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Greater Cleveland Suburbs
1Q, 2016 YTD HOME SALES REPORT
SPRING 2016
EDITION
N
Greater Cleveland Suburbs
1Q, 2016 YTD HOME SALES REPORT
FOR SELLERS, OWNERS, & HOME BUYERS
SPRING 2016
EDITION
NBy Lisa H...
Crossroads Properties
Lisa Humenik
About the Author:
LISA HUMENIK, Realtor®, RE/MAX Crossroads
Lisa Humenik is a real esta...
CONTENTS
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
1. NATIONAL HOUSING MARKET SUMMARY...
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
U.S. HOME SALES – NATIONAL HOUSING MARKET
•...
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
NATIONAL ASSOC. OF REALTORS
NATIONAL HOUSIN...
2016 REAL ESTATE HOUSING TRENDS TO WATCH
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
In...
NORTHEAST OHIO REAL HOME SALES TRENDS
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
Durin...
Home Sales – Cuyahoga County
Home sales in Cuyahoga County for the 1Q, 2016 are up 16.1% over the
same period the year pri...
Facts and TrendsTM
- Published April 2016*
Location: CUYAHOGA COUNTY
Property Types: Single Family Homes - All Properties ...
Home Price Trends
The Average single family home SOLD Price for the past quarter is
$134,000 up 2.3% from 1Q, 2015. The av...
Facts and TrendsTM
- Published April 2016*
Location: CUYAHOGA COUNTY
Property Types: Single Family Homes - All Properties ...
HOMES FOR SALE & NEW LISTINGS - TRENDS
The number of Homes for Sale has been declining over the past five years creating a...
Facts and TrendsTM
- Published April 2016*
Location: CUYAHOGA COUNTY
Property Types: Single Family Homes - All Properties ...
Current Market Inventory at 5 Months Supply /
Homes for Sale 5 year lows
Months on Inventory is defined as how many months...
Facts and TrendsTM
- Published April 2016*
Location: CUYAHOGA COUNTY
Property Types: Single Family Homes - All Properties ...
WHAT IS YOUR HOME WORTH NOW?
Visit:
NortheastOhioHomeValuation.com
Sign-up for a FREE Home Value Estimate and
Neighborhood...
NEIGHBORHOOD HOMES SALES DATA
1Q-2016 YTD (SINGLE FAMILY HOMES)
SOUTHWEST SUBURBS
CITY CURRENT HOMES
FOR SALE
(% TO PRIOR ...
WHERE ARE MORTGAGE INTEREST RATES HEADED?
Interest rates are projected to increase steadily
over the course of 2016. The e...
MORTGAGE RATES OVER TIME
Today’s average mortgage rate is 4.04% and the average House Payment is $959. Today’s
mortgage ra...
Crossroads Properties
WHERE ARE HOME PRICES
HEADING IN THE NEXT FIVE
YEARS?
Lisa Humenik, RE/MAX Crossroads * (440)476-495...
REASONS NOW IS A GOOD TIME FOR SELLERS
As the temperature rises, buyers are coming out ready to purchase their dream home....
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
RENTS ARE AT ALL TIME HIGHS
Rents are High! - In many markets, rents are rising to unsustainable levels, reports the
Natio...
KEEPINGCURRENTMATTERS.COM 19
SELLING YOUR HOME?
HERE’S HOW TO INCREASE YOUR HOME SALES PRICE
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNo...
HOW TO INCREASE YOUR HOME SALES PRICE
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
2. Fo...
HOW TO INCREASE YOUR HOME SALES PRICE
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
4. Pa...
HOW TO INCREASE YOUR HOME SALES PRICE
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
6. Ma...
According to data from the National Association of Realtors, 89 percent of buyers use
online tools in their home searches....
2. Social Media Marketing - To expand the reach of your home marketing, your
agent should take to social media sites like ...
TOP HOME MARKETING STRATEGIES NEEDED IN 2016
3. Online Marketing – Vast online presence (especially as a promoted listing)...
4. Video Marketing - A video of your home that is taken as a buyer would see your
home when walking thru is the latest too...
TOP HOME MARKETING STRATEGIES NEEDED IN 2016
5. Mobile/Smartphone Presence - Younger buyers especially want to look
at lis...
THINKING OF SELLING YOUR HOME?
If you are considering selling your home in 2016, check out my Smart Home Seller
Plan. The ...
