Solon Ohio Real Estate – First Quarter Market Report 2014

 

 

Here is our first quarter market report for Solon OH.

First, we will provide market statistics for the past month of March. Then we will offer a look at the first quarter statistics and compare them to how we fared at the same time last year. Finally, we will provide commentary.

Also contained within this report will be information pertaining to the Solon luxury home market  ( those priced over $500,000 ).

 

SOLD HOME STATISTICS SOLON OHIO

 

Date                                         # of homes sold         Ave. Sales Price             

March 2014                                14                            $267,304

March 2013                                17                            $310,746

 

First Quarter 2014                        43                           $283,251

First Quarter 2013                        40                           $305,230

 

 

SOLON LUXURY MARKET

First Quarter  2014                       4                             $736,861

First Quarter  2013                       8                             $657,938

 

 

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

The numbers above show an increase in terms of home sales from last year, which is always good news. However, the numbers don’t tell the whole story.

We predicted in our Year In Review 2013, a decrease in total number of sales this year. Based on the numbers above, are we wrong?

Hopefully, we are way off base and sales will increase in 2014. That will be good for everyone, us included.  The problem remains that without inventory, we cannot possibly sustain the numbers we saw in 2013.  Let’s look at the numbers closely:

Last year we saw 303 sales of single-family homes. So far this year, we have had 43 sales and an additional 61 homes are currently under contract.

Assuming these all close, that would put us at 104 sales,  leaving us needing to sell 199 more homes by the end of the year to match last year’s numbers.  Is this possible?

INVENTORY

This is where inventory is so crucial. We currently have 77 active listings. If, best case scenario, each and every one of these homes sells, we would still need 122 homes to come on the market and sell before the end of the year.

In order to sell in this calendar year,  we would basically need these 122 homes all to come onto the market over the next 6 months. That’s a lot of homes in a short period of time.

So, as you can see, we have a tall task in front of us to meet last years numbers.

THE GOOD NEWS

Now that I have presented the facts, here is the good news. There are a ton of buyers out there.

How do I know this? Agents communicate to each other and get a good feel for what is going on in the market. It is not unusual to get 15-20+ showings on a listing. Some price points are even more competitive.

Since only one of those showings will lead to a sale, the rest of the buyers are out there, waiting. That’s a lot of buyers.

FINAL THOUGHTS

In general, we have a very strong real estate market here in Solon. Nice homes, and I emphasize NICE ( updated, properly Staged, well-maintained…) will sell quickly.

However, buyers are still fairly picky. They will pay a very fair price for a nice home. They will not overpay for an average home. They may be motivated but they aren’t foolish.

So, if you are looking to buy or sell a home in Solon, here’s our parting advice:

For sellers: I would highly recommend making sure your home is positioned to sell. If not, you will simply be helping your competition. There is no excuse not to sell in this market.

For buyers: If you find a home you like, odds are that other buyers will feel the same way, so make an offer immediately.

If you have been sitting on the sidelines for what seems like forever, waiting for that one perfect home to come up, please read this: the perfect house doesn’t exist.  You either aren’t motivated to buy or have unrealistic expectations.  You may want to re-think your game plan moving forward.

 

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize in Solon luxury homes, relocation, and first-time buyers.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Solon Ohio Real Estate  -First Quarter Market Report is the property of The Schuman Team and may not be duplicated or used without their written consent.©April, 2014

Moving With Pets

scooter small

Post written by Dr. Michael Boyarin, guest blogger.

By itself, moving can be both exciting and stressful.  Moving with pets, however, presents unique and specific challenges that can be met with a little knowledge and advance planning. 

Most of what will ensure a smooth experience for both you and your pets can be done well in advance of the actual move. 

Following are some of the most important areas for consideration:

BEFORE THE MOVE:

1.      Microchip (& ID tags):  Microchipping your pet is one of the most important things you can do to ensure your pets safe return should he ever become lost. 

         If you have not already done this, now is an opportune time to do so.  If already microchipped, update your contact information, including your new address.

