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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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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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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Why You Need A Buyer’s Agent

Written on February 4, 2013 by Dan Schuman in buyers agency, General Advice, home buying

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

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Home Warranties – Why They Are Important

Written on February 1, 2013 by Dan Schuman in home buying, home selling, Home Warranty

Having a home warranty is important not only for buyers, but for sellers as well. If you are buying or selling a home, you may regret not investing a relatively small amount of money to have one. In this post, we will explain what home warranties do and why you should get one.

THE PURPOSE OF A HOME WARRANTY

A home warranty covers you in the event appliances or major systems break down. In most cases, a warranty will cover things that your typical home owners insurance policy does not. Having both a comprehensive home owner’s insurance policy and a home warranty will provide you will excellent coverage.

Most homes experience issues pertaining to mechanical systems and appliances on a regular basis. It could be once a year or every few years, you just never know when something will happen. That is why having the protection of a home warranty is a smart thing to do for both buyers and sellers.

FOR BUYERS

1. CONVENIENCE – When covered by a warranty, you will have access to qualified contractors simply by calling an 800 #. This is especially nice if you are new to the area.

2. LONG-TERM PROTECTION – While a seller will typically pay for the first year of a buyer’s home warranty, the buyer has the option of renewing every year. As your home ages, the likelihood of a problem increases. So for the long term, having a warranty can be a huge help.

3. PEACE OF MIND – There is a tremendous feeling of knowing you will be covered if certain problems arise.

FOR SELLERS

1. COVERAGE WHILE ON THE MARKET – You will get covered during the listing period and NOT have to pay for the policy until closing.

2. STAND OUT FROM COMPETITION – Offering a home warranty may entice a buyer to purchase your home over another that is not offering one.

3. ELIMINATES PROBLEMS AFTER CLOSING – If a problem arises after title transfer, it is better for the buyer to contact the warranty company instead of you.

DO I REALLY NEED ONE?

We are not here to tell you what to do. But based on the chart above, claims are certainly a common occurrence. In fact, we get emailed every time one of our clients has a claim paid by the warranty company, and it seems like it happens all the time. From an agent’s perspective, I do feel it provides tremendous value to both buyers and sellers.

When it comes to buying or selling a home that costs hundreds of thousands of dollars, spending $400-500 on a home warranty seems pretty minimal. If you think of a warranty as more of an investment than an expense, it will hopefully make more sense.

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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.

Home Warranties – Why They Are Important is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2013

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Making An Offer – The Most Important Step

Written on January 31, 2013 by Dan Schuman in General Advice, home buying

Buyers are starting to get aggressive on making offers once they find a home they love, but many are not getting a firm pre-approval letter up front. Forgetting this important step in the home buying process could end up preventing you from getting the home of your dreams.

GET PRE-APPROVED NOT PRE-QUALIFIED

When local real estate was in a downturn, the sense of urgency to get financing was not very high. Buyers figured they could take their time to find a home, and then they’d firm things up with their lender. However, with the market starting to really heat up and inventories still low, buyers must change this lackadaisical mindset.

The problem isn’t that buyers are totally forgetting to speak to a lender. They are simply getting pre-qualified instead of pre-approved. A simple conversation over the phone usually is not sufficient to grant a real “approval letter”. A lender will need to pull credit and collect specific documentation from you such as pay stubs, W-2′s, or tax returns. It may not seem like a big deal but this extra step makes all the difference in the world.

I have seen cases when a buyer gets pre-qualified over the phone, and then ends up not qualifying once the lender verifies all pertinent information.

DO YOURSELF A FAVOR

In an active market, you never know when that special home will come on the market, and when it does, you will need to act quick. Waiting until after you find your home to get your financing in order may be too late.

Getting a solid pre-approval letter will allow you to move forward with confidence and may also help you stand out over another buyer should you get into a bidding war.

The difference between getting pre-approved and pre-qualified is merely time and a little effort on your part but is well worth it. In fact, it could ultimately determine whether or not you get the 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.

Making An Offer – The Most Important Step is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2013

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Why Wait For Spring, Act Now!

