Cleveland Homes and Homes Solon Ohio

How To Survive A Seller’s Market

Written on May 2, 2013 by Dan Schuman in home buying, home selling

While many areas are still a tad slow, there are others that are incredibly active. In Fact, some suburbs, and more specifically, certain price points in these suburbs, are so hot they are seeing bidding wars.

With things no longer favoring the buyers, consumers need to know how to approach a seller’s market if they plan to achieve their goals.

WHAT IS A SELLER’S MARKET?

In basic terms, a seller’s market means there are more buyer’s then available homes for sale. Prices tend to increase in this type of market and obviously favor the seller.

So how do we know it’s seller’s market? While the number of homes for sale can be easily defined and found on just about any home search site, the amount of buyers in a given price point is a little trickier to figure out.

As agents, we are privy to figures given by our local office. So, I know statistically that the amount of showings on our properties is up 25% from a year ago. Furthermore, I know from our recent sales that if I listed a home for between $300,000-$400,000 in certain suburbs, I will likely get 15-20 showings in the first week that it’s on the market ( and likely a quick sale ).

So, with our finger on the pulse of the local market, we are aware that some areas are starting to favor the sellers.

Another way to gauge a “hot” market is to look at how long it is taking for homes to sell ( days on market ). If you are seeing a lot of homes in specific areas sell within the first 30 or even 15 days, this is a good sign it is a seller’s market.

With that being said, we have put together some helpful hints to surviving a seller’s market.

FOR BUYERS

1. Get pre-approved up front

2. See homes as soon as they come on the market

3. Make an offer ASAP

4. Make a strong offer ( sometimes over asking price )

5. Work with an agent who knows the local inventory

FOR SELLERS

1. Prepare and price home to sell quickly

2. Prepare game Plan For Handling Multiple Offers

3. Be Ready To Move Within 30-90 Days

4. Don’t Be Afraid To Buy BEFORE You Sell

5. Be Smart – Just because the market has improved doesn’t mean you should be cocky and arrogant.

One of the most important thing that both buyers and sellers can do is hire an experienced agent. They will likely have worked in different types of market environments and be able to give you great advice.

The market has indeed shifted and if you aren’t prepared, you could be left out in the cold.

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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.

How To Survive A Seller’s Market is the property of The Schuman Team and may not be duplicated or used without their written consent.©May, 2013

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Solon Ohio Sold Homes Report – 2013

Written on April 4, 2013 by Dan Schuman in Market Reports, Solon Ohio

We can’t believe the first quarter is already over. Here is our official quarterly market report for Solon OH for the zip code 44139, excluding Glenwillow, for homes sold in January, February and March.

First, we will provide market statistics of sold homes for last month, with a comparison to the previous year. Then, we will include year to date statistics, including a separate breakdown for the Solon luxury home market ( those priced over $500,000 ). Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.

SOLD HOME STATISTICS SOLON OHIO – ALL SALES

Date # of homes sold Ave. Sales Price

March 2013 14 $335,477

March 2012 9 $260,322

YTD 2013 38 $309,610

YTD 2012 29 $288,748

SOLON LUXURY MARKET

Thru 1st Quarter 2013 8 $657,938

Thru 1st Quarter 2012 4 $687,250

*source NEOHREX ( Regional MLS )

COMMENTARY:

The real estate market rebounded in 2012 and the positive momentum has continued through the first quarter of 2013. The statistics above support improvement from last year.

There are a few factors that have helped us get off to a good start this year here in Solon, an improving economy and low inventory. Also, the job market has stabilized and the stock market is performing well. These factors make people feel more comfortable making changes in their lives, such as making a major purchase like a home.

Now that consumer confidence has increased, we are seeing a lot more buyer activity. The problem at this point is that inventories are extremely low, causing a shift from a pure buyer’s market to one that is much more balanced.

So, the key factor to the rest of the year will be available inventory. The problem we are seeing right now in some price points is that nice homes are being snatched off the market as soon as they come on. We are even seeing bidding wars. Unless we see a lot of new homes come on the market over the next 90 days, things may be a little tough for buyers ( but good for sellers ).

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. We are also seeing a slight increase in relocation activity.

Moving forward, we anticipate overall sales and average sales price to increase this year in Solon.