*If you are moving internationally, make sure your veterinarian implants a chip that meets The International Standards Organization (ISO) global standards.

·         https://www.avma.org/KB/Resources/Backgrounders/Documents/microchipping_bgnd.pdf

2.     Health certificate:  For interstate travel, the USDA requires a valid health certificate, issued by a licensed veterinarian within 30 days of travel.   A physical exam & assuring appropriate rabies immunization will likely be required.

For international travel, the rules vary by the country of your destination.  This can be a tedious & confusing process that often requires months of planning.  Contacting the consulate of the country in question can be very helpful.

3.     Pet records:  In most instances, medical records can be faxed or emailed to your new veterinarian.  However, if your pet has complex or specific medical needs that might require immediate treatment, consider obtaining copies prior to travel.

 4.    Pet medications:  Obtain an adequate supply of any products your pet uses regularly.  This will allow you to establish your new veterinary relationship in a more thoughtful & effective manner.

 

*While they are not routinely necessary, if you anticipate needing sedatives or motion sickness medications, don’t wait to discuss this with your veterinarian.  There is no “one size fits all” when using these medications.  Allow time for trials and/or dosage modifications.*

5.     Contact the Airline:  If flying, there are often specific requirements regarding cold/heat tolerances as well as cage specifications.  To have your pet to travel in the passenger compartment with you, early arrangements are often necessary.

6.     Car restraint:  If traveling by car, determine if a crate is appropriate.  In most cases having your pet constrained will greatly increase his safety and reduce the risk of escape.  If not, consider using a safety device designed to prevent injury in case of accident.

·         http://www.barkbuckleup.com/

7.       Plan your stops:  If traveling by car & an overnight stop or stops will be necessary, find “pet friendly” hotels/motels along the way & make reservations.

DURING THE MOVE:

 1.      Moving day:  Especially if strangers are packing your belongings, place your pet in a safe, quiet & secure place so that he cannot escape.

2.      Water:  Pack plenty of fresh water from home or bottled water.  Finicky pets or those at risk of dehydration may be less apt to drink water with an unusual taste or smell.

AFTER THE MOVE:

1.      Check the surroundings:  Insure both the inside and outside environments are safe and free from hazards.

2.      Acclimate your pet:  The transition may lead to problems such as loss of potty training/litter box use, territorial behaviors & stress/anxiety behaviors.  Of particular concern is how to reintroduce free roaming cats to the outside.  There are many resources with acclimation tips:

·         http://www.fidofriendly.com/blog/how-to-acclimiate-your-dog-to-a-new-home-environment

·         http://www.poodlesbydesign.biz/ACCLIMATINGTOANEWHOME.htm

·         http://www.aspca.org/pet-care/virtual-pet-behaviorist/cat-behavior/introducing-your-cat-new-house

·         http://www.hshv.org/site/DocServer/BP-024-Indoor-Outdoor-CatsTransition.pdf?docID=2581

3.       Choosing a new vet:  Ask friends, neighbors and relatives for a recommendation.  Visit the facility & meet the doctor(s).

ADDITIONAL RESOURCES:

AVMA:  https://www.avma.org/public/PetCare/Pages/Traveling-with-Your-Pet-FAQs.aspx

USDA:  http://www.aphis.usda.gov/animal_welfare/pet_travel/pet_travel.shtml

Delta Air Lines:  http://www.delta.com/content/www/en_US/traveling-with-us/special-travel-needs/pets/pet-requirements-restrictions.html

BringFido.com:  http://www.bringfido.com/travel/us_regulations/

For international moves, or other moves that are significantly complex, there are companies that can greatly facilitate your move.  Some examples are:

Air Animal Pet Movers:  http://www.airanimal.com/

Animal Land, Inc.:  http://www.petmovers.com/

AirVets Pet Relocation:  http://www.airvets.com/

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ABOUT THE AUTHOR

Dr. Michael Boyarin is a companion animal veterinarian with over 20 yrs. experience working with dogs, cats & their “human” parents.  After graduating Phi Beta Kappa from the University of Florida with a BS in Zoology in 1988, Michael continued his education at Florida’s College of Veterinary Medicine where he obtained his DVM in 1992.  He currently practices in Jacksonville, FL.  Because of his strong belief that well informed owners are best able to enhance their pet’s well-being, Michael actively supports and encourages client education.

