How's the real estate market in northeast Ohio?

This is the most frequently asked question I receive. The answer is “It’s a great time to

buy and sell.” Northeast Ohio is experiencing a strong first quarter. Some say it’s due

to the mild winter, while others tie it to the low interest rates. I am with the low interest

rates school of thought, coupled with an excellent inventory of well-priced homes.

 

For sellers it continues to be a beauty contest and a price war. When it comes to luring

the buyer, pricing and staging are still crucial. A couple of points worth noting if you are thinking about putting your home on the market.  Keep in mind that while staging may take some work and a short delay in putting your home on the market, it will pay dividends in a shorter market time and higher sale price. You must hit the ground running.  When pricing, don’t lament what you could have gotten in years past. Your home is worth what the market will bear today. Once you sell, you will benefit by the lower purchase price on your next home.

 

For buyers, the interest rates are at an historic low. Closing fees are scheduled to rise a

bit as new banking regulations kick in. With rates hovering around 3% at this writing, you still stand to save tens of thousands of dollars in interest over the life of your mortgage if you buy now. In some areas the homes available for sale is lower than usual.  Do not be surprised to find yourself in a multiple offer situation, in which case you will need to be prepared with your best offer from the get-go.

 

If ever there were a time to make that move, this is it.

What's your favorite architectural style?

Here's a great guide from the National Association of Realtors

Guide to Residential Styles

What is a cluster home?

The term cluster home describes a group of homes in a planned subdivision that

conform to a similar style and design and are part of an association with rules

and regulations. The homeowners pay a monthly association fee to cover the

cost of maintaining shared common area, recreation facility, management fees

and specific maintenance items. Exactly what you “own” and what you and the

association are each responsible for maintaining will vary from association to

association.

Once the planned community is designated as cluster homes, the type of

ownership is defined. The individual homes can be detached or attached. The

homes can be either single family or condominium. Yes, there are attached

single family cluster homes and detached, free-standing condominium cluster

homes. Everything is defined in the association documents.

As with any real estate purchase, be sure you read all of the documents and

know exactly what you are buying and what your responsibilities will be.

How do I know what to offer for a property?

In today’s market negotiations can be very tricky. This is why it is important to be represented by an agent who is an expert in the area where you are buying. The first step is to look at recent comparable sales. Do an analysis of number of bedrooms, baths, square footage (be careful with that one!), garages, condition, improvements completed and needed, seller circumstances and location.  Data can be gathered from the multiple listing service and from public records. 

Next is to examine the market conditions where the home is located.  Your agent can pull statistics that will tell you if this particular home is located in a buyer’s market or a seller’s market. Yes, there are some areas that are always high-demand, sellers’ markets. Facts in hand, you can then intelligently negotiate.