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Are there really any advantages to a buyer’s market in real estate?
The real estate news on TV is bad. In fact the real estate news on the internet, in the paper and on TV is mostly bad. Bad news gets ratings, clicks and sells papers. The thing is, these news people, are keeping a horrible secret from you. What they don’t want you to know is that if you have good credit, and don’t have a house to sell this is the best time to buy real estate in almost 30 years.
Here are some advantages of a buyer’s real estate market. Take it from a real estate expert, this is a good time to buy!
1) Inventory is up in neighborhoods leading to a price war: It is the same old story of supply and demand. Currently the supply is so great that sellers are forced to price their homes well below the competition just to get people to notice them. Shop around and get a sense of what fair market value is in a neighborhood. Chances are it is a lot less than it was 5 years ago.
2) Mortgage Rates are Down: Did you know that in the 80′s mortgage rates were up around 18%-20%. Compare that to the today’s mortgage rates. Right now you can lock in a 30 year fixed mortgage for a lot less, saving you lots of money.
3) There is a Huge Opportunity To Purchase ‘More House’: If prices have fallen at the same rate on all homes in your market, the discount, measured in dollars, will be bigger for a more expensive house. Say you’re in a $200,000 home and want to move up to a $500,000 home. Your cost of upgrading will be $300,000. But if prices drop 10 percent, your current house is worth $180,000; the one you’ve got your eye on is worth $450,000. Cost to upgrade: $270,000.
4) Hire a Buyer’s Agent to represent you: ABC News is a genius! They say that you should “make sure you hire a buyer’s agent who only represents you, and does not have any connection or obligation to the seller.” Ellen and I at the Weiner Real Estate Group are perfect for that job. We represent lots of buyers to make sure they get the deals they deserve. It just makes sense to have someone working on your behalf. Oh, and did we mention that the seller pays the realtor commission not the buyer.
Prices are low, mortgage rates are down, you can purchase way more house for your money now then you could have 5 years before and there are professionals available to help you make informed and good decisions. What more are you waiting for! Get off the couch time to start looking for your next dream house.
If you would like to get started buying or selling your Shaker Heights, Pepper Pike, Solon, Cleveland Heights or Chagrin Falls home please contact Ellen at 216-789-9368 or email Ellen@NoPlacelikeCleveland.com
Every Tuesday at 9PM on Bravo is one of my favorite shows, “Million Dollar Listing“. The show follows three of the top real estate agents in the LA area. One of the highlights of the shows is getting to see all the great houses these guys list. The views in Malibu are awesome and it is always sunny in LA. But the show is not just about the awesome houses.
If you really watch these guys hustle and work the real estate market one thing is clear, the game of real estate is the same every where you go. The three most important parts of selling your home remain the same. Location, Condition and Price.
In a recent episode Josh Altman argues with a co-listing agent over whether to price the house at 15 million or 13 million. They eventually settle on 13.9 Million. I especially like when he says to the other agent, ”I’m not driving out here every day for a year to have a 15 million dollar listing that wont sell.” The house sells by the end of the episode for 12.8. He was right not to back down on his price. Good agents know what they are talking about when they price a home. It doesn’t matter what you paid or what you are going to lose. If you want to get a home sold you have to price it right. If you noticed the seller took a 2 million dollar loss by selling the property at this price. No matter where you go everyone is taking a hit.
Josh Flagg was just shown listing a house that is not finished in a great area. A buyer needs to have vision to want to buy it. In my opinion, and not because he is a Keller Williams Realty agent, Josh Flagg really has the right idea about real estate. He might have been in his bath robe while he was doing it, but he called everyone he knew to let them know about his new pocket listing. In this market you can’t just put a sign in the yard and pray for people to come. Even in the extreme upper end you have to pound the pavement.
These two guys might be a little quirky and because it is TV seem a little unrealistic. But the truth is, when you go to hire a real estate agent you want them to have similar skills to these guys. At The Weiner Real Estate Group we work hard to be honest and price your house right. And we can even make it fun, just like they do on TV.
