Cleveland, Northeast OH Area Real Estate Market February 2013

According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper, homes sales in the region were lower in February than it was in February 2012.  However, the article was quick to point out that some real estate agents aren't advertising their listings, so the figures aren't accounting for those sales.  Carl DeMusz from the NORMLS advised "...that at least 89 sales -- many of them involving higher-end properties -- were held out of the listing service last month. Overall, sales are "at least slightly better than what we're showing," he added. "What we're seeing in the market is not the optimistic numbers. They're the conservative numbers."
Using the "listed" home sales (not accounting for these missing sales) comparing February 2012 to February 2013 show a small decline.  Among the 15 counties in Northeast Ohio, single family home sales are down 1.6% and condo sales remained flat.  January's data reported a 20.8% increase in sales contracts early in the year, indicating strong sales were probable in February and March.  Northeast Ohio is showing a 15% increase in single family home prices and 11.7% increase for condos, compared to last February. 

What I'm finding is that buyers are very active right now, but some are waiting for more homes to come onto the market.  I see sellers wanting to list as we approach April and warmer weather, which would indicate February as more of a "hiccup" in the improving local real estate market. 

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 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 months.  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 Ohio's sales increase of 10.2% in February, however, Northeast Ohio is showing a higher price increase of 15% versus Ohio's 7.9%. The US market has also seen a 10.2% increase in sales from the year before, and Northeast Ohio is showing a higher price increase than the national average increase of 11.6%.  Nationally, 4.98 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.  

I-X Indoor Amusement Park in Cleveland opens March 22

The I-X Indoor Amusement Park will be open once again, starting Friday, March 22 and running through Sunday, April 14. With over 20 acres of rides, fun activities, live entertainment, food and more, the amusement park is something families in Cleveland look forward to every spring.

This year’s highlights include the new Soaring Eagle Zipline, which takes a pair of riders up almost 70 feet above the I-X Center floor; the new White Water Ride, which features 58,000 gallons of water; and all new family friendly shows such as Mutts Gone Nuts, featuring loveable canines performing hilarious stunts and tricks.

The amusement park has also announced some great news: the price of admission has been lowered this year.

Amy Girton, show manager and marketing director, said, “I am pleased to announce that we have lowered our individual ticket pricing this year to the I-X Indoor Amusement Park, while also adding new entertainment and two new rides. If you haven’t been to the park recently, or maybe you come every year, this is the year to visit and save money, while also enjoying two new rides and our new Mutts Gone Nuts dog show that is both cute and funny for the who family to enjoy!”

The I-X Indoor Amusement Park is located at 6200 Riverside Drive in Cleveland. For more information, please visit www.ixamusementpark.com.

Mortgage Interest Rates Are On The Rise

Interest rates have reached a 6 month high for 30 year loans, with an average rate of 3.63%, up from last week's average of 3.52%.  For comparison, in November-December 2012 the rates were at a 3.35% national average. The average 15 year rate also saw a small increase from 2.76% to 2.79%.

The main contributors to the increase are the improved economy and the drop in unemployment rates.  In fact, unemployment rates dropped below expectations to 7.7%.  The short version of why these indicators affect interest rates, is due to consumer confidence and the obvious fact that if more people are working, there will be more people with the ability to make a home purchase.

So, what this means for a home buyer is that interest rates are on the rise.  They fluctuate daily and we will see peaks and valleys, but the rates will be trending upward as the economy improves.  That is why this year would be a great time to consider making a home purchase.  Economists are projecting that rates will reach 4% by year's end.  It's still a fantastic rate, but as the rates increase, it will affect a buyer's purchasing limit.

For sellers, we are seeing in most communities, that there is high buyer demand due to the rising rates and not enough homes for sale yet to meet the demand.  When there is high demand and lower supply, that indicates a trend leaning toward a seller's market.  That is why we are also seeing a slight increase in home sales prices, shorter days on the market and multiple offer situations on homes. 

This is a very exciting point-in-time where a homeowner can experience a better seller's market, and still take advantage of the low interest rates and great sales prices, before we see further increases in those rates and prices.  I would enjoy speaking to anyone considering a move, to discuss the local market and how it affects your specific situation and needs.

