Cleveland, Northeast OH Area Real Estate Market September 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 dropped from August to September, but continue to surpass last year's sales figures. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, has driving this increase in activity and increase in sales prices over the past year.  Economist say that the recent government shutdown and consumer uncertainty attributed to the reduced sales volume in September.
Sales comparing September 2012 to September 2013 still show increasing sales figures.  Among the 15 counties in Northeast Ohio, single family home sales are up 15.2% and 3.1% for condominium sales. 



By comparison, Northeast Ohio is showing a 3% price increase from last year, with the state of Ohio's at 2%. Ohio's sales volume increase was also up by over 18.9% from September 2012.  The US market saw a 11.7% increase in sales price from the year before, and is showing a sales volume increase of 10.7%.  Ohio and Northeast Ohio's price increases have stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in the area compared with the nation.  There is concern that home prices are rising faster than income growth.



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 decreased slightly, hovering around 4.3%. 

This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.

New Home Construction - Reasons To Have Realtor Representation

Buying a new home is exciting, and home construction is on the rise. You get to build your home the way you want it to be. But like any home purchase, new construction is an expensive transaction with many financial implications.

Here's why it’s a good idea to obtain representation from a Realtor when considering new construction:

Sales Reps Work For The Builder. Builders usually have their own agents or representatives on site to discuss the home construction process, and help with a potential purchase. They can explain how the builder compares to competitors, differences between models and floor plans, go over your financing options, upgrades and specials, etc. But it’s important to know that builder reps represent the builder.

Fiduciary Duties. When you use Realtor representation, their responsibility is to you. You have a local expert who is looking out for your best interests, who’s contractually obligated to protect you. A buyer's agent can help you navigate the contract and help you understand the specific clauses, riders and upgrade, making sure you know what you need to before you sign on the dotted line.

Negotiating. Finding the right model and choosing your upgrades is fun, and you should truly try to enjoy the experience. The contracts and negotiating terms and options is the not-so-fun part, and can be quite daunting.  Most buyers don't know they can even negotiate with a builder. Your agent can also present other financing options or possibly work with the builder’s lender directly to get you a better rate for your mortgage.

Navigating You to Closing. Signing a contract with a builder is step one in the process. You must also line up financing, work with title companies, attend numerous inspections and make sure completion of the home meets the deadline. Your Realtor can manage that process to ensure you’re not missing anything at each stage of your new home's construction.

Home Value Accuracy - Agent Versus Software Estimates

If you're considering buying or selling a home, I'm sure you've probably looked at various real estate sites to see how much homes are valued for.  As a real estate professional, I get clients that ask me about these home value estimates all the time.  Some of them have almost decided not to buy or sell a home, because they trusted these estimated to be accurate, and they got the impression they could not meet their selling or purchasing goals.

So, I decided to due my homework and see just how accurate these estimates are.  I went to the most well known site for home value estimates...Zillow.  Their "Zestimates," as they're called, provide home value estimates of any home, whether they're for sale or not.  Zillow states that this is not to be construed as an appraisal, but an opinion of value.

The issue is, these values are derived from county tax values, last sales price, surrounding homes in different communities and school districts.  It may also use homes that while close in proximity, are of varying quality, size, condition, age, and/or distressed (foreclosure or short sale).  The homes could be in a better or worse location as well (train tracks, near highway, on a main road, etc).

I attached a screen shot from Zillow's website that discloses the accuracy of their "Zestimates," which can be viewed at the following link as well.  ZESTIMATE ACCURACY



Being a Realtor in the Cleveland and Northeast Ohio area, I'll ask you to draw your attention to the Cleveland OH statistics. As you can see, the "Zestimates" are only 35.9% accurate within 5% of the true value, 63.7% within 10% of true value and 83.7% accurate within 20% of true value.  If an agent had accuracy numbers like these, he/she wouldn't be a very successful Realtor.

To put this in perspective, if a seller owned a $250,000 home, the differences at these 5-20% levels of accuracy could range from $12,500-$50,000!  If the seller's home is one of the 16.3% that weren't even accurate within 20%, this number could be even higher.

The point is, as I explain to all of my clients, using the internet to obtain real estate knowledge can be a great thing, but can also be misleading or incorrect.  Knowing the source of your information is very important, and it's the reason I wrote this article.  Specific to this topic, nothing replaces the valuation of a local real estate agent.  And when choosing a Realtor, be sure to interview more than one to make sure you're choosing a knowledgeable agent that will successfully guide you through your transaction.

