Category Archives: buyers agency

Solon Ohio Real Estate – Mid Year Review 2017

Solon Sold homes

 

Here is our official Mid Year Review for 2017 in Solon. We have included information from the first half of 2016 for comparison purposes.

Figures through June 30, 2017

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2017                      174                          $320,140                            89

2016                      166                          $314,622                            119

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2017                        17                           $719,587                           130

2016                        27                           $609,086                            96

PRICE POINT BREAKDOWN OF ALL 2017 SALES THROUGH JUNE 30,2017 ( 2016 mid-year sales in parenthesis )

$0-99,999 = 3 (2)

$100,000-199,999 = 39 (39)

$200,000-299,999 = 58 (60)

$300,000-399,999 = 29 (21)

$400,000-499,999 = 26 (16)

$500,000-599,999= 5 (12)

$600,000-699,000 = 6 (12)

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

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

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

$1,000,000 +   = 2 (0)

Source: NEOHREX

COMMENTARY

On face value, it would seem as though the real estate market in Solon has improved since last year. After all, we have had more sales, a higher average sales price and lower average days on market than at the same time last year.

For the sub $500,000 market, this would hold true. With the exception of the $200,000-$300,000 price point, which broke a record last year, all other price points under $500,000 are doing better this year.  However, this is not the case for the luxury market.

As someone who specializes in Solon luxury homes, I can attest that the luxury market has slowed considerably from last year. The numbers above reflect that with a lower number of sales, especially in the $500,000-$700,000 price points.

Luxury home buyers are out there looking but they aren’t buying. Many don’t necessarily need a high-end home, but would certainly buy if the conditions were right.

The mentality with many of the luxury home buyers is they demand value or a home that provides a huge wow factor. The numbers reflect they aren’t getting what they want.

With the peak of the summer market behind us, it will be interesting to see what transpires in the fall.

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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 – Mid Year Review 2017 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July, 2017

 

 

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

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

 

Why You Need A Buyer’s Agent

 

 

Many home buyers view a real estate agent as someone who just opens up a home for them, providing little other value. While this may be true in some cases, many agents wear a lot of different hats and actually bring a lot of skills to the table.

Today’s post will shed some light on things a good buyer’s agent does and why you should use one if buying a home.

MY LAST AGENT DIDN’T DO ANYTHING

My motivation for writing this post was that too often, we have heard some less than flattering comments from consumers about their past experiences with a real estate agent. Here are just a few comments made to us:

“We were the ones who picked out the homes and did most of the work.”

“She really didn’t educate us too much about the market or the different areas.”

“He was nice but didn’t do a whole lot.”

“Our last agent wasn’t always available.”

In many of these transactions, the agents probably spent a lot of time with these buyers and had good intentions, yet things just didn’t work out for a variety of reasons. Perhaps they were inexperienced or only worked part-time. Maybe they did a lot of things for their clients behind the scenes, but never let their buyers know about them. It is also possible that the buyers had unrealistic expectations.

In any event, we take great pride in our industry and don’t like to hear about negative experiences. We want to dispel the myth that an agent is nothing more than a door opener.

THE VALUE OF AN AGENT

The popularity of the internet has made information more readily available to buyers than ever before. Therefore, they have a perception that they don’t need an agent for anything other them to simply open up the home for them.

I’m here to say that a skilled buyer’s agent actually brings a lot of value to the table. Many are things that buyers may not think about yet are still critical to having a successful transaction.

WHAT DOES A BUYER’S AGENT DO?

1. Preview homes in advance – No reason to pull up to a home that is located next to a commercial building ( that was conveniently not mentioned in the on-line description ). Previewing in advance saves your time.

2. Has knowledge of the local inventory.

3. Provides “insider information” – knowledge of homes that will soon be coming on the market or ones whose sellers are extremely motivated.

4. Educates their clients on the different areas.

5. Is proactive to find you a home. A good agent will call their buyers about a new home on the market or coming on the market BEFORE the buyer has a chance to call them.

6. Will refer you to another quality agent if they don’t service the area in which you want to buy.

7. Thoroughly explains the buying process.

8. Will take additional photos or video of a home or neighborhood and email them to you. Especially important to out of town buyers.

9.Gets you information not readily available on-line.

10. Refers you to trusted lenders, inspectors, and contractors.

 

Remember, this is just a small sampling of things a good buyer’s agent will do for you. This list doesn’t even get into some of the more complicated parts of the process such as negotiating and inspections, things that can be very stressful and emotionally intense.

Many of us are more than merely door openers. We bring experience and knowledge to the real estate transaction. The best part is that we represent your best interests only and the seller pays our fee.

 

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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.

Why You Need A Buyer’s Agent is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2013