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WESTLAKE OH
2015 HOME SALES REPORT
FOR SELLERS, OWNERS & HOME BUYERS
SPRING 2015
EDITION NortheastOhioRealEstateSource.com...
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 – 1Q 2015 NATIONAL RESULTS
1Q, 2015 NATIONAL HOUSING MARKET TRENDS
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
Nat...
NATIONAL HOUSING MARKET TRENDS
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
A big reason...
Crossroads Properties
WHERE ARE HOME PRICES
HEADING IN THE NEXT FIVE
YEARS?
Real estate and financial professionals put
tr...
WESTLAKE HOME SALES
LOOKING BACK AT 2014 AND WHAT IS AHEAD FOR 2015
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* Amazi...
WESTLAKE - HOMES SOLD
2014 Market Summary
The number of Single Family homes sold in 2014
was 251, down from 300 (-16.3%) t...
2014 Market Summary
The Westlake Single Family average sale prices
rose 2% in 2014 over the prior year (2013). The
average...
HOMES FOR SALE AND NEW LISTINGS
Westlake – Single Family - Past 5 Years
The number of Homes for Sale has
been declining ov...
BUYER OR SELLERS MARKET?
MONTHS OF INVENTORY
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.co...
Crossroads Properties
MARKET TREND DATA – SURROUNDING
SUBURBS
CITY 2014 Homes Sold
(% Change to
2013)
2014 Avg. Sales Pric...
Crossroads Properties
WHAT IS THE MARKET & PRICE TRENDS IN
YOUR NEIGHBORHOOD TODAY?
All Real Estate is Local! What might b...
MORTGAGE RATES OVER TIME
Today’s average mortgage rate is 3.86% and the average House Payment is $939. Today’s
mortgage ra...
WHERE ARE MORTGAGE INTEREST RATES HEADED?
Interest rates are projected to increase steadily over the
course of 2015 The ex...
Crossroads Properties
2015 Expert Real Estate
Market Forecast
1. Millennials will drive household formations. Younger prof...
REASONS 2015 IS A GOOD TIME TO SELL
As the temperature rises, buyers are coming out ready to purchase their dream home. Th...
WHAT IS YOUR HOME WORTH NOW?
Find out instantly at:
NortheastOhioHomeValuation.com
You’ll get an instant estimate of your ...
REASONS TO CONSIDER BUYING A HOME THIS YEAR
1. Interest rates are low - Even a small change in interest rates has a signif...
REASONS TO CONSIDER BUYING A HOME THIS YEAR
3. Rents are High! - In many markets, rents are rising to unsustainable levels...
REASONS TO CONSIDER BUYING A HOME THIS YEAR
4. Private mortgage insurance fees
are down - Buyers who put less than 20
perc...
THINKING OF SELLING?
HERE’S HOW TO INCREASE YOUR HOME SALES PRICE
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* Amazing...
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 SELLING STRATEGIES NEEDED IN 2015
3. Online Marketing – Vast online presence (especially as a promoted listing)
o...
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 SELLING STRATEGIES NEEDED IN 2015
5. Mobile/Smartphone Presence - Younger buyers especially want to look
at listi...
SMART HOME SELLER PLAN
If you are considering selling your home in 2015, check out my
Smart Home Seller Plan. The Smart Ho...
Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
APPENDIX
Westlake Ohio
Real Estate Market D...
April 2015 is a Neutral market! The number of for sale listings was up 12.5% from one year earlier and up 11.3% from the p...
Lisa Humenik
Cell Phone: (440)476-4959
Email: lisahumenik@remax.net
http://lisahumenik.com
2007002829
(202) Westlake
Publi...
Lisa Humenik
Cell Phone: (440)476-4959
Email: lisahumenik@remax.net
http://lisahumenik.com
2007002829
(202) Westlake
Publi...
Lisa Humenik
Cell Phone: (440)476-4959
Email: lisahumenik@remax.net
http://lisahumenik.com
2007002829
(202) Westlake
Publi...
