Solon Ohio Real Estate – Market Report – Oct 2016

Quarterly Market Reports On Sold Homes

Here is our monthly market report for real estate in Solon OH for the month of October, 2016.

HOMES SOLD IN SOLON –  OCTOBER 2016

ADDRESS                   PRICE   

33420 Linden Dr       $137,000

6621 Copley Ave      $145,500

6598 Glenallen Ave    $169,000

5059 Lake Vista Dr    $173,000

32605 Bainbridge Rd  $173,500

6448 Creekside Trl    $180,000

33198 Tallyho Dr      $181,200

33217 S Roundhead Ln$204,500

5199 Brainard Rd      $210,000

 5695 Elm Hill Dr       $217,000

 5675 Elm Hill Dr      $220,000

5203 Cheswick Dr    $235,000

 31845 Lynton Ln     $240,000

32923 Cromwell Dr     $242,000

 37433 Hunters Ridge Rd$249,500

37125 Fox Run Dr     $267,000

 36133 Derby Downs Dr $331,200

 6122 Liberty Rd        $333,000

 7291 Winchester Dr   $357,000

5241 Som Center Rd   $365,000

34160 Seminole Way   $400,000

6405 Suzanne Ln        $410,000

35365 Spatterdock Ln  $422,000

32520 Shadowbrook Dr  $440,000

6710 Brandamore Ct    $508,000

6730 Ridgecliff Dr       $520,000

 

SOLD HOME STATISTICS SOLON OHIO – OCTOBER 2016

Date                                         # of homes sold         Ave. Sales Price             

Oct 2016                                       26                            $281,938

Oct 2015                                       19                            $312,468

*source NEOHREX ( Regional MLS )

COMMENTARY:

As the market has slowed down a little bit from the summer, October sales were fairly decent in terms of the number of sales. However, most were in the mid to lower price points, so the average sales price last month is significantly lower than the year-to-date average sales price of $321,437.

After the market slowed down in July and August, it did pick up after Labor Day.

The luxury market has been strong this year but has slowed down over the last few months. Only 2 of the sales in October were over the $500,000 price point, and we have seen only 6 luxury homes go under contract since Labor Day.

We anticipate decent activity over the next few weeks, and then a seasonal slowdown from Thanksgiving to New Years.

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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 Oct 2016 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Nov, 2016

Solon Ohio Real Estate – 3rd Quarter Market Report 2016

Solon Sold homes

The following is a comparison between the first three quarters of this year to the same time period from 2015. We will also give a specific breakdown of sales by price points and offer our commentary.

ALL SALES – JANUARY – SEPTEMBER

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

2016                      259                    $326,259                96.54%

2015                      249                    $304,842                96.57%

THIRD QUARTER SALES

2016                        93                    $347,030                96.48%

2015                      121                    $301,844                95.64%

LUXURY HOMES YTD ( sale price over $500,000 )

2016                       43                     $663,796

2015                       27                     $640,820

PRICE POINT BREAKDOWN OF ALL 2016 SALES YTD Through 9/30/16 ( 2015 sales in parenthesis )

Under $100,000 =     4 ( 4 )

$100,000-199,999 = 63 ( 66 )

$200,000-299,999 = 81 ( 76 )

$300,000-399,999 = 46 ( 41 )

$400,000-499,999 = 22 ( 33 )

$500,000-599,999= 15 ( 11 )

$600,000-699,000 = 17 (7 )

$700,000-799,000 = 9 (8 )

$800,000-899,000 = 1 ( 0 )

$900,000-999,999 = 0 ( 1 )

$1,000,000 +   =  1 ( 0 )

Source: NEOHREX

COMMENTARY

To begin, here is what we wrote after the end of June during our half year market update:

While 2015 was a very good year, 2016 is shaping up to be even better.

Below is a list of 5 things to take away from the end of the second quarter:

1.     More homes sales in 2016 vs. 2015.

2.     Average sales price is up slightly in 2016.

3.     The $200,000-299,999 price point is the “hot” market in 2016.

4.     A well priced home will receive approximately 96% of asking price.

5.     The luxury market is more active in 2016, especially in the $600,000-699,000 price range.

 

Upon review of third quarter figures, most of the things above still hold true. However, overall sales were down significantly in the third quarter of this year.

