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!
   


____________________________________________________________________________

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

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



____________________________________________________________________________

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

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

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


____________________________________________________________________________


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

I invite you to contact me anytime to discuss further.

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

Interest rates are at a new low for 2012!

The average 30 year fixed interest rate is now at 3.35%, and for a 15 year fixed the rate is at an incredibly low 2.70%.  As you may know, interest rates fluctuate constantly, so taking advantage of a low rate should be done swiftly.  Whether you're looking to finance a home purchase or refinance your current mortgage, a call to a mortgage lender may be a good idea.

Regarding a home purchase or sale, low rates are causing higher buyer demand.  In addition, there are fewer homes for sale than there were a year ago, causing home prices (depending on location), to increase. 

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

Feel free to Contact Me for more information.

Cleveland, Northeast OH Area Real Estate Market August 2012

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

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

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





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

Cleveland, Northeast OH Area Real Estate Market July 2012

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

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

The key point here is that the market is starting to correct itself and balance.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have increased over the past couple weeks (and is forecasted to continue in that direction), when deciding when to make a purchase.  The data over the past several months indicates we have seen the bottom of the local real estate market.





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

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

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

 

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Home Purchase Closing Costs In Ohio

In the past year, closing costs in the state of Ohio have reduced by 6%. With that reduction Ohio is still the 11th-highest in closing costs nationwide.  On average, for a $200,000 home purchase mortgage in Ohio, it now costs $3,933, down from $4,165 last year. 

The U.S. average is $3,754, a decline of 7 percent from 2011.

The reduction in costs can be attributed to new regulations that require lenders to be more accurate when estimating closing costs for borrowers.  The regulation, which was put in place two years ago as part of the Real Estate Settlement Practices Act requires lenders to provide a "good faith estimate" of third-party fees that is within 10% of the actual amount the buyer will pay.

In addition, the mortgage crisis drove a lot of the high-cost mortgage brokers out of business.  The collapse of the housing market means that dramatically fewer people are buying homes, so banks and title companies have to be more competitive.

U.S. Real Estate Market Improved For Buyers And Sellers

According to an article in the Wall Street Journal, S&P's David Blitzer indicated that nearly seven years after the housing bubble burst, most indexes of house prices are bending up. "We finally saw some rising home prices."  Nationally, the number of existing homes for sale has fallen close to the normal level of six months' worth despite all the foreclosed homes. 

This national trend is something I'm seeing locally in many of the Northeast Ohio suburbs, where as the inner-ring suburbs and Cleveland areas are still seeing a considerable supply of homes versus buyer demand.  When we see lower supply and higher demand for homes (due to historically low interest rates), we will begin to see an increase in sales prices.

We're also seeing improvements in new home construction on a national and local level, but it still has a long way to go from what construction was like in 2002, which we may never see again. 

As the economy and employment rate improves, so will the real estate market.  As a Seller, the great news is that there are less Homes For Sale compared to last year, and there is higher buyer demand.  Again, in that scenario, that means sales prices will remain where they are or show modest increases.  As a Buyer, the great news is that interest rates are at or near record lows and the lenders have relaxed their approval criteria a bit over the past year or so.

I don't know what the future will hold in regards to the economy, real estate market or interests rates.  What I do know, is that this local market in Northeast Ohio has shown significant improvement, and it's a great time to consider making a move.

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

Interest rates are at a new low for 2012!

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

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

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

Feel free to Contact Me for more information.