Solon Ohio Real Estate – Market Report February 2014

Quarterly Market Reports On Sold Homes

 

 

Here is our monthly market report for real estate in Solon OH for the month of February, 2014.

First, we will provide a list of all home transfers for last month, including the names of buyers and sellers, if available.

Then, we will give market statistics of homes that sold last month, with a comparison to the previous year. We will provide our commentary at the end.

 

HOMES SOLD IN SOLON -  FEBRUARY 2014

ADDRESS              PRICE         BUYER             SELLER

32950  Arthur Rd  $72,000      Pat Twietmeyer   George Wormley

33620  Baldwin     $86,916      NA                    FNMA

6573  Arbordale    $107,250    American Millenium Mildred Suchecki

6712  Som Center $112,000    Sb Ohio Properties ChrisHuang

28425  Cannon Rd $140,000    NA                      FNMA

32705  W Nimrod  $189,000    Vincent Montague  Byron Spurr

32603  S Burr Oak $191,718    William Franz         US Bank

32000  Cannon Rd $223,500    Ron Paul               Michael Stein

5465  Som Center $247,000    Katherine Koczan   Hossein Bazldjoo

6515  Clearwater Ct$334,000  Alvin Salzinger       Carrington Ct

7257  Formby Dr     $335,000  Arthur Kopittke      Molly Conway

6694  Brandamore  $435,000    NA                      Ginger Campopiano

7536  Royal Portrush $455,000 Vanisree Velamoor  Chengkui Qu

7563  Royal Portrush $720,000Sridhar Jaladi          M Tervalon Trust

39740  Patterson Ln $790,000 Scott Elliott           John Kunkel

 

SOLD HOME STATISTICS SOLON OHIO – FEBRUARY 2014

 

Date                                         # of homes sold         Ave. Sales Price             

February 2014                               15                           $295,892

February 2013                               13                           $340,192

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

We’ve gotten off to a decent start in 2014. The actual number of sales so far is higher than in 2013, which was a fantastic year in real estate. It’s simply too early to tell if this year will be better, but the signs do show promise.

As predicted, the number of homes for sale has increased from last month as smart sellers are looking to get an early jump on the spring market. We saw 6 homes come on the market this past week and 29 since February 1st.   There are currently 71 active listings, up from 62 this time last month.

MOVING FORWARD:

We anticipate things slowing down right around spring break but will then pick up significantly as we head into April. There will be a ton of homes coming onto the market over the next 90 days, creating a lot of activity for buyers and sellers. The hottest market is in the $300,000-$400,000 price point, where nice homes can expect to sell very quickly, perhaps in a matter of days.

If you are thinking about selling your Solon home, you should seriously consider taking advantage of a strong market this spring. There are no guarantees next year will be any better, so waiting may not be worth the risk.

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, Solon residents and agents with Howard Hanna Real Estate Services.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Solon Ohio Real Estate – Market Report February 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2014

Solon Ohio Real Estate – Market Report January 2014

Quarterly Market Reports On Sold Homes

 

 

Here is our first 2014 monthly report for real estate in Solon OH.

First, we will provide a list of all home transfers for last month, including the names of buyers and sellers, if available.

Then, we will give market statistics of homes that sold last month, with a comparison to the previous year.

Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.