Ohio Career Expo at the Cleveland Public Auditorium

Screencap taken from https://www.facebook.com/ohiocareerexpo

For those who are looking for a new job or considering switching careers, the Ohio Career Expo will take place on Tuesday, October 8 at 10am at the Cleveland Public Auditorium, located at 500 Lakeside Avenue E in Cleveland.

The Expo is an excellent opportunity for job seekers to apply at several different companies. For those looking to hire, it’s a good way to meet with hundreds of qualified candidates and possibly make several hires in just a few hours.

Registration is free of charge, but required, as tickets are going fast. Over 100 top Northern Ohio companies looking to hire will be in attendance, with full-time and part-time jobs available in industries including (but not limited to) advertising, aeronautics, agriculture and fishing, automotive, construction, education, engineering, food services, healthcare, hospitality, insurance, manufacturing, marketing, real estate, retail, sales, security, technology, telecommunications, and transportation.

According to the event’s official Facebook page, there are over 1,200 job openings in the Cleveland area healthcare sector alone. So don’t miss out on this fantastic opportunity, register now. For more information, please visit https://www.facebook.com/ohiocareerexpo.

Cleveland, Northeast OH Area Real Estate Market August 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 continue to surpass last year's sales figures. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, is driving this increase in activity and increase in sales prices.  The low inventory continues to increase new construction demand, as well.
Sales comparing August 2012 to August 2013 show increasing sales figures by double digits, like they did in the past 3 months.  Among the 15 counties in Northeast Ohio, single family home sales are up 11.3% and 19.8% for condominium sales.  From July to August 2013, sales rose by 1.2%. 

By comparison, Northeast Ohio is showing a 8% price increase from last year, with the state of Ohio's at 3.4%. Ohio's sales volume increase was also up by over 16.9% from August 2012.  The US market saw a 14.7% increase in sales price from the year before, and is showing a sales volume increase of only 13.2%.  Northeast Ohio's price increases have stabilized recently, while Ohio and the US have dipped a bit.

Ohio just marked 26 straight months of annual sales gains, and nationwide sales of existing homes hit their highest level in 6.5 years.  Lawrence Yun, the chief economist for the National Association of Realtors, described the August jump as a "temporary peak," driven by higher interest rates on home loans.  He said he expects sales to be uneven over the coming months and that rising sales prices and restrictive lending may hold back sales growth.

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 begun to increase over the past several months, hovering around 4.5%. 

This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.

For Home Sellers: Understanding The Home Buyer

As the seller, you can control three factors that will affect the sale of your home:

* The home's condition
* Asking price
* Marketing strategy

However, it's important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers' market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.

Location
Unfortunately, the most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.

Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and "empty nesters," or couples whose children have grown up and moved out.

Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the "hot ticket" items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.

2013 Cleveland Labor Day Oktoberfest This Weekend

Screencap taken from http://clevelandoktoberfest.com/

The 2013 Cleveland Labor Day Oktoberfest, tagged as Northeast Ohio’s largest annual outdoor festival, will take place at the Cuyahoga County Fairgrounds from Friday, August 30 to Monday, September 2. For four exciting days, visitors can expect authentic German food, live entertainment from local and regional musicians, German dance groups and of course, gallons and gallons of ice-cold beer.

A diverse and unique experience, the Cleveland Labor Day Oktoberfest will have something to offer everyone. For art lovers, there will be a dedicated Art Market, sidewalk chalk art and a demonstration by sand sculptor Carl Jara. A 5k race, corn hole boards and other sporty activities will cater to more athletic visitors. Shopaholics can visit the Bavarian Bazaar while car enthusiasts can check out the VW Show & Campout as well as the juried Car Show. Of course, the festival also has fun activities lined up for the kids, including the Frisch Marionette Show, inflatables, toy trains, a gingerbread house building competition, sandboxes, a stunning fireworks display and more.

Admission costs $10 with a $2 discount if you purchase tickets online. Children under 12 get in free. Hours are from 5pm to midnight on Friday, noon to midnight on Saturday and Sunday and from noon to 9pm on Monday. The Cuyahoga County Fairgrounds are located at 164 Eastland Road in Berea. For more information, please visit clevelandoktoberfest.com.

Cleveland, Northeast OH Area Real Estate Market July 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 continue to surpass last year's sales figures. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, is driving this increase in activity and increase in sales prices.  The low inventory continues to increase new construction demand, as well.
Sales comparing July 2012 to July 2013 show increasing sales figures by double digits, like they did in May and June.  Among the 15 counties in Northeast Ohio, single family home sales are up 22.6% and 30.2% for condominium sales.  From June to July 2013, sales rose by 9%. 