IF YOU ARE INTERESTED IN SELLING, CONTACT ME
TO DISCUSS YOUR HOME
I’m sure you have questions and concerns…
I would love t...
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Westlake Home Sales Report - May-2015

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Westlake OH residential home sales report and guide for homeowners, sellers, and buyers. This report details both local and national housing trends as a tool for potential buyers and sellers.

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Westlake Home Sales Report - May-2015

  1. 1. WESTLAKE OH 2015 HOME SALES REPORT FOR SELLERS, OWNERS & HOME BUYERS SPRING 2015 EDITION NortheastOhioRealEstateSource.com Facebook.com/AmazingNortheastOhioHomes Amazing
  2. 2. 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 is the author of the NortheastOhioRealEstateSource.com blog covering real estate trends in the Northeast Ohio suburbs. 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. Lisa can be reached at (440)476-4959 or via email at LisaHumenik@remax.net. RE/MAX Crossroads
  3. 3. CONTENTS Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com 1. NATIONAL HOUSING MARKET SUMMARY 2. WESTLAKE OHIO MARKET TRENDS & DATA  Home Prices  Homes Sold  Homes for Sale & New Listings  Market Inventory 3. MORTGAGE RATES 4. 2015 EXPERT MARKET PREDICTIONS 5. SELLING A HOME IN 2015 6. REASONS TO BUY A HOME IN 2015 7. HOW TO INCREASE YOUR SALES PRICE 8. TOP HOME SELLING STRATEGIES FOR 2015 9. SMART HOME SELLERS APPENDIX Real Estate Market Data for Westlake YTD to May 1, 2015 DATA This report covers Single Family home sales in the Westlake OH real estate market. Detailed YTD results are shown in the Appendix. Specific data is available for any local suburb on request.
  4. 4. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com U.S. HOME SALES – 1Q 2015 NATIONAL RESULTS
  5. 5. 1Q, 2015 NATIONAL HOUSING MARKET TRENDS Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com National 1Q, 2015 Market Overview A just released report, the Health of Housing Market (HoHM) Report (Nationwide), states the US housing market is at it’s healthiest levels since the index’s creation in 2001. The report showed that the 4Q, 2014 ended with the highest indicator score in over 15 years at a score of 109.8. Employment, demographics, the mortgage market, and housing prices are all used to evaluate the health of each market. The report ranked the top 10 healthiest housing markets and ranked the Cleveland area on the Top 10 List, as #2. The most recent Pending Homes Sales Index from the National Association of Realtors revealed that homes going into contract in February increased to their highest level since June 2013. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Realtor.com data shows that supply is not keeping pace with surging demand. The are expecting rising prices to persuade those who may be on the fence about listing their homes to do so in the coming months, leading to closer parity between supply and demand.” In addition, Fannie Mae's March 2015 Housing Survey, also showed signs of a seller's market. The percentage of respondents in Fannie Mae's survey who said they believe now is a good time to sell reached an all-time survey high of 46 percent. Source: Business Insider (3/30/2015) Source: Business Insider (3/30/2015)
  6. 6. NATIONAL HOUSING MARKET TRENDS Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com A big reason for the bright outlook for the housing market is improved job prospects for those ages 25 to 34, commonly known as millennials. Steadily rising rents are also expected to drive more buyers to the home market in 2015. Rents have risen by almost 11 percent over the last three years and jumped by an average of about 3.6 percent in 2014 alone. "Pending sales showed solid gains last month, driven by a steadily-improving labor market, mortgage rates hovering around 4 percent and the likelihood of more renters looking to hedge against increasing rents," said Lawrence Yun, chief economist for the NAR. "These factors bode well for the prospect of an uptick in sales in coming months. However, the underlying obstacle— especially for first-time buyers— continues to be the depressed level of homes available for sale."