Greater Cleveland Suburbs Home Sales Report- 1Q, 2016
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Greater Cleveland Suburbs Home Sales Report- 1Q, 2016

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A must-read guide for home sellers, owners, and buyers covering the home sales trends in the Greater Cleveland suburbs.

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Greater Cleveland Suburbs Home Sales Report- 1Q, 2016

  1. 1. Greater Cleveland Suburbs 1Q, 2016 YTD HOME SALES REPORT SPRING 2016 EDITION N
  2. 2. Greater Cleveland Suburbs 1Q, 2016 YTD HOME SALES REPORT FOR SELLERS, OWNERS, & HOME BUYERS SPRING 2016 EDITION NBy Lisa Humenik, Realtor - RE/MAX Crossroads Facebook.com/AmazingNortheastOhioHomes Amazing NortheastOhioMarketReport.com
  3. 3. Crossroads Properties Lisa Humenik About the Author: LISA HUMENIK, Realtor®, RE/MAX Crossroads Lisa Humenik is a real estate professional (REALTOR) at RE/MAX Crossroads Properties helping clients buy and/or sell their home and find the perfect new place or investment to meet their needs. Her clients include residential home sellers, investors, and new and move-up buyers. Home sellers enjoy state-of-the-art marketing services to assist them in the sale of their home including internet, video, social media, print, and mobile marketing to expose their home to the most buyers. Lisa’s Facebook fan page, AmazingNortheastOhioHomes, has over 1,200 fans. Lisa has been practicing real estate for over ten years and sells over 50 homes per year. She also holds a BBA in Marketing and Quantitative Business Analysis from Cleveland State University. If you have any questions regarding this report, or are interested in selling your home, Lisa can be reached at (440)476-4959 (or via email at LisaHumenik@remax.net). RE/MAX Crossroads
  4. 4. CONTENTS Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com 1. NATIONAL HOUSING MARKET SUMMARY 2. NORTHEAST OHIO MARKET TRENDS & DATA  Home Prices  Homes Sold  Homes for Sale & New Listings  Market Inventory  REO & Short Sale Trends  Market Data for Top Selling Suburbs 3. MORTGAGE RATE TRENDS 4. SELLING A HOME IN 2016 5. REASONS TO BUY A HOME IN 2016 6. HOW TO INCREASE YOUR SALES PRICE 7. TOP HOME MARKETING STRATEGIES FOR 2016 APPENDIX Cuyahoga County Market Summary This report covers Single Family home sales in the Greater Cleveland area real estate market (Cuyahoga County). Data for Medina and Lorain Counties are shown in the Appendix. Specific data is available for any local suburb on request.
  5. 5. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com U.S. HOME SALES – NATIONAL HOUSING MARKET • Nationally 5.26 Million Homes Sold in 2015 making it the BEST year for home sales since 2006 • Home inventory was tight in most markets due to increased demand and lack of new construction • Days on Market was down to 67 Days but is expected to stabilize (or go up) • Nationwide, home values remain 6.2 percent below their pre-recession, May 2007 peak. But in 11 of the 35 largest metro markets, median home values have never been higher, having surpassed their recession-era peaks. • The median price of all existing homes sold in January reached a new all-time high of $230,900, up 1.5 from December and surpassing the pre-crisis peak of $230,600 recorded in October 2005. The median price of existing single-family homes sold reached $233,100, up 1.6 percent from the pre-crisis peak.
  6. 6. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com NATIONAL ASSOC. OF REALTORS NATIONAL HOUSING MARKET 2016 FORECAST
  7. 7. 2016 REAL ESTATE HOUSING TRENDS TO WATCH Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com In 2015 it was the strongest year for the housing market since it all but collapsed in 2007. Most national real estate experts predict that these trends will continue through 2016. With unemployment steadily declining and consumer confidence still up, people are ready to trade up for a bigger home and first time home buyers settle into their very first home. Here are several important trends: 1. It’s becoming more affordable to Buy than Rent - Rent prices have been soaring across the U.S., and that trend is expected to continue. Vacancy rates are at low levels, as would-be buyers over the last few years have opted to rent long-term instead of buy. Landlords and property owners can push the rent up—often to prices that are higher than a mortgage would cost. 2. Quality Home Inventory is on the rise – There is an increasing number of quality homes for sale. There are fewer distressed properties on the market, and at the same time single-family home median sales are expected to continue to climb. This year, buyers will have a large inventory of quality homes to choose from. 3. The Millennials are coming! - Millennials are officially the largest generation in the U.S. labor force, and many experts predict that this will be the year that a good portion of them invest in real estate. In fact, Jonathan Smoke, chief economist for Realtor.com, predicts that Millennials will buy one out of three homes in 2016, up slightly from last year. Demand for for- sale housing will grow and will continue to be dominated by older millennials, aged 25 to 34. This demographic has the potential to claim a third of home sales in 2016 and represent 2 million home purchases. 4. Mortgage rates are likely to increase- In December, the Federal Reserve raised interest rates, and that is expected to boost mortgage rates. That, of course, will increase monthly mortgage payments and affect debt-to-income ratio, which will make it harder for some people, specifically first-time buyers, to afford homes. 5. Normal Price Appreciation -More than 100 economic and housing experts in the latest Zillow Home Price Expectations Survey pinned home value growth at about 3.5 percent in 2016.
