Buying A Home In Cleveland Step 4 – Making An Offer

When you find that special home, it is time to make an official offer.

This is a very serious step of the home buying process and should be done with the help of an experienced real estate agent.

 

 

MAKING AN OFFER

Any offer must be put in writing as verbal offers are not accepted in the State of Ohio. We also recommend submitting your offer as soon as possible so that another buyer doesn’t get the home.

While your agent will sit down and go over all the paperwork, our clients find it helpful to receive a copy of the purchase agreement in advance so they have a chance to review it. It contains a ton of important information and is a legally binding contract, so should be taken very seriously.

The formal offer will consist of the purchase agreement, property disclosures, and State disclosures.

Your agent will need the following information in order to complete the purchase agreement:

1. Names as you want them to appear

2. Price

3. Down Payment

4. Earnest Money

5. Closing Date

6. Inspections

By this point, your agent will have given you market statistics, so figuring out a starting price should be fairly easy. We will talk more about this in detail during the “Negotiations” Step of the process.

We recommend that all buyers ask for a general home inspection up front. Then, based on the results, you will have a right to bring in additional specialists if deemed necessary by the general home inspector.

We also recommend pest and radon inspections. The general home inspectors typically offer these services.

Homes that are on well and/or septic will require additional inspections. Your agent will be able to advise you on this.

 

WHAT TO EXPECT

We recommend sitting down in person with your agent if possible to go over your offer and the corresponding paperwork. If you are unable to meet in person, doing everything by phone and email is certainly acceptable.

The process could take 1-2 hours for first time buyers or as little as 15 minutes for seasoned buyers.

Since this is a major financial transaction, you are also welcome to have an attorney review the paperwork, although not necessary in the State of Ohio.

Once the paperwork is completed, things can get really complicated as the next step takes place, “negotiations”.

 

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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.

Buying A Home In Cleveland  Step 4 – Making An Offer is the property of The Schuman Team and may not be duplicated or used without their written consent.©May, 2015

Buying A Home In Cleveland – Step 3 Finding A Home

 

At this point, you will have gone over your parameters with your agent and secured your financing. Now comes the fun part, Step 3 —finding your dream home.

Here are the best places to find homes for sale in Cleveland:

1. YOUR AGENT

2. The Internet

A real estate agent has access to real time data from the multiple listing service ( MLS ) and will be able to set you up on a home search based on your criteria. It is a proactive process as homes will get automatically emailed to you as they come on the market.

Some buyers also like to search popular national sites such as Realtor.com and Zillow. These sites are good as well, but just keep in mind that information found here is not as accurate as the MLS.

WHAT ABOUT BANK OWNED AND PRE-FORECLOSURES

Bank owned homes are always listed in the MLS and would be included in your search.

You may not know a certain listing is bank owned unless specifically stated in the property description. However, banks list their inventories with agents so you will not miss out on these types of homes.

Pre-foreclosures are a popular search item on some companies’ sites. The reality though is that a pre-foreclosure simply means the owners are behind on their mortgage. In most cases the owners will take the necessary steps and the homes never get to the market.

If a home gets foreclosed on, it could take well over a year for the process to play out. In simplistic terms, these are not viable homes to consider.

I do know of people who knock on doors of people whose homes are in pre-foreclosure but wouldn’t recommend it.

How would you like it if you were in financial distress and someone knocked on your door?  Let’s just say you won’t get greeted with a friendly smile.

 

HOW TO VIEW HOMES ON LINE

There is an art to efficiently screening the numerous homes that you will see.

1. Look at the Pictures

2. Skim Property Descriptions

3. Note Homes That Contain Your “Must Haves”

It shouldn’t take too long to go through a list of homes and determine which ones are possibilities. A few words of advice:

If a home has few or no pictures, there may be a reason. Also, some homes look way better on line than they do in person. A listing agent’s job is to make a home look as appealing as possible so be careful.

On the flip side, some homes look better in person. A good buyer’s agent should be previewing homes on your behalf and would be able to bring these homes to your attention.

