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Cleveland Real Estate News

Fourth of July Safety — and the Joy of Sharing Your Home with Loved Ones

The Fourth of July is a beloved holiday in the United States, a time to celebrate independence, freedom, and the spirit of togetherness. As the day approaches, it’s crucial to prioritize safety measures to ensure a memorable and accident-free celebration. Additionally, the Fourth of July is an excellent occasion to showcase the fruits of your labor in a real estate investment and open your home to friends and family, creating lasting memories in a space that represents your hard work and dedication.

Prioritizing Fourth of July Safety

The Fourth of July is notorious for its fireworks displays, backyard barbecues, and outdoor activities. While the festivities bring joy, it’s crucial to stay mindful of safety precautions to prevent accidents and mishaps. Here are some essential safety tips to keep in mind:

Fireworks Safety: Fireworks are a hallmark of Fourth of July celebrations, but they should be handled with caution. Always follow local regulations and laws regarding fireworks, and never attempt to create homemade fireworks. Keep a safe distance from fireworks displays, wear protective eyewear, and ensure a responsible adult handles the fireworks.

Grilling Safety: Backyard barbecues are a highlight of the holiday, but grilling can pose fire hazards. Place the grill away from flammable objects, never leave it unattended, and keep a fire extinguisher nearby. Ensure that the grill is properly cleaned, and food is thoroughly cooked to avoid foodborne illnesses.

Water Safety: Many people celebrate Independence Day near bodies of water. If you plan to swim or participate in water activities, make sure everyone knows how to swim, wear life jackets if necessary, and closely supervise children. Avoid alcohol consumption when swimming or operating watercraft to maintain alertness and prevent accidents.

Sharing Your Home: A Heartwarming Tradition

The Fourth of July provides a wonderful opportunity to gather with loved ones and create cherished memories. As a homeowner, inviting friends and family into your space amplifies the joy and sense of togetherness. Sharing your home on this special day fosters a warm and welcoming atmosphere and demonstrates the payoff of your real estate investment.

Welcoming Atmosphere: A home is more than just bricks and mortar; it’s a reflection of your personality and a sanctuary for your loved ones. By opening your doors to friends and family, you create an inviting atmosphere where everyone can relax, enjoy the holiday, and feel a sense of belonging. Sharing your home symbolizes the warmth and love you have for your loved ones.

Showcasing Hard Work: A real estate investment is a significant endeavor that requires dedication, perseverance, and financial planning. The Fourth of July offers an excellent opportunity to showcase the results of your hard work and the transformation of your home. Whether it’s a beautifully landscaped garden, a renovated kitchen, or an inviting outdoor space, your home becomes a source of pride and inspiration for both you and your guests.

As the Fourth of July approaches, let us remember the importance of prioritizing safety during the festivities. By following safety guidelines, we can ensure an accident-free and enjoyable celebration. Furthermore, sharing your home with friends and family on this special day provides an opportunity to create lasting memories and share the rewards of your real estate investment. Embrace the spirit of togetherness, celebrate freedom, and showcase your hard work and dedication in a welcoming and festive atmosphere. Happy Fourth of July!

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Cleveland Real Estate News

Where Are All the Houses: How you can find “hidden” listings.

The housing market in Cleveland is enough to drive any home buyer mad. You see a new listing. You schedule a showing. And boom… it’s already under contract. The good ones anyway.

Who is not completely frustrated at this point?!

I have a tip that might just help you win the real estate jackpot. Only the people who read my blog or follow my Facebook page will hear what I’m about to share.

It used to be when a real estate agent listed a home for sale on a Friday, they had until Monday to get the listing onto the real estate websites, most of which are populated automatically by the MLS (multiple listing service). That meant they could place a sign in the yard and take calls all weekend, while most of the general public who are searching online never knew about the listing. So if you didn’t happen to drive by, how would you know?

The MLS has since changed their rule and have implemented something called “Clear Cooperation,” which states that a realtor must put the listing into the MLS within 24 hours of marketing the home for sale. What that means is if an agent puts a sign in a yard on a Saturday morning, for example, the listing really doesn’t have to be online until Sunday morning. Faster than the old 3-day rule, but the agent still has time between yard sign and internet.

Do you know where I’m going with this?

I’ll tell you. 😉

You may drive around on a Saturday afternoon and see a house for sale by Keller Williams or some other brokerage that you’re not seeing online. The trick is to find them!

If you find one, you will get a jump on the listing. You can tour it immediately by calling any agent to show it to you. And you can even submit an offer. But you have to do your homework to find these properties (ie. drive around looking!). Who doesn’t love a drive around town on a beautiful Saturday afternoon?! You never know, you might find a hidden treasure.

This doesn’t just apply to Saturdays. This can happen any day of the week. Take a drive through your favorite neighborhoods and down your favorite streets. You may just find the next new listing before the general public and have an opportunity to jump on it before it goes live on the internet!

Good luck with your house-hunting.

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Cleveland Real Estate News

Renting v. Owning a Home: exploring costs and benefits

Introduction:
Renting or owning a home is a significant decision, and understanding the costs involved is crucial. Renting offers flexibility, while owning builds equity. Generally speaking, unless you travel frequently or tend to move often, home ownership is usually the better financial choice.