 

HOMES SOLD IN SOLON -  JANUARY 2014

ADDRESS              PRICE         BUYER             SELLER

33870 Baldwin       $106,000    Marta Towers     David Soederstrom

6575 Glenallen       $146,000    Tabotha Howell   Robert Hrusch

33289 Warwickshire$160,000    Daniel Durisek     James Locastro

33430 Pettibone     $192,900    NA                   JP Morgan

32467 S Roundhead$215,000    Michael Friendlander Jun Chen

7261 Winchester    $307,000    Kathleen Sullivan Samir Botros

6946 Highview Dr   $352,000    Sergey Makarov  FNMA

7239 Annandale     $371,000    Cosmax Usa Corp Anthony Alesci

5825 Dodsworth     $382,000   NA                     RP Max, LLC

6800 Mayapple       $420,000   Wanyan He         Betty Hooper

35990 S Huntington$425,500    Bozhong Xin        Mary Eastman

7598 Royal Portrush $670,245   NA                    Melissa Smrdel

6620  Cummings      $485,000  Brett Johnson      Timothy Trump

37177  Cherrybank  $690,000   Matthew Shene   Carol Arnson

 

SOLD HOME STATISTICS SOLON OHIO – JANUARY 2014

 

Date                                         # of homes sold         Ave. Sales Price             

January 2014                                12                            $312,304

January 2013                                11                            $240,545

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Beginning of the year statistics can often be inconclusive and sometimes misleading. We will need at least 2 more months before we can get a better grasp of how this year will fare compared to last year, which was a very strong year.

The fact that we started out this year a little better than last year is certainly good. However, in both cases, the homes that transfer in January are typically those that have been lingering on the market for a long time and are getting purchased by bargain hunters. The average days on market ( DOM ) of the homes that sold last month was 192 and reflects this. Once we hit the spring market, we can expect the DOM to be under 150.

If you would like to get a better feel for the overall market, please take a look at our 2013 Year In Review For Solon Real Estate.  

Lack Of Inventory

I can’t remember seeing so few homes on the market. In fact, at the lowest point last month, there were only 62 active listings for sale in all of Solon.

The really good news is that we have started to see more homes come on the market over the last few days. We are personally getting a ton of calls from sellers looking to take advantage of the upcoming spring market and anticipate a ton of new inventory over the next 30 days.

Moving forward

We anticipate sales to be about where they were last year, possibly even a little lower. This is more a function of so few homes being on the market than a lack of demand. The volatile stock market certainly never helps, but it’s too early to say if this will affect the local housing market.

If there is one take away from this report, it should be that we need more homes to sell. Anyone that has been putting off selling their home, waiting for the market to get better, should sell now. Rates  aren’t getting lower and demand is the highest we’ve seen in a long time.

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, Solon residents and agents with Howard Hanna Real Estate Services.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Solon Ohio Real Estate – Market Report January 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2014

Solon Real Estate – Year In Review 2013

Solon Sold homes

The following is our 5th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2012. We will also give commentary and our predictions for 2014.

ALL HOMES

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

 

2013                      303                    $303,554                 95.90%

 

2012                      263                    $298,277                 94.06%

 

LUXURY HOMES ( sales price over $500,000 )

 

2013                       45                     $655,305                95.59%

 

2012                       39                     $640,749                92.95%

 

2013 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              144              $296,672               94.53%

 

SECOND HALF           159              $309,788               97.12%

Source: NEOHREX

 

COMMENTARY

While 2012 was a very good year for real estate in Solon, 2013 was fantastic. The positive momentum from 2012 continued over through 2013 and the statistics reflect that. Below is a list of 5 important things to take away from the statistics above:

 

1.     About a 15% increase in the number of sold homes from 2012 to 2013

2.     Average sales price was higher in 2013

3.     The market IMPROVED during the second half of 2013

4.     Homes were selling for almost 96% of their asking price, up from 94% in 2012

5.     Improvement across the board in Solon luxury homes

 

CONTRIBUTING FACTORS

The improving economy, soaring stock market and low inventories all helped to make 2013 a good year in real estate for Solon.  The local economy has been recovering slowly but surely since the Great Recession. With that has come a rebound in the local real estate market. Although we aren’t seeing huge appreciation, 2-3% per year is not unusual in our marketplace. Slow and steady growth is certainly better than the huge swings we saw 5-10 years ago.

The rise in the stock market has also helped. While it may not affect first time buyers, it does affect the mid-priced and luxury markets.  Increasing portfolios make these buyers much more confident in their wealth. Therefore, they are much more open to making large purchases, like cars and homes.

