neohiorealtor.com Blog

Welcome to my August 2008 report on the state of the real estate market for Geauga County. Please feel free to refer to last month’s posting to watch for changes.

As a service to all potential buyers and sellers, I would be happy to provide you with statistics on your county, your town, your price range, etc. so you can get a clear picture of how many homes are selling and how long they take to sell. To give you an overall picture of Geauga County as a whole, I’ve included a few statistics for your review!

The current trend (as of August, 2008) is a healthy decrease in the number of homes for sale. In August of 2007 there were 1002 homes on the market, of which 101 sold. In August of 2008, there were 900 homes on the market, of which 54 sold. In August of 2007, for those homes that did sell, they were on the market an average of 100 days. For those homes that sold in August of 2008, the average days on market were 77, representing a solid decrease of 23 days from one year to the next. So, the number of homes on the market has reduced and the number of homes sold has reduced as well, but there does seem to be some improvement occuring. Refer to the chart below for a visual representation:

What does this mean if you’re thinking of selling and you want to be amongst the SOLDs? It’s simple!

Well, it’s likely no secret for those of us living in the Cleveland area, but if you’re thinking about re-locating and want a place that’s affordable - here’s your chance. Check out the following article then give us a call - we’re here to help you find a great new home!

Daily Real Estate News | September 26, 2008
Most Affordable Cities for Owning a Home

The cost of buying and maintaining a home is pretty reasonable if you live in certain Midwestern or Southern cities, according to Forbes magazine’s new report.

To determine America’s least expensive places to own a home, Forbes used data from the U.S. Census Bureau’s 2008 American Community Survey, released Tuesday.

The survey reported the 2007 median monthly housing costs in the country’s metro areas with a population over 65,000. Housing costs include monthly mortgage payments, real estate taxes, various insurances, utilities, fuels, mobile home costs and condominium fees.

Here are the top-10 cheapest cities to own a home (for more details on each location, watch the Forbes slideshow):

Cleveland: $978 a month
Columbus, Ohio: $1,060 a month
Pittsburgh: $1,187 a month
San Antonio, Texas: $1,216 a month
Indianapolis: $1,232 a month
Nashville: $1,256 a month
New Orleans: $1,296 a month
St. Louis: $1,299 a month
Charlotte, N.C.: $1,336 a month
Cincinnati: $1,353 a month

Source: Forbes, Lauren Sherman (09/23/2008)

Welcome to my July 2008 report on the state of the real estate market for Geauga County. Please feel free to refer to last month’s posting to watch for changes.

As a service to all potential buyers and sellers, I would be happy to provide you with statistics on your county, your town, your price range, etc. so you can get a clear picture of how many homes are selling and how long they take to sell. To give you an overall picture of Geauga County as a whole, I’ve included a few statistics for your review!

The current trend (as of July, 2008) is a healthy decrease in the number of homes for sale. In July of 2007 there were 989 homes on the market, of which 83 sold. In July of 2008, there were 924 homes on the market, of which 67 sold. In July of 2007, for those homes that did sell, they were on the market an average of only 83 days. For those homes that sold in July of 2008, the average days on market were 66, representing a solid decrease of 17 days from one year to the next. So, the number of homes on the market has reduced and the number of homes sold has reduced as well, but there does seem to be some improvement occuring. Refer to the chart below for a visual representation:

What does this mean if you’re thinking of selling and you want to be amongst the SOLDs? It’s simple!

I just came across this short article with some basics about inheriting property and wanted to pass it on!

Daily Real Estate News | August 28, 2008
What to Know About Inheriting Property

Inheriting property can be exceedingly confusing for the heirs, particularly if they plan to sell the property. While getting expert legal advice is the best approach for the person who has inherited property, here is some basic information that can help a real estate professional better understand the situation.
• Every state has a legal process that allows the person who was willed property to transfer ownership of it from the previous owner’s name to the new owner’s name. The attorney assisting with the probate of the will can help fill out the forms. If there is no lawyer involved, sometimes someone in the clerk of courts office can guide the person inheriting property through the transfer process.
• Generally, there is little or no transfer tax or other cost involved because the person who is inheriting the property didn’t pay anything for it.
• When a person dies and title is transferred to a spouse or a child, the due-on-sale clause in a mortgage contract doesn’t apply. Otherwise, while a lender could call the loan, in the current economic climate it is unlikely if the person inheriting the property makes regular payments.