Let’s explore the real costs of both options.

Renting a Home:

  1. Monthly Rent: The primary expense varies based on location, size, and amenities.
  2. Security Deposit: Usually one or two months’ rent, refundable but subject to deductions for damages.
  3. Utilities: Renters may need to cover electricity, water, gas, and internet separately.
  4. Insurance: Renter’s insurance safeguards belongings from damage or theft. Many landlords require it.
  5. Maintenance: Minor repairs and upkeep may be the tenant’s responsibility. Check with the landlord to see what he is responsible for and what you are responsible for.
  6. Moving Costs: Hiring movers, packing supplies, and storage expenses can add up. Especially if you move often!

Owning a Home:

  1. Down Payment: An upfront cost impacting affordability and mortgage approval. This could be anywhere from 3%-20% of the purchase price of the home. However, you may be able to find down payment assistance or use gift money from a friend or family member.
  2. Mortgage Payments: Monthly payments based on the loan term, interest rate, and down payment. Typically, these are similar in amount to monthly rent payments, sometimes lower.
  3. Property Taxes: Homeowners pay taxes based on property values and local rates. Some counties have lower taxes than others, so check here for lowest property taxes.
  4. Homeowner’s Insurance: Coverage for structure and belongings against damages and liabilities. General this runs about $1000-$1500 annually for a standard sized home, and can be worked into your monthly mortgage payment.
  5. Maintenance: Homeowners are responsible for repairs, renovations, and routine upkeep. If you are handy, or know someone who is, this can save you money. But you definitely want to set some money aside each month for regular maintenance.
  6. Property Appreciation/Depreciation: Home values fluctuate, impacting equity and potential gains or losses. If you hold a property long enough, you typically will see an increase in value over the long haul.

Conclusion:
Renting involves monthly rent, security deposits, utilities, insurance, maintenance, and moving costs. Owning requires a down payment, mortgage payments, property taxes, insurance, maintenance, and potential appreciation/depreciation. Consider these costs to make an informed decision. And as always, contact us if you need to learn more about home ownership.

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Cleveland Real Estate News

Seller Closing Costs are HOW MUCH?!!

Closing costs associated with selling a home include various fees and expenses that are incurred during the transfer of ownership from the seller to the buyer. While the specific costs can vary depending on factors such as location and individual circumstances, here are the common costs:

  1. Title Fees: These fees are related to the title search and insurance process. They ensure that the property’s title is clear and free of any liens or encumbrances. Title fees can add up.
  2. Mortgage Payoff: If you still have an outstanding mortgage on the property, you’ll need to pay off the remaining balance upon selling the home. The mortgage payoff amount includes the remaining principal balance, any interest accrued until the closing date, and any prepayment penalties if applicable. Contact your mortgage lender to obtain an exact payoff amount.
  3. Liens or second mortgages (for example, a home equity line) on your property: These amounts are also required to be paid off prior to the property transferring to the new owners.
  4. Property Taxes: If you have any outstanding property taxes, they will need to be paid off before the property sale can be completed. The amount owed will depend on the local tax rates and the time since the last tax payment. Keep in mind, Cuyahoga County bills residents for 6 months in arrears. What does this mean? In July 2023, you will be paying your taxes for the 2nd half of 2022. Ugh. Unfortunately, the current year’s taxes through closing date will need to be paid before the property can transfer.
  5. Broker Fees: If you worked with a real estate agent to sell your home, their commission fee is typically a percentage of the final sale price. In NE Ohio, the fee is usually about 6%. Higher priced homes (300k+) may be able to secure a sliding percentage where the amount over 300k is calculated at a lower percentage. But be careful of discount brokers who claim to give you all the same benefits as a full service real estate agent. It’s simply not true.

In addition to these specific costs, there may be other closing costs associated with selling a home, such as:

  • Attorney fees: In some cases, sellers may choose to hire an attorney to handle the legal aspects of the sale. Their fees can vary.
  • Recording fees: These fees cover the cost of officially recording the deed and other relevant documents with the appropriate government office. Someone has to drive down to the County recording office to physically file the deed.
  • Transfer taxes: Some states or municipalities may impose transfer taxes based on the property’s sale price. These taxes are paid by the seller upon transfer of ownership.

To avoid any surprises when you go to sell your home, reach out to Lisa Timko to request a “seller net sheet” which will itemize all of your costs!

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Cleveland Real Estate News

Buying before Selling: How to manage it financially.

Recasting a mortgage loan can be a beneficial option for homeowners who are buying a new home before selling their current one. Mortgage recasting refers to the process of modifying the terms of an existing loan to adjust the monthly payment amount. By recasting their mortgage, homeowners have more financial flexibility during the transition period.

When buying a new home before selling the current one, homeowners may face the challenge of managing two mortgage payments simultaneously. Even without an existing mortgage, a homeowner typically needs the equity in their current home in order to finance their new home. Recasting the mortgage loan can help alleviate this financial burden. The way it works is –

  1. purchase your new home with a minimum down payment
  2. sell your existing home
  3. apply the proceeds from your existing home to your new mortgage, which is recasting and allows you to basically apply your down payment later!