While there was still the usual rush for buyers to close before the start of school, the early start to the school year caused third quarter sales to occur earlier in the cycle. Take a look at these sales figures:

SALES 2016       2015

June – 52           35

July –  36           48

Aug –  41           39

Sept – 16           34

The number of sales during the peak buying season was similar, but the distribution or timing happened early in this years’ cycle.

Buyers seemed more aware and prepared to take action sooner rather than later. Typically, buyers snatch up houses at the last minute, well into July and even August, but not this summer. After July 1 this year, the market came to a halt, which is evidenced by the dismal September sales figures above.

 

MOVING FORWARD

The 2016 real estate market has been fantastic this year up to this point but we have seen things slow down during the end of the third quarter.

The good news is that things picked up significantly after Labor Day with buyers looking to complete transactions before the weather gets bad. We expect November and December to be solid months for closings as a result of the increased activity in September and now into October.

Sellers who lost out on the summer market will need to position themselves competitively or their homes will sit on the market during the slow winter months.

Properly priced homes are consistently selling for, on average, approximately 96% of list price and we don’t see that changing.

The only wild card is the upcoming Presidential election. Will it affect rates, at least in the short term? Will it dramatically affect stocks, which in turn influences buying confidence?

No one knows, but to be safe, it may be wise to get under contract before Nov. 8th.

Below Are Other Articles Of Interest Relating To Solon OH:

Solon – A Special Community

Money Magazine Ranks Solon Top Places To Live

Newsweek Ranks Solon On Top Schools List

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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 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  3rd Quarter Market Report 2016 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Oct. 2016

How’s Your Curb Appeal

Front elevation of luxury home in evening

Curb appeal is a popular buzz word in real estate. Your home will be judged within seconds based on how it looks from the outside, regardless of how many interior upgrades you have done.

Knowing this, we highly recommend to our clients that they evaluate their landscaping on a yearly basis to ensure it is always looking its best.

BUT MY YARD LOOKS GREAT

Let’s be honest, no one is going to tell you that your landscaping looks awful. The homeowner is often the last person to realize their yard needs work.

Next time you approach your home, stop at the street and take an honest look to see how it appears. Also, compare it to the rest of the neighborhood. Is it beautiful and well maintained, or is it overgrown in places, needing a little work.

YOU WON’T SELL WHAT YOU CAN’T SEE

While having professionally maintained landscaping is great, all the time, money and effort you put into your yard is wasted if you can’t see your home due to overgrown trees and bushes.

While it may not be a big deal to you at this time, it will affect resale. Additionally, there are benefits you can enjoy immediately by trimming and removing overgrown trees and landscaping.

I personally had a tree get so big in my front yard that we couldn’t see half of my house. The fact that it was a great tree and looked so pretty in the fall kept me from seeing the reality that it needed to go.

We hired a well respected landscaper who made some recommendations including removing that tree. I fought him on it but now that it’s gone, I realize we should have done it much sooner.

Not only can we see our house again but we get a ton more sunlight in the rooms that were previously darkened by the shade of that tree.

NOW WHAT?

If you have the means, I highly recommend hiring a professional landscaper to assess your property. I realize it’s not a cheap endeavor but it’s a worthwhile investment, especially on higher end homes.

If cost is a concern, the internet has a ton of sites full of great do it yourself ideas. Fall is a great time to get good deals on trees, bushes and perennials, so now is the time to take action.

How the outside of your home looks is a reflection of you. So take some time to make sure it looks great.

Improvements That Add Value

Our clients constantly ask us about the types of things they can do to add value to their home. Typically, you can never go wrong with kitchens, baths, and a decked-out lower level, things that today’s buyers gravitate toward.

There are a lot of things to consider, however, including how long you plan to remain in your home. There’s no reason to do a major kitchen remodel if you plan to move in 3 years. Sometimes just putting in granite, new fixtures, and painting can make a difference in terms of resale.

Here are the top 5 projects that will give you the biggest bang for your buck, in terms of percentage of costs recouped*:

1.  Garage Door – 109%

2.  Entry Door – 84.1%

3.  Siding – 79.9%

4.  Windows – 65.4%

5.  Kitchen – 62.9%

Here’s a link to the cost vs. value report for the Cleveland area.

