Category Archives: Cleveland General Real Estate

Why Fall Is The Best Time To Buy A Home

 

Many people think that homes mainly sell in the summer, but the truth is that houses sell all year round. While the summer is the busiest time, the fall market can actually be the best time for a buyer.

 

WHY IS FALL THE IDEAL TIME?

 

 

1. Less Competition Equals Better Deals

2. More Time To Look

3. New Inventory

Let’s elaborate on the items above.

1. Most families want to move during the summer and thus create competition for housing ( translation = higher prices ). Less buyers in the fall can sway the pendulum back in the favor of the buyer.

Also, sellers whose homes got passed over during the summer suddenly feel pressure with winter approaching. Therefore, many sellers become more reasonable on price during the fall.

2. Some buyers are too busy during the summer and simply don’t want to spend every weekend looking at homes. These buyers prefer to shop for homes during the fall and can end up benefiting because of it.

3. New homes often come on the market after Labor Day. Many sellers have the same attitude of some of the buyers in that they want to enjoy their summer and prefer to wait until fall to sell.

There are plenty of buyers who missed out on the summer market, yet are serious to buy. Fall is the ideal time for them to shop for a home and even move in before winter hits.

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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.

Why Fall Is The Best Time To Buy A Home is the property of The Schuman Team and may not be duplicated or used without their written consent.©October, 2015

Cleveland Ohio Real Estate – Bi Annual Market Report 2013

 

 

 

Now that the year is officially half way over, it it time for our bi-annual reivew of the Cleveland Ohio real estate market.

First, we will provide the number of sales and average sales price for popular area suburbs for the first 6 months of 2013 and compare these figures to the first half of 2012.  Then, we will provide an overall analysis of the market, including discussion about where the market is headed in the future.

SOLD HOME STATISTICS

JANUARY – JUNE 2013

 

EAST SIDE SUBURBS

BEACHWOOD

Date                                              # of homes sold               Ave. Sales Price             

First Half 2013                                       47                              $264,784

First Half 2012                                       39                              $235,758

CHAGRIN FALLS

2013                                                    42                              $299,716

2012                                                    26                              $321,174

HUDSON

2013                                                   176                              $347,432

2012                                                   149                              $328,253

MORELAND HILLS

2013                                                    25                               $385,120

2012                                                    24                               $527,156

ORANGE   

2013                                                    21                                $302,917

2012                                                    12                                $329,750

PEPPER PIKE

2013                                                    36                                $434,049

2012                                                    38                                $398,756

SHAKER HEIGHTS

2013                                                  183                                $262,316

2012                                                  159                                $234,778

SOLON

2013                                                   136                               $293,286

2012                                                   103                               $288,244

TWINSBURG

2013                                                    94                               $225,673

2012                                                    78                               $192,397

 

WEST SIDE SUBURBS

BAY VILLAGE

2013                                                   98                                $239,106

2012                                                  123                               $231,045

BRECKSVILLE

2013                                                   62                                $284,025

2012                                                   62                                $261,501

LAKEWOOD

2013                                                  230                               $121,429

2012                                                  245                               $117,477

ROCKY RIVER

2013                                                  111                               $293,481

2012                                                  112                               $244,515

STRONGSVILLE

2013                                                  211                               $200,397

2012                                                  222                               $183,108

WESTLAKE

2013                                                  144                              $336,027

2012                                                   97                               $296,705

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Overall, the real estate market in the Greater Cleveland area has improved from 2o12, which was considered a strong year. In most areas, we have seen either an increase in the number of sales or average sales price. Certain suburbs, such as Beachwood, Hudson, Shaker Heights, Solon, Twinsburg and Westlake have seen increases across the board.

The real estate market rebounded in 2012 and the positive momentum has continued through the first half of 2013.

The two factors that have helped the market are low inventories and a better overall economy. With a limited amount of homes available in many areas, the market has shifted away from the “buyers market.” Many areas are seeing a much more balanced market and some even favor the sellers. The stabilizing economy has made both first time buyers and move up buyers more comfortable making a major purchase. The rising stock market and low interest rates ( until the last few weeks ) have also helped.

Moving forward, the next month will be busy as buyers scramble to get into their new home before school starts at the end of August. Things will then likely slow down for a little while until after Labor Day, when the market typically picks back up.

The recent rise in interest rates is something to keep our eye on.  While it likely won’t affect the many buyers who are currently under contract, it will have an influence on the overall market. Because of this,  we don’t anticipate the second half of 2013 being quite as strong as the first 6 months, but it will end up being a very strong year for local real estate.

 

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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.

Cleveland Ohio Real Estate – Bi Annual Market Report 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July, 2013

Relocating To Cleveland – The Quick Guide

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

 

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

 

 

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

How Low Can You Go?

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