Monday, April 29, 2019

What is a Seller’s Market? What are the Advantages?

Seller’s market is a term used when the process of buying real estate favors mainly the seller. It is commonly characterized by the low inventory of housing which often allows sellers to raise their prices since buyers are competing against other home buyers in a low inventory market. Selling a home during a seller’s market offers several advantages.

Less Competition

When there is a low number of properties on the market, there is a greater chance that your property will sell. It is no longer a question “if” your property will sell but “when”. With a balanced inventory, there is no guarantee that a home will sell even if it is priced correctly and in good condition. With this same scenario, a seller’s market puts a lot of this fear to rest and sellers are counseled to begin planning their next course of action.

Quicker Sales

With a limited inventory and a high amount of buyers looking in a specific real estate market, your property will likely find a buyer quickly. Often homes will receive an offer within the first few days of listing in a seller’s market. This is because buyers have exhausted everything that is currently on the market and they are waiting for new inventory to appear. As soon as a new listing comes on the market, it will have several showings in the first few days and likely will receive an offer if it is priced reasonably well and is in decent condition.

Higher Prices

One of the biggest advantages that the seller’s market provides homeowners is the ability to sell their home at a higher price. Sellers will be able to put a higher asking price on their property since there is a greater amount of interest that could meet the price. A low inventory also makes it possible to receive multiple offers which again can increase the sales price.

Negotiation Power

Sellers will have a stronger position when negotiating with a buyer in a seller’s market. There is an underlying fear with a buyer that another offer will come in while negotiating with a seller so the buyer is more willing to concede so that they can lock in the purchase agreement. This may have to do with the price but often it has to do with closing dates and the seller having more say.

As long as there is a high demand for real estate and low inventory, we will be in a seller’s market. Although there are many advantages to a homeowner in this type of market, the price and condition are still factors. There is more leeway though in the seller’s favor!

Today's New Listings!

38573 Ranally Way, Willoughby

38565 Ranally Way, Willoughby

5319 East Heisley Rd, Mentor

493 Prestwick Path, Painesville Township

1680 North Shore Dr, Painesville Township

7782 Keystone Dr, Concord

Thursday, April 25, 2019

Open Houses and Price Reductions!

Open Houses for April 28, 2019

6430 Murray Ave, Ashtabula  
Open 12-2pm
$154,900 
3bd 2ba
Call 440-813-5762

1220 W 67th St, Cleveland 
Open 2-4pm
$300,000 
4bd 1ba
Call 440-339-3626

6651 Breezewood Rd, Concord 
Open 1-4pm
$329,000 
4bd 3ba
Call 440-637-3791

10806 Ellison Creek Dr, Concord 
Open 12-4pm
$425,000 
4bd 5ba
Call 440-488-1061

1265 Watermark Lane, Fairport Harbor  
Open 12-4pm
$184,900 
3bd 3ba
Call 440-525-3331

670 Bridle Ct, Geneva 
Open 2-4pm
$185,000 
2bd 3ba
Call 440-479-7379

8941 Billings Rd, Kirtland 
Open 2:30-4:30pm
$375,000 
3bd 3ba
Call 440-413-0588

777 River’s Edge, Painesville  
Open 12-4pm
$160,000 
2bd 2ba
Call 440-525-3331

2985 Gale Rd, Willoughby 
Open 1:30-3pm
$325,000 
4bd 3ba
Call 440-251-0791

38257 Hurricane Dr, Willoughby 
Open 11-3pm
$309,900 
4bd 3ba
Call 440-251-0791

11130 River Rd, Chardon 
BY APPT
$829,900 
4bd 4ba
Call 440-296-5006

6748 Bayside Dr, Madison 
BY APPT
$175,000 
3bd 3ba
Call 440-296-5006

Price Reductions

1450 Clearaire Rd, Cleveland 
$35,000 NEW PRICE!

15163 Burton Windsor Rd, Middlefield 
$125,000 NEW PRICE!

Today's New Listings!

777 Rivers Edge Ln, Painesville

1930 Torrey Park Trl, Painesville Township

4280 Oregon St, Perry

Monday, April 22, 2019

How to Find the Perfect Home

One question a Realtor® is asked often is how to find the perfect home. Finding the right place to call home is important for every buyer and it is a process that should not be rushed. It will take time to find a place that suits a buyer’s preferences and needs but it will be worth the effort. Below are some steps to consider.

Calculate Price Range
One of the first steps should be to talk with a lender who can calculate the price range that you can afford. Just like any major purchase, you should have a budget in mind before you begin your search. It is easy to over reach when purchasing a home because you want to get the best that you can afford now. It is also important to consider the current and future expenses connected with the home so that you do not exceed your means. It is smart for buyers to purchase something that they can easily afford rather than a home that stretches their finances.