* Source: Remodeling Magazine

If you are planning on doing some projects around your home this fall, just be aware of expectations regarding your return on investment.

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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 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.

Improvement That Add Value is the property of The Schuman Team and may not be duplicated or used without their written consent.©August 2016

Solon Ohio Real Estate – Half Year Review 2016

Solon Sold homes

While it’s hard to believe, we have just past the mid point of the year. The market has been better than predicted with the number of sales up across the board.

The following is a comparison between the first half of this year to the same time period from 2015. We will also give a specific breakdown of sales by price points and offer our commentary.

ALL SALES – JANUARY – JUNE

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

2016                      164                    $313,977                96.57%

2015                      128                    $307,677                97.44%

LUXURY HOMES ( sale price over $500,000 )

2016                       26                     $613,281

2015                       15                     $632,043

 

PRICE POINT BREAKDOWN OF ALL FIRST HALF 2016 SALES ( 2015 first half sales in parenthesis )

$100,000-199,999 = 40 ( 35 )

$200,000-299,999 = 61 ( 39 )

$300,000-399,999 = 21 ( 21 )

$400,000-499,999 = 16 ( 18 )

$500,000-599,999= 11 ( 7 )

$600,000-699,000 = 12 ( 3 )

$700,000-799,000 = 3 (4 )

$800,000-899,000 = 0 ( 1 )

$900,000-999,999 = 0 ( 0 )

$1,000,000 +   =  0 ( 0 )

Source: NEOHREX

 

COMMENTARY

While 2015 was a very good year, 2016 is shaping up to be even better.

Below is a list of 5 things to take away from the above statistics:

1.     More homes sales in 2016 vs. 2015.

2.     Average sales price is up slightly in 2016.

3.     The $200,000-299,999 price point is the “hot” market in 2016.

4.     A well priced home will receive approximately 96% of asking price.

5.     The luxury market is more active in 2016, especially in the $600,000-699,000 price range.

 

As predicted, this year stated off strong with the sub $300,000 price point leading the way.

In fact, here was our prediction from our 2015 year end report:

“The beginning of the year should be strong. There are fewer homes currently for sale now   ( 85 ) than at this time last year ( 94 ).  Low inventories increase demand, and there are a ton of buyers on the sidelines waiting for the right home.

When homes start to come on the market over the next 30-60 days, buyers will likely begin snatching up the good ones.

It’s hard to believe the sub $300,000 market could be any better in 2016, but relatively low rates certainly makes things affordable for this segment of buyers.”

The 2016 real estate market has been fantastic this year up to this point. Sales have been consistent throughout the last 6 months, even during the colder months.

The sub $300,000 market has been booming since 2014. In fact, during that year we saw 51 sales in that specific price point and have seen 61 already in just 6 months this year. The draw of Solon’s top rated schools no doubt plays into demand in the more affordable price points.

In terms of the luxury market, while the upper end has been a tad slow, the $500,000-$750,000 price point has been extremely vibrant this year. Continued low rates certainly play a major role as well as available inventory. Relocation activity also factors in as executives and physicians are always moving in and out of the Cleveland area.

MOVING FORWARD

There is typically a lull in the market in the weeks leading up to the new school year. We expect things to pick up after mid August and continue through Thanksgiving.

Properly priced homes are consistently selling for, on average, approximately 96% of list price and we don’t see that changing.

While there is always a rush for buyers to get under contract so they can move before school starts, there are plenty of buyers still on the sidelines.

 

Below Are Other Articles Of Interest Relating To Solon OH:

Solon – A Special Community

Money Magazine Ranks Solon Top Places To Live

Newsweek Ranks Solon On Top Schools List

————————————————————————-

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 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  Half Year Review 2016 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July 2016

Solon Ohio Market Report First Quarter 2016

 

Everyone always asks us “how’s the market”?  Well, it’s started off similar to last year, which was an overall good year for Solon real estate.

Here is our First quarter market review, including last months’ figures and comparisons to last year.