In terms of inventories, there has been a somewhat limited supply of homes for sale in Solon for well over a year. Low supply increases prices and has shifted the market from favoring buyers to one that is much more balanced.

WHAT LIES AHEAD

While we always like to be positive, our prediction for 2014 is for less sales but the average price should remain close to the same. Low inventories will be the main reason for the decrease in sales. Demand is certainly there, but with nothing to buy, it creates a little bit of gridlock in the local housing market.

Currently, there are only 65 homes for sale in the entire Solon market. When you break it down into different price points, that really isn’t a lot to choose from.

While it’s impossible to ever time a market, those looking to sell can certainly take advantage of today’s environment.

 

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Solon Ohio Real Estate – Year In Review 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2014

How Much Should We Pay For That Home?

 one question to ask a client

Figuring out how much to pay for a home is not always an easy thing to do. Since we often get asked this question by our buyer clients, we decided to take some time to explain a sure fire way to figure out the answer.

As a disclaimer,  let me say that as an agent, we do not tell people what to do. It is not our money and not our decision to make. Plus, it is impossible for us to duplicate the feelings you have about a particular home.

We are here to give you information and help guide you along the process. At the end of the day, you need to own this decision, not us.

 

DOLLARS AND SENSE

 

When considering value of a home, it is helpful to look at the sales price of other similar homes that have recently sold. Most likely, those will be the comparable sales that an appraiser will use in their report.

It is also a good idea to tour the market and see other homes in the same price range that are currently for sale. Typically, the homes that are the nicest in their respective price point will stand out. Hopefully that will be the case on the home you are about to purchase.

On a side note, make sure you are comparing apples to apples.  If you want to buy a newer home, you need to compare it to other homes similar in age and amenities.

While not the most important statistic, it is still a good idea to see what other homes are selling for in terms of price per square foot. It would be ideal if the subject property fits within the range. If the home you are considering buying is priced higher in terms of price per square foot than recent sales, there better be a good reason.

DON’T LET FEAR STAND IN YOUR WAY

Most buyers simply are afraid of overpaying for a home. This is totally understandable and something that every single buyer thinks about.

We suggest doing the following exercise that will help you define your ceiling, the maximum you will pay. This is the most important number to figure out, one which everything else will work around.

Let’s say you thought a home was worth $450,000. How would you feel if another buyer ended up buying that home for $450,100. Can you accept that or would you feel regret?

The magic number is to come up with a price that you absolutely positively will not exceed under any circumstance. If another buyer pays even one penny more, you would be ok with that and move on to another home.

That my friends, is the price you should pay for that home.

Obviously, if you can get it for less, that would be great ( we will talk about negotiating in a future post ).

Buying a home is certainly a complex transaction. Hopefully, this will put things in perspective and help make the process just a little easier on you.

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize in Solon luxury homes, relocation, and first-time buyers.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

How Much Should We Pay For That Home is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2014

Solon Homes Report – November 2013

 

 

 

Here is our official market report for  Solon, Ohio for November 2013.

We will provide a list of all single family sold homes, including the names of buyers and sellers if available,  give monthly statistics ( with a comparison to last year ) and provide commentary.

HOMES SOLD IN SOLON -  NOVEMBER 2013

ADDRESS              PRICE         BUYER             SELLER

6446 Glenallen       $115,500   NA                  Clara Jakovic

35355  Aurora Rd   $130,000   Jacob Weber     Joel Tornberg

6576  Glenallen Av $145,000   Yao Qingping     Dorothy Laidman

6573  Forest Glen  $161,500   Wu Guo            Gloria Francis

33565  Baldwin Rd  $185,000   NA                  David Ring

33180  E Nimrod    $189,750   Zhang Shenjia   David Chung

36077 Meadowdale $205,000   NA                  Jennifer Haky

34855  Lakeview Dr$215,000   Brad Kreger       John Duncan

32126  Sedgefield   $250,000   NA                  Paragon Pacific LLC

7297  Winchester   $270,000   Matt Johnson    Chen Shibiao

5876  Som Center   $277,000  Richard Mayer    Kathy Morgan

5624  Westminster  $370,000  Laleh Nematollahi Beth Eidnier

6620  Cummings     $485,000  Brett Johnson     Timothy Trump

37177  Cherrybank  $690,000 Matthew Shene   Carol Arnson

SOLD HOME STATISTICS SOLON OHIO – NOVEMBER 2013

Date                                         # of Homes Sold                 Ave. Sales Price