SCHEDULE SHOWINGS

Make an appointment with your agent to see homes. We recommend not seeing more than 6-8 homes at one time as they tend to all look alike after that.

Sometimes it takes 24-48 hours to schedule, so give your agent advance notice if possible.

When viewing the homes, your agent will point out special features of each home. We recommend that you take notes or pictures/video of the homes you like so you can remember them after your tour.

Don’t be afraid to ask questions and get specific information that is important such as age of mechanicals, a list of updates, and a copy of the property disclosures.

You may also want to bring a tape measure with you to make sure specific pieces of furniture will fit in certain rooms.

The process of going out and looking at homes will continue until you find the right home.  A motivated buyer should be able to find a home in 60-90 days.

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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.

Buying A Home In Cleveland – Step 3 Finding A Home is the property of The Schuman Team and may not be duplicated or used without their written consent.©May, 2015

Buying A Home In Cleveland – Step 2 Pre-Approval

Step 2 – Getting Pre-Approved For a Loan

 

While Step 1 – Buying A Home In Cleveland was to find a qualified buyer’s agent, getting pre-approved would be step 1a, it is that important.

Many buyers who have a good job history and excellent credit assume financing won’t be an issue and often don’t take this step as serious as they should.

These folks opt to start looking for homes and only get an approval after finding a home they love—the wrong way to go about the process!

In terms of qualifications, you may indeed walk on water, but it is still critical to go through the pre-approval process for many reasons.

 

WHY GET PRE-APPROVED

1. Find Out How Much You Qualify For

2. Sellers Won’t Accept An Offer Without A Pre-approval

3. There May Be Mistakes On Your Credit Report – Will Take Time To Fix

4. Learn About Different Loan Options

5. Establish A Relationship With A Mortgage Profession – A Valuable Member Of Your Team

The pre-approval process is easy and can be initiated by a brief phone conversation with a loan officer. Save yourself a lot of aggravation and get it done early in the process.

 

WHERE TO GET A LOAN?

 

 

There are basically 3 main places to get a loan:

1. Lender

2. Bank

3. Mortgage Broker

Is one better than another? It depends who you ask. Some people prefer a lender or broker who can shop the market and find you the best rate and terms. Others are more comfortable with a traditional bank.

I am personally a fan of using a company with a vested interest in the local community as I feel they are more likely to have incentive to make their customers happy.

If and when problems arise, an internet based company or one without a local office, in my experience, is less responsive.

At the end of the day, the loan is an important part of the process so find someone that you feel will do a great job.

Your agent or friends should be able to refer to you to a qualified loan officer.

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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.

Buying A Home In Cleveland – Step 2 Pre-Approval is the property of The Schuman Team and may not be duplicated or used without their written consent.©May, 2015

Buying A Home In Cleveland – Step 1

Buying a home in cleveland

Buying a home is an exciting yet complex transaction. The following is part 1 of a 7 part series on buying a home in the Cleveland area.

The first step to buying a home is finding an agent.

 

HIRE A BUYER’S AGENT

While I may appear to be a little biased here, this is advice I would give to my own family members. The following are just a few of the things that a buyer’s agent will do for you:

1. Represent Your Best Interests – A listing Agent Cannot Represent You

2. Educate You On Market Conditions

3. Identify Cities / Specific Neighborhoods That Meet Your Needs

4. Give School Information

5. Schedule and Show Homes

6. Point Out Potential Issues With Various Homes That You See

7. Provide “Off Market” Opportunities

8. Provide Resources to Lenders, Inspectors, Contractors

9. Prepare/Explain Purchase Agreement and Corresponding Documentation

10. Handle All Aspects Of Negotiating

11. Provide Oversight Of Inspection Process

12. Manage Deadlines

13. Coordinate Closing

14. Ensure Smooth Title Transfer

15. Represent You In Case Issues Arise After Closing

Keep in mind that this is not an exclusive list, just a starting point of many things a buyer’s agent does for you.

 

WHAT TO LOOK FOR IN AN AGENT?

First, you need to define what type of qualities you want in a real estate professional. Do you want someone who is older and experienced? Young and aggressive? A specialist in the area in which you plan to buy?

