Solon Ohio Real Estate – Third Quarter Market Report 2014

 

 

Here is our Third Quarter Market Report for Solon OH.

First, we will provide market statistics for the past month of September. Then we will offer a look at the statistics for the third quarter and compare them to how we fared at the same time last year. We will also provide year to date statistics. 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             

September 2014                                18                           $356,650

September 2013                                26                           $286,908

 

Third Quarter  2014                             94                           $345,494

Third Quarter 2013                             101                          $318,521

 

YTD 2014                                         220                          $321,780

YTD 2013                                         244                          $305,969

 

 

SOLON LUXURY MARKET

Third Quarter  2014                           15                            $684,583

Third Quarter 2013                            16                            $619,747

YTD     2014                                    31                           $682,026

YTD     2013                                    37                           $642,255

 

 

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

As we predicted in our Year In Review 2013, there has been a decrease in overall sales so far this year. We are down by about 10% compared to last year although the average sales price has increased.

This had been a little bit of an inconsistent year in real estate for Solon. We got off to a very strong start in 2013 compared to this year and have simply not been able to make up the ground. That being said, by historic standards, it is still a good year based on statistics.

Last year we saw 303 sales of single-family homes. So far this year, we are at 220 sales. Unless we have a record breaking fourth quarter, we don’t anticipate exceeding those numbers.

INVENTORY

We currently have 120 active listings, up from 100 at the end of June.

This is the time of the year where you won’t see a ton of new inventory hit the market, but great homes still can come up. Unless someone is being relocated, or really needs to sell for another reason, most sellers at this point may opt to wait until the beginning on 2015. But if you are a buyer and looking for that perfect home, I wouldn’t totally rule out the fall buying season.

FINAL THOUGHTS

For buyers, the fall can be a great time to buy. Many homes that didn’t sell over the summer are now seeing price reductions. Many sellers realize that they missed out on the summer market ( likely due to being overpriced ) and really do want to sell. They likely don’t want to keep their home on the market during the costly winter months, so deals can be had.

For sellers, a nice home priced right in any market will sell. If you need to sell and can’t wait until the spring, don’t worry. There are still plenty of buyers out there waiting for that special home, just make sure it is priced to sell.

Buyers are very educated today and want immediate gratification. Most do not want to do a lot of work to a home if they don’t have to. Therefore, a nicely updated home, priced fairly, should fly off the market.  Homes that need a lot of work and/or are not priced correctly, will likely sit on the market for a while.

Last year was a record breaking year in real estate here in Solon. So we certainly didn’t expect this year to be better. However, the numbers indicate things are still very healthy and Solon is still in high demand.

————————————————————————-

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  -Third Quarter Market Report 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Oct, 2014

Solon Ohio Real Estate – Bi Annual Market Report 2014

 

 

Here is our Bi-Annual Market Report for Solon OH.

First, we will provide market statistics for the past month of June. Then we will offer a look at the statistics for the first half of the year 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             

June 2014                                38                           $345,217

June 2013                                42                           $316,836

 

First Half  2014                        126                          $304,089

First Half  2013                        143                          $297,103

 

 

SOLON LUXURY MARKET

First Half  2014                             16                            $679,628

First Half  2013                             21                            $659,405

 

SALES BY PRICE POINT       2014                                        2013

 

$100,000-199,999                   42                                  50

$200,000-299,999                   23                                  40

$300,000-399,999                   28                                  24

$400,000-499,999                   15                                   5

 

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

As we predicted in our Year In Review 2013, there has been a decrease in overall sales so far this year. We are down by about 12% compared to the first half of 2013. The average sales price has increased though.

This had been an interesting year in real estate for Solon. We got off to a much hotter start in 2013 thanks in part to unseasonably warm winter weather. The lack of inventory this year also kept us from starting fast out of the gate like we did in 2013.

Last year we saw 303 sales of single-family homes. So far this year, we have had 126 sales and an additional 70 homes are currently under contract.

Assuming these all close, that would put us at 196 sales,  leaving us needing to sell 107 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 100 active listings. Since statistically, 53% of all listings end up selling, we will still need a lot more inventory to come up over the next 100 days or so in order to match last years sales figures.

While there has been a lot of new homes coming on the market over the last 60 days, the slow start to the year didn’t help. Inventory of available homes for sale is still historically low, giving buyers fewer choices.

FINAL THOUGHTS

Our feeling is that many home sellers have gotten cocky over the last year in terms of pricing their homes, with some pricing themselves out of the market. Yes, the market is certainly better, but values are still far off the 2006 peak levels. So, expecting to receive that for your home is simply unrealistic unless you have done significant updates.

Buyers are very educated today and want immediate gratification. Most do not want to do a lot of work to a home if they don’t have to. Therefore, a nicely updated home, priced fairly, should fly off the market.  Homes that need a lot of work and/or are not priced correctly, will likely sit on the market for a while.

Last year was an exceptional year in real estate, so expecting to match those numbers is probably unrealistic. However, a decent fall market can help us end up with a fairly solid year.

————————————————————————-

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.©July, 2014

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.

 

————————————————————————-

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/

————————————————————————————————————————————————————–

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.

————————————————————————-

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.

————————————————————————-

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.

 

————————————————————————-

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.

————————————————————————-

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.

————————————————————————-

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.

————————————————————————-

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