The Plain Dealer reported today that December home sales were up. So I didn't imagine that I was crazy busy late last year! The holidays are typically a VERY quiet time real estate agents. But I found just the opposite this year...I was even showing houses right up until Christmas eve!
The PD said that Northeast Ohio home sales rose 10.6% from November to December. This was for both previously owned homes and new construction.
Thankfully, January seems to be just as busy. The lesson here...if you are thinking of listing your home, NOW is the time. Don't wait until the spring market is in full force and there's twice the competition.
Friday, January 21, 2011
Monday, January 17, 2011
Considering a Home Improvement Project?
Are you considering remodeling your home, and wondering what it will do to your property value? My philosophy is if you're planning to stay in your home for a long time -- go for it! Make a change that works for your family, and don't be so concerned with how it will affect resale.
But if you're thinking of selling in the next few years, you should consider its cost effectiveness. A recent article from National Association of Realtors highlights the importance exterior projects, which provide the most value but also are some of the least expensive improvements. For example, replacing your steel entry door or garage doors.
In terms of the interior, you recoup the most of your cost with an attic bedroom addition (71.4% cost recouped) or major kitchen remodel (60.3%).
Click here to check on the cost effectiveness of other projects: http://www.realtor.org/rmohome_and_design/costvsvalue
Of course, it's always best to check with a real estate agent (like me!) to see if the update or remodel makes sense for your home, neighborhood and today's market.
But if you're thinking of selling in the next few years, you should consider its cost effectiveness. A recent article from National Association of Realtors highlights the importance exterior projects, which provide the most value but also are some of the least expensive improvements. For example, replacing your steel entry door or garage doors.
In terms of the interior, you recoup the most of your cost with an attic bedroom addition (71.4% cost recouped) or major kitchen remodel (60.3%).
Click here to check on the cost effectiveness of other projects: http://www.realtor.org/rmohome_and_design/costvsvalue
Of course, it's always best to check with a real estate agent (like me!) to see if the update or remodel makes sense for your home, neighborhood and today's market.
Wednesday, January 12, 2011
We're Still the One
Sales numbers for 2010 are in, and Howard Hanna is the #1 real estate company in Ohio and the undisputed leader in home sales in virtually every county in which we serve.
Here is our market share in the counties I work in:
Cuyahoga 47%
Geauga 57%
Portage 32%
Lake 40%
When choosing a broker for your real estate needs, shouldn't you go with the market leader, the best? You deserve it!
Here is our market share in the counties I work in:
Cuyahoga 47%
Geauga 57%
Portage 32%
Lake 40%
When choosing a broker for your real estate needs, shouldn't you go with the market leader, the best? You deserve it!
Sunday, January 9, 2011
Buying a Home that's a Short Sale
So many of my friends and clients seem to be confused about short sales....so I thought I would try and shed some light. Short sales are NOT bank owned properties--they have NOT been foreclosed upon.
Short sales are when a mortgage holder agrees to take less than the unpaid balance on a loan. These are more common today because of the mortgage boom and bust. A lot of people overpaid for their homes a few years ago. Now for whatever reason they need to sell and home values have dropped. So maybe the house they paid $400,000 for may be worth only $320,000. How can they take $320K ( or less, after commissions, closing costs etc.) and still pay off their mortgage? They can't -- hence the short sale.
Most of my clients are the buyers in a short sale situation. For buyers, here are some important things to keep in mind:
1) Short sales can take longer to close - You are essentially negotiating a selling price with multiple parties - the homeowner, their lender, and possibly more than one lender and a mortgage insurer. They all need to get paid so they all have a say in the negotiations. Lenders tend to be very backed up with shorts sales and foreclosures too, so they don't always respond to offers in a timely manner.
2) Low ball offers don't work - So many of my clients think, "Great! A short sale! Let's offer half of the asking price and see what happens!" I can tell you what happens...your offer goes to the bottom of the pile or in the proverbial circular file. In most cases, the home is already a pretty good deal and crazy low offers will be ignored. Also, the lender(s) have a bottom price in mind and they won't take less for it.
3) Lenders can counter your offer - Again, don't think you're going to get it with the first offer you bring in the door.
4) Short sale deals fall apart - Because the transactions are so complex with many parties involved, issues can arise at any time right up to the day of closing. I suggest you never count your chickens on these ones until the title is transferred.
5) Have your ducks in a row - Lenders are more responsive if you have a preapproval for a loan and a good down payment.
