GREATER CLEVELAND HOMES & REAL ESTATEHOME SALES REPORT - SOUTHWEST SUBURBS – WINTER 2017

Brought to you by LisaHumenik, RE /MAX Crossroads More news at : Facebook.com/AmazingNortheastOhioHomes

HOME SALES

IT’S A GREAT TIME TO SELL A HOME! 

The Northeast Ohio real estate market has changed significantly in the past few years changing to a SELLER’s advantage in most suburbs.  The number of homes available for sale has continued to decline while home sales are increasing which has helped boost sales prices and decrease market time for home sellers.  With mortgage rates at historic lows, a home buyers cost of purchasing a home is lower and more affordable than ever which is boosting demand.  Homes that are in very good condition and that are priced and marketed effectively are selling fast and for higher prices which is driving up home values.  Home owners throughout the area are seeing their homes value and equity increase which is a welcome change from the past years.  All and all.. It is a time to move!  This coming year home price and sales growth is expected to increase, but at a slower pace.  Zillow predicts a 3.1% average increase in home values for Cuyahoga County in 2017.  As last year, we expect those increases to be higher in the suburbs with the lowest inventory and highest demand.

HOME PRICES

HOMES SALES UP 8% AND PRICES RISE 4% IN CUYAHOGA COUNTY

The Average Sale Price of Homes sold in 2016 in Cuyahoga County suburbs is $154,000 up 4% over the average of the year earlier.  The average List Price has increased by over 10% since 2015. Many suburbs saw double digit sold price increases.  The top sales gains/losses were found in the following SW suburbs (4thQ16 to 4Q15):

HOMES SOLD: Olmsted Falls (+35%), Brook Park (+29%), Brunswick (+21%), Lakewood (+23%), Parma (+21%). Cities showing sales declines include North Olmsted (-11%), North Royalton (-14%, and Rocky River (-2%).

Homes in these markets sold VERY QUICKLY and were (and are) in strong demand from home buyers.

HOMES PRICES ROSE 4% IN 2016

The average price of a home sold in Cuyahoga County rose 4% in 2016 from the previous year.  Many suburbs saw very strong price gains.  The top price gains in the 2016 Greater Cleveland SW Suburbs are as follows (4Q2016 to 4Q2015):

AVG SOLD PRICE: Very high gains were found in Middleburg Hts.$171,000 (+20%), Brook Park $110,000 (+20%), Berea - $129,000 (+14%), Olmsted Falls $149,000 (14%) and Parma - $108,000 (+8%) .

Low inventory of homes available has been a strong contributing factor.  If you own a home in any of these areas, you can expect to earn a great profit on your sale.

HOME SALES DATA – COMPARISON OF SW SUBURBS

Months of Inventory ( based on Closed Sales) = the number of properties for sale divided by the number of properties sold. Three (3) months or less inventory is a Seller’s Market. A Buyer’s Market is greater than 6 months of Inventory. Balanced = 3 < 6 months inventory.

Absorption Rate – Percent of Homes for Sale that went under contract (Pending)

CITY NUMBER OF HOMES FOR SALE

(YE 2016+/- % TO 2015)

As of 1/1/17

CURRENT MONTHS OF

INVENTORY*(Buyer or Seller’s Market) – 1/1/17

4Q,2016 AVG SOLD PRICE4Q,2016 - AVG

(% TO SAME PERIOD 2015)

4Q,2016 # YTD HOMES

SOLD (% TO SAME

PERIOD 2015)

KEY MARKET TRENDS

BEREA 56 ( - 19% )

3.1SELLER

$129,000 /+ 11.2%

14% HIGHER INVENTORY / STRONG SALES & PRICE APPRECIATION

BROOK PARK 29(-54%)

1.7SELLER

$110,000 /+20%

29% HIGHER LOW INVENTORY / STRONG SALES & PRICE

APPRECIATION

BRUNSWICK 86 ( - 40% )

1.9SELLER

$186,000 /(-3.6%)

21% HIGHER VERY LOW INVENTORY / STRONG SALES

LAKEWOOD 53 (- 34%)

