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Parma Home Sales Report - Spring, 2016

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Parma, Ohio Home Sales Report showing trends in home sales, prices, and inventory. A must-read for home sellers, owners, and buyers to understand the current real estate market.

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Parma Home Sales Report - Spring, 2016

  1. 1. PARMA OHIO 1Q, 2016 YTD HOME SALES REPORT SPRING 2016 EDITION N
  2. 2. SPRING 2016 EDITION NBy Lisa Humenik, Realtor - RE/MAX Crossroads Facebook.com/AmazingNortheastOhioHomes Amazing ParmaMarketReport.com PARMA OHIO 1Q, 2016 HOME SALES REPORT FOR SELLERS, OWNERS, & HOME BUYERS
  3. 3. Crossroads Properties Lisa Humenik About the Author: LISA HUMENIK, Realtor®, RE/MAX Crossroads As the Author, I am Lisa Humenik 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. My Facebook fan page, AmazingNortheastOhioHomes, has over 1,300 fans. During the past ten years I have sold over 425 homes, including over 100 in the Parma area. My education credentials include 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, I 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. PARMA OHIO MARKET TRENDS & DATA  Home Prices  Homes Sold  Homes for Sale & New Listings  Market Inventory  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 Parma Ohio Detail Mrket Summary This report covers Single Family home sales in the Parma, OH real estate market. In addition, surrounding suburb data is highlighted as well as ntional trends. 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. NATIONAL HOUSING MARKET 2016 FORECAST NATIONAL ASSOC. OF REALTORS
  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 Trends – Parma OH Home sales in Parma for the 1Q, 2016 are up 24% over the same period the year prior (1Q, 2015). The BIG NEWS is homes going under contract for the 1Q, 2016 (Pending) are up 45% over last year. This combined with 8.5% less homes for sale has been great for home sellers. The tight inventory is causing prices to rise and competition for the best homes. New listings have increased 12% over the 1Q 2015 so we may see price increases to level off this summer. In comparison, in the Summer of 2011 there were 2.5X the number of homes on the market! Today Parma is a SELLER’s Market. Full Chart on the following page. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com PARMA 1Q, 2016 HOMES FOR SALE, SOLD, & PENDED
  10. 10. Facts and TrendsTM - Published April 2016* Location: (401) Parma 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 - 4/27/2016 3/1/2016 - 3/27/2016 % Change For Sale 199 231 -13.9% 199 247 -19.4% 671 733 -8.5% 216 194 11.3% Sold 88 62 41.9% 88 76 15.8% 218 176 23.9% 85 80 6.3% Pended 141 111 27% 141 101 39.6% 328 226 45.1% 150 105 42.9% March 2016 is a Seller's market** Home For Sale in March 2016 is 199 units. It is down 13.9% compared to the last month and down 19.4% compared to the last year. Home Closed in March 2016 is 88 units. It is up 41.9% compared to the last month and up 15.8% compared to the last year. Home Placed under Contract in March 2016 is 141 units. It is up 27% compared to the last month and up 39.6% 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. Parma Home Price Trends The Average single family home SOLD Price for the past quarter is $92,000 up 4.5% from 1Q, 2015. The average LIST PRICE is up 12% most likely due to tight inventory and higher seller expectations. The prices have recovered from lows experienced during the real estate downturn five years ago. Parma home sales prices up 35% today from the lows in 2011. 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. PARMA 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: (401) Parma 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 - 4/27/2016 3/1/2016 - 3/27/2016 % Change Avg. Active Price 115 114 0.9% 115 102 12.7% 113 101 11.9% 116 116 0% Avg. Sold Price 97 88 10.2% 97 91 6.6% 92 88 4.5% 109 94 16% March 2016 Average For Sale Price is Appreciating** Average For Sale Price (in thousand) in March 2016 is $115. It is up 0.9% compared to the last month and up 12.7% compared to the last year. March 2016 Average Sold Price is Neutral** Average Sold Price (in thousand) in March 2016 is $97. It is up 10.2% compared to the last month and up 6.6% 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. PARMA 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 a SELLER’S market due to tight inventory levels. The market inventory peaked in Summer 2011 with over 600 homes for sale, compared to 216 today – down 61% from that time. New listings for 1Q, 2016 are starting to trend up at 12% 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 PARMA HOMES FOR SALE & NEW LISTINGS PAST 5 YEARS
  14. 14. Facts and TrendsTM - Published April 2016* Location: (401) Parma 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) 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 - 4/27/ 2016 3/1/2 016 - 3/27/ 2016 % Change For Sale 199 231 -13.9% 199 247 -19.4% 671 733 -8.5% 199 510 -61% 3455 3784 -8.7% 671 1203 -44.2% 3455 6074 -43.1% 216 194 11.3% New Listin g 110 122 -9.8% 110 128 -14.1% 315 282 11.7% 110 132 -16.7% 1456 1325 9.9% 315 318 -0.9% 1456 1329 9.6% 128 86 48.8% March 2016 is a Seller's market** Home For Sale in March 2016 is 199 units. It is down 13.9% compared to the last month and down 19.4% compared to the last year. Home Listed in March 2016 is 110 units. It is down 9.8% compared to the last month and down 14.1% 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 Parma Market Inventory at 2.5 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 and is now below normal levels. The current market inventory is at 2.5 months which is a Seller’s Market. Hopefully this trend will turn to more balanced levels as buyers are having difficulty finding homes to purchase. Parma has the tightest inventory and the greatest price recovery of all southwest suburbs (see surrounding Suburb Comparison Chart). In March 2016, 44% of homes on the market were sold and 70% went under contract (see Absorption Rate chart in the Appendix. 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 PARMA MARKET INVENTORY #Months Supply of Homes
