Monday, November 25, 2019

The Best Home Improvement Projects

With the housing market rebounding, now is the time to invest in your most valuable asset. It is worth noting that certain renovation projects will bring a larger return on investment yet most projects will not provide a 100% return. This means that while you are adding equity to your property, you may not necessarily recoup all of the money spent renovating it. There are many reasons for this but it comes down to the fact that buyers are considering the whole package and not just one particular aspect. That being said, here are projects that are worth the investment. These figures are based upon a report by Remodeling Magazine and are based upon national averages. In certain regions, different remodels may be worth more or less but this is a good indicator overall.

Front Door
The Front door is the gateway to your home. Buyers typically make a decision within minutes of seeing a house and the entryway can have a huge effect on that decision. By upgrading your front door, you can have a whopping return of 96.6%. This is the most return of any updates available.

Deck Addition
With an 87.4% return, adding a wood deck is a great way to add value to your home. Many potential buyers are looking for spaces that can be used to entertain guests as well as outside spaces that they can enjoy. A deck accomplishes both of these desires.

Siding
Updating your siding can have up to an 87% return. Buyers typically want a house that does not have major issues and siding can be a significant problem if it needs replaced. In addition to the practical benefit, siding now comes in a variety of colors so it can add a bit of flair to your home.

Attic Bedroom
One of the best renovations you can do to your home is to add an extra bedroom. This is because it opens up your target market and widens the appeal. One of the most popular places to do this is in a walk-up attic since it is already a framed part of the home. It can have an 84.3% return.

Garage Door
This may seem like a trivial component but garages can have a significant impact on the appearance of a house. A new, inviting door can work wonders on improving the overall feel of your property. A new garage door can have an 83.7% return.

Kitchen
Minor kitchen remodels such as appliance upgrades, addition of extra lighting and adding storage can have an 82% return. If you decide to make major renovations, you can expect a 74.2% return.

Bathroom
Upgrading the bathroom is always a good idea. Buyers do not want a bathroom that is old, dirty or outdated. Like the kitchen, as long as you do not go overboard with the renovation, this can have a solid return on investment. Most bathroom remodels generate a 72.5% return. If you want to go even further and add a new bathroom, it will have a 60% return.

Conclusion
While this is not a list of every possible renovation you can perform, these are the ones that offer the best returns on investment. If you plan on selling your home in the near future, focusing on these projects can have a huge impact on how fast your home sells and for how much!

Today's New Listings!

40 Shawondassee Drive, Eastlake

6296 Glenwood Drive, Mentor

9219 Orvos Court, Mentor

7534 Hunting Lake Drive, Concord

5710 Canyon View Drive, Perry

Thursday, November 21, 2019

Open Houses!

Open Houses for November 24, 2019 

10894 Thwing Rd, Chardon 
Open 11-1pm
$245,000 NEW PRICE!
4bd 2ba
Call 440-279-8585

4988 South Sedgewick Rd, Lyndhurst   
Open 12-1:30pm
$145,000 NEW PRICE!
3bd 2ba
Call 440-813-5762

6533 Bayside Dr, Madison 
Open 11-1pm
$159,900
3bd 3ba
Call 440-289-8213

6085 Meadow Wood Dr, Madison
Open 1-3pm
$184,000
4bd 3ba
Call 440-637-3791

6409 Yellowsprings Dr, Madison
Open 1:30-3:30pm
$45,000
3bd 2ba
Call 440-289-8213

7969 Oakridge Dr, Mentor
Open 11-1pm
$239,990 NEW PRICE!
4bd 3ba
Call 440-487-0368

9104 Sugarbush Drive, Mentor
Open 12-4pm
$215,000 NEW PRICE!
3bd 3ba
Call 440-339-3626

8375 Deacon Ave NW, North Canton  
Open 2-4pm
$375,000 
2bd 2ba
Call 330-232-2689

28767 Eddy Rd, Willoughby Hills
Open 12-2pm
$350,000
3bd 2ba
Call 440-283-7557

10440 Penniman Dr, Chardon 
BY APPT
$390,000 
4bd 3ba
Call 440-296-5006

6517 Fay Rd, Concord 
BY APPT
$540,000 
4bd 4ba
Call 440-296-5006

14665 Shire Ct, Russell Twp 
BY APPT
$600,000
4bd 4ba
Call 440-296-5006

Open Houses and Price Reductions!