SOLD HOME STATISTICS – SOLON OHIO

Date                                     # of homes sold       Ave. Sales Price             

March  2016                            21                            $268,762

March  2015                            23                            $276,266

First Quarter 2016                    49                            $290,400

First Quarter 2015                    48                            $295,676

SOLON LUXURY MARKET

First Quarter  2016                     4                            $598,625

First Quarter  2015                     5                            $555,490

*source NEOHREX ( Regional MLS )

COMMENTARY:

Overall, the first quarter is typically the quietest. Therefore, we don’t put a ton of weight on the statistics. Most of the inventory during this quarter is left over from the end of the year and many winter buyers are simply looking for bargains.

The heat of the market begins when homes start to come onto the market in March and will continue through July 1st. This date is significant as Solon Schools start in mid August this year, so getting under contract AFTER this date will not allow enough time to obtain financing and move.

Obviously, this is more relevant to relocation buyers and those moving to Solon for the first time as they need the Solon address to register kids for school. Local buyers can move at any point during the year without the logistical issues that the other buyers have.

As is always the case, updated homes in any price point will sell quickly. The challenge for move up buyers is actually finding their next home.

With continued low interest rates and a steady supply of motivated buyers, the housing market should be in line with last 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, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.

Not Using A Buyer’s Agent Is Bad Business is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2016

Not Using A Buyer’s Agent Is Bad Business

When buying a home, a real estate agent’s role is critical to your success. Whether you are a seasoned veteran or first time buyer, failure to use your own agent will end up hurting you.

Today, I’m going to shed some light on the important things a buyer’s agent does and why you’d be making a mistake if you didn’t use one to buy. ( and note, hiring a buyer’s agent is FREE ).

REPRESENTATION

There are rules regarding who represents whom during a real estate transaction. Here in Ohio, an agent can represent a seller, a buyer, or in theory, both, although to that I say neither.

I’m not going to get into the legalities here, but whether you are going it alone or not, it is critical that you understand state agency laws before you enter into any agreements.

I’LL DO FINE ON MY OWN

Real estate transactions can be very complicated.  No amount of on line articles or books can adequately prepare you for what you will encounter during a purchase transaction.

An experienced agent has seen it all and has the knowledge and resources to navigate a buyer through the myriad of problems that can arise.

While some transactions go smoothly, most do not. There are problems that arise during negotiations, inspections, financing, or with the tremendous amount of paperwork that can jeopardize a deal.

When you use an agent, you also get the backing of their company, which includes a seasoned manager and legal department. When problems occur, even minor ones, having a team behind you every step of the way makes a world of difference.

I WILL GET A BETTER DEAL WITHOUT AN AGENT

Anyone who thinks they will get a better deal working directly though the listing agent is kidding themselves. Are you really naïve enough to think the seller will provide you, some stranger off the street, a discount of thousands of dollars out of the kindness of their heart simply because you don’t have your own agent?  It simply doesn’t work that way and I’ll dispel that myth with the following example:

Let’s say I am selling my personal house ( and pretend for a moment that I am not a licensed agent ) and have hired an experienced listing agent to help me sell it. The real estate commission has already been agreed to in advance before the sign ever goes into the ground. That is my fixed cost of doing business.

So, you come into the picture without an agent and want to buy my home. I couldn’t think of a better scenario because my agent will take you to school. Instead of getting some perceived discount, they will likely get you to overpay, or at least pay more than a buyer who has an agent representing their best interest.

This is nothing against you, but my skilled experienced agent knows a heck of a lot more about negotiating a home than you do. Advantage me!

Remember, my agent represents me, the seller, and their job is to me the highest price possible. That is their fiduciary responsibility. Your goals and needs simply don’t matter. There is no discount.

I’LL JUST WORK WITH THE LISTING AGENT

It makes no difference, right? Wrong!

Many buyers end up doing this, and again, pay the price. I’ve heard things like “I met the agent at the open house and she was so nice and helpful…..”

Of course she was. She was probably June Cleaver on steroids because she makes twice as much money selling you the home if no other agent is involved.

Many listing agents will actually tell an unrepresented buyer that they’ll get a better deal working directly with them just so they’ll forego using an agent.

A better deal? For whom? The listing agent, yes, the seller, yes, but you, I think not.

EMOTIONS WILL GET THE BEST OF YOU

One of the best things an agent does for a buyer is to help them with the emotional aspect of the buying process. Don’t discount this skill because many of my clients have referred to me as their personal therapist.