Another advantage of recasting a mortgage loan is that it often involves minimal fees compared to refinancing or taking out a new loan. While refinancing requires going through the entire mortgage application process again, recasting typically only involves a modification to the existing loan. As a result, homeowners can save on closing costs and other fees associated with obtaining a new mortgage. This can be particularly helpful for homeowners who expect to sell their current home in the near future and want to minimize expenses while still securing a more affordable monthly payment on their existing mortgage.

In summary, recasting a mortgage loan when buying a new home before selling the current one can provide homeowners with several advantages. It allows for lower monthly payments, providing financial flexibility during the transition period. Additionally, recasting typically involves fewer fees compared to refinancing, helping homeowners save money. Ultimately, consulting with a mortgage professional is recommended to determine whether recasting is a suitable option based on individual financial circumstances and goals.

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Cleveland Real Estate News

Memorial Day Weekend: Summer Kickoff

Monday, we honor and remember the men and women who have died while serving in our military. Those losses are significant for the family members left behind. As a mother of a young Airman, I appreciate now more than ever the commitment and sacrifice these young people make for us. Their loss is our gain. Thank you. Thank you. Thank you. We can never express our gratitude enough.

Many people commemorate Memorial Day by visiting memorials, attending parades, and participating in ceremonies to pay their respects. Families and friends gather over the weekend for cookouts, just like my family does.

Memorial Day weekend is often considered the unofficial start of the summer season in the United States. It is often seen as a prime opportunity for real estate agents and homeowners to showcase properties for sale. Many buyers take advantage of the long weekend to visit open houses, schedule property viewings, and make purchasing decisions. Sellers often use this time to spruce up their homes and attract potential buyers with attractive listings and promotions.

Additionally, Memorial Day sales and promotions are prevalent in various industries, including real estate. Developers, home builders, and real estate agencies may offer special deals, incentives, or discounts during this time to encourage prospective buyers to make a purchase.

Overall, Memorial Day and the associated long weekend can be an active time in the real estate market, with increased buyer activity and promotional opportunities for sellers and developers. However, it’s important to note that market dynamics can vary depending on location and other factors, so it’s always advisable to consult with local real estate professionals to understand the specific trends in a given area.

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Cleveland Real Estate News

Real Estate Commission When Listing Your Home

The average real estate commission when you hire a REALTOR to sell your home, also called a “broker fee,” is typically 6%-7%. Usually the fee is calculated at either a percentage on the full amount of the sale, or 6%-7% on the first $100,000 of the sale price, and then a lower percentage on the remainder of the sale price.

For example, if you sell your home for $300,000, your broker fee will either be $18,000 (if a flat 6%), or $6,000 on the first $100,000 of the sale price (or 6%) and then $8,000 on the other $200,000 (or 4%), for a total fee of $14,000.

When inventory is low, real estate agents may negotiate a reduced commission in order to under bid other agents and win the listing. However, this could backfire for the homeowner.

Watch this video to learn where your money is going when you list your home with a REALTOR, and why using a discount agent is not in your best interest.

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Cleveland Real Estate News

Cleveland Housing Market Update

Across Ohio, the number of homes sold in April fell from the same month last year, but average home prices continued to rise, according to Ohio Realtors.

The number of home sales in April 2023 were 10,094 units, down 20.9% from the previous year’s 12,763 units. April’s Ohio-wide average sales price reached $268,257, up 4% from the April 2022 level of $258,000.

“Housing activity in Ohio continues to underperform year-over-year sales as we continue to face inventory shortages in a higher interest rate environment,” said Ralph Mantika, president of Ohio Realtors. “Nevertheless, the continued rise in average prices clearly shows that consumers understand that housing is a smart long-term investment. “

Experienced Cleveland real estate agents are able to help home buyers navigate today’s real estate market and achieve their goals. Buyers should always rely on the expertise of a REALTOR.

Twelve of the markets saw an increase in average price in the same month compared to April 2022. In addition, he saw only one local market increase sales activity compared to the previous year.

This content is copyright 2023 Ohio REALTORS. For more information, please visit https://www.ohiorealtors.org/home-sales-news-release

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Cleveland Real Estate News

Cleveland Homeowners: It’s time to clean your dryer duct!

When is the last time you really cleaned your dryer? Don’t wait! – it could be a fire about to catch! Dryer fires are more common than you might think.

To clean your dryer duct, follow these steps:

Pull the dryer out, unplug it, and if it’s a gas dryer, turn off the gas valve.

Disconnect the duct located at the back.

Use a vacuum cleaner with a hose attachment to suction around the vent entrance and inside the exhaust duct.

Connect the flexible rods from a dryer duct cleaning kit to a power drill. (These kits are available online.) Join the rods together, ensuring a secure connection. Optionally, use electrical tape for added reinforcement.

Attach the provided rotating brush to the rods and position a power drill near you.

Start the drill, spinning it clockwise at medium power. Slowly move the brush back and forth, extracting lint and debris from the duct. Keep the drill spinning clockwise to prevent disassembly.