  7. 7. Crossroads Properties WHERE ARE HOME PRICES HEADING IN THE NEXT FIVE YEARS? Real estate and financial professionals put tremendous value in the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of more than 100 economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number. The results of their latest survey: Nationally, values appreciated by 4.8% in 2014 Cumulative appreciation will be 23.5% by 2019 That means the average annual appreciation will be 3.6% over the next 5 years. Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of almost 15.1% by 2019. This survey is a fair depiction of future values. WHERE ARE HOME PRICES HEADED OVER THE NEXT 5 YEARS? Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  8. 8. WESTLAKE HOME SALES LOOKING BACK AT 2014 AND WHAT IS AHEAD FOR 2015 Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com 2014 vs. 2013 The Westlake real estate market has remained healthy and has been showing steady annual increases in average home sale prices the past three years (since 2011). While prices have shown consistent gains, the number of homes sold have been fluctuating, with the number of Single Family homes sold decreasing 16.3% in 2014 (from 2013). Overall, the key indicators in the market have been performing much better than many other areas in Cuyahoga County. Homeowners who have been waiting for the right time to sell their current home (or buy a new one), can utilize this market report data to inform themselves on current market trends. Nationally the housing crisis in the rear window and many positive trends that began in the last 18 months have continued (with a decline in acceleration). As we begin the 2015 home selling season, these trends will affect home sales and prices this year. This report will focus on the Westlake market with the national trends and predictions highlighted as they effect the local market. All Real Estate is Local... so let’s take a look at what’s happening in Westlake:
  9. 9. WESTLAKE - HOMES SOLD 2014 Market Summary The number of Single Family homes sold in 2014 was 251, down from 300 (-16.3%) the year prior. So far this year, home sales started off slow, but the current YTD sales are outpacing the same period last year. The forecast for 2015 is a 2-3% increase in the number of homes sold as demand for the Westlake market continues to increase. 1Q, 2015 Market Summary So far YTD (up to May, 2015) the number of Single Family home sold in Westlake is up 30% from 2014. In April, there were 28 homes sold, up 100% from March of 2014 (14). In addition, pending home sales (the leading indicator), are up 43.5% from the same quarter last year which indicates a strong upcoming sales market for 2015. The number of homes available for sale has finally started increasing. At the end April, we had 108 single family homes for sale, up 12.5% from 96 in April 2014. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com Westlake – 5YR Single Family Homes Sold Trend (2009-2014) Westlake – Single Family Homes For Sale, Sold & Pending (last 13 mos)
  10. 10. 2014 Market Summary The Westlake Single Family average sale prices rose 2% in 2014 over the prior year (2013). The average home sale prices have been following a consistent upward trend since 2011. As shown in the chart to the right, the average sale price in 2014 was 17% higher than in 2011, when the market values bottomed. Zillow predicts that home values in Westlake will rise 2% in 2015. 1Q, 2015 Market Summary Although up to the 2nd Quarter of 2014, home prices were heading upward, there has been a significant decrease the past six months. Home sale prices have been declining recently, which has not been the case in many surrounding suburbs. The Average single family home Sale Price for the last quarter 2015 is $250,000 down 24.5% from 2014. However, the average Active List Price is $490,000 down -0.4% from 2014. The median sale price (most common) was down only 13%. WESTLAKE - HOME PRICES Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com Westlake – 5YR Single Family Home Price Trend (2009-2014) Westlake – Single Family Avg For Sale & Sold Price (last 13 mos)
