $140.00 annually.
Feel free to Contact Me anytime for more information.
Benjamin Farm Association Website
Google Map of Benjamin Farm
Search for Brunswick Homes Currently For Sale
City of Brunswick Website
Brunswick School Ratings
Brunswick Demographics
Thursday, April 21, 2011
Neighborhood Spotlight: Waterford Crossing, Strongsville, Ohio
The Waterford Crossing development in Strongsville, Ohio is a planned community site, situated west of Pearl Rd, south of Drake Rd and bordered by Boston Rd to the north and Prospect Rd at the furthest west-end of the development. There are multiple entry points into the development, with Waterford Parkway at the heart of the development.
Waterford has a nice mix of cluster homes and single family homes of various sizes and price ranges. The development began in 1994, with most homes built between 1994-1998 by several builders which include Parkview Homes, Pulte, Ream, Latina, among others. New construction is still occurring and available in this community.
The community offers a swimming pool, community center, tennis courts, sand volleyball courts, play ground and beautifully-maintained common green areas. The development is close to the highway, shopping, Cleveland International Airport and within 30 minutes of downtown Cleveland. Waterford crossing is in the Strongsville city school district.
Homes in Waterford tend to range in value from the low $200's into the mid-to-upper $300's, with the estate homes reaching into the $600's. The average home sales figure currently hovers around $350,000. The annual association fee is currently $425, and the cluster homes have a $100/month maintenance fee for lanscaping and snow removal services.
Waterford Crossing Association Website
Google Map of Waterford Crossing
Search for Strongsville Homes Currently For Sale
City of Strongsville Website
Strongsville School Ratings
Strongsville Demographics
Waterford has a nice mix of cluster homes and single family homes of various sizes and price ranges. The development began in 1994, with most homes built between 1994-1998 by several builders which include Parkview Homes, Pulte, Ream, Latina, among others. New construction is still occurring and available in this community.
The community offers a swimming pool, community center, tennis courts, sand volleyball courts, play ground and beautifully-maintained common green areas. The development is close to the highway, shopping, Cleveland International Airport and within 30 minutes of downtown Cleveland. Waterford crossing is in the Strongsville city school district.
Homes in Waterford tend to range in value from the low $200's into the mid-to-upper $300's, with the estate homes reaching into the $600's. The average home sales figure currently hovers around $350,000. The annual association fee is currently $425, and the cluster homes have a $100/month maintenance fee for lanscaping and snow removal services.
Waterford Crossing Association Website
Google Map of Waterford Crossing
Search for Strongsville Homes Currently For Sale
City of Strongsville Website
Strongsville School Ratings
Strongsville Demographics
Monday, April 18, 2011
How to Calculate Property Taxes: Cuyahoga County, Ohio
If you're looking to buy or sell residential real estate, it is recommended that you know what the property taxes for the home will be, at a given price. This post is being written to demystify the calculation of property taxes, to help you determine this important piece of information.
The first step is to find out what the effective tax rate is for the city/school district in which the home is located. The most up-to-date tax rates for Cuyahoga County can be found at:
http://treasurer.cuyahogacounty.us/en-US/community-tax-rates.aspx
Be sure to choose the rate sheet for residential tax rates. Once you have this figure, you can follow the steps below to estimate property taxes.
How to Estimate Property Taxes:
1. Multiply the market value of the home by 35%
2. Select the effective millage (aka effective tax rate) for the community
3. Place $0.0 in front of the millage amount in Step 2
4. Multiply the result of Step 1 and Step 3
5. Divide by two (2) to get the half-year effective taxes
6. Multiply to result of Step 5 by 87.50% to determine the adjusted current general half-year tax (after 10% rollback and 2.5% credit)
7. Add special assessment, if any apply, to get the total tax bill
Here's an Example:
Tax on a $200,000 home in North Royalton, Ohio
1. $200,000 x 0.35 = $70,000
2. Millage for North Royalton 70.03
3. Millage figure to use in calculation is $0.07003
4. $70,000 x $0.07003 = $4,902.10
5. $4,902.10 divided by 2 = $2,451.05
6. $2,451.05 x 0.875 = $2,144.67 adjusted currect half-year taxes
7. Be sure to add and Special Assessment, if applicable
The first step is to find out what the effective tax rate is for the city/school district in which the home is located. The most up-to-date tax rates for Cuyahoga County can be found at:
http://treasurer.cuyahogacounty.us/en-US/community-tax-rates.aspx
Be sure to choose the rate sheet for residential tax rates. Once you have this figure, you can follow the steps below to estimate property taxes.