Clean up any mess left behind before proceeding. Inspect the exterior vent. If it’s easily accessible near the ground, repeat the process of using the flexible rods and brush from the outside in.

If the vent is difficult to reach, such as being high on a roof or in a multi-story building, cleaning in that area may not be possible.

Don’t wait, it’s important that you do this periodically.

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Cleveland Real Estate News

New Listing in Bay Village Ohio

Only $200k for this adorableđŸ€©#BayVillage condo!! HOA reasonable at $355/mo. (Not my listing.)

Visit the listing here!

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Cleveland Real Estate News

Cleveland Real Estate Market: A Promising Investment Opportunity

Cleveland, Ohio, is emerging as a promising real estate market for investors seeking great opportunities. With its growing economy, affordable housing options, and vibrant neighborhoods, Cleveland has become an attractive destination for both local and out-of-state buyers. The city offers a diverse range of properties, from historic homes in charming suburbs to modern condos in downtown. Whether you’re a first-time investor or a seasoned buyer, Cleveland’s real estate market offers the potential for long-term growth and returns.

One of the key advantages of investing in Cleveland real estate is its affordability. Compared to other major cities in the region, such as Chicago or Detroit, housing prices in Cleveland are relatively low. This affordability factor makes it an ideal market for entry-level investors or those looking to diversify their investment portfolio. Moreover, the city has experienced steady job growth in recent years, which has contributed to a rising demand for housing.

Another attractive aspect of Cleveland’s real estate market is its diverse neighborhoods. From trendy areas like Ohio City and Tremont to family-friendly suburbs like Rocky River and Shaker Heights, there’s something for everyone. These neighborhoods boast a mix of residential, commercial, and recreational amenities, making them highly desirable for potential homeowners and tenants. With ongoing revitalization efforts in various parts of the city, Cleveland’s real estate market is poised for further growth and development.

In terms of rental properties, Cleveland offers favorable conditions for investors. Rental demand remains strong, driven by factors such as a growing population, an influx of young professionals, and the presence of reputable universities and hospitals. Rental yields are generally competitive, offering investors the potential for consistent cash flow. Additionally, property management services are readily available in the city, easing the burden of remote or absentee landlords.

Overall, Cleveland’s real estate market presents a compelling investment opportunity. Its affordability, diverse neighborhoods, and strong rental demand make it an attractive option for both new and experienced investors. With ongoing economic growth and development initiatives, the city is poised to continue its upward trajectory in the real estate market.

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Cleveland Real Estate News

Cleveland History, Attractions & Facts

Cleveland, city, seat (1810) of Cuyahoga county, northeastern Ohio, U.S. It is a major St. Lawrence Seaway port on the southern shore of Lake Erie, at the mouth of the Cuyahoga River. Greater Cleveland sprawls along the lake for about 100 miles (160 km) and runs more than 40 miles (65 km) inland, encompassing Cuyahoga, Lake, Geauga, and Medina counties and more than 70 suburban communities, including Lakewood, Parma, Shaker Heights, Cleveland Heights, East Cleveland, Euclid, Garfield Heights, and Rocky River.

Most of the city lies on a plain that rises 60 to 80 feet (18 to 25 metres) above the lake and is divided by the narrow valley of the Cuyahoga, locally known as the Flats. Lake Erie moderates the city’s climate, keeping temperatures generally cooler in summer and warmer in winter and occasionally causing heavy “lake effect” winter snows. Inc. city, 1836. Area city, 82 square miles (212 square km). Pop. (2010) 396,815; Cleveland-Elyria-Mentor Metro Area, 2,077,240; (2020) 372,624; Cleveland-Elyria Metro Area, 2,088,251.

History

Erie Indians in the region were driven out by the Iroquois in the 17th century. The French established a trading post in the vicinity in the mid-18th century. In 1786, three years after the American Revolution, when the Ohio country was opened for settlement, Connecticut laid claim to a vast area of land (the Western Reserve) in northeastern Ohio. Moses Cleaveland, from the Connecticut Land Company, arrived with surveyors at the mouth of the Cuyahoga in July 1796 to map the area. He founded and laid out the town of Cleaveland. (In 1832 an a in Cleaveland was dropped to shorten a newspaper’s masthead.)

The city’s growth was slow until 1832, when the Ohio and Erie Canal (begun in 1825 to connect Lake Erie and the Ohio River) was completed. In the 1850s railroads increased the community’s commercial and industrial activity. When St. Marys Falls Canal (Soo Canal) between Lakes Superior and Huron was opened in 1855, Cleveland became Lake Erie’s transshipment point for lumber, copper and iron ore, and rail shipments of coal and farm produce. The American Civil War provided the initial stimulus for iron and steel processing, metals fabrication, oil refining (John D. Rockefeller founded Standard Oil there), and chemical manufacturing. Suburban trains were developed at the end of the 19th century. By the 1930s Cleveland had the appearance of a modern metropolis, with main roads converging on its Public Square, which was dominated by the 708-foot (216-metre) Terminal Tower. Rapid-transit lines now extend to Shaker Heights and East Cleveland (east) and to the Cleveland Hopkins International Airport (southwest).