Buying a home means packing, moving, spending a lot of money, one of the most emotional times in a person’s life.  Add to that having to deal with different personalities on the other end ( the seller ) that you cannot control and you get a recipe for an emotional cocktail that will explode if not managed properly. Even the most mild mannered people tend to get highly emotional during a purchase transaction.

Here are things that some of my clients, the nicest people in the world, have said while negotiating their home:

“These sellers are so unreasonable, I can’t stand them, what horrible people.”

“They are being ridiculous , what a bunch of a—holes. I don’t even want to buy their home now.”

“If they don’t accept our latest counter, they can take their home and shove it up their ….”

Ok, you get the point. In reality, most buyers and sellers are perfectly good people. During a transaction however, emotions will overpower logic and reasoning and get the best of everyone if you let it.

That’s why having an agent, someone who is not emotionally attached to the transaction, to guide you is invaluable.

I’M STILL NOT CONVINCED

Ok, here’s one last try. Ask yourself this question: If you had to go to court, would you hire your own attorney?

That’s an analogy we use a lot because a successful real estate transaction typically occurs with two different agents, each representing their own client.

Would you want the other person’s attorney to represent you as well, knowing their loyalty and fiduciary duty lies with the other party?

Or would you prefer to represent yourself, thinking that you can possibly out duel someone who has more experience and knowledge that you do?

How about if you could get a great attorney to represent you and the other party had to pay for it? If that sounds like the best option, then you should hire your own buyer’s agent. If not…

I get it, some folks are narrow minded and simply need to do things on their own. To those people I say “good luck”, as a fool and their money are soon parted.

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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, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.

Not Using A Buyer’s Agent Is Bad Business is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2016

Solon Ohio Real Estate – Year In Review 2015

Solon Sold homes

The following is our 7th annual year in review for Solon Ohio real estate.

Here, we will provide a comparison between this past year and 2014 and offer commentary. As an added bonus, we will be adding a new statistic this year, a breakdown of specific price points.

ALL HOMES

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

2015                      302                    $310,027                96.24%

2014                      269                    $327,567                96.55%

LUXURY HOMES ( sale price over $500,000 )

2015                       36                     $672,009               95.97%

2014                       38                     $712,285               95.21%

2015 SALES – FIRST HALF VS. SECOND HALF OF THE YEAR

FIRST HALF              128              $307,677

SECOND HALF           180              $309,176

PRICE POINT BREAKDOWN OF ALL 2015 SALES

$0-99,999 = 6

$100,000-199,999 = 82

$200,000-299,999 = 89 ( 2014 saw only 51 in this price point )

$300,000-399,999 = 51

$400,000-499,999 = 38

$500,000-599,999= 12

$600,000-699,000 = 12

$700,000-799,000 = 9

$800,000-899,000 = 0

$900,000-999,999 = 1

$1,000,000 +   = 2

 

Source: NEOHREX

 

COMMENTARY

2015 was a very good year for the Solon real estate market. The numbers were very similar to those of 2013.

Below is a list of 5 important things that the above statistics tell us:

1.     More homes sold in 2015 vs. 2014.

2.     Average sales price was lower in 2015 than 2014 due to an increase in sales in the $200,000-299,999 price point.

3.     The second half of 2015 saw a tremendous number of sales.

4.     A well priced home will receive approximately 96% of asking price.

5.     The luxury home market is fairly stable.

 

WHY WAS 2015 BETTER THAN 2014?

While total sales last year far exceeded sales from 2014, the numbers are a little misleading. The only reason for the large increase is due to the unusually high number of sales that occurred during the 3rd quarter in the sub $300,000 price points.

Basically, there were about 30 more sales in the $100,000-$300,000 price points just during this past summer. This was due to an influx of buyers likely moving to Solon for the start of the school year. Many were first-time buyers and move up buyers coming in from other cities.

Besides for this, the numbers for 2015 and 2014 were almost identical.

2016 MARKET OUTLOOK

The beginning of the year should be strong. There are fewer homes currently for sale now   ( 85 ) than at this time last year ( 94 ).  Low inventories increase demand, and there are a ton of buyers on the sidelines waiting for the right home.