How to Estimate Property Taxes:
1. Multiply the market value of the home by 35%
2. Select the effective millage (aka effective tax rate) for the community
3. Place $0.0 in front of the millage amount in Step 2
4. Multiply the result of Step 1 and Step 3
5. Divide by two (2) to get the half-year effective taxes
6. Multiply to result of Step 5 by 87.50% to determine the adjusted current general half-year tax (after 10% rollback and 2.5% credit)
7. Add special assessment, if any apply, to get the total tax bill
Here's an Example:
Tax on a $200,000 home in North Royalton, Ohio
1. $200,000 x 0.35 = $70,000
2. Millage for North Royalton 70.03
3. Millage figure to use in calculation is $0.07003
4. $70,000 x $0.07003 = $4,902.10
5. $4,902.10 divided by 2 = $2,451.05
6. $2,451.05 x 0.875 = $2,144.67 adjusted currect half-year taxes
7. Be sure to add and Special Assessment, if applicable
Thursday, April 14, 2011
Neighborhood Spotlight: New Hampton, Broadview Heights, Ohio
The New Hampton development in Broadview Heights, Ohio is a 290-acre community developed by Pulte homes. Most of the 500+ homes were built between 2002-2004, which consists of a mix of single family homes and estate homes, along with some town homes and cluster homes, as well. New Hampton is situated at the corner of Broadview Rd and E. Boston Rd. From Broadview Rd., you would enter the development from Hamilton Dr. From E. Boston Rd., there are entrances at Oxford Dr and Wilmington Dr.
The community offers a swimming pool, play ground, community center and walking/nature trails. The develpoment is close to the highway, golf, shopping, Cleveland International Airport and within 30 minutes of downtown Cleveland. New Hampton is in the North Royalton school district.
Single family home prices in New Hampton range from the low $200's to the mid $300's, with a square footage range from approximately 1,800 to 3,500 sq ft. There is an annual home owner's association fee of $350.
The townhome prices range from the low $150's to $170's, ranging from 1500 to 1600 sq ft. In addition to the annual association fee, the townhomes have a $127/month maintenance fee for landscaping, lawn cutting and snow removal.
New Hampton Association Website
Google Map of New Hampton
Search for Broadview Heights Homes Currently For Sale
City of Broadview Heights Website
North Royalton School Ratings
Broadview Heights School Ratings
Broadview Heights Demographics
The community offers a swimming pool, play ground, community center and walking/nature trails. The develpoment is close to the highway, golf, shopping, Cleveland International Airport and within 30 minutes of downtown Cleveland. New Hampton is in the North Royalton school district.
Single family home prices in New Hampton range from the low $200's to the mid $300's, with a square footage range from approximately 1,800 to 3,500 sq ft. There is an annual home owner's association fee of $350.
The townhome prices range from the low $150's to $170's, ranging from 1500 to 1600 sq ft. In addition to the annual association fee, the townhomes have a $127/month maintenance fee for landscaping, lawn cutting and snow removal.
New Hampton Association Website
Google Map of New Hampton
Search for Broadview Heights Homes Currently For Sale
City of Broadview Heights Website
North Royalton School Ratings
Broadview Heights School Ratings
Broadview Heights Demographics
Thursday, April 7, 2011
Neighborhood Spotlight: Pinestream Development, North Royalton, Ohio
The Pinestream development in North Royalton, Ohio is located on the corner of State Rd and Edgerton Rd, near Briarwood golf course. From Edgerton Rd, you would enter on Waterbridge and from State Rd, you would enter from Riverview. The development is within reasonable distance to 77, 71 and the turnpike.
The development has approximately 150 single family homes with minimum sizes of 2,600 Sq ft for a two-story home and 2,300 sq ft for ranches, with most homes averaging over 3,000 sq ft. The lots range from 1/2 acre to 3/4 acre. Some building sites still remain. The homes are relatively new, most of which were built from 1997-2004, with some newer home still being constructed. Sales over the past year or so have ranged from the $330's to $520's.
Home Owner Association fee is around $100 annually.
Pinestream Association Website
Google Map of Pinestream Development
Search for North Royalton Homes Currently For Sale
City of North Royalton Website
North Royalton School Ratings
North Royalton Demographics
For additional information, please feel free to contact me anytime.