You will be entering into a fairly intense relationship for several months. There will be hundreds of emails, phone calls and face to face conversations,  so be sure to choose an agent that you feel will have your back at all times and that you will enjoy working with.

 

HOW TO FIND AN AGENT?

There are many ways to find a quality real estate agent. Here are a few quick ways to get you started:

1. Get A Referral From Friends or Family

2. Ask A Co-Worker

3. Search The Internet

Do your homework and use your instincts. Just because your friend had a good experience doesn’t ensure you will. His west side agent may not be ideal if you are buying on the east side.

If your co-worker was a first time buyer, their agent may not be the perfect fit if you are buying a luxury home. While not foolproof, the above ways to find an agent are certainly a good starting point.

Once you have an agent (s), contact them in the manner in which you prefer to communicate. If you do business primarily via text or email, contact the agent in the same way and gauge their response time. If they don’t respond in a timely manner, what does that say about the level of service you can expect from them?

We also suggest having a face to face consultation with any agent you are considering. There is no substitute for meeting face to face with someone who will be guiding you through a very important transaction.

 

WHAT TO AVOID

1. Hiring A Big Listing Agent – An agent who primarily lists a lot of homes doesn’t necessarily work with buyers. They are different skill sets and often times, a busy listing agent will pawn you off on their less experienced assistant. This is not always the case, but something to keep in mind.

2. Hiring A Part-Time Agent

3. Hiring An Agent Who Covers A Large Area

 

FINAL THOUGHTS

In order to have a successful real estate transaction, you need to surround yourself with a good real estate professional. Do your research, ask a lot of questions, and let your instincts guide you.

 

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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, 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.

Buying A Home In Cleveland – Step 1 is the property of The Schuman Team and may not be duplicated or used without their written consent.©May, 2015

 

How To Determine A Home’s Value

Price For A Home

How Much To Pay For That Home?

Determining the value of a home is a big challenge to both buyers and sellers.

Since the seller, by virtue of their list price, has already determined the price they feel their home is worth, we will focus on helping a buyer determine value.

 

WHO DETERMINES VALUE?

In simplest terms, a home is only worth what someone is willing to pay for it. In a perfect world, a buyer would find a home, tell the seller how much they want to pay for it, the seller would easily agree, and everyone would then hold hands and sing Kumbaya.

We all now this isn’t how things work. Every buyer wants to pay as little as possible, and every seller wants as much as they can get. There is typically disagreement before an offer is even made.

For this reason, negotiating the price on a home is one of the more difficult transactions you will encounter. If you follow our tips below, this part of the process will be easier.

 

START WITH THE FACTS

There are 3 statistics that can be used to help determine value:

1. Price of Recent Sales ( Comps )

2. Average Price Per Square Foot

3. Percentage of List Price

Let’s go over each one of these starting with comparable sales.  The best way to get value is to find recent similar sales ( same neighborhood, price point, sold within 6 months ) and compare them to the home you are buying. While it certainly helps if you have personally seen these homes when they were for sale, it isn’t a must.

Start with the best recent sale and compare it to the home you want to buy. You should consider what the recent sale has/doesn’t have and make appropriate adjustments.

For example, if you are looking at a home listed for $400,000 that has a 3 car garage, and the best recent sale was $375,000 but had only a 2 car garage, an adjustment would be appropriate of $10,000-$15,000. You can do the same thing with number of bedrooms, baths, and amenities such as finished basement.

While price per square foot is not the preferred method of determining value for an appraiser, it is sometimes helpful as a secondary method just to make sure you are in the ballpark.

For example, if homes are selling for an average of $150 / sq. ft. , with the range being $125-175, paying $185 may be excessive, unless there are compensating factors. Remember, we are talking about AVERAGE price/sq. foot, so if the home you are buying is above average in your opinion ( updates, superior finishes, etc…) than paying higher in the range would be acceptable.

Finally, seeing what homes sell for in terms of sale price/final list price ( it is typically 94-96% in most areas here in Cleveland ) will give you an idea of a range in which you could expect to pay for a home that you feel is priced fairly.