If you would like to get started buying or selling your Shaker Heights, Pepper Pike, Solon, Cleveland Heights or Chagrin Falls home please contact Ellen at 216-789-9368 or email Ellen@NoPlacelikeCleveland.com
Pepper Pike’s Spring market starts a little later then Shaker’s. There are 6 home that went pending since February 1st. Lets look at the statistics from the whole Orange City School District. That includes, Pepper Pike, Orange and Moreland Hills.
Active Lisitngs: 78
- Avg. List Price: $648,890
- Avg. Days on the Market: 165 days
Pending Listings: 4
- Avg. List Price: $311,975
- Avg. Days on the Market: 68
Sold Listings (as of Feb 1): 5
- Avg. List Price: $505,288
- Avg. Sale Price: $448,074
- Avg. Days on Market: 110
Active Listings: 27
- Avg. List Price: $369,344
- Avg. Days on the Market: 158
Pending Listing: 1
- Avg. List Price: $99,900
- Avg. Days on the Market: 211
Sold Listings (as of Feb 1): 1
- Avg. List Price: $199,000
- Avg. Sold Price: $185,00
- Avg. Days on the Market: 247
Active Listings: 48
- Avg. List Price: $722,881
- Avg. Days on the Market: 193
Pending Listings: 1
- Avg. List Price: $240,000
- Avg. Days on the Market: 373
Sold Listings (as of Feb 1): 2
- Avg. List Price: 524,900
- Avg. Sold Price: $482,500
- Avg. Days on the Market: 260
Information is based on single family home sales information for the Pepper Pike, Orange and Moreland Hills areas by NEOREX for FEb 2011. All information is deemed reliable but not guaranteed.
If you would like to get started buying or selling your Shaker Heights, Pepper Pike, Solon, Cleveland Heights or Chagrin Falls home please contact Ellen at 216-789-9368 or email Ellen@NoPlacelikeCleveland.com
The Shaker Heights Real Estate market is picking up. In February there were 17 homes that went pending. Compared to the two that were pending in January that is an 11% increase. Here are the rest of the Shaker Heights Market stats from February.
Shaker Heights February 2011 Market report:
Total Actives: 302
- Avg. List Price: $248,479
- Avg. Market Time: 159 Days
Total Pendings: 17
- Avg. List Price: $231,947
- Avg. Market Time: 148 Days
Total Solds: 13
- Avg List Price: $208,531
- Avg. Sale Price: $189,965
- Avg. Market Time: 133
- % of list price: 91%
(Information courtesy of NEOHREX. All information is deemed reliable not guaranteed.)
The Shaker real estate market is picking up. Don’t miss the busy season.
If you would like to get started buying or selling your Shaker Heights, Pepper Pike, Solon, Cleveland Heights or Chagrin Falls home please contact Ellen at 216-789-9368 or email Ellen@NoPlacelikeCleveland.com
March is here and that means so is Spring. So what better way to wash away the Winter blues then to clean up your home. Here are some great tips to Spring cleaning your home.
1) Write a list of rooms to be cleaned. Write down in each room what needs to be done. This focusses your energy to the most important spots.
2) Make sure you have all the right supplies.
3) Use your vacuum on everything: Save your self time, vacuum all windows, ceiling fans and draperies.
4) Give everyone in the family a job. Make sure you aren’t afraid to farm out some of the responsibilities. It is even fun to make a family activity out of it.
5) Feel great about the work you have done.
Here are some more great tips for Spring Cleaning
http://www.ehow.com/how_137153_organize-spring-cleaning.html
Martha Stwearts’s Cleaning Tips
If you would like to get started buying or selling your Shaker Heights, Pepper Pike, Solon, Cleveland Heights or Chagrin Falls home please contact Ellen at 216-789-9368 or email Ellen@NoPlacelikeCleveland.com
