Cleveland, Northeast OH Area Real Estate Market January 2013

According to the Northeast Ohio Regional Multiple Listing Service and an article from the Cleveland Plain Dealer newspaper, homes sales in the region continue to surpass last year's sales figures. Lower home inventory, higher rental prices and higher buyer demand due to low interest rates, is driving this increase in activity and increase in sales prices.  Competition over available homes has been more common over the past several months.

Sales comparing January 2012 to January 2013 show improvement after a small decline in December.  Among the 15 counties in Northeast Ohio, single family home sales are up 6.2% and condo sales are up a 29.7%.  An increase in sales contracts early in the year, indicate strong sales probable in February and March.  In addition to the increase in sales activity, Northeast Ohio is showing a 6.4% increase in single family home prices and 6.0% increase for condos, compared to last January. 

The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have reached nearly as low as they can go, when deciding the best time to make a purchase.  In fact, rates have already shown increases over the past couple weeks.  The data over the past several months indicates we have seen the bottom of the local real estate market.



By comparison, Northeast Ohio is currently being outpaced by the national sales increase of 9.1% in January.  Prior to that, Northeast Ohio was ahead of the national numbers.  The US market has also seen a 12.3% increase in sales price from the year before.  Nationally, 4.92 million homes have sold, which is just shy of meeting the lower part of the 5-6 million of annual home sales considered to be a normal or healthy range.  

4th Annual Brite Winter Festival in Cleveland

The 4th annual Brite Winter Festival will take place on Saturday, February 16 from 5 to 10pm at the Market District in Ohio City.

This event draws thousands of visitors every year, who brave the cold weather to enjoy the live entertainment, musical performances, interesting art exhibitions and outdoor games. Activities include a 24-foot long skee-ball ramp, ski bike racing, snow miniature golf, an incredible electronic arcade crane and hysterical snowball fights. The area’s best known bars and restaurants typically offer great discounts to festival goers when they come inside to warm up.

Highlights of the events include up to 20 art installations which were created through a partnership between The Cleveland Institute of Art and the Department of Community Affairs of The Cleveland Museum of Art. GE lighting will provide high energy efficiency lights for the installations for the second year in a row. 48 bands from across Ohio and the Midwest are also scheduled to play on 7 different stages. A fantastic selection of rock, punk, folk, indie, soul, acoustic and electronic acts has been curated by the Cleveland-based Bad Racket Recording Studio.

The event is free of charge, but if you would like to help out, you may participate as a volunteer or donate to the Brite Winter Festival Kickstarter campaign, which will earn you a pint glass from Glass Bubble Project, amongst other perks. For more information, please visit the event’s official Facebook page, www.facebook.com/britewinter.

 

The Great Big Home and Garden Show at I-X Center, Cleveland OH

The Great Big Home and Garden Show will take place from Saturday, February 2 to Sunday, February 10 at the I-X Center in Cleveland. With more than 650 exhibitors, the show is a must-see for home improvement and gardening enthusiasts.

New highlights and attractions to look out for this year include a fully-constructed, 4,000 square foot Idea Home sponsored by Sherwin-Williams and Cleveland Magazine. Built by Perrino Builders, the Idea Home aims to inspire visitors by presenting them with creative ways to plan and build their dream houses. Other features include a fully-constructed, 2,000 square foot Dream Basement built by Custom Remodeling and Design based in Chagrin Falls, fine dining at full-service restaurant Cambria Bistro, and daily cooking sessions presented by local chefs and instructors from the Loretta Paganini School of Cooking.

Returning favorites from last year’s show include the Garden Showcase, Celebrity Designer Rooms, Playground World’s KidsZone and last year’s Main Stage emcee, Matt Fox, who will also be presenting home improvement ideas and special educational topics on February 2, 3 and 5.

