Ohio Real Estate Market Update

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access. 

We notice many prospective buyers are on the fence or are waiting for prices to drop after the election. According to Freddie Mac, interest rates are expected to increase through the end of 2016. Thus, buyers will have less power in negotiations. However, no one can predict the future, so now is an excellent time to buy.

Locally, we’ve seen appreciative home values in several suburbs, making now the perfect time to buy or sell.

A huge concern we notice is the seller’s desire to sell their home for a great price. They want to earn top dollar. That’s why you should hire a team like us. We can help you reach that goal. As a team, we leverage each other’s skills and knowledge. We invest time into our market to help you when it counts.

Each individual team member has a unique specialty. We’re localized experts. We also have an exceptional administrative support team to further support us.

Give us a call or send us an email today for a free real estate consultation! We would love to help you take advantage of current conditions.

Is Your Area in a Buyer's or Seller's Market?

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access. 

Today, we're here with a market update for Brunswick, Medina, Stow, and Hudson.

Stow is still in a seller's market with 2.6 months of inventory. We can expect a shift to a neutral market as we move towards three months of inventory. The number of homes for sale is down 14.2% this month compared to last month, and down 17.1% compared to last year. However, the number of homes sold last month is up 42.3% compared to last year. So, if you're selling your home, now is a great time to put your house on market and net the most amount of money possible.

Hudson is currently in a neutral market with 5.2 months of inventory. Hudson will most likely shift into a buyer's market as inventory increases. The number of homes for sale is actually up 11.5% compared to last year, while the number of homes closed is down 10.3%, which also indicates that we are teetering on a buyer's market.

Brunswick and Medina are about the same. Both have 3.2 months of inventory, which means both are in a neutral market now. That being said, 3.2 months of inventory is close to a seller's market, making now the perfect time to sell. Just keep in mind that it may take a little longer than 90 days to sell your home.

If you're thinking of selling, there are three major things that impact the sale of your home: price, location, and condition. We hit on all three of those points. Our professional home stager and our professional photographer both make your home appeal to more buyers. Professional photographs in particular will give you an edge over the competition.

If you have any questions, give us a call or send us an email. We would be happy to help you!

How Will TRID Affect the Real Estate Industry?

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access. 

Today we are joined by Denise Scolaro from Cleveland Home Title to discuss the upcoming changes with the Consumer Financial Protection Bureau, or CFPB.

The CFPB is implementing TRID, or the TILA-RESPA Integrated Disclosure, on October 3rd. TRID will extend the period of time the buyer has to read the closing documents during a real estate transaction.

Agents will be required to write out a contract for at least 45 days. In total, there is a six-day period for the transaction to be completed. The seller has two days to send the documents over to the buyer, the buyer has three days to review, and then the last day is reserved for closing.

Your closing disclosure will change. The HUD settlement statement will still be present, but it will look different than before. The breakdown is going to be more finite, so it may cause some confusion when these changes are first implemented. We recommend that agents call the title company if you have any questions, rather than trying to answer them yourself.

The biggest thing that the buyer needs to be aware of is that transactions will take longer to close. They will be given more information that they need to look at before they can close the transaction, so it will take a little longer. The good news is the extended time frame gives you more time to ask questions and understand exactly what is going on.

For sellers, this means that simultaneous closes will no longer happen due to the new 45-day contract. Sellers will have the same opportunity to review their documents. For Sale By Owner sellers may not understand the process of the real estate transaction, especially with these new guidelines, so we strongly recommend working with a real estate agent.

Another thing for buyers and sellers to be aware of is sellers will need possession of the home for a week or two in order to close.

If you have any questions about today's video, you can contact Denise by calling (440) 213-6710 or sending an email to DScolaro@ClevelandHomeTitle.com. As always, if you have any questions about real estate, or if you're considering buying or selling a home, please give me a call or send me an email. We'd be happy to help you!

How Can You Make the Most of Your Home Sale?

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access. 

Today, we discuss how to know when you're ready to sell your home.

If you're one of those unique sellers who are able to buy a new home without first selling your current home, you may be wondering whether it's easier to sell it furnished or empty. It really depends on the situation. Sometimes, selling a vacant home is better because it gives the buyer a good idea of the true size of the home. On the other hand, having your home professionally staged will go a long way toward giving buyers a good idea of how the home might look once they've moved in.

In order to help you make the right decision, we offer a free staging consultation to help you figure out what you need to do to get your home sold in 90 days or less. You may also want to consider getting a pre-listing inspection. However, if there are any visible or known defects that don't require an inspection, letting us know so we can address them is a good way to save you the cost of an inspection. If you do get an inspection, you need to disclose everything that is found to buyers, so there's no hiding the defects once they're found.

If you would like our help determining what options are best for you and your family, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you! 

How Should You Handle Multiple Offers in Northeast Ohio?

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access. 

Whether you're buying or selling, there's a good chance you'll be involved in a multiple offer situation in our busy market. Today, we want to share some advice on how to handle yourself in these situations, so that you can get the results you desire. 

The market is incredibly hot in Brunswick. Some homes have multiple offers before the doors even open for showings! If you're a buyer in this situation, you need to be aware of the multiple factors at play. Offering the highest dollar amount isn't always the best way to get your offer accepted. The type of financing you have and your flexibility on the closing time are both crucial factors for sellers. Additionally, the size of the down payment will play a huge role in whether the sellers accepts your offer. 

It's important to remember that cash isn't always king. Back in the day, many people assumed cash would speak louder to sellers than financing, but the only time it has a real advantage is when the seller needs to close within 15 days. If you have a full pre-approval, as opposed to a pre-qualification, the seller will know that there will be no surprises in the transaction. 