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

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Let Me Think About It Is No Longer An Option

Written on March 25, 2013 by Dan Schuman in home buying

Buyers need to be aware that the local Cleveland real estate market has dramatically changed over the last 3-6 months.

There is limited inventory and a large pool of buyers just waiting to pounce on the right home. Therefore, buyers need to decisive and act quickly or lose out.

DO YOUR HOMEWORK UP FRONT

We are by no means suggesting that buyers should make hasty decisions. Buying a home is a huge commitment and shouldn’t be taken lightly. We are simply encouraging you to be ready to write an offer once you do find that one special home.

The most important thing you can do is get pre-approved. I constantly bring this up with buyers both local and those relocating to the area. The bottom line is that if you aren’t pre-approved, you risk losing out on a home.

Also, try to identify what you want in your next home. For some people, this is easy. They already have very specific criteria and may even have their eye on certain neighborhoods. However, for other buyers, they simply don’t know what they want.

This is more common with out of town buyers who are just trying to get a feel for the area. I certainly don’t envy them. In addition to the pressure of having to start of new job in a city they don’t know, they also have the unenviable task of buying a home. Making a list of what you want is very important.

YOUR MUST HAVES AND WANTS

Try this exercise. Take a piece of paper and write down the features that your next home absolutely positively must have. Does it have to have a certain number of bedrooms and baths? Does it have to be in a neighborhood vs. on a main road? Does it have to be located within a certain distance of work? Make sure all decision makers are in on the conversation so that everyone is on the same page.

Now write down the “wants”, things that your home doesn’t have to have, but it would be nice if it did. While you may not need a 3 car garage, wanting one is ok.

Please keep in mind that regardless of price point, you are not going to get everything you want. You can still get a great home that will make you happy, you just need to be realistic and a little flexible in today’s market.

IF IT FEELS RIGHT, BUY IT

Once you start looking at homes, you will be able to quickly figure out what you don’t like. This is a big part of the process, eliminating suburbs and areas that simply won’t be a good fit for you. Then, hone in on the areas you really like.

One thing you want to avoid is feeling pressure to buy a home simply because you need to move in quickly. The last thing we want to see is someone buying the wrong house. If it doesn’t feel right or you have to try to convince yourself to buy a particular home, then it probably isn’t “the one”.

The spring market is just around the corner and new homes are coming on the market every day. So be patient but smart. Get your financing in order, learn the market and when you see something you really like, buy it before someone else does.

The days of thinking things over for a few days are behind us and those who hesitate may lose out on the home of their dreams.

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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.

Let Me Think About It Is No Longer An Option is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2013

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Relocating To Cleveland – The Quick Guide

Written on March 14, 2013 by Dan Schuman in Cleveland General Real Estate, relocation

RELOCATING TO CLEVELAND – THE QUICK GUIDE

So, you are relocating to Cleveland. There are probably a lot of things going on in your mind right now about your big move, and your stress level is likely through the roof. Don’t worry, I was in your shoes 16 years ago and things have worked out great for me here, and they will for you too.

You just need to take a deep breath and read through our quick guide to Relocating To Cleveland. We offer some helpful tips to help get you started. If you would like even more information, you will want to check out our Ultimate Guide To Relocating To Cleveland. It’s a little longer to read, but well worth it.

A LITTLE ABOUT CLEVELAND

Since Cleveland is going to be your new home, you might as well accept it and learn a little about our great Midwestern city. First off, Cleveland is known as being a big city with a small town feel. The people are friendly and there is a lot to do all year round. We have a great Art Museum, lively Theater District , great zoo, and Cleveland is also home to 3 major sports teams and numerous minor league teams as well.

Here is our list of the top 5 things that are great about Cleveland:

1. Community – Cleveland is a “small big city” where people can move here and quickly feel like they belong.

2. Cost of Living – Where else has so much to offer and such incredibly affordable housing! The choices are unlimited and the prices are right.

3. Culture at your fingertips – You don’t have to drive far to access a myriad of excellent museums, theater, or our world class symphony.

4. Fine Dining – Iron Chef Michael Symon’s amazing restaurants are only the beginning. We’ve discovered great places to eat in every neighborhood, both East and West sides.