Written on January 27, 2013 by Dan Schuman in home buying, home selling

During this time of the year, people always ask us if they should wait to make a move until the late spring or summer market, when things are more active. This is a very common question and the answer we give may surprise you.

WAITING COULD BE COSTLY

There are very good reasons why delaying a move may not be in your best financial interests. Here are some things for you to think about, whether you are a buyer or seller.

HOME BUYING

1. Rates Are Historically Low – Waiting until late spring or summer may cost you as rates may inch upwards. While no one knows what will happen, rates can’t stay this low forever.

2. Some Sellers Are Motivated – There is an inventory of homes that didn’t sell during the summer/fall market. These are perfectly nice homes that were simply overpriced. Many sellers are now much more willing to sell than they were when their home originally went on the market. Some have moved out of the area and others have found homes they would like to buy.

3. Home Values Are Rising – Recent market statistics show home values in many Cleveland area suburbs beginning to go up. Buying when values are lower certainly makes sense.

HOME SELLING

1. Inventories Are Low – The number of homes for sale throughout the area is ridiculously low. As a result, we have seen a ton of multiple offer situations, where buyers are fighting over the same home. Waiting means that you will likely have more competition.

2. Rates Are Great - Ok, we already said this for buyers, but the same can be said for home sellers as well. The lower the rates, the higher the number of buyers that qualify to buy your home. Why risk a rate increase and lower buyer pool?

3. Uncertainly – We do know that low rates, a slowly improving economy, and low inventories exist today. What we don’t know is what things will look like 3 or 6 months from now. Will the stock market continue to make buyers feel confident to spend? Will something happen in Europe to cause our economy to slow down or possibly go back into recession? The unknown brings about an added risk to the selling process.

Personally, I am conservative and like to know what I’m getting into. Today’s market is a known factor, an ideal environment for both buyers and sellers. No one knows what things will look like in the future.

Waiting may simply be a risk that you just don’t need to take, and may end up costing you money in the end.

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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 Wait For Spring, Act Now! is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2013

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Does The Perfect Home Really Exist?

Written on January 26, 2013 by Dan Schuman in home buying

If you are buying a home, it is important to have realistic expectations because in the words of The Rolling Stones, “you can’t always get what you want.”

We’re not saying that you won’t get a lot of things on your wish list and end up thrilled with your new home. Just understand that the perfect house simply doesn’t exist at any price point. We have seen people spend a lot of time looking at every home in their price point and not like anything. These folks end up getting very frustrated and blame “the market” for not offering them the perfect house at the perfect price.

DO YOU HAVE UNREALISTIC EXPECTATIONS?

If you can’t find a home you like, you may have to re-adjust your game plan. You should prioritize the things that you absolutely need in a home versus the things that you want. There are likely things that you positively must have, like a certain number of bedrooms and baths. Then, there are other things that would be nice, but not a necessity, like a 3 car garage. We are not saying that you should have to settle on a home that doesn’t make you happy. However, there does come a point during the buying process where you may have to be flexible.

Opening your mind to alternative locations may also be helpful. We see a lot of buyers start their search in one community or subdivision, but find that they can get more for the money elsewhere. Unless you have your heart set on a specific area, it can be helpful to keep your options open as you may be pleasantly surprised with what you find.

START WITH A PLAN

The first thing to do is get pre-approved for a loan and know specifically how much you would like to spend. Then, make a list of the “must haves” and “would like to haves” for your next home. It is imperative that all decision makers have input here so that everyone is on the same page.

Another critical part of the process is communicating with your agent. We get a chance to tour homes on a regular basis and can often pick homes out for you once we know what you like. Sometimes we end up finding homes for our clients just by talking to other agents in the market, homes that may be coming on the market soon, yet are not currently listed. Many of our clients also end up buying a home that did not meet their original specifications, so keeping an open mind here is helpful.

The most important thing is to be honest with yourself. Trying to fit a square peg in a round hole is a daunting task and will lead to frustration. Be realistic and understand that life is often about compromise, especially when buying a 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.

Does The Perfect Home Really Exist is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2013

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Cleveland Home Buyers Face Unusual Obstacles

Written on September 4, 2012 by Dan Schuman in General Advice, home buying, relocation

luxury home

When it comes to buying a home in Cleveland, we have some customs that are unique to our area. Therefore, those who are relocating from another state need to be aware of these oddities in order to ensure a seamless transaction.