The development has approximately 150 single family homes with minimum sizes of 2,600 Sq ft for a two-story home and 2,300 sq ft for ranches, with most homes averaging over 3,000 sq ft. The lots range from 1/2 acre to 3/4 acre. Some building sites still remain. The homes are relatively new, most of which were built from 1997-2004, with some newer home still being constructed. Sales over the past year or so have ranged from the $330's to $520's.
Home Owner Association fee is around $100 annually.
Pinestream Association Website
Google Map of Pinestream Development
Search for North Royalton Homes Currently For Sale
City of North Royalton Website
North Royalton School Ratings
North Royalton Demographics
For additional information, please feel free to contact me anytime.
Friday, March 25, 2011
"Shadow Inventory" Definition and Impact
A lot has been discussed about shadow inventory in real estate over the past several months. I want to give a clearer picture of what shadow inventory is and how it affects the real estate market's recovery.
Shadow inventory is defined differently, depending on who you ask. Some consider it to be just foreclosed homes that are not yet on the market. Others also consider homes that have 1st mortgage delinquencies greater than 90 days. Further, the definition can go on to include homes that are to be short sales that are not yet on the market and any homes that have had modified loans (as most of these loans still default after the modification).
Because of the varying degree of what constitutes shadow inventory, the perceived effect of this inventory varies as well. Without going too in depth with how this is calculated by the National Association of Realtors, essentially they use data from Mortgage Bankers Association and Lender Processing Services to account for the number of households that are to be included in this definition. For more about how this is calculated and determined, CLICK HERE and go to page 8 of the publication.
The effects of foreclosure and shadow inventory situation, just like anything else in real estate, vary by location. Arizona, California, Florida and Nevada are projected to be the worst hit by foreclosures. The good news is that overall delinquencies in all but 4 states (Washington, New Jersey, New York and Vermont) declined. The national average for serious delinquencies of 90+ days declined 38%. For detailed breakdown by state, this is a very informative ARTICLE and a good read.
While the number of delinquencies are declining, the amount of shadow inventory as well as distressed properties currently on the market will effect the pace of recovery in the real estate market. These homes are or will be competing directly with homes that are not in a distressed situation, causing these homes to remain on the market for a longer period of time and keep the market value for real estate depressed or stagnant.
Once these distressed properties are cleared out to more "acceptable" levels, then we can expect to see a more thriving real estate market. How long this will take is still anyone's guess, but we are probably looking at a 2-4 year window nationally, depending on the location. The key is to have an economy that continues to improve, resulting in fewer delinquencies, allowing the real estate market to catch up. Fewer foreclosures, of course, would reduce the amount of homes on the market, create a larger demand for non-distressed homes, resulting in quicker sales at a relatively higher sales price.
Shadow inventory is defined differently, depending on who you ask. Some consider it to be just foreclosed homes that are not yet on the market. Others also consider homes that have 1st mortgage delinquencies greater than 90 days. Further, the definition can go on to include homes that are to be short sales that are not yet on the market and any homes that have had modified loans (as most of these loans still default after the modification).
Because of the varying degree of what constitutes shadow inventory, the perceived effect of this inventory varies as well. Without going too in depth with how this is calculated by the National Association of Realtors, essentially they use data from Mortgage Bankers Association and Lender Processing Services to account for the number of households that are to be included in this definition. For more about how this is calculated and determined, CLICK HERE and go to page 8 of the publication.
The effects of foreclosure and shadow inventory situation, just like anything else in real estate, vary by location. Arizona, California, Florida and Nevada are projected to be the worst hit by foreclosures. The good news is that overall delinquencies in all but 4 states (Washington, New Jersey, New York and Vermont) declined. The national average for serious delinquencies of 90+ days declined 38%. For detailed breakdown by state, this is a very informative ARTICLE and a good read.
While the number of delinquencies are declining, the amount of shadow inventory as well as distressed properties currently on the market will effect the pace of recovery in the real estate market. These homes are or will be competing directly with homes that are not in a distressed situation, causing these homes to remain on the market for a longer period of time and keep the market value for real estate depressed or stagnant.
Once these distressed properties are cleared out to more "acceptable" levels, then we can expect to see a more thriving real estate market. How long this will take is still anyone's guess, but we are probably looking at a 2-4 year window nationally, depending on the location. The key is to have an economy that continues to improve, resulting in fewer delinquencies, allowing the real estate market to catch up. Fewer foreclosures, of course, would reduce the amount of homes on the market, create a larger demand for non-distressed homes, resulting in quicker sales at a relatively higher sales price.