5. Schools – The Northeast Ohio area has some of the top rated schools not only in the state, but the country.

So now that you have learned a little bit about our town, on to the task at hand, your upcoming relocation to Cleveland.

STEP 1 – ADDRESS YOUR HOUSING NEEDS

A major step in the relocation process is finding a place to live in Cleveland. Do you want to live on the East side or West side? Are you going to rent or buy? What can you get for your money here in Cleveland?

Cleveland has some great housing options, but you’ll need someone to guide you through the process. You need to find yourself a great real estate agent, someone you feel can help you not only with housing, but all the many other things that come with a major relocation, such as finding good doctors, schools, and contractors. Your agent will be a main source of information and guidance during your move, so do your research and choose wisely.

STEP 2: WHERE TO LIVE

The first thing you need to decide is if you are going to live on the East Side or West side. In Cleveland, people typically live and work on the same side of town, rarely venturing to the other side. You need to keep this in mind if you have friends or family on one side of town and choose to live on the other as you may not see them very often. That is why deciding where to live is a very important decision.

The East and West sides are different yet do share some similar characteristics. They both offer older and newer housing, moderately priced and luxury homes as well.

For those who like the water, there are more suburbs on the West side. However, there are more luxury homes and estates located on the East side.

SCHOOLS

Also, if you have children, you may want to look into the different school systems and find one that is the best fit for your family. Then, you can find housing located within that particular school district. You’ll be happy to know that some of the best public schools in the state can be found right here in the Cleveland area.

Overall, there are a lot of great options of where to live in Cleveland. The most important thing is to become educated about the different areas of town so that you can be comfortable with your final decision.

STEP 3: THE BIG MOVE

We are not going to get into a lot of detail here regarding the actual home buying process, as we have a “Complete Guide To Buying A Home In Cleveland” that thoroughly covers the entire process. Our focus here is to prepare you for the move as we want you to be organized, as this helps alleviate stress levels during such a big transition.

One important thing to remember, especially if your move is related to your job, is to keep all records and receipts regarding the move as many expenses can be tax-deductible ( consult your accountant for details ).

PRIOR TO MOVING

Here is a helpful list of tips to consider PRIOR to moving:

1. Make sure your personal items are properly insured during the move

2. Have legal, medical, and insurance records in a secure place.

3. Get medical records for yourself, children, and pets. This includes dentists, orthodontists, optometrists and veterinarians.

4. Make travel arrangements for your pets.

5. Have all computers backed up prior to moving them.

Now, for the move. At this point, you should have already contacted a moving company and the date should be scheduled. It is important to note that you want to be extra careful to make sure your new home is accessible to you prior to scheduling the moving date.

In Ohio, the closing date is not always the same as the transfer date, the day you actually get the keys and become the owner of the home. Therefore, communication with your agent and the title company are critical to avoid any last minute headaches.

MOVING DAY

Here’s the big day you’ve been waiting for, moving day. This is a very exciting yet stressful day, so being organized and prepared will help. Here are some things that you should have with you:

1. Phone numbers of real estate agent, title company, and moving company.

2. Map of the local area, although a GPS will help as well.

3. Sufficient cash or travelers checks

4. Enough clothes, toiletries and medicine, if applicable, to last a few days, in case the movers are late.

5. Personal items that are not replaceable should be kept with you as well.

It may also be wise as a back up to have the name and number of a local hotel, once again, just in case the movers are delayed.

Congratulations again on your upcoming move to Cleveland. With a little help and a positive attitude, this could be the best thing that ever happened to you. Good Luck!

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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.

Relocating To Cleveland – The Quick Guide is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2013

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Buying A Bank Owned Home – The Pros, Cons, and Reality

Written on March 6, 2013 by Dan Schuman in Cleveland General Real Estate, distressed properties

Many buyers hear about all the great deals that people are getting on foreclosed homes, and they want in on the action. The problem is that there are downsides to everything.

Before making a rash decision to go out and buy a bank owned home, you need to first consider the pros and cons:

PROS

1. Getting A Home For Below Market Value – Who doesn’t want a deal, right?

2. Less Competition – A lower pool of buyers have the ability to finance and then put money into a home to fix it up. This could be a good opportunity for the right person, and especially critical as we head into a possible seller’s market.