Cleveland’s economy, hard hit by the Great Depression of the 1930s, experienced renewed growth during World War II. However, the city’s industrial mainstays subsequently declined, a decline matched by a precipitous drop in population; in 2000 Cleveland’s population was only about half of what it had been in the peak year of 1950, when it reached 915,000. Tens of thousands (mainly those of European ancestry) moved to the suburbs, but many others left the area as jobs disappeared. Economic hardship especially affected the city’s large and less-mobile African American community, which by 2000 constituted more than half of the city’s population. In 1966 Cleveland’s Hough district was the scene of violent racial disorders. Municipal government faced mounting budgetary problems, capped by default on bank loans in the late 1970s. In addition, environmental pollution became severe, a condition infamously highlighted by a June 1969 fire on the Cuyahoga River caused by floating chemical wastes.

In 1967 Carl Stokes was elected mayor of Cleveland, the first African American to win such office in a major U.S. city. Under Stokes and his successors (white and black), the city undertook a long revitalization process. Beginning in the 1960s, much of the downtown area was rebuilt, and since the 1980s steps have been taken to improve the city’s environment. Notable effort has been directed at cleaning up the Cuyahoga. The downtown skyline, long dominated by Terminal Tower (1930), was dramatically altered by the addition of BP Tower (1985) and the 63-story Key Tower (1991), at the time of its completion the tallest building between New York City and Chicago.

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Cleveland Real Estate News

Figures show 3.2 percent drop …

Couple of sectors of the economy are as conscious rates of interest as the property market. During 2022, eight successive rate increases aimed at offsetting high inflation sent tremblings across the market– and are still at the centre of the fall in Australian house prices.Overall, national real estate worths fell 3.2 percent over the year to November.However, CoreLogic’s head of research, Eliza Owen, says the rate of decrease has been slowing on a “broad basis because September”.” While this may be viewed as a positive by some, there is still risk of the decrease re-accelerating in the year ahead,”she said. The fall in nationwide worths was largely driven by capital city residence values dropping 5.2 percent, while regional home worths rose 3.3 per cent over the very same period, CoreLogic figures show.Which Australian residential areas taped greatest falls in 2022? Residential areas in Sydney’s City and Inner-South, Northern beaches and Eastern residential areas dominated 2022’s list for the largest falls in home and system values throughout the capital cities, according to CoreLogic.Narrabeen, Surry Hills and Redfern houses taped the biggest falls in worth over the year, down more than 25 percent, while system worths in Centennial Park and Mona Vale fell by 23.1 percent and 20.8 percent, respectively.Which Australian residential areas recorded greatest development in 2022? On the other hand, Adelaide’s durability was consistent over 2022. Adelaide residential areas Davoren Park(up 34.7 percent)and Seacliff Park(up 41.4 percent )published the biggest growth for houses strength to rates of interest rises, Ms Owen said, while the more-expensive section tended to see sharper declines.What about local markets? Regional markets were more resistant to market conditions, boosted by minimal supply, strong need– compared to pre-pandemic levels– and relative affordability.However, local demand has slowed as interest rates have risen.While a number of local suburban areas posted big yearly development, such as home worths in the New South Wales town of Bingara (up 36.2 percent)and system worths in Laguna Quays, Queensland (up 30.9 percent), the majority of regional markets have moved past their cyclical peak, and are now tape-recording decreasing values.Popular way of life markets such as the Southern Highlands, Shoalhaven and the Sunshine Coast have taped a few of the strongest peak-to-trough declines in value.While Ms Owen says it is not likely these markets will fall listed below the levels tape-recorded at the start of COVID-19, due to the fact that houses across these regions are still, on average, 38 percent higher than where they were at the start of the pandemic.What will house costs carry out in 2023? Well, there’s no crystal ball but the answer mostly depends on rates of interest. Economic expert Maree Kilroy anticipates additional rate hikes in early 2023, with the cash rate peaking at 3.6 per cent by March next year.”Rates will start to fall once again in 2024 and settle at 2.6 percent by mid-2025,”Ms Kilroy, a BIS Oxford Economics senior economic expert said.”We expect the across the country all-dwelling cost to fall 11.5 percent peak-to-trough. The speed of price decreases is expected to slow from here, with the marketplace bottoming around September quarter 2023.

“Among Australia’s most costly sales in 2022? 38A Wentworth Roadway, Vaucluse NSW cost $62.75 million Australia’s many budget friendly suburban area? Kambalda East in Western Australia with a median value of$ 118,525 SQM Research director Louis Christopher also anticipates more rate rises from the Reserve Bank of Australia(RBA)in the early months of 2023.” We anticipate more rate increases, starting with their February conference. Nevertheless, the expectation is the RBA won’t take the cash rate above 4 percent,” Mr Christopher said.Provided the cash rate does not tip over 4 percent, Mr Christopher says he prepares for a real estate market bottom and recovery in late 2023. Nevertheless, the degree of theflooring in values might be further weighed down by home mortgage serviceability dangers, with the majority of outstanding set loan terms secured through the pandemic to end by the end of next year

Where did we end the year?The approximated total worth of property avoided $9.6 trillion in December 2021 to$ 9.4 trillion in November 2022, while the approximated yearly sales fell 13.3 percent, compared to a year earlier, with roughly 535,000 homes sold across Australia.In the RBA board’s last conference for 2022, the money rate was lifted by 0.25 of a portion point, taking the cash rate to 3.1 per cent, and variable interest rates to above 6 per cent.The reserve bank will take a break throughout January. Its next rates meeting is set up for Tuesday, February 7.