If the home of interest is hot and many other buyers are interested in it, writing a personal letter can set your offer apart from the competition. Appealing to the seller emotionally will really help the case of the buyer.

If you're selling, should you accept the first offer you receive, or should you wait and try to generate better offers? 

It really depends on your circumstances. If it's the right situation, with the right offer, there's no reason not to take it! 
It's important to be courteous to the buyers and communicate with them about the state of their offer. You don't want to take advantage of a buyer and end up missing out on an opportunity. 

There are some circumstances where the highest offer isn't necessarily the best! When working with a great listing specialist, they are going to lay all the pros and cons of each offer on the table for you. They will help you to get all the necessary things in line in order to make the right decision. The best buyers are the ones who have their proof of funds or pre-approval in order. You don't want to take the highest offer if the person who submits it can't prove they have the money to make the deal go through.

If you have any questions about handling multiple offer situations, or if you need real estate assistance of any kind, give us a call or shoot us an email. We would love to hear from you! 

Are You Ready to Sell Your Brunswick Home?

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access. 

Hello, and welcome back! Today, we will be discussing how to know when you're ready to sell. Here are some key questions you'll want to ask yourself to find out.

  • Where will I move once I sell?
  • How soon do I have to move?
  • Do I qualify to buy a new home?
  • Will I be downsizing or upgrading?
  • Do I need to sell before I buy?
  • Do I need to make some improvements to my current home first?
  • Is selling the right move for my family?
  • Am I ready if an offer is made?

Once you answer these questions, the next thing people are curious about is what time of year is the best time to sell. The best time to sell is when it makes the most sense for you and your family. You have to really look at the reasons for moving, where you're at financially, and what moving means for your family.

Once you decide you need to sell, the next thing to think about is how to make your home more sellable.  Getting your home ready for the market begins with the proper mindset. When you're emotionally attached to your home, you're not open to suggestions from your real estate consultant on the improvements and changes that need to be made in order to net you more money. 

The kind of improvements that need to be made to your home are ultimately up to you. You've been living in the home, so you should have a general idea of what needs to be addressed. What would you want to see if you were a prospective buyer viewing your home? The important thing is to get the repairs done by licensed and qualified contractors for the best results.

If you have any additional questions about the selling process, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you! 

Are You Ready to Buy in Brunswick?

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access. 

As the spring real estate season quickly approaches, we thought now would be a great time to answer the question: "How do I know if I am ready to buy a home?" Many buyers and sellers start to flood the Brunswick market during this time, so being prepared is very important if you want to accomplish your real estate goals. 

Before you begin the buying process, ask yourself the following questions:

  • Do I have a steady source of income?
  • Have I been employed on a regular basis over the last 2-3 years?
  • Is my income reliable?
  • Do I have a good record of paying my bills? 
  • Do I have a few outstanding long-term debts?
  • Do I have money saved for a down payment?
  • Do I have the ability to pay a mortgage? 

Once you've answered these questions and determined if you are ready to buy a home, where do you begin?

Well, the first step is to get pre-approved by a lender. After that is done, you can then contact a local real estate professional to get an evaluation on your current home. Next, sit down with a buyer specialist to go over the entire process and discuss your needs and priorities regarding the home you are looking to purchase. 

Once you've begun the search, how many homes should you look at before choosing one? It really depends on the results of your needs analysis, as determined during our buyer consultation. Once you find a home, you will need to obtain homeowners insurance. Since purchasing a home is a huge investment, you want to protect your assets by purchasing insurance. Trust us, it's more than worth it! 

When making an offer, you will be assisted by your buyer's specialist. You will complete a purchase contract, which includes the amount for the earnest-money deposit, the proposed move-in date, the price you're offering, the proposed closing date, the length of time the offer is valid, and details of the deal. The sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer. 

There are many different types of loans available that you can choose from when purchasing a home. USDA, FHA, VA, and conventional home loans each offer different advantages, and there are many mortgage packages available for first-time buyers as well. If you have any questions, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you and help you take advantage of some of these fantastic opportunities! 

Where's the Northeast Ohio Market Heading?

The Northeast Ohio real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Northeast Ohio area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 440.879.7260

With so much information out there on the web, it can be difficult to separate the relevant data from misinformation. But we're here to help -  we have access to resources you can't find online and we want to explain some of the trends we've seen in Northeast Ohio markets over the last few months. 

One of the most common questions we're asked is, "Are we in a buyer's market or a seller's market?" The answer really depends on the price point. For example, in Brunswick - for homes priced between $150,000-$200,000 - we have a seller's market, with less than four months of inventory. In the same city - but for homes priced between $200,000-$250,000 - we have 8 months of inventory, which means it's a market that favors buyers. 

Now that we know inventory levels vary greatly depending on the price point and location, you may be wondering how inventory levels affect your home's value. It's as simple as the law of supply and demand - when there's a lot of inventory, but demand is low, the value of your home is going to drop. When demand is high, but the inventory is low, you have a good chance of getting top dollar for your home. 

It's important to watch the inventory levels in the market before selling. Many people think the spring is the best time to sell because there are more buyers. In reality, the exact opposite is true - we're seeing people net more money for their home in the winter because of the limited amount of inventory available to buyers.

Another factor that will affect your home's value is interest rates, which have dropped again. Low rates are great for buyers, as they are able to lock in a great home at a low interest rate and save money over the course of their homeownership. For sellers, low rates mean buyers have increased purchasing power, which means they will be willing to spend a little bit more on a property because they are still able to afford it.  

If you're thinking about buying or selling, don't hesitate to give us a call or shoot us a quick email. We would love to fill you in on market conditions in your area and help you determine what course of action is best for you. We look forward to hearing from you soon!

Thanks, and have a great day!