By comparison, Northeast Ohio is showing a 6.3% price increase from last year, with the state of Ohio's at 7.2%. Ohio's sales volume increase was also up by over 25.8% from July 2012.  The US market saw a 13.7% increase in sales price from the year before, and is showing a sales volume increase of only 17.2%.  Northeast Ohio's price increases have improved to a lesser degree the past couple months, while Ohio and the US have been fairly stable.

"Although housing affordability conditions will become less attractive, jobs are being added to the economy," Lawrence Yun, chief economist for the National Association of Realtors, said in a written statement. "And mortgage underwriting standards should normalize over time from current stringent conditions as default rates fall."

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 begun to increase over the past several months, hovering around 4.5%. 

This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.

Consider Home Staging to Sell Your Home

So, you're selling your home, or at least considering it.  But how do you compete with the rest of the market around you?  Pricing? Condition? Listing with an agent that knows how to market your home properly?  YES!

For the purposes of this post, we're going to concentrate on the condition of the home...

Why to Consider Staging

As a seller, you want to put yourself in the best position to get buyers' attention and have them perceive a value for your home, in comparison to other homes on the market in the area.  A buyer needs to see themselves living in your home.  Whether you're currently living in your home or have left it vacant, home staging may be what you need to set your home apart from the rest.

The purpose to home staging is to give your home an updated look, and to give a buyer the ability to see what the home would look like in it's best possible condition.  It helps highlight the home's best features, with the goal of appealing to a broad range of buyers, selling faster and for a higher dollar amount.  According to statistics from the Accredited Staging Professional website, the success rate (see below) can be quite substantial.


Return on Investment

Costs can vary, depending on the size of the home and how much staging work is done.  It can be a few hundred dollars to several thousand, but if it results in a quick sale for top dollar, it may prove to be well worth the investment. According to staging professionals, it can provide a 3-7% higher sales price.

The following is a summary of the results of HomeGain's national survey, based on the ten areas of home improvement identified by real estate agents in HomeGain's survey. They are listed from the highest to lowest returns on investment:


Bottom Line

As I always advise my sellers, if there is something that can place your home above all the rest, it should always be considered.  In regards to home staging, if the results and the return on investment can be achieved, it may be a way for a seller to "beat the market" in a time when the market heavily favors the buyer.

Cleveland, Northeast OH Area Real Estate Market June 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 continue to surpass last year's sales figures, as we have now hit the mid-point of the year. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, is driving this increase in activity and increase in sales prices.  The low inventory continues to increase new construction demand, as well.
Sales comparing June 2012 to June 2013 show increasing sales figures by double digits, like they did in May.  Among the 15 counties in Northeast Ohio, single family home sales are up 13.3% and 11.2% for condominium sales.  From May to June 2013, sales rose by 4%. 

By comparison, Northeast Ohio is showing a 8.4% price increase from last year, with the state of Ohio's at 9.3%. Ohio's sales volume increase was also up by over 15% from June 2012.  The US market saw a 13.5% increase in sales price from the year before, and is showing a sales volume increase of only 15.2%.  Last month, Northeast Ohio outpaced Ohio and the US in both volume and price increases.

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 begun to increase over the past several months, hovering around 4% or so.  Rates were nearly a full percent lower in November of last year.

This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.

Luau on the Lake on July 20, Wendy Park in Cleveland OH

Photo taken from http://sc4k.org/

SC4K or Shoes and Clothes for Kids are holding its 8th annual Luau on the Lake on Saturday, July 20 at Wendy Park at Whiskey Island in Cleveland. This is a Hawaiian themed fundraising event to benefit the children that Shoes and Clothes for Kids supports. Guests can expect to enjoy a fun filled day with good food, drinks, wine and beer, outdoor activities such as sand volleyball, live music and entertainment, and a fantastic view of Lake Erie. The event will also feature exciting giveaways and a fabulous raffle.

SC4K is a non-profit organization that provides new clothes and shoes to thousands of children in Greater Cleveland at no charge throughout the year. With a network of 35 distribution partners, they aim to positively impact the lives of less fortunate area children by giving them the boosts in confidence and self-esteem that having new clothes and shoes naturally brings.