November 2013                              14                               $263,482

November 2012                              23                               $228,141

YTD 2013                                    286                               $305,721

YTD 2012                                    247                               $299,260

 

COMMENTARY:

As the year winds down, it is safe to say that we will have more home sales here in Solon this year than in 2012.  However, things have slowed down a bit and this may affect the 2014 market.

Low inventories continue to be a problem and may be a factor to decreasing sales next year.

With interest rates continuing to be low and the stock market near all time highs, confidence among buyers seems to be good. In fact, the recurring theme seems to be that there are a lot of buyers on the sidelines and just not enough homes for sale.

In last month’s report, we mentioned there were only 88 active listings, extremely low even at this time of the year. Today, there are only 77 active homes for sale in Solon, an all-time low.

To take this a step further, let’s say you were a buyer looking in the popular $250,000-$300,000 price range. You would have only 5 homes to choose from and they have been on the market for an average of about 4 months. Basically, it would be equivalent to going to Nordstrom and seeing only a few things on the shelves and they are all shorts and bathing suits.

Today’s inventory is basically not ideal for a buyer looking for a sharp home. I am certainly not trying to be negative about the current inventory of homes, but the bottom line is that if a home is that nice and priced well, it would have sold by now.

The homes on the market today are likely dated and overpriced and simply not appealing to today’s picky buyers.

GOOD THINGS COME TO THOSE WHO WAIT

The good news is that new homes typically come on the market after the New Year. So, frustrated buyers should have some renewed optimism that there will be some new homes to look at over the next 30-90 days. The one caveat to buyers is that if you do find a home you like, you better move on it quickly or risk losing out to another buyer.

The good news for sellers is that there has never been a better time to put your home on the market. If you have a nicely finished home, it is staged and priced right, you could have buyers beating down your door.

Our next report will be our popular Year In Review, so look for it early next month.

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They are Solon residents and specialize in luxury homes and relocation.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Solon Homes Report November 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©November, 2013

The Truth About Earnest Money

How Much Earnest Money Is Enough?

How Much Earnest Money Is Enough?

 

The topic of earnest money comes up all the time with our buyer clients. So, we decided to write about it so that others can learn.

Please keep in mind that rules regarding earnest money vary by state and it’s best to thoroughly read the purchase agreement to fully understand the details of how earnest money will be handled.

THE BASICS

To begin, let’s start with the basics. Earnest money, also known as “good faith” money, is not actually required by law in the State Of Ohio. It is, however, common and expected by the seller.

It is an amount of money that a buyer offers to the seller up front and is refundable in most cases if the deal doesn’t go through.

The money doesn’t actually go directly to the seller. It goes to a title company or real estate agency that holds onto the money until closing. Then, it gets applied to the buyer’s costs.

It’s basically a way for a buyer to show a seller they are committed to moving forward with the transaction. If a buyer doesn’t offer any earnest money, then there would be nothing stopping them from pursuing another home with no recourse to the seller. A situation deemed unfair by a seller.

HOW MUCH IS ENOUGH?

The most common question we get involves how much money a buyer should offer.  Unfortunately, there is not one specific answer. The general rule of thumb is 1-2% of the purchase price but it all depends on the situation.

If a buyer is in a potentially competitive situation, greater earnest money may make their offer more attractive than another buyers’.

The other terms of the offer, including price, dates and other contingencies, will also come into play. The earnest money is just one component of the overall offer.

CAN I GET MY MONEY BACK?