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Cleveland Real Estate News

Why Choose Keller Williams as your Broker of Choice!

Valuing God, family, and then business, Keller Williams embraces all faiths, backgrounds, and cultures. The KW family of associates experiences a positive influence from their workplace environment, which has shaped the existing culture. Their mission revolves around constructing careers worth having, owning businesses worth owning, living lives worth living, giving experiences worth giving, and leaving legacies worth leaving. The influence of KW extends beyond national borders, reaching 53 other countries worldwide.

Year after year, Keller Williams maintains its dominance in the real estate industry, holding the top position locally in the Austin area and nationally in terms of agent count, units, and volume. In 2020 alone, Keller Williams associates successfully closed over 1.26 million transactions, generating a remarkable sales volume of over $414 billion. With over 12% of the entire Austin real estate market share, KW stands as the leading real estate company in the area. Furthermore, it claims the top spot as the number one luxury broker representing sales exceeding $1 million.

The company takes pride in providing its agents with exclusive technology, coaching, tools, and training, aimed at facilitating their business growth and success in the real estate industry. Backed by a team of training experts and award-winning coaching programs, Keller Williams ensures that its agents remain at the forefront of their profession. The comprehensive suite of technology and consumer tools offered by KW harmoniously work together to deliver smarter business solutions for agents while providing seamless experiences for their clients.

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Cleveland Real Estate News

A look at the Cleveland and Ohio Housing Markets

CLEVELAND, Ohio – While real estate may seem to be constantly fluctuating in Ohio, how does the market compare against the other 49 states in the country?

It turns out, Ohio homes remain more affordable than in most other places. The median home value in Ohio as of April 2022 is $221,200, more than $175,000 less than the median home value of $396,700 in the country, according to real estate website Redfin, which represents a share of online real estate listings in the area.

This is a 10.38% increase from the year prior, while the average increase in home value for the entire country is 15%.

Source

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Cleveland Real Estate News

7 Key Real Estate Trends for 2023-2025

This report will examine the top seven trends set to impact the real estate industry in 2023 and beyond.

One of the key underlying drivers for these trends is a relocation from big cities to the suburbs — a development that was occurring before 2020. But was accelerated by the COVID-19 pandemic.

But there are several other important changes in the real estate space to keep an eye on over the next 18-24 months.

Let’s get right into the trends:

1. House hunting goes digital

Searches for “digital transformation” are up 223% over the last 5 years.

The pandemic accelerated digitization across all sectors.

And the real estate market is no exception.

Due to the pandemic and the competitive housing market in 2020, some buyers purchased their homes without stepping foot inside first.

Many were able to do virtually tour property due to virtual capabilities, such as:

  • 3D Tours
  • Drone videos
  • Virtual staging

Searches for “virtual staging” are up 23% over the past 5 years.

Online searches for “virtual staging”, which were on the rise pre-pandemic, shot up in 2020, though the demand will likely decline somewhat after the pandemic.

Online real estate companies like Zillow, allowed home sellers to browse listings, get in touch with real estate agents, and research mortgage options during the pandemic.

Zillow and some similar companies also provide 3D home tour options.

Zillow remains a popular online real estate database, as evidenced by rising searches for “Zillow” over the past 10 years (51%).

The home tour is not the only aspect of home buying that is going digital.

Getting a mortgage can be done online now too.

Online searches for “Better Mortgage”, an online mortgage lender, shot up 46% over the last 5 years.

Millennials, who are notorious for their reliance on social media, are also turning to technology to learn more about their new neighborhoods.

Websites like Nextdoor allow residents of a particular area to stay in touch with other locals and keep up with neighborhood events.

Overall, searches for “Nextdoor”, the social networking website for neighbors, have increased 186% in 10 years.

2. People move from cities to the suburbs

The COVID-19 pandemic has fueled migration from major cities to the suburbs.

The biggest metro areas, like New York, San Francisco, and Washington, DC, are likely to rebound once the US is firmly on the other side of the pandemic.

But the trend of opting out of big city living may persist for the next 3-5 years.

Many industry experts predict that the pandemic-fueled shift to the suburbs will remain through 2025.

The two underlying reasons for the shift are necessity and choice.

Those who cannot afford to stay are moving out of necessity.

While the wealthy are relocating by choice.

Those who have lost their jobs and can’t afford big city prices anymore are moving in search of more affordable housing options.

Last but not least, the suburbs are an attractive destination due to lower taxes and cheaper housing and rent prices.


Internet searches for “eviction” increased by 41% in the last 15 years, in part highlighting the concerns of lower-income homeowners and renters during the COVID-19 pandemic.

Some who are moving out of big cities are looking for suburbs that retain some of the big city feel, areas that urban planner, Daniel Parolek, refers to as “middle neighborhoods”.

