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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The Pitfalls Of Selling A Home

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

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

I CAN’T BELIEVE THIS HAPPENED

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

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

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

1. Cancels the appointment at the last minute

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

3. Fails to show up

4. Leaves the doors unlocked

5. Let’s a pet loose

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

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

STRANGERS IN YOUR HOME

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

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

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

EMOTIONS IN MOTION

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

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

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

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services.

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

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

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

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Do Open Houses Sell Homes?

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

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

TIMES ARE A CHANGING

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

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

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

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

WHY HAVE AN OPEN HOUSE?

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

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

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

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

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

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services.

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

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

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

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Selling Your Home In The Winter

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

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

5 Things To Do To Stand Out

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

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

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

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

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

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

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

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services.

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

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

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

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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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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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Sellers Responsibilities Run Through Title Transfer

Written on August 24, 2012 by Dan Schuman in home selling, walk through

Don't Stop Maintaining Your Home Just Because It's Under Contract

Once a home officially goes under contract doesn’t mean a seller should turn their back on their responsibilities. Unfortunately, we have seen sellers do this quite a bit recently and it leads to problems, some that could even jeopardize the closing.

It’s easy to assume that once the paperwork is all signed you can sit back and just wait for the closing. However, there are a lot of things that can happen during the contract to close period, and most of them lead to negative consequences for the seller.

COMMON PROBLEMS CAUSED BY SELLER

Seller staying in the home during the inspection
The home not being “show ready” during the inspection and appraisal
Home is dirty during buyer’s walk through
Driveway is not plowed
Personal property had not been removed

Most sellers understand the importance of leaving their home for showings, so why would you stay for the inspection? Just because you are under contract doesn’t mean you should forget about proper etiquette and procedures. Your presence at the home inspection could actually hinder a sale, so do yourself a favor and leave.

Another thing to remember is that any time you have someone coming in your home, you want it to look its best. Don’t give anyone a reason to have negative feelings about the way you care for and treat your home.

Also, please take the walk-through very seriously. Nothing is more demoralizing for a buyer than to walk through the home prior to closing and find that the home they fell in love with has been totally neglected. This includes lawn care, weeding, and cleaning of the home.

Failing to maintain your home sets a very bad tone and heightens emotions during the closing process. I have seen buyers refuse to sign documents and hold up the closing because of this —not, something a seller wants to happen.

IT’S NOT MALICIOUS, JUST AN OVERSIGHT

I realize that most sellers don’t purposely neglect their home. They just happen to be very focused on their upcoming move and get distracted. However, please understand that you still have responsibilities as a home owner. Don’t start to skimp on basic maintenance issues just because you are moving out.

Remember, the buyers fell in love with your home because of the way you initially presented it to them. So, please make sure you continue to care for it throughout the entire process.

Failing to keep up your home makes you look bad, upsets the buyers, and can lead to nothing but problems. So, have some class, do the right thing and ensure a smooth closing.

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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.

Seller Responsibilities Run Through Title Transfer is the property of The Schuman Team and may not be duplicated or used without their written consent.©August 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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Can Feng Shui Help A Home Sell?

Written on May 22, 2012 by Dan Schuman in home buying, home selling

Feng Shui has been around for thousands of years but until recently, most sellers have not taken it very seriously. Today, we will discuss the importance of Feng Shui and how it influences buyers in today’s real estate market.

FENG SHUI – THE WHAT AND WHY

For those of you not familiar with the concept of Feng Shui, it has to do with the balance of energy in a home. It has even been supported by modern day science.

Some homes are deemed more desirable to those buyers who subscribe to the principals of Feng Shui then others. In our case, we have a lot of international buyers in the local market who do feel strongly about Feng Shui. Therefore, we feel it is important for our home sellers to at least understand the basic concepts and what it can mean to their efforts in selling their home.

SOME QUICK FIXES TO COMMON PROBLEMS

Making a home “Feng Shui” friendly is often fairly easy and doesn’t necessarily cost a ton of money. While we can’t go into all the specifics in this post, we can give you some examples of how simple it can be to make your home conform to the principals of Feng Shui.

Changing a room’s color or adding some things to change the flow of energy in a home can make a huge difference. For example, the ideal color of a dining room according to Feng Shui would be sage green, a medium blue or even an earth tone.

Sprucing up a home’s entrance is also deemed important. A new front door and sparkling clean windows are said to attract positive energy to a home. Also, if you walk into a home and can immediately see through to the back yard, the energy is supposedly flowing right through the home, which isn’t good according to Feng Shui. To correct this, you could simply add a table and some tall flowers or plants in the entryway to help disperse energy throughout the home.

BEYOND WHAT YOU CAN SEE

Another important concept in Feng Shui is the other senses besides sight. Smell and sound are deemed critical yet are often overlooked when selling a home. There are particular smells that are ideal for kitchens and bathrooms. Specific types of music will also enhance a potential buyer’s experience when walking through a home. Oh, and don’t forget about temperature. A home should be set at a particular temperature in both the summer and winter months to make the buyers feel the most comfortable.

Whether or not you personally believe in Feng Shui is irrelevant. Many buyers subscribe to the concepts associated with this powerful philosophy and that alone should be reason enough for you to care. After all, if you don’t give buyers what they want, they’ll find it someone else.

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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.

Can Feng Shui Help A Home Sell? is the property of The Schuman Team and may not be duplicated or used without their written consent. ©May, 2012

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A Busy Market Requires High Sense Of Urgency

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

Are The Tides Changing To A Seller's Market?

We are happy to say that the real estate market here in Northeast Ohio is picking up. Inventories are low, the weather has been unseasonably warm, and the buyers are out in full force. The rush of activity is good news to everyone, including home sellers. However, the influx of buyers making offers has created a different set of challenges that we haven’t seen in a long time.

SLOW MARKET = NO URGENCY

Over the past few years when the real estate market was slow, the buying and selling process often took a long time. Buyers were afraid of overpaying and sellers were unwilling to accept what the market was willing to bear for their home. Basically, there was gridlock and an overall lack of urgency on all parties to get anything done.

Buyers, until recently, had been in control. The general attitude of most was that a seller would be lucky to get an offer from them. Plus, if things didn’t work out, they would just buy another home. Their level of commitment was suspect as well with some buyers preferring to just make a verbal offer instead of putting it in writing.

Negotiations also dragged out over days and sometimes even weeks. Getting parties to agree to terms was near impossible and getting all parties to sign and date the documents was more of an afterthought. Now, a shift in the market has taken place and those not prepared are getting burned.

TAKE QUICK ACTION OR LOSE OUT

Today’s increased activity is causing things to happen at a much faster pace than many are used to, including some agents. Anyone approaching the process in a lackadaisical manner will end up learning the hard way, when the home they want is taken by someone else.

We are not saying that buyers should make hasty decisions. We are simply recommending that once you know what you want to do, do it quickly. Make an offer, work out the details, and get all parties to sign and date the documents as soon as possibly. This is even more critical if there is heated competition for a particular home.

NO SIGNATURE, NO DEAL

A last bit of advice. Understand that until all required paperwork is signed, dated, and/or initialed by all parties, there is no deal. We have heard many stories lately of negotiations being verbally agreed on by both buyer and seller, and then another offer comes in out of nowhere before all documents are signed. This can create havoc on an already complicated transaction and sometimes lead to costly litigation.

In the end, you need to be prepared for today’s changing market and having a great agent by your side will certainly make a difference. Otherwise, the American dream could turn into a nightmare 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 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.

A Busy Market Requires High Sense Of Urgency is the property of The Schuman Team and may not be duplicated or used without their written consent.