14th annual St. Patrick’s Day parade in Cleveland

It’s that time of year again when the streets of Cleveland turn green. The 14th annual St. Patrick’s Day parade will kick off at 2pm on Sunday, March 17 at Superior Avenue and East 18th Street. The sea of green will then march to Public Square and circle back to East 6th Street, spanning an approximately two mile route that will take about two hours and 15 minutes.

Parade organizer Shannon Corcoran said, “We try to keep a steady pace, but if it’s cold, they tend to move faster.”

Last year’s parade was fortunately held in sunny weather, which resulted in a crowd of about 400,000 joining in along the parade route.

The Cleveland parade holds the distinction of being the oldest and largest in the state, and has stayed within the top ten largest in the whole United States. This year’s instalment will have about 13,000 marchers participating, as well as a couple of Irish wolfhounds and 208 units.

Visitors can expect to see police officers dressed in sharp uniforms, high school marching bands in their glittering costumes and bagpipers in their Highland kilts. Kevin McGinty of Euclid will be the parade’s grand marshal, and Una Ellis of North Ridgeville will be the Irish Mother of the Year. Since this year will mark the 150th anniversary of the Cleveland Fire Department, the parade will see a lot of fire fighting gear as well.
This year’s parade theme is Irish immigrants coming to America.

Sesame Street Live: Elmo Makes Music in Cleveland

For parents of young children about 5 to 7 years old, a fun and educational show is coming to the PlayhouseSquare in Cleveland. Watch the famous furry red monster Elmo and all his Sesame Street friends including loveable yellow Big Bird and newer character Abby Cadabby in a special production of Sesame Street Live: Elmo Makes Music. The story is about Jenny, an enthusiastic new music teacher who comes to Sesame Street only to discover to her dismay that her musical instruments are missing. Jenny quickly makes friends with the Muppets, who come to her rescue and help her discover “instruments” they never knew existed, including rubber duckies, trash can lids and cookie jars. Together, Elmo and friends teach children that anyone can enjoy and make music, even using commonplace household objects to make a joyful sound.

Children of all ages will surely enjoy this special treat as they recognize the beloved Muppet characters. Accompanying adults will also enjoy hearing familiar songs such as “The Hustle,” “You Should be Dancing” and “Rockin’ Robin.” The show features almost two dozen songs, including instantly recognizable sing along classics such as “C is for Cookie” and “The Alphabet Song.”

Catch Sesame Street Live: Elmo Makes Music from Thursday, February 28 to Sunday, March 3 at the PlayhouseSquare’s State Theatre located at 1501 Euclid Avenue in Cleveland. Tickets range from $10 to $70 and are available online at www.playhousesquare.org.

January Pending Home Sales Up in All Regions

From the National Association of Realtors:

WASHINGTON (February 27, 2013) - Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of Realtors®. There were healthy monthly gains in all regions but the West, which is constrained by limited inventory but was slightly improved.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012 when it was 96.7. The data reflect contracts but not closings.

The January index is the highest reading since April 2010 when it hit 110.9, just before the deadline for the home buyer tax credit. Aside from spikes induced by the tax credits, the last time there was a higher reading was in February 2007 when it reached 107.9.

Lawrence Yun, NAR chief economist, said inventory is the key to this year's housing market. "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years," he said.

"Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun said.

The PHSI in the Northeast rose 8.2 percent to 84.8 in January and is 10.5 percent higher than January 2012. In the Midwest the index increased 4.5 percent to 105.0 in January and is 17.7 percent above a year ago. Pending home sales in the South rose 5.9 percent to an index of 119.3 in January and are 11.3 percent higher January 2012. In the West the index edged up 0.1 percent in January to 102.1 but is 1.5 percent below a year ago.

Yun expects approximately 5.0 million existing-home sales this year. However, price growth could exceed a 7 percent gain projected for 2013 if inventory supplies remain low. Previously, NAR had expected 5.1 million existing-home sales in 2013, while prices were forecast to rise 5.5 to 6.0 percent.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.

# # #

* The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

Also released today are annual data revisions. Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the past three years based on the most recent findings. There are no changes to unadjusted or annual data.

NOTE: Existing-home sales for February will be reported March 21 and the next Pending Home Sales Index will be on March 27. The Investment and Vacation Home Buyers Survey, covering transactions in 2012, is scheduled for April 2; all release times are 10:00 a.m. EDT.

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.



____________________________________________________________________________


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.