  11. 11. HOMES FOR SALE AND NEW LISTINGS Westlake – Single Family - Past 5 Years The number of Homes for Sale has been declining over the past five years creating a supply problem and creating SELLER’S markets in many suburbs due to tight inventory levels. In April 2015, there were 108 homes on the market for sale, compared to 172 five years ago - a 37% decrease. However, the bottom of the home inventory appears to have passed at the end of 2013 and now more homes are hitting the market. New listings for 2015 are running close to 2014 numbers. The current market inventory is 3.9 months which is a Balanced Market between buyers and sellers (a Sellers Market is 3 mos or less of inventory and a Buyers Market is more than 6 months). Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  12. 12. BUYER OR SELLERS MARKET? MONTHS OF INVENTORY Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com IMPACT TO A HOME SELLER
  13. 13. Crossroads Properties MARKET TREND DATA – SURROUNDING SUBURBS CITY 2014 Homes Sold (% Change to 2013) 2014 Avg. Sales Price (% Change to 2013) YE Mos. Inventory TEMPERATURE / MARKET TRENDS PARMA 1,047 (+1.2%) $89,869 (+.6%) 5.6 BALANCED. Prices and Home Sales Rising. Decreased distress sales. STRONGSVILLE 531 (4.1%) $204,994(-1.1%) 3.3 SELLERS MARKET. Significant increase in homes sold. Price neutral. LAKEWOOD 451 (3%) $153,473 (+4.4%) 3.6 SELLERS MARKET. Home sales and prices rising. BRUNSWICK 433 (-3.8%) $171,331 (+10.3%) 3.7 BALANCED. Prices Rising. Balanced inventory. AVON 375 (-9.6%) $269,043 (+6.4%) 3.1 BALANCED. Prices Rising. Balanced inventory. OLM FALLS & TOWNSHP 275 (3.8%) $141.924 (-2.1%) 4.3 BALANCED MARKET. Home sales rising with pricing remaining nuetral ROCKY RIVER 260 (-9.4%) $288,787 (-1.2%) 4.0 BALANCED MARKET. Decline in homes sold and prices due to increase in homes available. WESTLAKE 251 (-16.3%) $320,422 (+2%) 3.9 TIGHT INVENTORY in some neighborhoods. Decreasing home sales with prices increasing. NORTH OLMSTED 214 (-19.1%) $137,078 (+5.7%) 3.5 BALANCED MARKET. Sales declining with reduced distress sales. BEREA 212 (+7.1%) $125,356 (+0.3%) 3.7 BALANCED MARKET. Significant increase in homes sold and moderate price increases. BROOK PARK 206 (+19.8%) $93,380 (+5.6%) 2.6 WARM MARKET – PRICES RISING AND NUMBER OF HOMES SOLD ALL CUYAHOGA SUBURBS 11,348 (-3.5%) $145,267(2.4%) 5.4 BALANCED MARKET. Slight decline in homes sold with price appreciation. If you’d like a instant report showing the current sales and price trends in your local neighborhood.. VISIT: NortheastOhioNeighborhoodReport.com Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  14. 14. Crossroads Properties WHAT IS THE MARKET & PRICE TRENDS IN YOUR NEIGHBORHOOD TODAY? All Real Estate is Local! What might be happening to sales and prices in the suburb next to yours can be different. Although housing prices and trends are significantly affected by national and regional trends, local influences such as jobs, schools, taxes, and distress sales have a significant impact on the real estate market. If you’d like a instant report showing the current sales and price trends in your local neighborhood.. VISIT: http://NortheastOhioNeighborhoodReport.com Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com SAMPLE
  15. 15. MORTGAGE RATES OVER TIME Today’s average mortgage rate is 3.86% and the average House Payment is $939. 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
  16. 16. WHERE ARE MORTGAGE INTEREST RATES HEADED? Interest rates are projected to increase steadily over the course of 2015 The experts predict that home prices will appreciate by 4.4% over the course of 2015. If both predictions become reality, families could wind up paying considerably more for their home by waiting too long. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  17. 17. Crossroads Properties 2015 Expert Real Estate Market Forecast 1. Millennials will drive household formations. Younger professionals are having more luck in the job market, which is expected to help more of them jump into home ownership 2. Existing home sales will increase 5-8% as more buyers enter the market motivated by a clear belief that both rates and prices will continue to rise. 3. Home prices will rise between 4-5%: Low inventory levels and demand driven by improved employment opportunities will push home prices up next year. 4. Mortgage rates will end the year at 5% with increases beginning in the middle of 2015 5. Return of the 3 percent down payment. Fannie Mae and Freddie Mac have announced new programs lowering down payment requirements helping more buyers. 