3. Great Opportunity- A foreclosed home may be the only way for someone to afford a particular neighborhood or suburb.

4. Return On Investment – Buyers who buy a bank owned home and fix it up can end up with a large amount of immediate equity.

5. Alternative To Building – Building a home takes time and is not always a feasible option for everyone. Buying a bank owned home and fixing it up to your specific tastes allows you to get the end product that you want, without the cumbersome process of building.

CONS

1. Money - It takes money, sometimes a lot of it, to fix all needed repairs that are typical in a bank owned home.

2. Risk – Foreclosed homes don’t have property disclosures, so you don’t know what you are getting.

3. Neglect – Bank owned homes have been sitting vacant, sometimes for years. The lack of maintenance may lead to unanticipated problems down the road, some ending up to be costly.

4. Time Is Money – Buying a bank owned home often requires a huge investment of your valuable time. It can be like having a second job.

5. Financing – Some banks won’t lend on a home if it is not in decent condition. This would require a buyer to pay cash, or get a specialized construction loan, which is not always feasible.

THE REALITY

The biggest problem we see is buyers jumping head first into buying a foreclosed home without giving it much thought. Many have heard success stories about people buying a bank owned home and assume they can easily do it too.

I have no doubt that a ton of people are successfully buying bank owned homes for 5%, 20%, or even 50% below market value. However, there are risks involved and they need to be considered.

Unless you have experience buying and fixing up homes, the process tends to catch most buyers off guard. They often fail to properly calculate the amount of money needed to improve the home, which can lead to their financial downfall. This is especially true for first-time buyers.

A bank owned home can be a fantastic opportunity to get the home of your dreams at a great price. You just need to consider the pros and cons to make sure it is the right thing for 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 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.

Buying A Bank Owned Home – The Pros, Cons, and Reality is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2013

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How Low Can You Go?

Written on February 26, 2013 by Dan Schuman in Cleveland General Real Estate

For the first time in a while, we are not talking about low home values. We are actually describing the number of homes currently for sale in the local Cleveland real estate market.

Take a look at the numbers below of current listings in some of the area’s more popular suburbs:

CITY ACTIVE LISTINGS

Aurora 67

Beachwood 33

Bainbridge 65

Chagrin Falls 39

Hudson 95

Lakewood 91

Pepper Pike 47

Rocky River 76

Solon 97

Westlake 91

Can you imagine what it’s like buying a home in Beachwood? There are only 33 homes for sale in the entire city, meaning there’s only a handful in any given price point.

Low inventories have actually been a problem for a while now and will continue to present a challenge for anyone entering the real estate market this year.

CHALLENGES FOR BUYERS AND SELLERS

Here is what low inventories mean:

FOR BUYERS:

1. Harder to find a home

2. Increased Competition

3. Higher Prices

4. Less Negotiating Power

5. Must Be More Flexible

FOR SELLERS:

1. Easier To Sell

2. Increased Confidence

3. Higher Prices

4. More Leverage

5. Easier To Buy Another Home

TIPS FOR BUYERS AND SELLERS IN 2013

The most important thing to do if you are buying a home this year is to get pre-approved up front. Waiting until the last minute to get your financing in order may be too late. Limited inventory causes competition ( bidding wars! ) and without a firm pre-approval, you will be negotiating from a weakened position.

Hire a buyer’s agent. A good agent will be aware of homes that are available but not yet on the market. Agents are very resourceful and can work their network to find homes for their buyers.

If you are selling this year, get your home on the market as soon as possible. Right now you have less competition and, if priced properly, could really benefit. Make sure your home shows well and is priced properly.

Low inventories bring a new dimension to our local real estate market. However, compared to the rough years we saw during the recession, this is a good problem to have.

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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.

How Low Can You Go? is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2013

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The Pitfalls Of Selling A Home

Written on February 20, 2013 by Dan Schuman in home selling

Selling a home is a big decision that comes with a few headaches. While we certainly aren’t discouraging anyone from listing their home, especially since the market has improved, we just want you to know what to expect as you open up your home to local real estate agents and the public.

I CAN’T BELIEVE THIS HAPPENED

When we meet with sellers, we are very up front about the selling process so there aren’t any surprises.

