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Expert Tips for Navigating the Real Estate Market

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What’s the Latest News From Our Cleveland Area Market?



As we reach the halfway point of 2017, inventory is low and home values are
on the rise in the Cleveland area.

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What’s happening in our real estate market as we reach the midway point of 2017?

To start, inventory continues to be low. If you’re a buyer, this means you and your Realtor need to be aggressive in finding a home that suits your needs.

They should set you up with automatic email updates every time a new listing hits the market, and they should be doing things like sending email blasts and mail orders to developments you want to live in. You can also have them go door-knocking in a community you’re thinking about living in. Be creative in finding the home you want.

Low inventory also means home values continue to rise. In Cleveland, they’re up 9.9% over the last 12 months. That’s the most I’ve ever seen in my lifetime. The reason for this is there has been more than $19 billion reinvested in the city by developers in over the last seven years.
If you’re a seller, it doesn’t get any better than this.

How have the surrounding areas fared in the last 12 months? In Akron, home values are up 3.1%, which is fantastic. In Canton, they’ve risen 8.9%. On the east side of Cleveland, Mentor’s home values have appreciated roughly 3%, and they will continue to rise these next few months. On the west side of Cleveland, West Lake’s home values have risen 6.3%.

If you live in one of these communities and you’re looking to sell a home, you might want to take a look at your own home’s value and see if it’s risen in the last year.

Interest rates have been hovering right around 4%, but the Federal Reserve raised their rates to the banks once again recently. Banks borrow from the Federal Reserve, so I feel that in the next few months we will see interest rates go up, which means it will cost more to purchase a property.

As a whole, it’s a great time to lock into a low interest rate if you’re a buyer and get creative with your purchasing. If you’re a seller, it doesn’t get any better than this. Once these interest rates go up, buyers won’t be as willing to purchase a home because of the increased cost. Naturally, inventory will stack up and you’ll face more competition among other sellers.

If you have any more questions about our market and how you can take advantage of it, don’t hesitate to give me a call or shoot me an email. I’d be happy to assist you.

Should You Buy Before You Sell?



If it makes sense for you to buy another home before selling your current one, here are a few tips to make the process easier.

Looking to buy a Home in Northeast Ohio? Search all Northeast Ohio homes for sale. Selling Your Home in Northeast Ohio? Use our home evaluation tool.

Should you buy a new home before selling your current one? The answer can depend on a few different factors, so here are some tips you can follow to help guide your decision and make the process easier.

First, talk to your lender to see if you can afford to purchase another property before selling your current one. If that’s the case and you feel comfortable with the numbers, feel free to make an offer on the property you want.

If you need to get the equity out of your current home in order to purchase your next home, it makes sense to list your current property right away and then make an offer on the next property after you’ve received an offer on the first one.

Talk to your lender to see if you can afford to buy before you sell.

You can also make an offer on a property that’s contingent on the sale of your first house and then list that house for sale. I don’t recommend this option, though, and there are three reasons why.

First, most sellers won’t even consider a contingent offer if you haven’t listed your property yet. Second, most agents urge sellers not to accept contingent offers because they don’t want to wait for another offer to come in and have to mark their listing as “contingent” instead of “active” and possibly lose out on a large number of buyers. Third, you risk having your offer turned down as soon as a non-contingent offer comes in.

If you have any questions about this or any other real estate topic, don’t hesitate to give me a call or shoot me an email. I’d be glad to help you.

Mid-2017 Northeast Ohio Real Estate Market Update



What’s the latest from our northeast Ohio real estate market? I’ve got the recent stats to share with you today.

Looking to buy a Home in Northeast Ohio? Search all Northeast Ohio homes for sale. Selling Your Home in Northeast Ohio? Use our home evaluation tool.

It’s halfway through the year 2017, and it’s time for a market update. So what’s going on in our real estate market?

Inventory continues to be low. That means if you’re a buyer, you have to be aggressive. Let your Realtor set you up on an auto-email that notifies you every time a new listing hits the market. Have your Realtor be aggressive in finding a home that suits your needs. Have them send email blasts, mailers, and go door-knocking in communities that you’re thinking about buying in. Find that house before it hits the market. Be creative when looking for a property.

You can call us, and we’ll help you find a property. We can give you a leading edge over other buyers who can’t find these houses before we do.

Inventory being low means home values are continuing to rise. Home values in the city of Cleveland have risen 9.9% over the last 12 months. That’s the largest increase that I’ve seen in my lifetime. The reason for this increase is that there has been over $19 billion reinvested into Cleveland by developers over the last seven years.

Inventory being low means home values continue to rise.

Akron home values are up 3.1%, and Canton has seen an increase of 8.9%. That’s fantastic. In the east, Mentor is hovering around 3% and Westlake has seen an increase of 6.3% in the last 12 months. If you’re a seller and you’re looking to sell your home, let us help you figure out what your home is worth and get it on the market.

Interest rates have been hovering right around 4%. In recent weeks, we’ve seen the Federal Reserve raise their rates for the banks that borrow from the Fed. I think what we’re going to see in the coming months is another increase in interest rates from lenders. That means it’s going to cost you more to purchase properties.

What that means for you as a homebuyer is that now is the time to find a home and lock in the lower interest rate for the life of your mortgage. If you’re selling, there is no better time than now to get your home on the market. Once the rates go up, it’s going to cost buyers more to purchase, and they aren’t going to be so willing to pay as much. That means that inventory will start to stack up and you’ll be facing more competition from other sellers to get your home sold.

If you have any questions or you’re looking to buy or sell a home, give me a call directly or send me an email. I’d be happy to help!