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Expert Tips for Navigating the Real Estate Market

Our mission at The Michael Kaim Team is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

4 Key Things to Remember Before Closing



There are four key things you need to remember before closing. Being prepared could be the difference between success and a broken deal.

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So you’ve made it to closing. The inspections and repairs are complete, insurance is ready to go, and all of the details seem to be taken care of. In actuality, though, there are four things you need to think about before closing.


First of all, remember to schedule and confirm your closing date and time. Closing can’t take place if you and the other people involved aren’t both aware of exactly when to meet and sign the final papers.


Make sure you allow for plenty of time for closing, as well. Don’t just use your lunch hour to sign the papers. If you don’t already have the day off, take a half or full day from work to give yourself some leeway. Things could come up and if they do, you wouldn’t want to have to rush.


Next, don’t forget to complete a final walkthrough. Even if a home was in perfect condition before, damage could have occurred since the last time you saw it. Schedule this walkthrough several days in advance and be prepared to negotiate if something is wrong.

Always come to the closing table completely prepared.


Third, remember to bring any and all documents with you to the closing table. Everything that you have, even if you think you won’t need them, should be brought along with you. Make sure you bring a certified check. You should always come to the closing table completely prepared.

Finally, you should always be aware of what could go wrong. A lender could pull out of the deal at the last minute. This could be for a number of reasons. Things like recent credit card debt or job loss could break the deal.

Being prepared and staying consistent until after closing is complete is critical to your success. Whether you are a buyer or seller, you need to know exactly what will be required from you at closing. Additionally, liens on the property will almost always be discovered, so make your title company aware well in advance.

If you have any questions about closing on a home or you're thinking about buying or selling a home, don't hesitate to reach out to us. We'd be happy to help you.

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.