Source: Real Estate Matters Syndicate, Ilyce Glink (08/24/2008)

Welcome to my June 2008 report on the state of the real estate market for Geauga County. I’ve been doing these reports on another blog site for months now and figured it was time to post them here as well! If you would be interested in seeing market reports for additional counties in NE Ohio, please let me know and I’ll be happy to start posting them as well!

As a service to all potential buyers and sellers, I would be happy to provide you with statistics on your county, your town, your price range, etc. so you can get a clear picture of how many homes are selling and how long they take to sell. To give you an overall picture of Geauga County as a whole, I’ve included a few statistics for your review!

The current trend (as of June, 2008) is a healthy decrease in the number of homes for sale. In June of 2007 there were 995 homes on the market, of which 96 sold. In June of 2008, there were 892 homes on the market, of which 60 sold. In June of 2007, for those homes that did sell, they were on the market an average of only 94 days. For those homes that sold in June of 2008, the average days on market were 100, representing a slight increase of only 6 days from one year to the next. So, the number of homes on the market has reduced and the number of homes sold has reduced as well. Refer to the chart below for a visual representation:

What does this mean if you’re thinking of selling and you want to be amongst the SOLDs? It’s simple!

I’d just like to say, Yeah Geauga!

The News Herald just published an article that says Forbes Magazine ranked Geauga County as “the nation’s fourth-best county in which to raise a family.” That’s great news, but perhaps not surprising to those of us that currently call Geauga County home.

Why did we rank so high on the list?

“A whopping 86 percent of homes are owner-occupied” - that’s phenomenal! Isn’t the national average running around 70% (and perhaps declining in the wake of so many foreclosures nationwide)?

The article also talks about the rankings being high for Geauga because of “clean air, low crime and a high level of community investment”. I can tell you personally, I like Geauga county because the home prices were good, I had room to stretch out and didn’t feel like I was always on top of my next door neighbor, the people are friendly and it’s easy to get to anything I need, but I’m still in a place that feels like the country. What more could anyone ask for?

If you’re thinking about making a move out to Geauga county and would like to learn more, please let me know. I’ll be happy to help in any way I can! Yeah Geauga!

With so much negative media attention on the real estate market around the country this year, it’s nice to see some positive attention for a change. The Plain Dealer published an article on June 25th titled “Cleveland housing prices up”. The article talked about the release of Standard & Poor’s/Case-Shiller home-price index and how the Cleveland market stacked up amongst 20 major markets listed (we ranked #7 out of the 20 markets, by the way!). I was also reading an economic report from the National Association of Realtors (NAR) put out by our Chief Economist, Lawrence Yun, that also put a smile on my face. His report shows that (in general) “home sales have stabilized over the last seven months and are expected to increase measurably in the rest of 2008″. According to Yun, we should expect to see the clearing up of the subprime lending problems through the rest of this year, but we should also be seeing improvements in both sales and prices in the coming year. As many people are already aware, real estate markets are very local. The Cleveland area did not have the huge bubbles that areas such as California or Florida had, so we haven’t faced the same kinds of problems they are facing. That’s a big part of why we are one of the first markets set to rise up! Now is the time to buy!

With so many great homes to choose from and excellent mortgage rates available, why wouldn’t you want to take the plunge into home ownership?

Let me guess: you’re worried that homes are going to continue to lose value and you’re waiting for the bottom to drop out, right?

According to Lawrence Yun, the chief economist for the NAR, the Cleveland market is one of the first markets that is crawling its way up out of the ‘real estate slump’. We are expecting improvements to begin over the spring and summer and we should be more stabilized by early 2009.

So what are you waiting for? Contact me today and I’ll be happy to provide you with several reputable lenders to get you a pre-approval and let’s go look at houses! If you don’t have one already, I’ll set you up with an email-based search of properties that may interest you to get you started looking. Whatever your real estate needs are in Geauga, Lake, Cuyahoga and surrounding areas, I’m ready to help.

It’s time to get off the fence and buy!

If you’re like most people, you’ve probably seen lots of media attention surrounding real estate and particularly the high number of foreclosures in Ohio. There are a number of different real estate terms floating around out there that may sound like they mean the same thing, but can be very different. The most popular terms related to foreclosures would be:

Short Sales
Foreclosures
Bank Owned
Real Estate Owned
HUD

Let’s talk about each one a little and then we’ll discuss what they mean for both buyers and sellers!