1.0SELLER

$178,000 /+10%

23% HIGHER STRONG GROWTH IN HOME SALES & PRICES

MIDDLEBURG HTS 18 (-54%)

1.4SELLER

$171,000 /+20%

-10% LOWER MODERATE PRICE & INVENTORY SHORTAGE

NORTH OLMSTED 61 (-22%)

2.0SELLER

$154,000 /+13%

-11% LOWER PRICING INCREASE & SALES DECLINE

NORTH ROYALTON 47(-41%)

4.7BALANCED

$221,000 /+9%

-14% LOWER PRICING INCREASE & SALES DECLINE

OLMSTED FALLS /TOWNSHIP

68(-40%)

3.0NUETRAL

$149,000 /+14%

35% HIGHER HOMES SALES INCREASING BUT PRICING

DECREASING

PARMA 203(- 22%)

2.2SELLER

$108,000 /+8%

21% HIGHER GREAT MARKET RECOVERY - HOME

PRICES AND SALES UP SUBSTANTIALLY

PARMA HEIGHTS 44(- 25%)

2.8SELLER

$110,000 /+21%

4% HIGHER INCREASED HOME SALES & PRICE APPRECIATION

ROCKY RIVER 29(-41%)

1.7SELLER

$294,000 /(-31%)

-3% LOWER PRICE DEPRECIATION AND SALES INCREASES

STRONGSVILLE 93 (-51%)

1.7SELLER

$220,000 /+3.8%

17% HIGHER VERY STRONG HOME SALES GROWTH

CUYAHOGA COUNTY

3473(-24%)

3.5BALANCED

$157,000 /+6.8%

2% HIGHER HEALTHY SALES & PRICE APPRECIATION

GREATER CLEVELAND - 2017 HOME SALES REPORT - SOUTHWEST SUBURBS

DAYS ON MARKET

DAYS ON MARKET (#DAYS TO SELL) IS DECREASING

The number of days it takes to sell a home has been decreasing as the market has become tighter and inventory is low. The Days on Market (DOM) is the number of days from list to close. In the past five years, total days on market (DOM) peaked at 96 days in 2012 and is now 77 days – a 22% decrease! So we are seeing homes sell significantly FASTER! With low interest rates and rising prices, it is a great time to sell. So, if you list your home, be ready to get moving!

CDOM is Cumulative Days on Market and includes if a home was on the market and then expired and re-listed. Cumulative Days on Market (CDOM) is the number of days to sell in the current listing period. Today’s in Cuyahoga County is averaging 99 days from list date to close.

WHERE HAVE ALL THE LISTINGS GONE?

NUMBER OF HOMES FOR SALE (ACTIVE LISTINGS) AT 5 YEAR LOWS

The inventory of homes “For Sale” in Cuyahoga County (see CHART) has been consistently decreasing over the past 5 years.  Even with the positive trends in 2017, we have yet to see the inventory of homes increase to levels higher than the past five years. At the start of January, we had 3,300 Single Family homes for sale in Cuyahoga County compared to 7,500 in 2012 -  a 33% decrease! The low supply of homes for sale has assisted in boosting sales prices and lowering the time it takes to sell a home.  The reasons for the strong year-over-year home appreciation numbers we have been seeing is simple to explain: demand for housing is up and the supply of homes for sale has been at historic lows.

MONTHS OF INVENTORY

CUYAHOGA COUNTY INVENTORY AT 3.4 MONTHS

The Average current market inventory in Cuyahoga County is 3.5 months. This is a SELLER's market.  Most all Southwest Suburbs are now SELLER’s markets (a Sellers Market is 4 months or less of inventory and a Buyers Market is more than 6 months of inventory).  Markets with extremely low inventory will mean that a home will sell VERY FAST if listed at the correct market price (due to less selection available to buyers). Cities with SEVERE HOME INVENTORY SHORTAGES include:

- Lakewood  (1 month)- Middleburg Hts. (1.4 months)- Strongsville (1.7 months)- Brook Park (1.7 months)- Brunswick (1.9 months)

If you live in any of these suburbs and are contemplating selling - this is a GREAT time!