For the most part, a buyer is entitled to their earnest money back if a transaction doesn’t go through. However, there are always exceptions. We have seen rare cases where a seller was allowed to keep all or part of the earnest money, but the circumstances here were unusual.   

As long as you follow the terms of the contract, you shouldn’t have any problems. Your agent and or their manager can also provide guidance should a unique circumstance present itself.

Although earnest money is only one small part of the transaction, it does play a big role during negotiations and should be taken seriously.

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize in Solon luxury homes, relocation, and first-time buyers.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

The Truth About Earnest Money is the property of The Schuman Team and may not be duplicated or used without their written consent.©Noevember, 2013

Solon Homes Report – October 2013

 

 

 

Here is our official market report for  Solon OH  for the zip code 44139, excluding Glenwillow, for homes sold in October 2013.

We will provide a list of all sold homes, including the names of buyers and sellers if available,  give monthly statistics, and make a comparison to last year.

We will also include a breakdown for the Solon luxury home market ( those priced over $500,000 ).

HOMES SOLD IN SOLON -  OCTOBER 2013

ADDRESS              PRICE         BUYER             SELLER

38670 Aurora Rd   $109,900  Diblasi, Salvetta A  Poet Thomas E III

35550 Timberlane $125,500   Linebarger Trust    Lang Lynn

35280 Bainbridge  $153,500   Ballard,Kenneth     Gaither Harry G

33700 Arthur Rd   $157,500   not available         Levy Cheryl L

36965 Pettibone   $158,000   Ketchem,Thomas   Musarra Gary P & Cheryl L

36525 Timberlane $160,000   Markovich, Andrey Werner Stephani F A

7533 Som Center  $164,200  Hendryx Roger B     Doherty Robert J & Marion E

38215 Fox Run Dr $165,000   not available         Holpuch John James

6568 Copley Ave  $167,000   Zhou Guangjin       Cancelli-Bartz Mary Kay

6610 Brookland     $173,500  not available         Jellen Christopher H

32610 Arthur Rd   $177,000   Daniel Craig D       Wurts Charles J

38255 Bainbridge  $177,500   Smith Kenneth      Dranchak Dale T & Diane M

5905 Liberty Rd    $180,000   Diorio Thomas A   Burton G E Living Trust

6614 Duneden      $185,000  Ranallo Michael L   Epstein Robert M

33596 Lisa Ln      $248,000   Leimeister AlexanderZuckerman Neil

6977 Kingswood   $260,100  Liang Yun             Sexten Brian & Linda

33221 N Burr Oak $280,000  Becker Christopher Bomell Christa

32720 N Burr Oak $285,000  not available         Terry Dennis Dunbar (Te)

7615 Lindsay Ln   $295,000  Buckley Marshall    Clark T S Family Trust

37174 Wexford     $415,000  Smit Lauren C       Kingdom Development Corp

5474 Tayport Dr   $447,000  Katz Lisa F           Ramsey Gary L

37214 Tidewater   $540,000  Keuchel Kenneth  Moore Jerry A & Angela R

32670 Burlwood    $590,000  Heller Scott         Dobrowski Mary

5980 Glasgow      $596,000   Liu Gang             Belianski Victor

6960 Woodlands   $681,400   Brown Daniel       Paspulati Raj M

5475 N Woods     $875,000   not available        Hedrick Diane MTrust

37150 Broadstone $1,089,889 Monesmith Kim    Prestige & Premier Companies

SOLD HOME STATISTICS SOLON OHIO – OCTOBER 2013

Date                                         # of homes sold         Ave. Sales Price

October 2013                                  27                               $328,000

October 2012                                  23                               $286,022

YTD 2013                                      271                               $308,528

YTD 2012                                      224                              $304,509

 

SOLON LUXURY MARKET

October 2013                                 6                                $728,715

October 2012                                 3                                $607,667

YTD   2013                                    43                               $654,320

YTD   2012                                    34                               $636,624

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

The real estate market continues to show improvement compared to last year. Both number of sales and average sales price are up in Solon this year, one of only a few suburbs in Northeast Ohio with that distinction.