Friday, March 18, 2011
FHA Mortgage Changes and Current Interest Rates
FHA is raising it's monthly mortgage insurance, effective April 18, 2011. The current mortgage insurance premium is 0.90%. For any loan applications that are assigned an FHA case number on or after April 18th, will be charge and annual premium of 1.15%. What does that mean to you as a buyer?
On a $100,000 loan, this equates to approximately $20.83 more in your monthly payment or about $250 per year. This may or may not seem significant to you, but it will reduce your potential buying power and approval amount. It is also being projected that interest rates may reach 5.5% for a 30 year mortgage by years end.
Fortunately, there is still some time to get you FHA mortgage application before the change takes place. In addition, average mortgage rates dropped significantly from 4.88% to 4.78% on a 30 year mortgage and the average 15 year mortgage dropped from 4.15% to 3.97%. These rates change every day, so locking in your rate when rates drop like this will help you get more home for your money.
So, talk to your mortgage lender soon or feel free to contact me. I can give you a list of lenders that I refer to my real estate clients. I am always available to advise you and help you find and buy the right home.
On a $100,000 loan, this equates to approximately $20.83 more in your monthly payment or about $250 per year. This may or may not seem significant to you, but it will reduce your potential buying power and approval amount. It is also being projected that interest rates may reach 5.5% for a 30 year mortgage by years end.
Fortunately, there is still some time to get you FHA mortgage application before the change takes place. In addition, average mortgage rates dropped significantly from 4.88% to 4.78% on a 30 year mortgage and the average 15 year mortgage dropped from 4.15% to 3.97%. These rates change every day, so locking in your rate when rates drop like this will help you get more home for your money.
So, talk to your mortgage lender soon or feel free to contact me. I can give you a list of lenders that I refer to my real estate clients. I am always available to advise you and help you find and buy the right home.
Friday, March 11, 2011
Making a Successful Offer to Buy a Home
So you’ve found the home you want to buy. Now what do you do? I’ve put together some information regarding the process of making a successful offer on a home.
Research Have your Realtor inquire with the listing agent about the seller’s motivation to sell. Sometimes the listing agent won’t give that information, but my motto is “if you don’t ask, you don’t get.” Your agent can also provide you with information such as the last purchase price, the current mortgage balance, property disclosures, how long the home has been on the market, neighborhood statistics and information, school information, etc. The goal here is to paint a picture of the seller’s situation and position.
Determine the market value of the home This can be tricky. The key is to use the most comparable sales based on location, size, age, and condition. The comparable sales should be within the past six months, like an appraiser would do.
The tricky part is when there aren’t enough sales at all, or the sold homes aren’t very comparable to the home of interest. That is when adjustments (i.e. distance, size, condition, etc.) could be considered. Once comparable sales are obtained, pricing adjustments need to be made, based on what each comparable home has or does not have in relation to the home you want to buy. If done correctly, you should be able to determine the value of the home.
Formulate the offer Now that you have a feel for the market value of the home, it’s time to develop an offer strategy. Buying a home is a negotiation. There is give and take, back and forth until both sides come to an agreement. The important thing is to sit down with your Realtor and run through offer scenarios to determine the starting offer amount and how to end at or below the value you attached to the home. Your agent should not be telling you specifically what to offer, but they can advise you based on the data provided. The buyer must always be the decision-maker.
Submitting the offer This is more than just faxing or emailing the paperwork to the listing agent. Your real estate agent should be able to let you know of the negotiating strategies and points that he/she will use to advocate your position. Your agent should be using the market data, comparable sales and other information that has been gathered to educate the listing agent about the factors considered in determining your offer. If your agent is able convince the listing agent that your offer is reasonable (even if it’s not), the listing agent will be more prone to sell your position to the seller.
By establishing your position and being able to back it up with data can greatly influence the ability to close the deal. This is where your Realtor literally earns his/her money. If this can be properly communicated and negotiated by your agent, you’ll be well on your way to getting the keys to your new home!
Research Have your Realtor inquire with the listing agent about the seller’s motivation to sell. Sometimes the listing agent won’t give that information, but my motto is “if you don’t ask, you don’t get.” Your agent can also provide you with information such as the last purchase price, the current mortgage balance, property disclosures, how long the home has been on the market, neighborhood statistics and information, school information, etc. The goal here is to paint a picture of the seller’s situation and position.
Determine the market value of the home This can be tricky. The key is to use the most comparable sales based on location, size, age, and condition. The comparable sales should be within the past six months, like an appraiser would do.