Short sales: A short sale is when a homeowner is behind on their payments to the mortgage company and are about to be foreclosed upon. They owe more on their mortgage than their home is currently valued at, so in selling their home, they will be “short” the difference in those two values. The bank will have to step in and forgive part of their loan to cover the difference. If the home doesn’t sell in time, it will go to sheriff’s sale and become a foreclosure. Short sales can be thought of as pre-foreclosures.

Foreclosures: A foreclosure is a type of home on the market that has already gone to sheriff’s sale. If the bank that holds the mortgage in default doesn’t get a high enough bid at the sheriff’s sale to warrant selling the home, they will buy it back and re-sell it.

Bank-Owned: Bank owned properties are those in which the bank has bought back the house at sheriff’s sale and now needs to turn around and list it for sale to get it sold. The term is synonymous with REO or real estate owned.

Real Estate Owned (REO or R.E.O.): This is another term for bank owned. The bank needs to recoup their loss on the original mortgage as best as possible and will put the home up for sale with a brokerage.

HUD (Housing and Urban Development): HUD houses are simply any house that the owner purchased using FHA (government backed) financing, rather than a conventional loan. They defaulted on that loan, and because it was government backed, the government is now responsible for selling the house and recouping as much money as they can. It has nothing to do with government subsidized housing or inferior construction as many people often think.

The only difference between a bank owned or REO home and a HUD home is who is selling it!

Now let’s talk about how these homes affect buyers and sellers!

As a buyer looking to purchase a home that you’d like to get a great “deal” on, these are frequently the homes that offer that potential, but they come at a different kind of price! While you may be able to get away with lower offering prices on these types of homes, they can frequently pose different stumbling blocks than pursuing a more traditional transaction. Many times the condition of the home will be far poorer (if people can’t afford their mortgage payments, they aren’t going to be keeping up with maintenance!). Also, the time it generally takes to get an accepted offer is much longer than a traditional transaction. It is not unheard of for banks dealing with short sales to take 6 weeks or more to give a response on an offer! If you’re willing to wait it out and deal with the potential issues with the house, you may end up with a bargain.

As a seller, if you are falling behind on your payments and you are worried about defaulting on your mortgage, a short sale may be your best option. Banks would rather deal with a short sale than have to go through the tedious and expensive process of sheriff’s sales and REO sales. You stand a much better chance of getting a higher price for your home under a short sale than if it goes to sheriff’s sale or beyond. Your credit rating will typically also suffer a smaller hit with a short sale than with a full foreclosure.

If you are considering buying one of these types of homes, it’s important that you work with an agent who understands the differences and can educate you about the process. As a Foreclosure Specialist, I’m happy to assist you with them.

If you are in need of selling your home and are in the process of being foreclosed on, we may be able to help you get your home sold before it’s too late!

If you have more specific questions or comments, please feel free to let me know!

Did you ever consider that there is more than one type of lighting for any given room? Maybe you just thought ‘I turn on the light switch and I’ve got lighting’. Well, there’s much more to it than that. If you want to maximize the lighting in your home for your personal enjoyment or are planning to sell now or in the near future, these tips will help you out!

Type #1: Ambient Lighting

Ambient lighting is the primary source of light for your room. Let’s take a kitchen, for example. Ambient lighting can come from possibly 2 different sources. During the day, it can be from windows that allow enough sunlight in to fill the room. At night, though, you would need another source. Whatever light you turn on that covers the room in light would be your ambient source of lighting.

Type #2: Task Lighting

Task lighting is just what it sounds like - lighting that’s used to highlight areas where you work. In our kitchen example again, task lighting would be more focused lighting that is designed to illuminate work surfaces, such as an area you prep food. It might come from a pendant or track light focused down on the counter.

Type #3: Accent Lighting

Accent lighting is used to highlight architectural details, artwork or anything else you want to bring a little extra attention to in a room. In our kitchen example once more, accent lighting might be recessed lighting aimed at walls to highlight artwork or lighting inside of cabinets with glass doors to show off what’s inside.

When working with the different types of lighting, also consider that lighting can be set to dimmer switches, so you can bring lights up when you need the light or bring them down for more intimacy or as a kind of night-light for safety.

By using a combination of all 3 types of lighting, you bring more light and better function into the room. It’s not just easier on the eyes, but buyers are looking for homes that have lots of natural light and good use of recessed lighting. By showing off your home through the correct usage of lighting, you help enhance the value of your home and will also help to bring about a quicker sale.

If you’ve got questions about lighting choices in your home, please feel free to comment or call me. Illuminate your world!