We got off to a blistering start to the year which has certainly helped the overall numbers. As mentioned in previous posts, things have cooled down a little bit since school started. While fall isn’t prime season, it certainly can be a popular time to buy or sell, as evidenced by the 27 homes sold last month.

While there are numerous factors that have helped make this a great year for real estate in Solon, low inventories continue to be a major influence. Currently, there are only 88 active listings. In past years, we would see 150+ homes for sale at this time of the year.

What this means is that buyers are screaming for new inventory and many have become quite frustrated. The buyers that really need to buy will snatch up a nicely finished home within days, provided it is priced fairly. If a home is not selling, price and condition are likely major factors.

The increase in the sales of Solon luxury homes is also a good sign. Move-up buyers are having an easier time selling their existing homes so are able to buy bigger homes. Some move-up buyers are actually buying their larger home first, feeling extremely confident that their existing home will sell.

Moving forward, we anticipate a natural slowdown through the rest of the year. However, when all is said and done, 2013 will be a strong year for Solon real estate.

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize is luxury homes, relocation, and first-time buyers.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Solon Homes Report October 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Novemeber, 2013

Is By Owner Good For Buyers?

 

 

With limited inventory, buyers and their agents are scrambling to find homes for sale.

Homes listed for sale by owner are a tempting option to buyers, but are they really a great choice?

 

BY OWNER – THE WHO AND WHY

To begin, the purpose of this post isn’t to be negative about those who sell by owner. It is their right to do so and we respect that. We do want to educate buyers though on this segment of the market and what is means to them should they entertain buying a home listed by the owner.

Let’s start with the basics: Someone who tries to sell their home without using an agent is termed a “FSBO ( pronounced Fizbo ) – For Sale By Owner”.  It is legal for someone to do this and represent themselves in the real estate transaction.

There are a few reasons why someone would want to sell by owner. The main reason is to save money.  There are, however, a small percentage of owners who have controlling personalities and prefer to do most things on their own, including selling their home.  Based on experience though, saving money is still the number one reason why someone would attempt to sell by owner.

With the popularity of the internet, someone selling by owner now has the ability to advertise on popular sites, like Zillow. Therefore, it is not unusual for a buyer to see these types of homes listed for sale while doing an on line search. Most “by owners” are willing to pay a buyers agent who brings them an offer. These listings are certainly something we consider when searching for a home for one of our buyer clients.

A GOOD OPTION FOR BUYERS?

With low inventories, we agents need to do everything we can to find homes for our buyers. This includes communicating with FSBO’s and bringing these homes to the attention of our buyers.

The problem with this situation is that most “by owners” are not overly motivated. Basically, they will sell if they get their desired price. Otherwise, most don’t need to sell and will simply stay in the home. This dynamic certainly doesn’t favor a buyer as they simply have no leverage here.

If the seller needed to sell or had a decent level of motivation, they would hire an agent, knowing their success rate would then be exponentially higher.

This situation leads to one where a buyer will likely have to overpay for a home, sometimes well above market value.  Basically, if they fall in love with a “by owner” home, they will have to pay  “retail” instead of “wholesale”.

Also, since most sellers lack experience dealing with the complexities that come with a real estate transaction, the process can be quite trying at times.  Buyers need to consider if it’s worth overpaying and jumping through hoops for the right home.

THE FINAL WORD

Whether buying a home listed “by owner” is a good or bad option is up to the consumer to decide. In our personal experience, many of our clients who have purchased directly through the owner have admitted to overpaying. However, they justified the price because they fell in love with the home. Sometimes the heart wants what it wants even if that means paying extra.

In the end,  I would advise a buyer to tread cautiously in this situation.  There is nothing wrong with looking at a “by owner”provided you have realistic expectations of the possible end result.

 

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize in Solon luxury homes, relocation, and first-time buyers.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Is By Owner Good For Buyers is the property of The Schuman Team and may not be duplicated or used without their written consent.©October, 2013