If homes are selling for 95% of the value, than in the example above, paying $380,000 for a $400,000 home would be realistic. That doesn’t mean you couldn’t buy it for less, or you wouldn’t have to pay more, these figures are just used to help guide you.

 

GET RID OF THE NOISE

It is very easy for a buyer to get distracted and lose sight of the big picture.

There are many different personalities at play; buyers, sellers, agents, and often parents and friends who always want to put their two cents into the equation. Therefore, we recommend focusing on the numbers and following your instincts.

Having a knowledgeable agent to guide you is a major plus. However, at the end of the day, you are the one who ultimately makes the decisions, so you need to be comfortable with the process of determining value.

By following our advice, you will be on your way to figuring out a fair price for any 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 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 To Determine A Home’s Value is the property of The Schuman Team and may not be duplicated or used without their written consent.©May, 2015

Solon Ohio Real Estate – Market Report April 2015

Quarterly Market Reports On Sold Homes

 

 

Here is our monthly market report for real estate in Solon OH for the month of April, 2015.

 

HOMES SOLD IN SOLON –  APRIL 2015

ADDRESS              PRICE         BUYER             SELLER

6594   Glenallen Ave  $165,000      Jay George     Martin Levine

6514   Arbordale       $178,500      Elise Venditti   Brian Keszler

6583  Edgemoor Ave  $180,000      NA                Edward Eucker

6395 Woodbury  Dr    $251,000      NA                Reginald Williams

36281 Meadowdale Dr $253,500     NA                Susan Robertson

32087 Kenyon Cir       $284,000     Marc Scheer    Edward Erbach

36260 Churchill Dr      $299,900     Yana Sandlers  James Crowcroft

35000  Ada Dr           $315,000      Xu Qi             David Foss

7237 Winchester        $318,000     Dalithia Smith   Marla Miller

6075 Penfield            $348,150      6075 Penfield LLC Huntington Bank

7234  Dursley           $457,785      NA                  Kingdom Homes

37520 Delamere Ct    $488,000      NA                  Loretta Sparano

 

SOLD HOME STATISTICS SOLON OHIO – APRIL 2015

 

Date                                         # of homes sold         Ave. Sales Price             

April 2015                                       12                           $294,903

April 2014                                       21                           $317,636

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Although April sales were considerably lower this year than they were in 2014, the actual number of sales year to date is in line with the same period in 2014.  In addition, there are currently 79 homes under contract.

A ton of new homes are coming onto the market, making inventories higher than we’ve seen in a while for this time of year. We anticipate the market being very active over the next 75 days.

The hottest market is in the $300,000-$500,000 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 spring market.

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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 April 2015 is the property of The Schuman Team and may not be duplicated or used without their written consent.©May, 2015

10 Factors That Will Make 2015 A Great Year In Real Estate

solon ohio luxury home report

Recently at the Howard Hanna Regional Rally, Hoby Hanna, President of Howard Hanna Midwest Region, talked about the upcoming year in real estate.  I was so excited, I wanted to share the top 10 factors that will make this a great year.

*     Rising Consumer Confidence

*     Employment at a 9 Year High

*     Unemployment at a 7 year low

*     Lowest interest rates in 21 months

*     Reduced credit policies

*     Rising Home Prices

*     Oil Prices Dropping

*     Strong Stock Market

*     Rising Value of Dollar

*     Pent up demand for home ownership

As you can see, the ingredients are there to help fuel an already good market. While we won’t go into detail on all of these items, we did want to pick a few to discuss in more detail.

RISING CONFIDENCE

Consumer confidence is a key component that drives major buying decisions, such as a home purchase. It is fairly common sense, if people feel good about their financial well being, they will be more likely to spend money.

This translates to more buyers in all segments of the market, luxury home buyers, move up buyers, first time buyers and those looking to down size.

Consumers are realizing that now is a good time to move forward with their housing goals and are taking advantage of the favorable market conditions.