  8. 8. NORTHEAST OHIO REAL HOME SALES TRENDS Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com During 2015, the number of home sales increased by 10% throughout the Cuyahoga County suburbs with the past quarter prices averaging 8% higher than the same period last year. In 2015, the Southwest suburbs with the strongest price gains were Berea (+23%), Parma (+11%), and Strongsville (+8.5%). The Zillow 2016 forecast for the Cleveland Metro area is a 2.8% increase in home values and continued sales growth. In several suburbs there is a Seller’s market which is increasing prices and drastically decreasing market time to sell. The number of days it takes to sell a home has decreased 6% in the Southwest suburbs (above) to 98 days (from 104 in 2014). In the past five years, days on market peaked at 144 days in 2011, 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!
  9. 9. Home Sales – Cuyahoga County Home sales in Cuyahoga County for the 1Q, 2016 are up 16.1% over the same period the year prior (1Q, 2015). The BIG NEWS is homes going under contract for the 1Q, 2016 (Pending) is up 37.4% over last year. This combined with 3.6% less homes for sale has been great for home sellers. The tight inventory is causing prices to rise and competition for the best homes. See details on the following page. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com CUYAHOGA COUNTY 1Q, 2016 HOMES FOR SALE, SOLD, & PENDED
  10. 10. Facts and TrendsTM - Published April 2016* Location: CUYAHOGA COUNTY Property Types: Single Family Homes - All Properties - All Properties Price Range: $0 - No Limit SQFT Range: 0 - No Limit Bedrooms: 0 - No Limit Full Baths: 0 - No Limit Half Baths: 0 - No Limit Year Built: 0 - No Limit Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 Number of Homes For Sale vs. Sold vs. Pended (Jan. 2015 - Mar. 2016) Prepared for you by: Lisa Humenik, RE/MAX Crossroads Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago TODAY STATS Mar. 16 Feb. 16 % Change Mar. 16 Mar. 15 % Change Jan. 16 to Mar. 16 Jan. 15 to Mar. 15 % Change 4/1/2016 - 4/26/2016 3/1/2016 - 3/26/2016 % Change For Sale 4158 4171 -0.3% 4158 4359 -4.6% 12625 13096 -3.6% 4367 4307 1.4% Sold 979 834 17.4% 979 907 7.9% 2553 2199 16.1% 782 797 -1.9% Pended 1849 1149 60.9% 1849 1244 48.6% 3916 2851 37.4% 1701 1313 29.6% March 2016 is a Neutral market** Home For Sale in March 2016 is 4158 units. It is down 0.3% compared to the last month and down 4.6% compared to the last year. Home Closed in March 2016 is 979 units. It is up 17.4% compared to the last month and up 7.9% compared to the last year. Home Placed under Contract in March 2016 is 1849 units. It is up 60.9% compared to the last month and up 48.6% compared to the last year. **Buyer's market: more than 6 months of inventory based on closed sales. Seller's market: less than 3 months of inventory based on closed sales. Neutral market: 3 - 6 months of inventory based on closed sales. All reports are published April 2016, based on data available at the end of March 2016, except for the today stats. All reports presented are based on data supplied by NEOHREX. NEOHREX does not guarantee or is not in anyway responsible for its accuracy. Data maintained by NEOHREX may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
  11. 11. Home Price Trends The Average single family home SOLD Price for the past quarter is $134,000 up 2.3% from 1Q, 2015. The average LIST PRICE is up 6.6% due to tight inventory. As shown in the chart on the next page, the average sales and list prices have been in an upward trend over the past year. CUYAHOGA COUNTY HOME PRICE TRENDS 1Q, YTD 2016 Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  12. 12. Facts and TrendsTM - Published April 2016* Location: CUYAHOGA COUNTY Property Types: Single Family Homes - All Properties - All Properties Price Range: $0 - No Limit SQFT Range: 0 - No Limit Bedrooms: 0 - No Limit Full Baths: 0 - No Limit Half Baths: 0 - No Limit Year Built: 0 - No Limit Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 Average Price of For Sale and Sold (Jan. 2015 - Mar. 2016) Prepared for you by: Lisa Humenik, RE/MAX Crossroads Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago TODAY STATS Mar. 16 Feb. 16 % Change Mar. 16 Mar. 15 % Change Jan. 16 to Mar. 16 Jan. 15 to Mar. 15 % Change 4/1/2016 - 4/26/2016 3/1/2016 - 3/26/2016 % Change Avg. Active Price 222 214 3.7% 222 203 9.4% 211 198 6.6% 225 221 1.8% Avg. Sold Price 135 124 8.9% 135 147 -8.2% 134 131 2.3% 148 131 13% March 2016 Average For Sale Price is Appreciating** Average For Sale Price (in thousand) in March 2016 is $222. It is up 3.7% compared to the last month and up 9.4% compared to the last year. March 2016 Average Sold Price is Neutral** Average Sold Price (in thousand) in March 2016 is $135. It is up 8.9% compared to the last month and down 8.2% compared to the last year. **Based on 6 month trend - Appreciating/Depreciating/Neutral. All reports are published April 2016, based on data available at the end of March 2016, except for the today stats. All reports presented are based on data supplied by NEOHREX. NEOHREX does not guarantee or is not in anyway responsible for its accuracy. Data maintained by NEOHREX may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
  13. 13. HOMES FOR SALE & NEW LISTINGS - TRENDS The number of Homes for Sale has been declining over the past five years creating a BIG supply problem and creating SELLER’S markets in many suburbs due to tight inventory levels. The market inventory peaked in Summer 2011 with over 8,900 homes or sale – today’s inventory is down 45% from that time. Today’s home inventory is at well below normal levels (sometime swaying to a seller’s market in some suburbs). New listings for 1Q, 2016 are starting to trend up at 14% higher from the same period last year. Listing inventory is expected to increase this year due to favorable market conditions. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com CUYAHOGA COUNTY HOMES FOR SALE & NEW LISTINGS PAST 5 YEARS
  14. 14. Facts and TrendsTM - Published April 2016* Location: CUYAHOGA COUNTY Property Types: Single Family Homes - All Properties - All Properties Price Range: $0 - No Limit SQFT Range: 0 - No Limit Bedrooms: 0 - No Limit Full Baths: 0 - No Limit Half Baths: 0 - No Limit Year Built: 0 - No Limit Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 Number of Homes For Sale vs. New Listing (Last 5 years) Prepared for you by: Lisa Humenik, RE/MAX Crossroads Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago Curnt vs. Same Month 5 Yrs Ago Curnt vs. Same 12 Months 1 Yr Ago Curnt vs. Same Qtr 4 Yrs Ago Curnt vs. Same 12 Months 4 Yrs Ago TODAY STATS Mar. 16 Feb. 16 % Change Mar. 16 Mar. 15 % Change Jan. 16 to Mar. 16 Jan. 15 to Mar. 15 % Change Mar. 16 Mar. 11 % Change Apr. 15 to Mar. 16 Apr. 14 to Mar. 15 % Change Jan. 16 to Mar. 16 Jan. 12 to Mar. 12 % Change Apr. 15 to Mar. 16 Apr. 11 to Mar. 12 % Change 4/1/2 016 - 4/26/ 2016 3/1/2 016 - 3/26/ 2016 % Change For Sale 4158 4171 -0.3% 4158 4359 -4.6% 1262 5 1309 6 -3.6% 4158 7572 -45.1% 5885 6 6059 6 -2.9% 1262 5 1891 3 -33.2% 5885 6 8763 7 -32.8% 4367 4307 1.4% New Listin g 1855 1467 26.4% 1855 1727 7.4% 4629 4062 14% 1855 1935 -4.1% 1958 5 1791 6 9.3% 4629 4566 1.4% 1958 5 1797 4 9% 1483 1565 -5.2% March 2016 is a Neutral market** Home For Sale in March 2016 is 4158 units. It is down 0.3% compared to the last month and down 4.6% compared to the last year. Home Listed in March 2016 is 1855 units. It is up 26.4% compared to the last month and up 7.4% compared to the last year. **Buyer's market: more than 6 months of inventory based on closed sales. Seller's market: less than 3 months of inventory based on closed sales. Neutral market: 3 - 6 months of inventory based on closed sales. All reports are published April 2016, based on data available at the end of March 2016, except for the today stats. All reports presented are based on data supplied by NEOHREX. NEOHREX does not guarantee or is not in anyway responsible for its accuracy. Data maintained by NEOHREX may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
  15. 15. Current Market Inventory at 5 Months Supply / Homes for Sale 5 year lows Months on Inventory is defined as how many months it would to sell all the current homes available for sale. Market inventory peaked in early 2011 but is now back to normal levels. The current market inventory is at 4.2 months which is a Balanced to Seller’s Market. However, some suburbs are still Buyer’s Markets and some Seller’s markets. Due to the lack of supply, we are seeing very tight inventory in several suburbs (see Suburb Comparison Chart). In March 2016, 23.5% of homes on the market were sold and 44.5% went under contract. All real estate is LOCAL - Months of Inventory for any suburb is available upon request as the numbers may differ considerably. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com CUYAHOGA COUNTY MARKET INVENTORY #Months Supply of Homes