While the predominant feature of “middle neighborhoods” is the single-family home, these areas also retain some of the conveniences of a big city, such as multifamily housing options, good public transportation, high walkability scores, shopping, and restaurants.

According to Parolek, “middle neighborhoods” are difficult to construct from a regulations perspective, but perhaps this will start to change in the future as demand for such areas increases.

The shift from cities to suburbs is also driving some of the other real estate trends on this list.

Such as the increasing popularity of the Sun Belt, rising median home prices, and an overall housing shortage.

3. The sun belt’s popularity continues to rise

As Americans shift out of big cities, one destination they are moving to is the Sun Belt.

The pandemic reinforced the increasing popularity of the Sun Belt, which is expected to persist for the foreseeable future.

The Sun Belt is the swath of the US that stretches from California to North Carolina and encompasses 18 southern states in between.

Approximately 75% of the country’s population growth in the past 10 years has been concentrated in the Sun Belt states.

In addition to its appeal to the retired set, the region is also becoming increasingly more attractive to younger professionals due to lower taxes and more affordable housing prices and rent.

Additionally, even the biggest Sun Belt cities offer more space compared to the top US metro areas such as New York.

The growing relocation and rising population in the Sun Belt have bolstered real estate markets in the region.

The growth has not been limited to single-family homes but has also translated to multifamily housing and commercial real estate.

Two major Sun Belt metro areas, Dallas and Tampa are ranked in the top ten US cities with the most real estate potential.

However, it is Austin that was anticipated to see the most real estate growth in the US in 2021, followed closely by Phoenix and Nashville, according to Zillow.

On the other hand, major metropolitan areas, like New York, Philadelphia, and San Francisco were among the worst real estate markets in the country in 2021.

4. Single-family housing demand creates shortages

The migration from cities to suburbs is resulting in growing buyer demand for single-family homes.

Single-family homes located in the suburbs are highly coveted.

Realtors projected that home sales would rise another 10% in 2021, which will bring them to the highest level since 2006.

Searches for single-family homes were at their highest rate in four years in 2020, according to Redfin’s chief economist.

According to PricewaterhouseCoopers, the demand for single-family homes is being driven by several factors, including:

  • Low interest rates
  • The growing importance of the home due to the quarantine, social distancing, and telework
  • Strong housing trends pre-pandemic

The pandemic-related demand for houses is compounded by another coinciding trend: Millennials entering the home ownership phase of their lives.

Millennials looking to purchase their first house or start a family are also spurring suburban growth.

Online searches for “home loans” were on the rise in 2020 but have dropped off recently.

As a result, single-family housing inventory is the lowest in approximately 40 years.

As of September 2020, there were approximately 830,000 homes on the market in the US, down 39% from September 2019.

The average time a home was listed on the market was 54 days, down 18% from September 2019.

One real estate agent in New Jersey has compared buying a house in New Jersey suburbs outside of New York City as a “blood sport” due to the high competition among buyers.

While these conditions persisted through 2021, it is unclear how long they will last beyond that.

The market is projected to eventually stabilize.

And the pace of new construction probably will catch up with the increased demand.

The housing shortage coupled with rising housing prices has been a boon for management and construction companies.

Housing construction of both single-family and multifamily homes is on the rise and reached the highest level since 2006 in 2020.

5. Home prices continue to rise

The current real estate trends are highly interconnected.

Due to the increased demand for single-family homes and dwindling supply, prices for single-family homes shot up in 2020 and are expected to remain high in 2023 and beyond.

Shortly after the start of the pandemic, the housing market temporarily reversed course, as prices dropped and those looking to sell their homes reevaluated that decision.

However, after a couple of months, prices went back up again.

And the seller’s market was stronger than ever going into 2021.

The median list price for a single-family home in 2020 reached $350,000 in September 2020, an 11% increase from September 2019.

Single-family home prices are on a rapid rise.

High prices are not deterring home buyers.

Some buyers are willing to pay substantially above the asking price to secure their purchase.

Rising house prices have pushed up the home equities of current homeowners.

Home equity is the overall home value minus the amount owed on it.

So, as market value increases, home equity does too.

Home equity rose by 6.6%, or an average of $10,000 per home in 2020.

Online searches for “home equity” have increased over the last decade.

6. Mortgage rates drop

Home ownership was spurred by record-low mortgage rates in 2020.

According to some sources, mortgage rates hit a 50-year low in 2020.

Mortgage rates were already on the decline since they reached a peak of 4.94% in 2018.

But at the beginning of January 2021, mortgage rates hit a record low of 2.65%.

This caused a spike in mortgage applications, which reached a 10-month high in the beginning of 2021.

At the end of January 2021, the Federal Reserve decided to keep interest rates close to zero due to the economic impacts of the pandemic.

Online searches for “mortgage rates” saw a huge spike in the first half of 2020 but leveled out in the second half of the year.

A mortgage refinancing spike coincided with the spike in online mortgage rate searches in the first half of 2020.

Another spike occurred in January 2021, when refinancing activity was 93% higher than in January 2020.

7. Rental property market declines

Partly due to the shift of people from cities to suburbs, the rental market for both residential and commercial properties in big cities was on the decline in 2020.