Tickets for Luau on the Lake range from $40 to $50. The event starts at 3:30pm for VIP ticket holders and 4pm for General Admission. Food will be served from 5:30 to 7:30pm. For more information on this event, please visit sc4k.org.

Cleveland, Northeast OH Area Real Estate Market May 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 continue to surpass last year's sales figures. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, is driving this increase in activity and increase in sales prices.  The low inventory is increasing new construction demand, as well.
Sales comparing May 2012 to May 2013 show increasing sales figures by double digits.  Among the 15 counties in Northeast Ohio, single family home sales are up 12.6% and condo sales are up a 25.8%.  From April to May 2013, sales rose by double digits also. 

By comparison, Northeast Ohio is showing a 13.4% price increase from last year, outpacing the state of Ohio's 9.3%. The US market saw a 15.4% increase in sales price from the year before, and is showing a sales increase of only 4.2%. 

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 several months, and have been hovering around 4%. 

This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.

Cleveland, Northeast OH Area Real Estate Market April 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 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.  Lower inventory (down 13.6% from last year) is actually thought to be keeping home sales gains from improving even further. 
Sales comparing April 2012 to April 2013 show increasing sales figures.  Among the 15 counties in Northeast Ohio, single family home sales are up 15.9% and condo sales are up a 13%.  From March to April 2013, single family home sales increased 0.6%.  In addition to the increase in sales activity, Northeast Ohio is showing a 3.3% increase in single family home prices and 3.6% increase for condos, compared to last April. 

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 several months, and have nearly reached 4%. 


By comparison, Northeast Ohio is showing a similar sales price increase to Ohio's 3.5%. The US market saw a 11% increase in sales price from the year before, and is showing a sales increase of 9.7%.  Nationally, 4.97 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.

Mortgage Delinquencies Fall to 2007 Lows

According to a recent article from the National Association of Realtors, delinquencies on home loans dropped in March to 0.84 percent of the nation's 50.2 million mortgages -- the first month since 2007 that delinquencies were below the 1 percent mark.

First-time defaults -- loans that are at least 60 days delinquent -- peaked in January 2009 at 2.89 percent.

Home loans at least 30 days delinquent or in foreclosure dropped to 5 million in March. In January 2010, delinquent loans for at least 30 days peaked at 7.7 million.

More home owners are seeing equity once again in their homes, as prices rise. The number of mortgages with negative equity dropped to 18 percent of homes with a mortgage in January, down from 41 percent one year earlier.

Cleveland, Northeast OH Area Real Estate Market March 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 continue to surpass last year's sales figures. Lower home inventory (which is beginning to increase), 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 March 2012 to March 2013 show increasing sales figures.  Among the 15 counties in Northeast Ohio, single family home sales are up 15.8% and condo sales are up a 15.6%.  From February to March 2013, single family home sales increased 48.9% and condos increase by 33.3%.  In addition to the increase in sales activity, Northeast Ohio is showing a 6.9% increase in single family home prices and 1.0% increase for condos, compared to last March. 

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 several months.  The data also indicates we have seen the bottom of the local real estate market.



By comparison, Northeast Ohio is showing a higher price increase of 6.9% versus Ohio's 5.2%. The US market actually saw a 0.6% decrease in sales price from the year before, but is showing a home price increase of 6.9%.  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.

Hop aboard the Cuyahoga Valley Scenic Railroad

If you are looking for things to do as the weather gets warmer, and if you would like to experience the beauty of Northeast Ohio in a whole new way, why not hop aboard the Cuyahoga Valley Scenic Railroad? The CVSR is one of the longest, oldest and most scenic tourist excursion railways in the whole United States. This non-profit organization operates in partnership with the Cuyahoga Valley National Park and is dedicated to the preservation of passenger rail transportation in Cuyahoga Valley and the historic Ohio & Erie Canalway.

The CVSR has several special events, tours and educational programs throughout the year, but if you simply want to enjoy a relaxing train ride through a breathtakingly scenic route, you may purchase tickets for just $12 for both adults and kids. There is even food aboard the train, so all you have to do is sit back, relax and enjoy the sights.

For more information on the Cuyahoga Valley Scenic Railroad, please visit www.cvsr.com.

NAR Chief Economist Discusses U.S. Real Estate Market

The National Association of Realtors Chief Economist Lawrence Yun joined C-SPAN yesterday morning to discuss the U.S. housing market, and he responded to telephone calls and electronic communications. Topics included the March 2013 jobs numbers, Obama administration efforts to boost the housing market, and the real estate markets in individual states.

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.