  16. 16. Facts and TrendsTM - Published April 2016* Location: CUYAHOGA COUNTY Property Types: Single Family Homes - All Properties - All Properties Price Range: $0 - No Limit SQFT Range: 0 - No Limit Bedrooms: 0 - No Limit Full Baths: 0 - No Limit Half Baths: 0 - No Limit Year Built: 0 - No Limit Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 Months of Inventory Based on Closed Sales (Last 5 years) Prepared for you by: Lisa Humenik, RE/MAX Crossroads Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago Curnt vs. Same Month 5 Yrs Ago Curnt vs. Same 12 Months 1 Yr Ago Curnt vs. Same Qtr 4 Yrs Ago Curnt vs. Same 12 Months 4 Yrs Ago TODAY STATS Mar. 16 Feb. 16 % Change Mar. 16 Mar. 15 % Change Jan. 16 to Mar. 16 Jan. 15 to Mar. 15 % Change Mar. 16 Mar. 11 % Change Apr. 15 to Mar. 16 Apr. 14 to Mar. 15 % Change Jan. 16 to Mar. 16 Jan. 12 to Mar. 12 % Change Apr. 15 to Mar. 16 Apr. 11 to Mar. 12 % Change 4/1/2 016 - 4/26/ 2016 3/1/2 016 - 3/26/ 2016 % Change Month s of Invent ory (Close d Sales) 4.2 5 -16% 4.2 4.8 -12.5% 4.9 6 -18.5% 4.2 11.3 -62.9% 4.6 5.3 -13.2% 4.9 10.4 -53% 4.6 10 -54.1% 5.6 5.4 3.7% March 2016 is a Neutral market** Months of Inventory based on Closed Sales in March 2016 is 4.2. It is down 16% compared to the last month and down 12.5% compared to the last year. **Buyer's market: more than 6 months of inventory based on closed sales. Seller's market: less than 3 months of inventory based on closed sales. Neutral market: 3 - 6 months of inventory based on closed sales. All reports are published April 2016, based on data available at the end of March 2016, except for the today stats. All reports presented are based on data supplied by NEOHREX. NEOHREX does not guarantee or is not in anyway responsible for its accuracy. Data maintained by NEOHREX may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
  17. 17. WHAT IS YOUR HOME WORTH NOW? Visit: NortheastOhioHomeValuation.com Sign-up for a FREE Home Value Estimate and Neighborhood Market Analysis or Call (440)476-4959. Home values have been rising in many (but not all) Northeast Ohio suburbs, leaving some homeowners unsure of the current market value of their home and those in their neighborhood. Below is a new Quick Home Valuation Tool that cross- references your home to comparable sales in your neighborhood to estimate a price your home would sell for if it were to go on the MLS today. This information is used to give you a fair estimate of market value. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  18. 18. NEIGHBORHOOD HOMES SALES DATA 1Q-2016 YTD (SINGLE FAMILY HOMES) SOUTHWEST SUBURBS CITY CURRENT HOMES FOR SALE (% TO PRIOR YR) End of April, 2016 MONTHS OF INVENTORY* (Buyer or Seller’s Market) 2016 AVG SOLD PRICE 1Q, 2016 (% TO PRIOR YR QTR) 2016 # YTD HOMES SOLD 1Q, 2016 (% TO PR YR QTR) MARKET TRENDS BEREA 48 (-4%) 2.8 SELLER’S MARKET $139,000 (+28.7%) 52 (+15.6%) VERY LOW INVENTORY. STRONG PRICE APPRECIATION. BROOK PARK 43 (+16.2%) 3.9 SELLER’S MARKET $98,000 (+10.1%) 48 (+11.6%) LOW INVENTORY. SELLER’S MARKET. PRICES RISING MIDDLEBURG HTS 40 (+29%) 4 BALANCED $138,000 (-5.5%) 27 (+22.7%) BALANCED MARKET. INCREASED INVENTORY. OLMSTED FALLS / TWNSHP 86 (-11%) 3 BALANCED $118,000 (-18%) 48 (-2%) BALANCED MARKET. PRICE DEPRECIATION PARMA 219 (+13%) 2.7 SELLER’S MARKET $92,000 (+4.5%) 218 (+23%) RISING PRICES. SELLER’S MARKET. NORTH OLMSTED 67 (-7%) 3 SELLER’S MARKET 133,000 (+1.5%) 71 (+4.4%) LOW INVENTORY. SELLER’S MARKET. NORTH ROYALTON 66 (0%) 6 BALANCED MARKET $199,000 (-11.6%) 41 (-2.4%) BALANCED MARKET PRICE DEPRECIATION STRONGSVILLE 157 (-12.3%) BALANCED MARKET $218,000 (+6.3%) 120 (+71%) RISING PRICES AND #HOMES SOLD ALL CUYAHOGA COUNTY 4,329 (-0.5%) 5.9 BALANCED MARKET $134,000 (+2.3%) 2,553 (+16%) BALANCED MARKET. PRICE APPRECIATION. * 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.