When homes start to come on the market over the next 30-60 days, buyers will likely begin snatching up the good ones.

It’s hard to believe the sub $300,000 market could be any better in 2016, but relatively low rates certainly makes things affordable for this segment of buyers.

Over the years, homes have sold for,  on average, approximately 95-96% of the list price and we don’t see that changing. Homes that are properly staged and priced correctly up front will sell quicker and for more money.

Buyers would be wise to get pre-approved well in advance so they can jump on the right home when it comes on the market. With limited inventory, especially early in the year, you can’t afford to hesitate.

Below Are Other Articles Of Interest Relating To Solon OH:

Solon – A Special Community

Money Magazine Ranks Solon Top Places To Live

Newsweek Ranks Solon On Top Schools List

————————————————————————-

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 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  – Year In Review 2015 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Jan, 2016

How Accurate Are Real Estate Listings?

On line listings

On line real estate listings are not always how they appear. While some listings are described accurately, others, well let’s just say embellished is putting it kindly.

In today’s post, we will give you some examples of misleading words used by agents and how prospective buyers can sort through the schlock to determine which homes are really worth a look.

REEL ‘EM IN WITH DECEPTION

Most people know the old tricks used by agents. They use words like “cozy” to describe homes that are tiny or “great potential” for homes that need a lot of work.

Over the years though, agents have gotten a whole lot more aggressive.

Some agents do things that are obvious to a buyer like put an exclamation point ( ! ) after every highlight. Apparently, some agents feel that stating “new screen door!” will make the home more appealing.

Others will use popular buzz words to get a buyer to act.  Statements like “captivating” and “must see” are often sprinkled into property descriptions on homes that are mediocre at best.

And nothing screams for a call to action better than “a steal” or “won’t last”.  Often times these particular listings have been on the market forever, thus automatically ruining the agents credibility.

WATCH FOR THESE POPULAR TRICKS/STATEMENTS

Here are some additional things and statements to look for to help you when searching on line for homes.

  •   “motivated sellers”, “bring offers” = overpriced home. If a house was priced correctly, they wouldn’t have to beg buyers to see it.
  •    pictures of only the exterior of the home = the inside is likely a train wreck.
  •    “decorating allowance to buyer” = sellers haven’t touched the place since the 80’s.
  •   “undervalued” = If it really was that great of a deal, it would have already sold.
  •     using square footage that is much higher than similar homes = agent is adding in the basement, garage, outbuildings and who knows what else to make the home appear larger than it really is to justify the price.

At the end of the day, there is nothing wrong with an agent using descriptive words and statements that genuinely reflect a home. However, touting a house to be something it is not will simply anger prospective buyers and their agents who end up wasting their valuable time to see it.

When searching for a home on line, be aware of the tricks that some agents use to lure you in.

Just knowing how to sort through the fluff will allow you to concentrate on the homes that you may actually want to buy.

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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, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.

How Accurate Are Real Estate Listings? is the property of The Schuman Team and may not be duplicated or used without their written consent.©December, 2015

5 Winter Projects That Can Increase Your Home’s Value

Winter is the best time to do home improvement projects.

Why? Contractors are more available, material prices come down before the spring market, and you may personally have more free time on your hands, especially during winter vacation.

So with that in mind, here are 5 projects you should consider this winter to add value to your home.

1.Wow Your Walls – Adding trim, crown molding, accent walls or a sharp new paint color can provide an instant upgrade to any room.

2. Bring On The Backsplash – For a relatively small amount of money, a backsplash is an easy way to completely change the look of a kitchen.

3. Let There Be Light – Changing out dated light fixtures, ceiling fans, and adding lamps can make a room look more current and brighter.

4. Closet Organizers – Wire shelves scream “builder grade” to buyers. Spending a little money can add much needed space and organization to a closet and add resale value down the road.

5.  Hardware – Get off your ass and replace that brass! Most people have outdated hardware, including doorknobs and handles. Replacing all of your hardware is a project that will change the look of your entire home and can be easily done yourself.

These projects will help you fall in love with your home again and offer value down the road when you go to sell.

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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, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.

5 Winter Projects That Can Increase Your Home’s Value is the property of The Schuman Team and may not be duplicated or used without their written consent.©November, 2015