  16. 16. Facts and TrendsTM - Published April 2016* Location: (401) Parma 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) 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 - 4/27/ 2016 3/1/2 016 - 3/27/ 2016 % Change Month s of Invent ory (Close d Sales) 2.3 3.7 -37.6% 2.3 3.3 -30.8% 3.1 4.2 -26.4% 2.3 10.2 -77.5% 3.3 4 -17.4% 3.1 8.1 -61.5% 3.3 8.7 -62% 2.5 2.4 4.1% March 2016 is a Seller's market** Months of Inventory based on Closed Sales in March 2016 is 2.3. It is down 37.6% compared to the last month and down 30.8% 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. 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.
  18. 18. WHAT IS YOUR HOME WORTH NOW? Call for a FREE Home Value Estimate and Neighborhood Market Analysis at 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
  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. If you are in the market to Buy a Home and would like to work together, call me at (440)476-4959 or email lisahumenik@gmail.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
  37. 37. APPENDIX Parma Market Summary Report SPRING 2016 EDITION N
  38. 38. March 2016 is a Seller's market! The number of for sale listings was down 19.4% from one year earlier and down 13.9% from the previous month. The number of sold listings increased 15.8% year over year and increased 41.9% month over month. The number of under contract listings was up 27% compared to the previous month and up 39.6% compared to the previous year. The Months of Inventory based on Closed Sales is 2.3, down 30.8% from the previous year. The Average Sold Price per Square Footage was up 8.6% compared to the previous month and up 10.1% compared to last year. The Median Sold Price increased by 11.1% from last month. The Average Sold Price also increased by 10.2% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral". The Average Days on Market showed a upward trend, a decrease of 8.5% compared to the previous year. The ratio of Sold Price vs. Original List Price is 97%, an increase of 1% compared to the previous year. Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 (401) Parma Published: April 2016* 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 It is a Seller's Market Property Sales (Sold) March property sales were 88, up 15.8% from 76 in March of 2015 and 41.9% higher than the 62 sales last month. Current Inventory (For Sale) Versus last year, the total number of homes available this month is lower by 48 units of 19.4%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 13.9% compared to the previous month. Property Under Contract (Pended) There was an increase of 27% in the pended properties in March, with 141 properties versus 111 last month. This month's pended property sales were 39.6% higher than at this time last year. 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.
  39. 39. Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 (401) Parma Published: April 2016* 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 The Average Sold Price per Square Footage is Appreciating* The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The March 2016 Average Sold Price per Square Footage of $76 was up 8.6% from $70 last month and up 10.1% from $69 in March of last year. * Based on 6 month trend – Appreciating/Depreciating/Neutral The Days on Market Shows Upward Trend* The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for March 2016 was 86, up 24.6% from 69 days last month and down 8.5% from 94 days in March of last year. The Sold/Original List Price Ratio Remains Steady** The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 97% is up 2.1% % from last month and up from 1% % in March of last year. * Based on 6 month trend – Upward/Downward/Neutral ** Based on 6 month trend – Rising/Falling/Remains Steady 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.
  40. 40. Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 (401) Parma Published: April 2016* 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 The Average For Sale Price is Appreciating* The Average For Sale Price in March was $115,000, up 12.7% from $102,000 in March of 2015 and up 0.9% from $114,000 last month. The Average Sold Price is Neutral* The Average Sold Price in March was $97,000, up 6.6% from $91,000 in March of 2015 and up 10.2% from $88,000 last month. The Median Sold Price is Neutral* The Median Sold Price in March was $90,000, down 1.1% from $91,000 in March of 2015 and up 11.1% from $81,000 last month. * Based on 6 month trend – Appreciating/Depreciating/Neutral It is a Seller's Market* A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers. *Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory Months of Inventory based on Closed Sales The March 2016 Months of Inventory based on Closed Sales of 2.3 was decreased by 30.8% compared to last year and down 37.6% compared to last month. March 2016 is Seller's market. Months of Inventory based on Pended Sales The March 2016 Months of Inventory based on Pended Sales of 1.4 was decreased by 40.9% compared to last year and down 33.6% compared to last month. March 2016 is Seller's market. 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.
  41. 41. Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 (401) Parma Published: April 2016* 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 It is a Seller's Market* Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month. *Buyer’s market: 16.67% and below Seller’s market: 33.33% and above Neutral market: 16.67% - 33.33% Absorption Rate based on Closed Sales The March 2016 Absorption Rate based on Closed Sales of 44.2 was increased by 43.6% compared to last year and up 64.8% compared to last month. Absorption Rate based on Pended Sales The March 2016 Absorption Rate based on Pended Sales of 70.9 was increased by 73.4% compared to last year and up 47.4% compared to last month. 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.

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