One of the most frustrating things for sellers is the actual showing process. In order to have the home ready to show, a lot of time and effort is made in terms of cleaning and getting everyone out of the home. Nothing is more aggravating to a seller than having all of this effort go wasted.

The following is a list of things that can happen with regards to a showing. The agent:

1. Cancels the appointment at the last minute

2. Shows up early or late ( catching you by surprise )

3. Fails to show up

4. Leaves the doors unlocked

5. Let’s a pet loose

Then you may have cases where a buyer or their agent uses the bathroom and forgets to flush the toilet, or worse, their little kids make a mess. Also, while it hasn’t happened to us very often, things do get broken.

Sounds like a lot of fun, huh? We haven’t even discussed public open houses.

STRANGERS IN YOUR HOME

When an agent makes an appointment and comes through with a buyer, there is some sort of accountability. The buyers are also typically screened and deemed serious. A public open house is entirely different.

For starters, open house attendees are usually not as serious as those working with an agent, typically 6-18 months away from making a buying decision. There are also more risks of opening up your home to anyone as you never know who will show up. It could be neighbors, friends, or total strangers walking through every inch of your home.

For the most part, the people who attend open houses are good honest folks. However, not all attendees have the best of intentions. So in the interest of security, we always recommend that our sellers hide any guns, prescription drugs, and valuables, just in case.

EMOTIONS IN MOTION

The entire selling process can be also play a heavy emotional toll on the entire family. First, many sellers have spent a long time in their homes and have a lot of wonderful memories. They are often sentimentally attached to their home and many of the personal touches they have made over the years. The thought of leaving it can be unsettling.

Also, moving can be unnerving to children, especially those not entirely happy with the move. Local moves are a bit easier but the thought of leaving behind friends and neighbors is certainly stressful.

Overall, selling a home is a bit chaotic. However, it is usually a necessary evil so you can move forward with the next chapter of your life. Proper planning and having a great agent can make a huge difference.

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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.

The Pitfalls Of Selling A Home is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2013

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Solon Ohio Real Estate – Market Report January 2013

Written on February 18, 2013 by Dan Schuman in Market Reports

Solon real estate market report

Here is our monthly real estate market report for homes in Solon OH.

First, we will provide a list of all home transfers for last month. Then, we will give market statistics of sold homes for January, 2013, 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.

ALL SOLON HOME SALES JANUARY 2013

5765 Richmond Rd	$110,000
32570 W Nimrod St	$137,000
6706 Glenallen Ave	$161,000
6544 Copley Ave	$165,500
6245 Sharondale Dr	$170,000
5310 Harper Rd	$181,500
31561 Sedgefield Oval	$185,000
33630 Wellingford Ct	$235,000
33430 Seneca Dr	$271,000
38640 Flanders Dr	$450,000
38295 Flanders Dr	$580,000

SOLD HOME STATISTICS SOLON OHIO – JANUARY 2013

Date # of homes sold Ave. Sales Price

January 2013 11 $240,545

January 2012 15 $310,020

*source NEOHREX ( Regional MLS )

COMMENTARY:

Beginning of the year statistics can often be inconclusive and sometimes misleading. There is actually a great deal of activity in general and competition over homes is increasing.

The numbers above really don’t tell the entire story and you shouldn’t read too much into them. If you take a look at our 2012 Year In Review For Solon Real Estate, you will get a much better feel for the overall market. Just because we saw less sales and at a lower average price point last month than the previous January doesn’t mean much right now.

We anticipate another good year in 2013. Being able to sustain positive momentum throughout the entire 2012 year shows that we are coming off the bottom and beginning to finally see improvement. While prices aren’t near the highs of 2005-2006, we are starting to see a slight bit of appreciation.

Lack Of Inventory

I can’t remember seeing so few homes on the market. Granted, it’s only winter when inventories are typically low, but we have had this problem for over a year. Buyers are literally sitting and waiting for new homes to come on the market, and willing to make an offer if they love the home.

While this certainly bodes well for sellers, we are certainly not declaring a “seller’s market”. Buyers are still feeling the sting from the recession so are proceeding with a bit of caution. They will pay a fair price, but not more. Overall, a nice home priced fairly could easily sell within the first 30 days, with multiple offers not unusual.