Open Houses for November 17, 2019 

10440 Penniman Dr, Chardon 
Open 12-2pm
$390,000
4bd 3ba
Call 440-289-8213

10894 Thwing Rd, Chardon 
Open 1-3pm
$250,000 
4bd 2ba
Call 330-232-2689

10806 Ellison Creek Dr, Concord 
Open 12-2pm
$415,000
4bd 5ba
Call 440-413-0588

6517 Fay Rd, Concord 
Open 1-3pm
$540,000 NEW PRICE!
4bd 4ba
Call 440-525-3331

7969 Oakridge Dr, Mentor
Open 12-2pm
$245,000
4bd 3ba
Call 440-537-6671

9104 Sugarbush Drive, Mentor
Open 12-4pm
$225,000
3bd 3ba
Call 440-339-3626

14665 Shire Ct, Russell Twp
Open 2:30-4:30pm
$600,000
4bd 4ba
Call 440-289-8213

6720 Winston Lane, Solon
Open 12-2pm
$699,900 NEW PRICE!
6bd 6ba
Call 440-279-8585

914 Lloyd Rd, Wickliffe 
Open 11-1pm
$289,900 
3bd 2ba
Call 440-251-0791

4988 South Sedgewick Rd, Lyndhurst   
BY APPT
$150,000
3bd 2ba
Call 440-296-5006

2648 Morningstar Dr, Madison
BY APPT
$79,900
3bd 2ba
Call 440-296-5006

7934 Sharon Dr, Mentor-on-the-Lake  
BY APPT
$222,000 
4bd 3ba
Call 440-296-5006

Today's New Listing!

1233 Heatherstone Drive, Painesville

Monday, November 18, 2019

What is a Buyer’s Market and What are the Advantages?

Whether you are a new home buyer or seasoned investor, you may have heard the term “buyer’s market”. This term is used to refer to a real estate market in which there are more units for sale than buyers. Home buyers can see big advantages in this type of market!

Higher Inventory
A buyer’s market involves a higher supply of housing units in comparison to the number of buyers at a given time. As such, the buyer will have a larger variety of units to consider for purchase in such a market. More choices is always a positive.

Lower Prices
Since the real estate market abides by the same laws of demand as other markets, a higher level of supply compared to demand means that prices will drop. Therefore home buyers will see lower asking prices in this type of market and may be able to negotiate even lower sales prices.

Favorable Terms
Since sellers know buyers have many options, they are usually more willing to concede to buyer’s terms such as close times, paying some of the buyer’s closing costs and even leaving chattel such as appliances or furniture.

Time to Decide
Since there are less buyers competing for the same units, a buyer can take their time when considering available options. This may allow time for repeat visits as well as inspections, financing, etc.

Real estate markets go in cycles so it will sometimes be a buyer’s market and other times it will be a seller’s market. When it is a buyer’s market, home buyers should understand that they have the upper hand in the market!

Today's New Listings!

38077 N Brooks Drive, Willoughby

38111 N Brooks Drive, Willoughby

8935 Trailwood Court, Mentor

6969 Highlandview, Concord

8001 Butler Hill Drive, Concord

4162 Hidden Village Drive, Perry

Thursday, November 14, 2019

Open Houses!

Open Houses for November 17, 2019 

10440 Penniman Dr, Chardon 
Open 12-2pm
$390,000
4bd 3ba
Call 440-289-8213

10894 Thwing Rd, Chardon 
Open 1-3pm
$250,000 
4bd 2ba
Call 330-232-2689

10806 Ellison Creek Dr, Concord 
Open 12-2pm
$415,000
4bd 5ba
Call 440-413-0588

6517 Fay Rd, Concord 
Open 1-3pm
$540,000 NEW PRICE!
4bd 4ba
Call 440-525-3331

7969 Oakridge Dr, Mentor
Open 12-2pm
$245,000
4bd 3ba
Call 440-537-6671

9104 Sugarbush Drive, Mentor
Open 12-4pm
$225,000
3bd 3ba
Call 440-339-3626

14665 Shire Ct, Russell Twp
Open 2:30-4:30pm
$600,000
4bd 4ba
Call 440-289-8213

6720 Winston Lane, Solon
Open 12-2pm
$699,900 NEW PRICE!
6bd 6ba
Call 440-279-8585

914 Lloyd Rd, Wickliffe 
Open 11-1pm
$289,900 
3bd 2ba
Call 440-251-0791

4988 South Sedgewick Rd, Lyndhurst   
BY APPT
$150,000
3bd 2ba
Call 440-296-5006

2648 Morningstar Dr, Madison
BY APPT
$79,900
3bd 2ba
Call 440-296-5006

7934 Sharon Dr, Mentor-on-the-Lake  
BY APPT
$222,000 
4bd 3ba
Call 440-296-5006

Today's New Listing!