  19. 19. WHERE ARE MORTGAGE INTEREST RATES HEADED? Interest rates are projected to increase steadily over the course of 2016. The experts predict that home prices will appreciate over the course of 2016. If both predictions become reality, families could wind up paying considerably more for their home by waiting. Mortgage rates are expected to gradually increase to slightly below 5% by the end of the year but remain at historically low levels. This year is a great year to make a move because of rising resale values and affordability to purchase. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  20. 20. MORTGAGE RATES OVER TIME Today’s average mortgage rate is 4.04% and the average House Payment is $959. Today’s mortgage rates are a bargain as compared to what the have averaged in past years. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  21. 21. Crossroads Properties WHERE ARE HOME PRICES HEADING IN THE NEXT FIVE YEARS? Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  22. 22. REASONS NOW IS A GOOD TIME FOR SELLERS As the temperature rises, buyers are coming out ready to purchase their dream home. The spring is a great time to list your home for sale. Here are five reasons supporting that. 1. Demand is Strong Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last 12 months which includes last spring’s buyers’ market. These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the market. 2. Less Competition Housing supply just dropped to 5 months, which is under the 6 months’ supply that is needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future. The choices buyers have will continue to increase. 3. The Process Will Be Quicker Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler. 4. There Will Never Be a Better Time to Move-Up If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19.3% from now to 2019. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate near 4% right now. Rates are projected to increase by about three quarters of a percent by the end of 2015. 5. It’s Time to Move On with Your Life Goals! Look at the reason you decided to sell in the first place and determine whether it is worth the RISK of waiting as prices and rates are predicted to increase. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  23. 23. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  24. 24. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  25. 25. RENTS ARE AT ALL TIME HIGHS Rents are High! - 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 choice for financially for a current renter is to visit Trulia’s online “Rent vs. Buy” Calculator at: http://www.trulia.com/rent_vs_buy/ Source: http://www.trulia.com/trends/category/rent-vs-buy-index/ Today buying a home 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. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  26. 26. KEEPINGCURRENTMATTERS.COM 19
  27. 27. SELLING YOUR HOME? HERE’S HOW TO INCREASE YOUR HOME SALES PRICE Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com Just by making some minor changes you can drastically improve the selling price of your home. According to industry data and research from Consumer Reports, home sellers may be able to boost the value of their home by an additional 12 percent with just a few smart pre-listing repairs and improvements. The selling price impact is according to a new survey of 300 residential real estate professionals by the Consumer Reports National Research Center. This information is valuable when selling your home if you want to put a few extra dollars in your pocket. On a median, single-family home priced at $205,000, that could be a potential gain of $24,600. On a more expensive home, the profits will go many times higher. This month is the start of the hot home selling season, so here is a summary of the highest return improvements based on the data from the top industry experts and my experience working with home sellers: 1. Clean up the Clutter – Cost range: $0 (DIY) to $2,500 (pro) – Potential return of 3 to 5%. The best advice here is, Start Packing! Declutter and depersonalize. One of the best ways to stage your home for someone else to imagine living there is to get rid of your personal stuff. Declutter books, pictures, knickknacks, and anything else that is exclusively you. Start removing excess furniture and items from the walls and furniture. Put away the extra decorations and family pictures. Kitchen counters should only have a few items out for all showings. Know the “Rule of Three” – Knick knacks- such as candles, books, lamps, etc – tend to look the best when placed in a group of three.