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. Interest rates creeping upwards during the year certainly won’t help, but they are still extremely low and shouldn’t affect things too much at this point.

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, 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 – Market Report January 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2013

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Do Open Houses Sell Homes?

Written on February 14, 2013 by Dan Schuman in home buying, home selling, Open Houses

Despite what consumers may think, open houses are less effective at selling homes than in the past. In fact, less than 1% of home buyers actually found their home through an open house. (*statistics provided by NAR, 20112 profile of buyers and sellers. ) However, there are still benefits of having them that could make it well worth the effort.

TIMES ARE A CHANGING

Buyers today see less value of an open house. Before the “net”, the easiest way for a buyer to see the inside of a home was to actually go in person. Therefore, attending a Sunday open house was critical. In fact, this is how we bought our current home. We looked in the Sunday newspaper, saw which homes were open, and went to see them.

Now, with so much information available on line, potential buyers are doing a ton of research on homes using their laptops or even smart phones. They are basically eliminating homes they see on line that in the past, they would have likely seen by attending an open house.

The role of the listing agent acting as the sole “gatekeeper” of getting into a home has also changed. The evolution of buyer’s agency, where a buyer can have their own representation, makes buyers less dependent on going to a Sunday open house.

Also, the lifestyle of today’s buyer is very hectic and many don’t want to spend their time driving around seeing homes. Therefore, the buyer’s agent ends up doing a lot of the leg work and screening of homes in advance. When a home is deemed worth a look, the buyer’s agent schedules the showing for a day/time that is convenient to the buyers, not necessarily on a Sunday.

WHY HAVE AN OPEN HOUSE?

Open houses still have their place. From a listing agent’s perspective, they owe it to their sellers to make sure they are doing everything possible to market their home. Even if only a few people show up, it’s still better exposure for the home then doing nothing.

A listing agent can also grow their business by having open houses. Many buyers who actually attend a Sunday open house are not quite ready to buy. They are more casual lookers, typically 6-18 months away from making a buying decision. However, they will buy at some point and this is a great opportunity for the agent holding the home open to earn new business. Basically, the open house is like bait on a hook to reel in buyer leads.

It’s also good for a busy buyer’s agent. If an agent is with one set of buyers on a Sunday, and another buyer wants to see a particular home, sending them to a home that is open makes things convenient.

Also, although it’s hard for me to believe, some people simply don’t like real estate agents. There are a small percentage of buyers who will refuse to work with a buyer’s agent, but they still want to see homes. These buyers end up utilizing the Sunday open house to find a home and work directly with the listing agent.

For the most part, an open house won’t likely sell that particular home. However, they still serve a purpose for acting as a catalyst to bring buyers and sellers together.

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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.

Do Open Houses Sell Homes is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2013

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Selling Your Home In The Winter

Written on February 11, 2013 by Dan Schuman in home selling, photography

Regardless of the season, you still have only one chance to make a positive impression. If you end up selling your home during the winter, there are things you can do to help your home stand out.

5 Things To Do To Stand Out

1. Exterior Photo – If possible, have the exterior shot done immediately after a snowfall. A fresh snowfall on the trees and ground can really make the home “pop” in a picture.

2. Twilight Photo – With the light reflecting off the snow, a twilight shot can look very cool. You will need sufficient exterior lighting to do this, however.

3. Clear Driveway and Sidewalks – Nothing is worse for a buyer than having to walk through snow and ice to see a home. Having your driveway plowed is one thing but taking the extra step to salt and clear the driveway and all walkways will make a great impression on potential buyers. They will notice and appreciate your efforts, and think you take just as good care of your interior.

4. Keep Interior Warm – When showing your home in the winter, make sure it is kept at a warm temperature ( 70-72 degrees ). If your home is cold a potential buyer may think it is not insulated properly, or that you are cheap. If they think you are cheap, they will question the care you have taken of your home. Overall, it put buyers in a negative mindset.

5. Play It Up – Pretend you are entertaining for a big holiday party. Have the fire going, put on some music, make it so warm and inviting that a buyer won’t want to leave.

Winter can be a good time to sell. There is less competition and buyers who go out in the cold and snow are typically very serious.

If you do end up selling during the winter months, following these tips will help you get maximum value for your home.

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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.

Selling Your Home In The Winter is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2013

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