Tickets to the show cost from $5 to $14 and are available at the box office, online and at Home Depot and AAA locations. The I-X Center is located at 6200 Riverside Drive in Cleveland. For more information on the Great Big Home and Garden Show, please visit www.greatbighomeandgarden.com.

Downtown Cleveland Restaurant Week kicks off Feb. 22nd

The sixth annual Downtown Cleveland Restaurant Week will kick off on Friday, February 22, but although this will be the sixth year running for the popular event, 2013′s installment will feature several firsts.

First off, the event will stretch over two weekends for the first time ever, running through Sunday, March 3. This year’s celebration of downtown dining will also have a theme, namely “Pierogi Power,” as an ode to Cleveland’s unofficial signature food. Local chefs have been invited to create their own unique take on the tasty stuffed treat.

Also for the first time, there will be a kick-off party. Sponsored by Downtown Cleveland Alliance, the party will be in keeping with this year’s Polish theme, and is called “Go Fourth and Polka.” The highlight of the event will be DJ Kishka’s live polka entertainment set during happy hour on Friday, February 22 in the middle of East Fourth Street.

Aside from these few exciting new changes, the premise of Downtown Cleveland Restaurant Week will remain the same: more than 40 participating restaurants will offer three-course prix-fixe dinner menus prices at $30. Each restaurant will serve their own choice of specials, with some of them offering mix-and-match options as well as prix-fixe lunches, most of which are priced at $15.

For those who love food and all things Cleveland, Downtown Cleveland Restaurant Week is a great way to celebrate eating in the city. For more information, please visit downtowncleveland.com.

Realtor Confidence Levels Up Nationally, January 2013 Report

Realtor confidence levels are up significantly across the nation. The market is still being held back by a few obstacles, but the national market showing great improvement and going in the right direction.

Here is a recent article from the National Association of Realtors on the subject:

On January 24, 2013, in Economist Commentaries, by Jed Smith, Managing Director, Quantitative Research

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The year 2012 ended on a high note. Based on information gathered from the  December 2012 REALTORS® Confidence Index Survey, the Current Conditions Confidence Index increased for all property types. The index for single family homes rose to 56 from from 32 a year ago, indicating a shift in expectations from “below moderate” to “above moderate”.  An index of 50 means moderate conditions or expectations.   The index for townhouses ended at 39 compared to 19 last year, while the index for condominiums was at 31 compared to 14 last year.


REALTORS® generally reported brisker sales, rising home prices, and shorter days on the market.   However,  the market recovery continued to be held back by low inventory and  a tight  and drawn out underwriting process, especially for shortsales. Appraisal issues, the modest pace of economic recovery and job growth, and the potential adverse impact of ‘fiscal cliff” measures and  regulations on mortgage lending (e.g, Qualified Mortgage rules) were major concerns. REALTORS® also reported reduced activity in the areas affected by Hurricane Sandy and  concerns over the potential dampening effect of higher flood insurance rates.

4th Quarter 2012 Real Estate Statistics, Cleveland and Northeast Ohio

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 first few quarters, where it was closer to a 50% fail rate.  This is mainly due to higher buyer demand relative to fewer homes for sale.

Even with this improvement, of the 54 that did sell in the third 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 over 96% of asking price, while the homes that required reductions sold in 191 days for 80% of asking price.



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The key to selling real estate is proper pricing from the start...it's a huge part of marketing your home effectively.  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.

Mid-America Boat and Fishing Show in Cleveland 2013

The 56th annual Mid-America Boat and Fishing Show, also known as the Cleveland Boat Show, will take place from Thursday, January 17 to Monday, January 21 at the I-X Center located at 6200 Riverside Drive in Cleveland.

One of the largest boat shows in the United States, the Mid-America Boat and Fishing Show will feature over a thousand new and classic boats, ranging from the latest motor boat models to classic or used sailboats. Expect to see hundreds of interesting exhibits, including full-scale models and boating and fishing accessories, as well as live entertainment, food and drinks, and fun activities for children.