WHAT MAKES BUYING IN CLEVELAND DIFFERENT?

Here are just a few things that are unusual to our area:

1. No Round Table Closings – In many states, both buyers and sellers come to the closing at the same time. Then, papers are signed and keys are immediately given to the buyers. Please note that this is NOT customary here in Northeast Ohio as title companies are not set up for this type of transaction.

In our area, buyers and sellers may never actually meet each other. Also a buyer will likely sign their loan documents a few days before getting their keys. I have seen buyers get upset when learning they will not be getting their keys upon signing so it is very important to understand how things are done here.

2. Point of Sale Inspections – Many Cleveland area suburbs have their own specific inspections. These inspections are ordered by the seller, usually prior to putting the home on the market. The specific municipality where the house is located sends their own inspector out to make sure it does not have any city violations. If there are indeed violations found, either the seller must fix them prior to title transfer or the buyer must assume them. Please note that this inspection should not take the place of a buyer hiring their own general home inspector.

3. Real Estate Taxes Get Paid In Arrears – At the time of closing, real estate taxes will not yet be due and payable. Therefore, the buyer will receive a credit from the seller to make sure taxes are paid from when the seller lived in the property. This is usually a nice surprise for the buyer as it reduces the amount of money they need to bring into closing.

Every state and even some cities have specific nuances when it comes to buying or selling a home. This holds especially true to the Cleveland area. Failure to understand the rules of the game can cause a ton of unnecessary stress and sometimes a lot of money.

A good local real estate agent can be a tremendous help here.

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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: 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 Home Buyers Face Unusual Obstacles is the property of The Schuman Team and may not be duplicated or used without their written consent.©September 2012

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Not All Real Estate Agents Are The Same

Written on July 7, 2012 by Dan Schuman in home buying, home selling

During the course of our career, we have received a lot of feedback from our clients about their past experiences with a real estate agent. It seems like everyone has a different story but the conclusion is the same: not all agent are alike.

In today’s post, we wanted to bring to your attention that every agent works a little differently, even ones that work for the same company. If you are looking for an agent, the following list can be used as a helpful guide.

WHAT TO LOOK FOR IN AN AGENT?

Regardless of if you are a first time buyer or have gone through many real estate transactions, here is a list of qualities that consumers find important in an agent.*

1. Knowledgeable – An agent should be able to share with you a wealth of information not only about the buying or selling process but also of the specific areas in which you plan to buy or sell. Remember, knowledge is power and your agent needs to be a huge asset here.

2. Honesty – So how can you tell if an agent is honest? You can begin by talking to people who have used a particular agent. You can also usually get a gut feeling if an agent you are speaking with is genuine. Asking good questions will reveal a lot about how an agent conducts their business and if they will be looking out for your best interests.

3. Communicative – This is a big one if you want to have a smooth and pleasant experience. A good agent should have specific systems in place to make sure they are efficiently communicating with you during the entire process. Ask an agent about their communication plan for their clients. If they don’t have one then you may have to question the level of customer service you plan to receive.

4. A Good Negotiator – If you ask 10 real estate agents if they are good negotiators, I guarantee all will say “yes”. So, you may just want to ask an agent about their negotiation skills and what it means to you as their prospective client. What they say here will tell you a lot about their style and if they will be a good fit for you.

5. Good People Skills – This one kind of helps bring all of the above mentioned characteristics together. Not everyone is blessed with good people skills but an agent who has them is worth their weight in gold.

Keep in mind that this certainly isn’t an exhaustive list. You may personally want your agent to possess certain qualities that we didn’t cover here, and that’s ok. At the end of the day, you as the consumer need to define what qualities are important to you, and don’t be afraid to be very particular.

Remember, shopping for an agent is similar to looking for a home. There are a lot of them out there so you need to take your time to find the right one.

* Per National Association Of Realtors® Home Buyer/Seller Profile

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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: 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.

Not All Real Estate Agents Are The Same is the property of The Schuman Team and may not be duplicated or used without their written consent.©July 2012

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