Demand for rental properties will continue to decline in the biggest cities as people who can afford it look to buy a house, and those who cannot, look for other alternatives to save money or fall behind on their rent.

The number of young professionals who have given up their apartments and moved back in with their parents jumped last year.

According to Pew Research, 2020 was the first time since the Great Depression that the majority of young adults 18-29 lived with their parents.

The migration out of big cities has resulted in the highest apartment vacancy rate since 2010 and declining rental prices.

While rental vacancies are increasing in major metropolitan areas, demand for rental properties is actually going up in mid-size and smaller cities around the country as the demand for homes in these areas outpaces the supply.

The downturn in the rental market is creating real estate investment opportunities.

Investors can purchase struggling rental properties now in anticipation of renters returning to big cities when the pandemic ends.

Investors can also take advantage of commercial properties that went vacant in 2020, such as hotels and retail buildings, and repurpose them into housing units.

Online searches for “real estate investing” have increased over the past 5 years.

Conclusion

That wraps up our list of important real estate trends happening right now.

As more people move to the suburbs and look to purchase a home, single-family housing prices are expected to stay high and supply low.

Low mortgage rates will continue to drive the demand for homes.

In the meantime, the rental property market in large cities will remain in decline, which will provide opportunities for real estate investors planning for a post-pandemic recovery of city life.

Signs of their reversal include a rise in mortgage rates and an increase in housing supply as construction catches up with demand.

So it will be fascinating to see which of these trends were temporary due to COVID-19. Or are legitimate, long-term trends that are likely to persist over time.

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Cleveland Real Estate News

Experts seeing shift in Greater Cleveland housing market; increase in rental construction among reasons

PEPPER PIKE, Ohio — For the past few years, the housing market across the country has been surging. But numbers reported by real estate company Keller Williams last month show a 43% decline in homes sold and a 39% increase in homes for sale.

Keller William’s report for January shows:

  • 1,245 under contract – down 1.9%
  • 698 Sold – down 43.2%
  • 2,032 For Sale – up 39.4%
  • $217K Average Sales Price – down 5.7%

Those numbers, one realtor says, don’t reflect a cooling market, but instead reflect a shifting market.

Alison Benoit is a realtor with Keller Williams. She recalled the peak of this recent housing market surge.

“We went from a market that was absolutely insane where houses were coming on the market and selling in multiples before you and your buyer could even get into the house,” Benoit said. “There were so many times where, you know, as soon as a house came on the market, you had to stop what you were doing, set an appointment and race out to that house.”

Anum Malik, a recent home buyer, knows that reality firsthand.

“There were a few times, quite a few times, when we wanted to go see and we were talking to a realtor so that we can set an appointment to go see the house and even before we can set a time, it’s gone. There were a few houses that we felt might have been perfect, but we never even got a chance to look at them,” Malik said.

The task of finding a home became daunting and seemed impossible at times.

Malik decided to work with the housing market instead of against it, changing the expectations she and her family had in their home search.

“In order to have some skin in the game, we had to really reevaluate what we wanted in the house, how much we were willing to pay for it and what we were willing to give up,” Malik said. “So it was definitely a little bit of soul searching in there as well. And to reevaluate what our needs and what our family’s needs were.”

Soul searching that many potential home buyers have experienced themselves—some opting to stay with or turn to other alternatives like renting.

Rental properties, Benoit says, are one of the major reasons for the recent change in home buying numbers and are shifting the buying market as a result.

“That kind of buying has stopped now,” Benoit said. “I have a couple of buyers that are interested in a more urban product. And I think those condos that you’re seeing, like in the city, in Cleveland, and the tax-abated properties, I’m seeing fewer of those available. I see in the greater Cleveland area, a lot of builders doing luxury apartments as opposed to the condos that they were building five, six years ago. And that kind of shifts the market a little bit too.”

Builders, like Asaf Gishron with the Sabor Group, can attest to that demand.

“There is a high demand for rentals. We’re developing also in Downtown Cleveland, we do the Agora Theater—we’re building a 46 unit and then 64 units next to Euclid Avenue,” Gishron said.

The increase in rental property construction may have shifted the market, but Benoit doesn’t think it’s cooling too much any time soon.

“I think we’re just going to go along like we always have. I don’t think interest rates are going to ruin the market. I think even if they go up a little bit more, I don’t see it stopping,” Benoit said. “People still need to move. Events happen. People get jobs that they’re making more money. They have more babies. They get divorced. They get married. They graduate from college. There’s always buyers,” Benoit said.

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Cleveland Real Estate News

Cleveland Housing Market: House Prices & Trends

The Cleveland housing market is somewhat competitive. Homes in Cleveland receive 2 offers on average and sell in around 34 days. The median sale price of a home in Cleveland was $128K last month, up 11.1% since last year. The median sale price per square foot in Cleveland is $86, down 1.7% since last year.

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Cleveland Real Estate News

Market Trends

Understanding market trends can help estate agents demonstrate their local knowledge. Add key statistics to your newsletters, assess the viability of sales catchment areas, educate your team, and deepen relationships by giving customers meaningful insights on local market estimates, ultimately helping start the listing conversations.

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