  28. 28. HOW TO INCREASE YOUR HOME SALES PRICE Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com 2. Focus on the Kitchen! - Cost range: $300 to $5,000 – Potential Return 3 to 7%. Take it from the pros, the kitchen, more than any other room, sells the home. Over 53 percent of Realtors will tell you that the kitchen is among the most important rooms of the home to have looking great before selling and showing your home. If necessary, make upgrades to the kitchen. This will depend largely on your budget and the age and style of the home. New hardware can make a huge difference for a reasonably small cost. Even small kitchen improvements will go a long way when selling our home. Limit counter top items to three – remove extra small appliances (i.e. toasters, blenders, cookbooks, etc..). Consider removing extra furnishings – free standing islands, kitchen trolleys and dining hutches can close in a space. If you cannot remove these pieces, ruthlessly edit the items displayed on or in them. 3. Create a Beautiful Bathroom Retreat – Cost range: $300-1,000 – Potential return 2 to 3%. The 2nd most important rooms for selling your home for the best price is the bathrooms. First and foremost, make sure everything is sparkling clean! Remove personal products (tuck away): Get rid of your ‘stuff’. When selling, clear every surface of all your day to day care products. Personal items distracts buyers. Limit counter top decor to a hand towel and pretty soap dispenser. Make it sparkle: Scrub the tiles and grout, dust the lights, shine fixtures, and clean everything. Second, spend a few dollars to get fresh towels, rugs, and decorations that accent the bathroom color scheme. New towel racks and shower curtains should also be purchased if needed. Have your bathroom look and smell like a spa retreat that any home buyer would love to enjoy.
  29. 29. HOW TO INCREASE YOUR HOME SALES PRICE Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com 4. Paint – Paint rooms (where needed) – Cost range: $100 (DIY) to $1,000 (or more) by a Pro – return 1 to 3% (or more). From my experience, I would call paint “Money in a Can”! For very minimal investment, you a huge return in boosting your selling price and speed to an offer. Paint walls in neutral tones. Real estate experts will tell you to use certain paint colors to inspire buyers to put in an offer, and often suggest that sellers repaint their home in these hues to create a blank canvas for optimal staging. Four “go-to” Benjamin Moore colors that work well include: Shaker Beige, Jackson Tan, Linen White, and Mellow Yellow. (Most paint stores can do color matches if you don’t have a Benjamin Moore store near you.) 5. Exterior Fixes & Curb Appeal – Cost range: $150 to $7,500 – Potential return: 2 to 5%. Now that spring has sprung, it is a great time to get outside and spruce up the yard. Put some mulch in the front and clean up the winter yard debris. If your home needs a power wash or some paint touch-ups, now is the time. As the weather gets warmer, put out some flower pots and make the entry to your home look welcoming. Many people thinking of touring your home will do a quick drive-by first, often deciding on the spot if it is even worth a look inside.
  30. 30. HOW TO INCREASE YOUR HOME SALES PRICE Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com 6. Make your Home “Sparkle” – Cost range: $0-3,000 – Potential return – “Priceless”. Clean everything and make it shine! Now’s the time for a major cleaning from scrubbing floors, cleaning the carpeting, closets, and more. Add some aromatherapy to make your home look and smell fabulous! Spending a little extra time and a few extra dollars is a very worthwhile endeavor to get the best price for your home. Your home will never look better than the day your sell it! These extra efforts combined with a professional marketing strategy designed to bring in the most qualified buyers for your home will make your home selling process more enjoyable and profitable than you thought it might be.