6. New-home sales rebound. Sales of new homes are expected to rise 25 percent as single-family construction picks up traction in 2015. 7. Foreclosures recede to pre-recession levels and REO inventory to decline sharply: The number of foreclosures is expected to continue to fall in 2015, but possibly be still high in some pocket areas. 8. Rents continue to rise. Growth in U.S. rents will outpace growth in home values by the end of the year 9. Zillow predicts more homes selection, continued low mortgage rates, coupled with an increasingly difficult rental environment. These factors will bring balance to 2015 and result in smoother sailing for everyone in the housing market...2015 could be one of the best years to buy or sell! Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  18. 18. REASONS 2015 IS A GOOD TIME TO SELL 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
  19. 19. WHAT IS YOUR HOME WORTH NOW? Find out instantly at: NortheastOhioHomeValuation.com You’ll get an instant estimate of your home’s value based on MLS sales. In addition, your report will include a list of neighborhood sales and current active homes on the market. 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
  20. 20. REASONS TO CONSIDER BUYING A HOME THIS YEAR 1. Interest rates are low - Even a small change in interest rates has a significant effect on what you'll pay each month and over the life of a 30-year mortgage. Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates are still near 4%. Current renters (see below) and moveup sellers alike sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can buy will decrease. Here is a chart detailing this point: 2. Qualifications are easier - During the real estate downturn of the mid- 2000s, banks and lenders tightened the reins, and often only the most qualified applicants could get approved. Post-recession, qualifications have loosened. Buyers who can't show solid income and a minimum credit score probably won't be offered a risky interest-only ARM today, however, those with less-than-perfect credit and minimal funds still have options. The Federal Housing Association (FHA) minimums are a 620 credit score and a 3.5 percent down payment. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  21. 21. REASONS TO CONSIDER BUYING A HOME THIS YEAR 3. 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
  22. 22. REASONS TO CONSIDER BUYING A HOME THIS YEAR 4. Private mortgage insurance fees are down - Buyers who put less than 20 percent down on their home generally incur a monthly fee in the name of private mortgage insurance (PMI). In January 2015, the government announced lower PMI rates on Federal Housing Administration (FHA) loans, which equates to a savings of about $900 a year. Seventy-five dollars a month may not seem like much, but every little bit helps when you're committing to an investment as large as a home. 5. It's still one of the best investments out there - In fact, some would say it's the very best investment out there. Buying a home is the best investment any individual can make. "The largest measurable financial benefit to homeownership is price appreciation," said Investopedia. "Price appreciation helps build home equity, which is the difference between the market price of the house and the remaining mortgage payments." 6. It feels good - You know that pride of ownership thing? It's true. Really. Nothing compares to the feeling of walking into a home that's yours for the first time. Or painting the walls a color other than white. Updating the kitchen. Making it your own. Not worrying about your rent being raised. And, of course, watching your equity grow over time. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com Check out homes for sale at: AmazingNortheastOhioHomes.com
  23. 23. THINKING OF SELLING? 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.
  24. 24. 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.
  25. 25. 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.
  26. 26. 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.