Determine the Ideal Location
When purchasing a home, you are not just buying a house but also a neighborhood. It is important that you choose a location that will suit you as well as find a community that you can belong to. The environment surrounding the home should make you feel welcome. You should also consider access to your workplace, schools, family and other amenities.

List Must-Have Features
Another great step to finding the perfect home is to list your must-have features. The number of bedrooms and bathrooms are the preliminary requirements. Go beyond the basics though and think of how you will live in the home. What are your hobbies and what type of spaces will you need to enjoy them? Do you need a basement, garage or large yard? Perhaps it’s a large kitchen or a small space for yoga or reading. Creating a list will help you focus your search.

Get Professional Help
Last but certainly not the least, getting professional help can make your search for the perfect home more efficient. When you know what you want, a Realtor ® can provide you with a concentrated list of properties to consider which will save you time and get you into your perfect home sooner!

Today's New Listings!

38509 Ranally Way, Willoughby

831 Asbury Pointe Ln, Painesville Township

10806 Ellison Creek Dr, Concord

7920 Augusta Ln, Concord

2445 Beechersbrook Ln, Madison

157 Amy Ave, Madison

Monday, April 15, 2019

Boost Your Resale Value with These Three Inexpensive Renovations

To get top dollar for your home, renovations may be necessary. However, some renovations can prove costly and they do not always add value to your home. Here are three inexpensive renovations that are sure to improve the resale value of your home.

First Impressions Matter
Your home needs to have curb appeal. If the potential buyer does not see that, it will be difficult to get the price you want. Spend money and time landscaping your yard. Pressure wash your driveway. Paint your front door. Make your porch look welcoming. If you do all of this yourself or with the help of family and friends, the costs will be reasonable.

Freshen Up the Interior
After a prospective buyer is impressed by your nicely kept lawn, you will want to continue impressing him/her with your interior design. Buyers know what they want when it comes to the number of bedrooms and baths. You have something they want or they would not be looking at your home. Now, you need to keep their attention. Each room needs to be freshly painted in a neutral color. Old wallpaper and borders should be stripped and walls repainted. Make each room look larger by clearing any clutter. If possible, remove any unnecessary furniture and store it somewhere else. Have any carpets professionally cleaned and be sure to polish any hardwood flooring. In the bedrooms, de-clutter your closets. Your kitchen and bathrooms should be sparkling. Clean and organize counters and cabinets. Again, most of these suggestions cost little but add great value to your home.

Upgrades
When you think of upgrades, you many automatically assume major costs with little return. However, many upgrades may be within your budget. Consider making some of these affordable upgrades to your home. Living Areas/Family Rooms – If you are going for a more elegant touch, add some crown molding. For a more rustic feel, add box beams. Improving the ceilings of main rooms will add value to your home.
Hardware and Fixtures – Painting and changing the hardware on your cabinet doors can change the look of a room dramatically. Add new fixtures such as lighting and doorknobs for a more updated look.

Selling your home may require you to spend a little money but you will likely get the full value of your home if you make the investment!

Today's New Listings!

6915 Eagle Rd, Waite Hill

7730 Chillicothe Rd, Mentor

893 Pebble Beach Cv, Painesville

1664 North Shore Dr, Painesville Township

 

Thursday, April 11, 2019

Open Houses!

Open Houses for April 14, 2019

1466 Newman, Brunswick Hills  
Open 1:30-4:30pm
$335,000 
Call 440-479-7379

6651 Breezewood Rd, Concord 
Open 1-4pm
$329,000 
4bd 3ba
Call 440-637-3791

1265 Watermark Lane, Fairport Harbor  
Open 12-4pm
$184,900 
3bd 3ba
Call 440-525-3331

670 Bridle Ct, Geneva 
Open 2-4pm
$185,000 NEW PRICE!
2bd 3ba
Call 440-413-1963

64 Rosa St, Kipton 
Open 2-4pm
$120,000 
3bd 2ba
Call 440-339-3626

8941 Billings Rd, Kirtland 
Open 11-1pm
$375,000 
3bd 3ba
Call 440-537-6671

5671 Wellington Rd, Lyndhurst 
Open 12-2pm
$119,000 
3bd 1ba
Call 440-289-8213

7574 Miami Rd, Mentor-on-the-Lake  
Open 2:30-4:30pm
$139,900 
3bd 1ba
Call 440-289-8213

29418 Vinewood Dr, Wickliffe 
Open 12-2pm
$150,000 
3bd 2ba
Call 440-488-1061

2985 Gale Rd, Willoughby 
Open 1:30-3pm
$325,000 
4bd 3ba
Call 440-251-0791

38257 Hurricane Dr, Willoughby 
Open 11-1pm
$309,900 
4bd 3ba
Call 440-251-0791

6834 Chapel Rd, Madison  
BY APPT
$349,900 NEW PRICE!
3bd 3ba
Call 440-296-5006

Price Reductions!