PENT UP DEMAND

The rising confidence increases demand, thus flooding the marketplace with buyers. In turn, this represents a great opportunity to those looking to sell as inventories in many price points are still very low.

The high demand and limited inventory helps to increase home values. A good thing for everyone.

The frustration lies for the many buyers who are highly motivated to buy, but are waiting for a great home in their price point to come on the market. A great opportunity exists for home sellers.

CHALLENGES

We have had the same challenge over the last few years; lack of inventories. For example, In Solon, our main market, there are only 85 homes for sale. During the buyer’s markets of 2008-2009, it wouldn’t have been unusual to see well over 200 homes for sale.

So, there is a need for inventory to meet the pent up demand and to help balance out the market. This is especially true for move up buyers, who could easily sell their existing home but don’t have anywhere to go. We simply need more homes to come onto the market.

Overall, the signs are there for a banner year. We’ll keep you posted with our quarterly market report in a few weeks.

 

Below Are Articles Of Interest Relating To our home town, 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 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.

10 Factors That Will Make 2015 A Great Year In Real Estate is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2015

 

Solon Ohio Real Estate – Year In Review – 2014

Solon Sold homes

 

The following is our 6th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2013 and offer commentary.

ALL HOMES

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

 

2013                      302                    $303,781                 95.37%

 

2014                      268                    $319,115                 95.63%

 

LUXURY HOMES ( sales price over $500,000 )

 

2013                       45                     $655,305                95.67%

 

2014                       35                     $686,637                95.54%

 

2014 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              126              $303,748                95.77%

 

SECOND HALF           144              $338,507               95.54%

Source: NEOHREX

 

COMMENTARY

2014 was a good year for the Solon real estate market. While not as strong in terms of sales compared to 2013, we still saw a lot of positive signs.

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

 

1.     More homes sold in 2013 vs. 2014

2.     Average sales price was higher in 2014

3.     More sales during the second half of 2014

4.     A well priced home will receive approximately 95% of asking price

5.     The luxury home market mirrored that of the overall market, less sales but an overall higher average sales price.

So, what can we take away from all of this? A relatively stable housing market positively affected by continued low interest rates.

 

IS IT A BUYERS OR SELLERS MARKET?

The running joke is that it depends on who you ask, a buyer or seller, but statistically is really depends on the price point.

Overall, given the number of homes currently on the market ( 94 ) and recent number of home sales per month over the last 6 months ( 24 ), there is a 4 month absorption rate. This means it would take 4 months for all of the homes currently on the market to sell, assuming no other homes came on. This would typically indicate more of a seller’s market. Keep in mind that this is the big picture of the entire Solon market and also the time of year where inventories are at the low point.

Using the same statistics in the luxury market would give us over an 8 month supply of homes, making that price point much more balanced, perhaps even favoring a buyer.

Making things even more complicated is that certain price points and even neighborhoods tend to be more popular than others, thus increasing demand and favoring those sellers.

Overall, there are a lot of factors that go into answering this popular question, but Solon seems fairly balanced at this point in time.

 

THE HOT POCKETS

As alluded to above, there are areas within Solon ( price point and neighborhoods ) that typically see higher demand than others.

For example, even though homes sales were down in 2014 compared to 2013, there were almost two times as many sales in the $700,000-$800,000 price point in 2014 compared to the previous year.

This had a positive affect on the increase in the overall average home price of a home in Solon last year as well.

These “hot” areas can change from year to year, especially the popular price points.

 

MOVING FORWARD

Last year we correctly predicted less sales due to the fact that 2013 was a banner year. The market simply couldn’t support more sales in 2014 by virtue of a lack of inventory during the first half of the year.

What is consistent over the last year is that a home that was priced correctly sold for approximately 95% of list price. Really nice homes ( translation – TOTALLY UPDATED ) tend to sell for more and can even expect to see multiple offers.

With interest rates anticipated to increase in 2015, we anticipate overall sales to be slightly lower this year. However, the Solon real estate market should still remain healthy.

 

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 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 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Jan, 2015

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.

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ABOUT THE AUTHORS

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

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

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

Solon Ohio Real Estate  -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