  27. 27. 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 Lense Photography of your home is important to make the right first impression.. It is imperative that your home shows better than others! TOP HOME SELLING STRATEGIES NEEDED IN 2015 Standard Wide Angle Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  28. 28. 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 SELLING STRATEGIES NEEDED IN 2015 Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  29. 29. TOP HOME SELLING STRATEGIES NEEDED IN 2015 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
  30. 30. 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 SELLING STRATEGIES NEEDED IN 2015 Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  31. 31. TOP HOME SELLING STRATEGIES NEEDED IN 2015 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
  32. 32. SMART HOME SELLER PLAN If you are considering selling your home in 2015, 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. Check it out at: SmartHomeSellerPlan.com Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com
  33. 33. Lisa Humenik, RE/MAX Crossroads * (440)476-4959* AmazingNortheastOhioHomes.com APPENDIX Westlake Ohio Real Estate Market Data – to May 1, 2015
  34. 34. April 2015 is a Neutral market! The number of for sale listings was up 12.5% from one year earlier and up 11.3% from the previous month. The number of sold listings increased 100% year over year and increased 75% month over month. The number of under contract listings was up 11.4% compared to the previous month and up 44.4% compared to the previous year. The Months of Inventory based on Closed Sales is 3.9, down 43.8% from the previous year. The Average Sold Price per Square Footage was down 5.5% compared to the previous month and down 11.9% compared to last year. The Median Sold Price decreased by 8.9% from last month. The Average Sold Price also decreased by 13% 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 neutral trend, an increase of 33.3% compared to the previous year. The ratio of Sold Price vs. Original List Price is 95%, an increase of 1.1% compared to the previous year. Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 (202) Westlake Published: May 2015* 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 Neutral Market Property Sales (Sold) April property sales were 28, up 100% from 14 in April of 2014 and 75% higher than the 16 sales last month. Current Inventory (For Sale) Versus last year, the total number of homes available this month is higher by 12 units of 12.5%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 11.3% compared to the previous month. Property Under Contract (Pended) There was an increase of 11.4% in the pended properties in April, with 39 properties versus 35 last month. This month's pended property sales were 44.4% higher than at this time last year. All reports are published May 2015, based on data available at the end of April 2015. 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.
  35. 35. Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 (202) Westlake Published: May 2015* 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 Neutral* 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 April 2015 Average Sold Price per Square Footage of $106.4 was down 5.5% from $112.6 last month and down 11.9% from $120.8 in April of last year. * Based on 6 month trend – Appreciating/Depreciating/Neutral The Days on Market Shows Neutral 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 April 2015 was 104, down 16.1% from 124 days last month and up 33.3% from 78 days in April 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 95% is the same as last month and up from 1.1% % in April of last year. * Based on 6 month trend – Upward/Downward/Neutral ** Based on 6 month trend – Rising/Falling/Remains Steady All reports are published May 2015, based on data available at the end of April 2015. 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.
  36. 36. Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 (202) Westlake Published: May 2015* 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 Neutral* The Average For Sale Price in April was $499,000, up 2.9% from $485,000 in April of 2014 and down 1.2% from $505,000 last month. The Average Sold Price is Neutral* The Average Sold Price in April was $241,000, down 30.1% from $345,000 in April of 2014 and down 13% from $277,000 last month. The Median Sold Price is Neutral* The Median Sold Price in April was $225,000, down 21.1% from $285,000 in April of 2014 and down 8.9% from $247,000 last month. * Based on 6 month trend – Appreciating/Depreciating/Neutral It is a Neutral 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 April 2015 Months of Inventory based on Closed Sales of 3.9 was decreased by 43.8% compared to last year and down 36.3% compared to last month. April 2015 is Neutral market. Months of Inventory based on Pended Sales The April 2015 Months of Inventory based on Pended Sales of 2.8 was decreased by 22.5% compared to last year and the same compared to last month. April 2015 is Seller's market. All reports are published May 2015, based on data available at the end of April 2015. 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.
  37. 37. Lisa Humenik Cell Phone: (440)476-4959 Email: lisahumenik@remax.net http://lisahumenik.com 2007002829 (202) Westlake Published: May 2015* 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 Neutral 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 April 2015 Absorption Rate based on Closed Sales of 25.9 was increased by 77.5% compared to last year and up 57% compared to last month. Absorption Rate based on Pended Sales The April 2015 Absorption Rate based on Pended Sales of 36.1 was increased by 28.4% compared to last year and the same compared to last month. All reports are published May 2015, based on data available at the end of April 2015. 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.
  38. 38. IF YOU ARE INTERESTED IN SELLING, CONTACT ME TO DISCUSS YOUR HOME I’m sure you have questions and concerns… I would love to talk with you more about what you read here, and help you on the path to selling your house. My contact information is below. I look forward to hearing from you… Lisa Humenik RE/MAX Crossroads lisahumenik@remax.net NortheastOhioRealEstateSource.com (440) 476-4959 facebook.com/AmazingNortheastOhioHomes

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