Price Reductions

670 Bridle Ct, Geneva  
$185,000 NEW PRICE!

6834 Chapel Rd, Madison  
$349,900 NEW PRICE!

Today's New Listings!

1801 Cedarhurst Dr, Wickliffe

555 Erie Rd, Eastlake

38567 Ranally Way, Willoughby

38270 Ranally Way, Willoughby

38063 Bldg 6 Euclid Ave #2, Willoughby

7165 Maple St, Mentor

1692 Muirfield Ln, Painesville Township

Monday, April 8, 2019

Should I Buy or Continue to Rent?

If you are contemplating purchasing a home, there are a few things to consider. Can you afford to purchase? What are the advantages and disadvantages?
 
Can I Afford to Purchase a Home? The question of whether to buy or rent ultimately comes down to the position that you find yourself in financially. If you are currently renting a property and you are interested in possibly owning your own home, you should meet with a mortgage professional to see if it is viable option for you. Owning a home may be less expensive than you think especially with the low mortgage rates that are currently available. There may be options for a low to zero down payment as well and even rent-to-own options.
 

Advantages of Buying a Home

 
Affordable:  The monthly payment on a mortgage is often the same or less than renting even with the taxes and insurance rolled into the payment. The monthly payment will usually remain the same for the entire length of the mortgage as well except when real estate taxes and insurance changes take place whereas a rental amount may increase every year.
 
Build Equity:  As you pay down your mortgage, you will own more of your home. This is what is known as building equity in your home. Also, if property prices in your area increase, that builds equity as well. One day you can sell your home and realize the equity you have built in your home. There is no such equity built up when renting.
 
Personal Preferences:  You have more options to customize a home when you own it. If you would like to paint a wall, replace carpet or even perform a major renovation, you will not have to ask permission of the landlord or risk losing your security deposit.
 
Potential Income:  By owning a home, you have the option to rent out the home if you decide to move rather than selling it. There are several advantages to holding onto a property such as creating monthly income, building additional equity into the property, having security for the future, etc.
 

Disadvantages of Renting

 
Lack of Privacy:  Often with renting, there are shared spacing with neighboring tenants. If you are fortunate enough to have no adjoining walls with neighbors, your own separate laundry and a separate driveway, then dealing with the landlord each month for payment and every time there is an issue can seem like a lack of privacy as well.
 
Lose Money:  Each month it is like throwing money away since you are not building up anything and saving for your future. Each year the rent will increase as well and at the end of 30 years, you will have nothing to show for it.
 
Buying a Home is a Good Investment. There are really no advantages to renting and no disadvantages to purchasing when you are talking long term. Yes a short term rental especially when moving to a new area may make sense but when considering a long term option, buying a home is a good investment!

Today's New Listings!

134 Christine Ct, Eastlake

2888 Camelot Ct, Willoughby Hills

7464 Belvedere Dr, Mentor

7760 Raymond Dr, Mentor

Thursday, April 4, 2019

Open Houses!

Open Houses for April 7, 2019

1466 Newman, Brunswick Hills  
Open 1:30-4:30pm
$335,000 
Call 440-479-7379

1265 Watermark Lane, Fairport Harbor  
Open 2:30-4pm
$184,900 
3bd 3ba
Call 440-525-3331

670 Bridle Ct, Geneva 
Open 2-4pm
$189,900 
2bd 3ba
Call 440-413-1963

8941 Billings Rd, Kirtland 
Open 1-6pm
$375,000 
3bd 3ba
Call 440-488-1061

6750 Bayside, Madison 
Open 2:30-4:30pm
$164,900 
3bd 3ba
Call 440-289-8213

6385 Winterhaven Dr, Madison 
Open 12-2pm
$112,900 
3bd 2ba
Call 440-289-8213

2985 Gale Rd, Willoughby 
Open 1:30-3pm
$325,000 
4bd 3ba
Call 440-251-0791

38257 Hurricane Dr, Willoughby 
Open 11-3pm
$309,900 
4bd 3ba
Call 440-413-0588

11130 River Rd, Chardon 
BY APPT
$829,900 
4bd 4ba
Call 440-296-5006

6651 Breezewood Rd, Concord 
BY APPT
$329,000 
4bd 3ba
Call 440-296-5006

6834 Chapel Rd, Madison  
BY APPT
$359,900 
3bd 3ba
Call 440-296-5006

6917 Wilson Mills, Mayfield Village  
BY APPT
$179,900 
3bd 2ba
Call 440-296-5006

Today's New Listings!

34645 Willow Creek Pl, Willoughby  - $399,000 1331 Bennett Rd, Madison - $329,900 7165 Hawthorne Dr, Mentor - $274,900 4423 Ashwood Ave...