  31. 31. According to data from the National Association of Realtors, 89 percent of buyers use online tools in their home searches. Rather than waiting for agents to send them listings, they go online and tell the agents which homes they’d like to see. Here are the top factors in a successful home online marketing strategy: 1. Professional Photography – “A Picture is Worth A Thousand Words”. Your first home showing is online, so your home has to win the beauty contest. Great photographs are probably the single most important piece of any online listing. Wide-angle Lens Photography of your home is important to make the right first impression.. It is imperative that your home shows better than others! THINKING OF SELLING YOUR HOME? TOP HOME MARKETING STRATEGIES NEEDED IN 2016 Standard Wide Angle Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  32. 32. 2. Social Media Marketing - To expand the reach of your home marketing, your agent should take to social media sites like Facebook, Twitter, LinkedIn, and Instagram. Paid social media promotion is a important element of a successful marketing plan. Facebook is approaching Google as having the highest internet traffic. Sample promotions include: - Facebook Fan Page and Realtor Group promotion Facebook “Promoted Posts” of your home’s listing and Video to targeted home buyers - “Just Listed” Anouncement on agent’s Blog, Fan Page, and LinkedIn - Posts to community SunNews webpages - Twitter tweet of new listing - Instagram photos shared on the web Social proof and sharing by local homeowners and buyers creates a “BUZZ” around your new listing and home video and can be a magnet to potential buyers. TOP HOME MARKETING STRATEGIES NEEDED IN 2016 Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  33. 33. TOP HOME MARKETING STRATEGIES NEEDED IN 2016 3. Online Marketing – Vast online presence (especially as a promoted listing) on the top sites. Most buyers use Zillow, Trulia, Realtor.com, Remax.com, or other major portals to find the homes they want to see. Sponsored promotion of your home and SEO on Google make sure more home buyers see your home is for sale. . Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  34. 34. 4. Video Marketing - A video of your home that is taken as a buyer would see your home when walking thru is the latest tool in real estate home marketing. Buyers are attracted to video and are much more likely to view the video as opposed to scroll through screens of pictures of your home. Also, when a buyer calls to see your home after seeing the video, they are already “pre-sold” and are more likely to be a qualified buyer for your home. The best videos include narration, music and great photography highlighting your home’s best features. Video really allows homebuyers to create that emotional connection. TOP HOME MARKETING STRATEGIES NEEDED IN 2016 Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  35. 35. TOP HOME MARKETING STRATEGIES NEEDED IN 2016 5. Mobile/Smartphone Presence - Younger buyers especially want to look at listings on their smartphones, and apps that make it easier for them to do. All the major portals have apps, as do some real estate brokerages. Your home’s visual presentation on mobile is more important than ever. Sellers need to make sure their listing looks great on a smartphone. Photos should be taken with a high-resolution camera, because that’s what looks best on mobile. Zillow reported that in January, nearly 600 million homes were viewed on Zillow’s mobile app. That’s 223 homes per second. 6. Your Home’s Own Unique Website – A dedicated website for our home will allow your video, pictures, description, and tons of other info to be showcased in one place. Your home should have its own web address (URL) which buyers can use to search for your home directly on the internet, i.e. http://123YourAddress.com. Check out a example at 2883ForestLake.com. These advanced marketing and home presentation strategies will bring more buyers in the door and, as a result, a higher sales price. It is imperative that these are incorporated into a professional home marketing plan. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  36. 36. THINKING OF SELLING YOUR HOME? If you are considering selling your home in 2016, check out my Smart Home Seller Plan. The Smart Home Seller Plan is designed to offer clients the most state-of-the art marketing of their home to bring in the highest and best market offers in faster than average market time. In addition, light staging and professional photography will give the professional finishes needed to get top dollar. The Northeast Ohio real estate market has improved quite a bit in the last year, but all real estate is local right down to your city and neighborhood. A professional pricing assessment of your home, light staging or improvements (if needed), and a highly targeted marketing plan will deliver the results you did not think possible. Plus, a 100% Happiness Guarantee. Contact Lisa Humenik, Realtor at RE/MAX Crossroads for a FREE Consultation today at (440) 476-4959 or Visit: SmartHomeSellerPlan.com Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com Lisa Humenik RE/MAX Crossroads lisahumenik@gmail.com AmazingNortheastohioHomes.com (440)476-4959 Facebook.com/AmazingNortheastOhioHomes

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