IMPORTANT INFO FOR HOME BUYERS

If you are thinking of buying a home, check out all the great local homes for sale at AmazingNorthestOhioHomes.com and call me for a lender referral and professional assistance at (440)476-4959.

HOME BUYER GRANTS & DOWN PAYMENT ASSISTANCE PROGRAMS

NHS GREATER CLEVELAND - Eligible homebuyers can receive down payment assistance in the amount of up to 17% of the total transaction. The total calculates as purchase price plus 5% of purchase price for closing costs. The homebuyer will be responsible for a minimum of 3% of the total transaction contribution towards the purchase. The assistance is provided in the form of a deferred mortgage loan (50% forgiven after 10 yrs of occupancy). Info @ https://www.nhscleveland.org.

CLEVELAND CITYLIFT PROGRAM - Provides eligible homebuyers with $15,000 in down payment assistance on qualified properties in the City of Cleveland. Income restrictions apply.

OHIO FINANCE AUTHORITY (OHFA) - Down Payment Assistance allows homebuyers to choose either 2.5% or 5% of the home's purchase price. Assistance can be applied toward your down payment, closing costs or other pre-closing expenses. Down payment assistance is forgiven after seven years. If you sell or refinance your home within seven years, you must repay all of the assistance provided. More info at http://myohiohome.org/downpaymentassistance.aspx

There are several programs available for down payment and closing cost assistance to Northeast Ohio homebuyers who qualify. Here are details on a few of the available programs:

Whether you are a first time home buyer or repeat buyer, the first step in the process is to get pre-qualified for a mortgage. This is necessary before you can approach a seller with an offer to purchase a home.

2017 MORTGAGE RATE FORECAST

Interest rates are projected to increase slightly over the course of 2017.  The experts predict that home prices will continue to appreciate for the remainder of the year (but at a slower pace than in 2016). If these trends accelerate, families could wind up paying somewhat more in a monthly mortgage payment for their home by waiting until later or next year. This year (especially early in the year) is a good time to make a move because of rising resale values and affordability to purchase (especially compared to renting). Recently, The Mortgage Reports averaged six prominent 2017 predictions for 30-year fixed rate mortgages. The concensus: rates would hover between 4.0% and 4.25% this year.

Today's rates are still historically near-bottom. Freddie Mac reports that the 30-year fixed conventional loan rate stands at just over 4%, falling each week thus far into January. Compared to the 8.25% average during the last forty-five years, rates are currently at a historically low discount.

In many markets, rents are rising to unsustainable levels, reports the National Association of Realtors (NAR). "In the past five years, a typical rent rose 15% while the income of renters grew by only 11%.“. Today buying is 38% cheaper than renting nationwide, and buying is cheaper than renting in all of the 100 largest metros. In the Cleveland & Akron metro areas it is 58% cheaper to buy verses rent. A great resource to compare what is a better for you is to visit Trulia’s online “Rent vs. Buy” Calculator at: http://www.trulia.com/rent_vs_buy/

SELLING YOUR HOME

If you are thinking of selling your home, my Home Marketing Program attracts MORE interested buyers to your home with today's most effective and ADVANCED real estate marketing techniques with results that are Guaranteed! Here's why the smart seller program is unique:

SELLING BY OWNER?

SPONSORED ONLINE ADVERTISING - Over 90% of buyers look for a home on the Internet first before requesting a showing for your home! My clients receive extensive online advertising 24x7 on REMAX.com, Realtor.com, Cleveland.com, Zillow.com, Trulia.com, and on over 500 affiliated internet websites. By showcasing your home, your home will appear highest in buyer searches, tripling the number of buyers who will see your home.

WIDE ANGLE LENS PHOTOGRAPHY - Interior & exterior pictures taken with a wide-angle lens professional camera producing “magazine quality” pictures which showcase your home in the best way possible. Your 1st showing of your home is online, it is imperative that your home shows better than others

VIDEO MARKETING - A Video of your home will be taken by a professional photographer. Your professionally produced video will include music and great photography highlighting your home’s best features. Your 1st Showing is online, so when the buyer comes in person, they will come ready to buy.