Highlights of the show include a one of a kind pavilion that will be set up on the show floor in celebration of the Battle of Lake Erie bicentennial. Visitors can marvel at a replica of Oliver Hazard Perry’s longboat and mingle with historical re-enactors wearing period costumes.

Sean Fisher, grandson of famous treasure hunter Mel Fisher, will be showcasing valuable treasure finds, including an 8-foot long gold chain, gold bar and disc, silver coins, and a beautiful Atocha emerald which was valued at half a million dollars.

Meanwhile, children of all ages can enjoy educational fun with the Swampmaster’s Gator Show, where expert handler Jeff Quattrocchi will catch an 8-foot, 200-pound alligator with his bare hands!

For more information on the show, please visit midamericaboatshow.com. Tickets are available on the website and at the I-X Center box office.

Federal Reserve: US Economy On The Mend 2013

According to a report from Bloomberg News, the local and national economies have picked up over the last month, and are being primarily fueled by home and auto sales.  Nationally, over the 12 districts, the pace of economic growth has been termed "modest" to "moderate."

Cleveland, the fourth district, has seen the following:

• Staffing across all industries has been slow. Job openings have been stagnant, with most vacancies were found primarily in manufacturing and healthcare.
• Manufacturing reports indicated that new orders and production were flat or down slightly during the past six weeks. Increased manufacturing production was seen for companies that supply the auto industry.
• New home construction has seen improved sales, with optimistic confidence levels heading into 2013. Listing and sales prices are increasing with higher demand (due to low interest rates) and fewer homes available for purchase.  Building material costs have gone up, also driving sales price for new construction.
• Consumer spending reports indicate the holiday shopping season was solid, with improved sales expected in the first quarter of 2013. Auto sales and leasing have shown steady improvement over the past six weeks.

For additional economic reporting for Cleveland, please view the full article HERE.

Tax Credits and Mortgage Forgiveness Act Reinstated by Fiscal Cliff Bill

Two main tax benefits that had expired were reinstated by the "Fiscal Cliff" policy recently passed by the federal government, along with an extension of the Mortgage Forgiveness Debt Relief Act.  Homeowners will be able to claim these tax credits on their 2012 taxes, according to a recent article In the Washington Post.

The American Taxpayer Relief Act allows you to write off the insurance premiums you paid during 2012 along with your mortgage interest, provided your household income does not exceed $110,000. The new bill retroactively permits write-offs for all of 2012 and 2013 for qualified borrowers.

If you had any energy-efficient renovations done in 2012 or plan to do them in 2013, you may be able to claim up to a $500 tax credit.  This incentive lapsed in 2011 but could now give you up to $500 off the bottom line of your federal tax return.  More information on the credits can be found at website for the Alliance to Save Energy.

In addition to the reinstated credits, the "Fiscal Cliff" legislation kept the Mortgage Forgiveness Debt Relief Act in force for 2013. This act protects homeowners who found themselves "underwater" with their home loans from incurring punitive federal taxes, which would have forced them to pay tax on the full amount of the short sale deficiency, as regular income. 

If this Act would have expired, it would have forced homeowners into a potential bankruptcy or a foreclosure situation, which could have proved devastating to homeowners.  On a larger scale, it would have had a vast impact on banks, as well as the local, state and national economy.

Bridal shows in Akron and Cleveland Ohio Area

If you are one of the happy couples who recently got engaged during the holidays, there are a few upcoming events that may help you get your wedding plans started.

More than 200 local and national vendors will take part in upcoming bridal fairs and fashion shows in Akron and Cleveland, giving brides and grooms to be a wide array of choices for their special day.

Today’s Bride will be having shows on Sunday, January 6 from 10am to 5pm at the John S. Knight Center located at 77 E. Mill St. in Akron; Saturday, January 12 from 2 to 8pm at the International Exposition Center at 6200 Riverside Drive in Cleveland; and Sunday, January 13 from 10am to 5pm, also at the I-X Center.