11010 Tibbetts Road, Kirtland

Monday, November 11, 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!

62 Ranally Way, Willoughby

37 Fairway Glenn Boulevard, Willoughby

76 Ranally Way, Willoughby

8875 Trailwood Court, Mentor

5322 Lorrey Place, Mentor

6389 Dawson Boulevard, Mentor

506 Prestwick Path, Painesville Township

500 Prestwick Path, Painesville Township

10248 Cherry Hill Drive, Concord

Thursday, November 7, 2019

Open Houses and Price Reduction!

Open Houses for November 10, 2019 

10440 Penniman Dr, Chardon 
Open 1-3pm
$390,000
4bd 3ba
Call 440-279-8585

6517 Fay Rd, Concord 
Open 2-3:30pm
$575,000 
4bd 4ba
Call 440-525-3331

6586 Fay Rd, Concord
Open 1-3pm
$399,900
4bd 5ba
Call 440-479-7379

4988 South Sedgewick Rd, Lyndhurst   
Open 12-1:30pm
$150,000
3bd 2ba
Call 440-813-5762

6085 Meadow Wood Dr, Madison
Open 1-3pm
$184,000
4bd 3ba
Call 440-637-3791

7969 Oakridge Dr, Mentor
Open 11-1pm
$245,000
4bd 3ba
Call 440-344-9567

9104 Sugarbush Drive, Mentor
Open 2-4pm
$225,000
3bd 3ba
Call 440-339-3626

8375 Deacon Ave NW, North Canton
Open 2-4pm
$375,000
2bd 2ba
Call 330-232-2689

6720 Winston Lane, Solon
Open 11-1pm
$725,000
6bd 6ba
Call 440-525-3331

914 Lloyd Rd, Wickliffe 
Open 11-1pm
$289,900 
3bd 2ba
Call 440-251-0791

38665 Old Willoughby Dr, Willoughby 
Open 1-3pm
$379,900 
3bd 2ba
Call 440-283-7557

28767 Eddy Rd, Willoughby Hills  
Open 3-5pm
$349,900 
3bd 2ba
Call 440-283-7557

32324 Glen Arden Dr, Willowick 
Open 11-1pm
$139,900 
3bd 2ba
Call 440-289-8213

Price Reduction

10806 Ellison Creek Dr, Concord 
$415,000 NEW PRICE!

Today's New Listings!

373 Clarmont Road, Willowick

35625 Admiral Drive, Eastlake

6528 Lafayette Drive, Mentor

5641 Birdie Lane, Mentor

Monday, November 4, 2019

Buying a Condo is Different Than Buying a House

Many buyers assume that choosing to purchase a condominium rather than a house is a decision based upon preference only but there are differences that should be considered.

Home Owners Association
All condominiums come with some type of home owners association. The HOA generally handles common areas such as landscaping, snow removal, exterior of the buildings and amenities such as a swimming pool or fitness center. Not only are there monthly fees required to pay for the maintenance and repair of the common areas but HOA’s normally have rules that need to be followed. Many condos will not allow fences or sheds to be installed and some have pet restrictions. When purchasing a condo, buyers will weigh the costs and restrictions of each HOA versus the benefits they offer. The HOA fees also affect the amount of loan a buyer will qualify for. Often a condo buyer cannot qualify for as much as a home buyer due to these extra fees calculated in their monthly obligations.

Amenities
Condominiums usually come with several perks such as landscaping and snow plowing handled professionally, exterior of the home taken care of and amenities such as a swimming pool or fitness center. While a good majority of potential buyers would love the perks and amenities that a condominium offers, they are not willing to make the trade for a smaller space without a yard of their own.

Renting Restrictions
Many first time home buyers purchase a condominium as a starter home thinking that they can rent it out in the future when they decide to upgrade to a large home. Many investors consider a condominium a good investment as well. It should be noted though that many condominiums restrict renting in their complex though so this should be verified prior to purchasing a condominium.

There are many benefits to purchasing a condominium but buyers need to be sure they are aware of all of the pros and cons of such a purchase. Let a real estate agent help you navigate the condo world!

Today's New Listings!

4237 Carl Court, Willoughby

2479 Maple Hill Road, Willoughby Hills

9716 Country Scene Lane #U-08, Mentor

207 Coventry Drive, Painesville Township

1067 Valewood Court, Painesville

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...