The tricky part is when there aren’t enough sales at all, or the sold homes aren’t very comparable to the home of interest. That is when adjustments (i.e. distance, size, condition, etc.) could be considered. Once comparable sales are obtained, pricing adjustments need to be made, based on what each comparable home has or does not have in relation to the home you want to buy. If done correctly, you should be able to determine the value of the home.
Formulate the offer Now that you have a feel for the market value of the home, it’s time to develop an offer strategy. Buying a home is a negotiation. There is give and take, back and forth until both sides come to an agreement. The important thing is to sit down with your Realtor and run through offer scenarios to determine the starting offer amount and how to end at or below the value you attached to the home. Your agent should not be telling you specifically what to offer, but they can advise you based on the data provided. The buyer must always be the decision-maker.
Submitting the offer This is more than just faxing or emailing the paperwork to the listing agent. Your real estate agent should be able to let you know of the negotiating strategies and points that he/she will use to advocate your position. Your agent should be using the market data, comparable sales and other information that has been gathered to educate the listing agent about the factors considered in determining your offer. If your agent is able convince the listing agent that your offer is reasonable (even if it’s not), the listing agent will be more prone to sell your position to the seller.
By establishing your position and being able to back it up with data can greatly influence the ability to close the deal. This is where your Realtor literally earns his/her money. If this can be properly communicated and negotiated by your agent, you’ll be well on your way to getting the keys to your new home!
Thursday, March 3, 2011
What is a Buyer's Agent?
A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer's representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer's representative.
The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer and has buyer's best interests in mind throughout the entire real estate process. In contrast to attempting to contact multiple listing agents that want to sell their listing for their client (the seller). Also, using a buyer representative keeps the listing agent from acquiring information about your buying position and relaying that information to their client.
A Buyer's Representative Will:
§ Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
§ Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
§ Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
§ Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
§ Advise the buyer on structuring an appropriate offer to purchase the selected property.
§ Present the offer to the seller's agent and the seller on the buyer's behalf.
§ Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.
§ Assist in securing appropriate financing for the selected property.
§ Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, inspectors, etc.) if these services are needed.
§ Most importantly, fully-represent the buyer throughout the real estate transaction.
The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer and has buyer's best interests in mind throughout the entire real estate process. In contrast to attempting to contact multiple listing agents that want to sell their listing for their client (the seller). Also, using a buyer representative keeps the listing agent from acquiring information about your buying position and relaying that information to their client.
A Buyer's Representative Will:
§ Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
§ Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
§ Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
§ Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
§ Advise the buyer on structuring an appropriate offer to purchase the selected property.
§ Present the offer to the seller's agent and the seller on the buyer's behalf.
§ Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.
§ Assist in securing appropriate financing for the selected property.
§ Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, inspectors, etc.) if these services are needed.
§ Most importantly, fully-represent the buyer throughout the real estate transaction.
Why Your Listing Expired, Why Your Home Didn't Sell
So, has your listing expired recently? If you have experience with your listing expiring, I’m here to help you understand why your listing failed. You really need to understand why your home didn’t sell, before relisting, otherwise, you’re risking a repeat result, wasting more of your time and money.
I recommend thinking back through entire process, from the initial agent interview to the moment your listing expired. This will help you learn what may have gone wrong. In the e-book, I offer a number of questions and topics to think about that will help you reflect back through the listing period.
There are five primary reasons homes don’t sell. Those reasons are:
1. condition,
2. location,
3. poor marketing plan,
4. the agent you selected, and
5. the price.
With exception of location, all of these reasons are items that you can change. To successfully sell a home, you must set your home apart from the competition. The home should be in the best condition possible, priced correctly, marketed extensively and creatively and handled by an agent that has what it takes to manage the process.
2. location,
3. poor marketing plan,
4. the agent you selected, and
5. the price.
With exception of location, all of these reasons are items that you can change. To successfully sell a home, you must set your home apart from the competition. The home should be in the best condition possible, priced correctly, marketed extensively and creatively and handled by an agent that has what it takes to manage the process.
I know you may be discouraged by your expired listing, but please keep in mind:
“ANY HOME THAT IS PROPERLY PRICED AND MARKETED WILL SELL IN ANY REAL ESTATE MARKET!"
“ANY HOME THAT IS PROPERLY PRICED AND MARKETED WILL SELL IN ANY REAL ESTATE MARKET!"
Once again, I go into more detail in my expired listing e-book. To get a free copy of my e-book, simply fill out the form provided at www.expiredlistinghelp.com and I’ll send it to you immediately.
I invite you to call me anytime if I can be of further assistance.
Subscribe to:
Posts (Atom)