Jennifer Fyffe, Vice President of the shows, says that Today’s Bride shows are amongst the largest in the state. Last year’s event in Akron was attended by more than 1,000 bride-to-bes, while over 2,500 attended the show in Cleveland.

Visitors to this year’s events can expect to see fashion shows that will highlight current trends in wedding gowns, tuxedos, bridesmaid gowns, flower girl dresses and different hairstyles and bouquets.
“We cover the whole entourage,” Fyffe says. “You’ll get to see 90 gowns in 40 minutes. It’s a really fun atmosphere to see the trends.”

Tickets to see the shows are $10 each, and each bride will receive a free pink tote bag, as well as a recent issue of Today’s Bride Magazine and an exciting chance to win an all-inclusive vacation to Real Resorts in Mexico from UnlimitedTrips.com.

Trans-Siberian Orchestra at The Q December 26

The Trans-Siberian Orchestra will be performing “A Lost Christmas Eve” on Wednesday, December 26 at The Q. A musical extravaganza featuring lights and pyrotechnics, the show was written by Paul O’Neill, creator of the orchestra.

“When I was writing the story in ’04, I wanted to write about hope and redemption,” he said. “The underlying theme of ‘Lost Christmas Eve’ is hope and redemption. I’m always fascinated that there’s something about December 24 that allows human beings to undo mistakes.”

The story revolves around a Scrooge-like Wall Street mogul who abandons his newborn child. Unable to hail a cab, he walks home through the snow on Christmas Eve, passing a cathedral, a blues bar, a hotel and a hospital on the way. In the end, he realizes his mistake in giving up his son for the pursuit of money.

There will be two shows the day after Christmas, one at 3pm and the other at 8pm. Tickets range from $30 to $67.50 plus fees, and are available online at livenation.com or at The Q box office.

The Q is located at East Sixth Street and Huron Road in Cleveland.

Cleveland, Northeast OH Area Real Estate Market November 2012

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

Sales comparing November 2011 to November 2012 show considerable improvement.  Among the 15 counties in Northeast Ohio, single family home sales are up 15% and condo sales are up a remarkable 43.5%.  In addition to the increase in sales activity, Northeast Ohio is showing a 12% increase in single family home prices and 14.6% increase for condos, compared to last November. 

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 14.5% in November, by a slight margin.  Northeast Ohio also eclipsed the 10.1% national increase in sales prices, as well as exceeding the Ohio sales price increase of 8.5%. Nationally, 5.04 million homes have sold, which is just meeting the lower part of the 5-6 million of annual home sales considered to be a normal or healthy range. 

Disney on Ice at the Quickens Loans Arena in Cleveland

The second week of January brings a special treat for the children of Northeast Ohio as Disney on Ice presents “Rockin’ Ever After.” Featuring the most magical characters and the hottest tunes and talent from Disney, the show runs from Friday, January 11 to Sunday, January 21 at the Quickens Loans Arena located at 1 Center Court in Cleveland.

Headstrong and courageous Princess Merida from the Pixar movie “Brave” makes her ice debut, while a Scottish jig group from the same movie shows off their fancy movies. Beloved musical crab Sebastian will break out of his shell for one night only in a musical number with the lovely Princess Ariel. Meanwhile, a chorus of rambunctious hooligans from “Tangled” let loose in a spirited musical number with Rapunzel and her dashing leading man Flynn. Last but not least, Belle, the Beast and his entire castle entourage put on a spectacular show center stage.

Ticket prices range from $11 to $70 and are available online at theqarena.com or at the Quickens Loans Arena Box Office and various Northern Ohio Discount Drug Mart locations. Be sure not to miss this great family event!

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. 

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!"

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.   

Whether the home your selling is in the Cleveland/Northeast Ohio area or not, I invite you to call me anytime if I can be of further assistance.  Feel free to Contact Me anytime for more information.

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!
   


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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.



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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.


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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.