YOUR HOME’S EXCLUSIVE WEBSITE - An exclusive website will be created just for Your Home, eg.. "YourAddress.com". The website for your home will allow your video, pictures, description, neighborhood information, and any other relevant info to be showcased in one place. Your home will have its own web address (URL) which buyers can use to search for your home directly on the internet, i.e. http://123YourAddress.com.

SOCIAL MEDIA ADVERTISING on Facebook, Instagram, and Twitter targeted at local buyers - creating a BUZZ around your listing! Paid social media promotion is a important element of a successful marketing plan. Sample promotions include: Facebook “Promoted Posts” and "Just Listed" Announcements of your home’s listing and Video to targeted home buyers, Instagram photos shared on the web, and fan page promotion.

SHORT TERM LISTING - You will not be asked to sign a long-term listing agreement. I am so sure you will be happy with my services and that your home will sell quickly, we can agree to a short-term agreement (as short as 90-180 days) to get your home SOLD. Also, you can cancel at ANY time.

CUSTOMER FEEDBACK by RealSatisfied® - Your complete satisfaction is my #1 Priority and we strive to get better every day. Every client is asked to complete a 3rd party independent post-sale customer satisfaction survey by RealSatisfied® so they can tell us what they loved most and identify any ways we can get even better.

100% HAPPINESS GUARANTEE - You will LOVE our services and will want to tell your friends and family! However, if you change your mind for ANY reason, you can cancel your listing agreement anytime!

If you are currently selling your home By Owner, check out my Smart Seller Program. Here’s how it works:

1. You continue to market your home to find a buyer by yourself “By Owner”.

2. Plus, you allow me to concurrently market your home to the 25K+ buyers online, in print, and on social media. I will provide you with a full fledge marketing program to sell your home for the highest price … BEFORE you do. If I find the Buyer, you pay me the agreed Commission if you accept the offer on your home. In addition, the sales, showings, and closing process will be all handled for you… from Listing to your home’s Closing! If YOU find the Buyer, then you pay me NOTHING! We withdraw your MLS listing and you sell by Owner. No Strings Attached. No contractual obligation. Check out SmartSellerOffer.com.

Download the complete Market Trends Report at NortheastOhioMarketReport.com

YOUR HOME MAY BE WORTH MORE NOW!

CHECK OUT OUR NEW WEBSITE & FACEBOOK PAGE!

CONTACT INFO

PHONE: (440)476-4959 * EMAIL: lisahumenik@gmail.com * WEB: http://lisahumenik..com

http://facebook.com/lisamariehumenik or FANPAGE@ http://Facebook.com/AmazingNortheastOhioHomes

http://linkedin.com/in/lisahumenik * New BLOG COMING SOON!

GREATER CLEVELAND - 2016 YTD HOME SALES REPORT - SOUTHWEST SUBURBS

WONDERING WHAT YOUR HOME IS WORTH NOW?

Market conditions have changed dramatically over the past few years – especially in the Southwest Suburbs. The GOOD NEWS is… most likely your home may have gone up in value! If you would like a current professional estimate and/or neighborhood value report, please contact me at (440)476-4959 or lisahumenik@remax.net.

Looking to Buy a Home? Our RE/MAX home search Website has recently been improved to allow even easier navigation to find homes for sale. You can subscribe for daily updates of “JUST LISTED” homes and get tons of neighborhood data to assist you in your home search.

Check it out at: http://LisaHumenik.com or AmazingNortheastOhioHomes.com.

AMAZING NORTHEAST OHIO HOMES FACEBOOK PAGE

Also, my Facebook Page features up-to-date news on the real estate market in Greater Cleveland and the latest HOT new home listings. All the newest home listings are featured and showcased to local home buyers.

Check it out and “LIKE” my page and check it out at:

http://Facebook.com/AmazingNortheastOhioHomes