Have I scared you off? I hope not. There are lots of short sales out there -- probably more than anyone realizes at this point -- and they can be a great opportunity. With a lot of patience, a flexible timeline, and a GREAT real estate professional (like me) who can walk you through the process, a short sale can be a smart buy.
Short sales are when a mortgage holder agrees to take less than the unpaid balance on a loan. These are more common today because of the mortgage boom and bust. A lot of people overpaid for their homes a few years ago. Now for whatever reason they need to sell and home values have dropped. So maybe the house they paid $400,000 for may be worth only $320,000. How can they take $320K ( or less, after commissions, closing costs etc.) and still pay off their mortgage? They can't -- hence the short sale.
Most of my clients are the buyers in a short sale situation. For buyers, here are some important things to keep in mind:
1) Short sales can take longer to close - You are essentially negotiating a selling price with multiple parties - the homeowner, their lender, and possibly more than one lender and a mortgage insurer. They all need to get paid so they all have a say in the negotiations. Lenders tend to be very backed up with shorts sales and foreclosures too, so they don't always respond to offers in a timely manner.
2) Low ball offers don't work - So many of my clients think, "Great! A short sale! Let's offer half of the asking price and see what happens!" I can tell you what happens...your offer goes to the bottom of the pile or in the proverbial circular file. In most cases, the home is already a pretty good deal and crazy low offers will be ignored. Also, the lender(s) have a bottom price in mind and they won't take less for it.
3) Lenders can counter your offer - Again, don't think you're going to get it with the first offer you bring in the door.
4) Short sale deals fall apart - Because the transactions are so complex with many parties involved, issues can arise at any time right up to the day of closing. I suggest you never count your chickens on these ones until the title is transferred.
5) Have your ducks in a row - Lenders are more responsive if you have a preapproval for a loan and a good down payment.
Have I scared you off? I hope not. There are lots of short sales out there -- probably more than anyone realizes at this point -- and they can be a great opportunity. With a lot of patience, a flexible timeline, and a GREAT real estate professional (like me) who can walk you through the process, a short sale can be a smart buy.
Wednesday, January 5, 2011
New Year, New Post
Like everyone, I've set some new year's resolutions as we embark on 2011. A lot of my resolutions related to good health and happiness, but many more have to do with my real estate business.
BLOG MORE!
Yes, I promise to blog more in the new year. I let the craziness of listing homes, marketing them, negotiating offers etc. take over and it didn't leave much time for writing. No longer! And if you notice my blog has gone quiet, feel free to send me a friendly "Kick in the butt" via email.
LIST MORE!
Last year I had more listings than I ever expected, and almost every single home closed. I worked with a few buyers, but didn't find the experience as satisfying. I'm realizing my true loves and skills are in marketing homes so that's what I will focus on this year.
ASK FOR MORE REFERRALS
Many of my favorite clients last year came from referrals from friends and family. What's more, I think I can confidently say all those "friends of friends" ended up very satisfied and glad they worked with me. So, won't you help me keep this resolution (and build my business!) by referring a friend, neighbor, family member to me?
KEEPING IT COOL and ENJOYABLE
This year, I noticed so many agents get nasty attitudes, stress out their clients and fellow agents unnecessarily, and make the home selling process unpleasant. When it's so not needed! I vow to keep my clients insulated from these crabby agents and continue to keep it positive.
HAVE A SUGGESTION?
Have a suggestion on a good resolution for me? Email me at maryfranceslaganke@howardhanna.com and I will try and feature it on my blog!
BLOG MORE!
Yes, I promise to blog more in the new year. I let the craziness of listing homes, marketing them, negotiating offers etc. take over and it didn't leave much time for writing. No longer! And if you notice my blog has gone quiet, feel free to send me a friendly "Kick in the butt" via email.
LIST MORE!
Last year I had more listings than I ever expected, and almost every single home closed. I worked with a few buyers, but didn't find the experience as satisfying. I'm realizing my true loves and skills are in marketing homes so that's what I will focus on this year.
ASK FOR MORE REFERRALS
Many of my favorite clients last year came from referrals from friends and family. What's more, I think I can confidently say all those "friends of friends" ended up very satisfied and glad they worked with me. So, won't you help me keep this resolution (and build my business!) by referring a friend, neighbor, family member to me?
KEEPING IT COOL and ENJOYABLE
This year, I noticed so many agents get nasty attitudes, stress out their clients and fellow agents unnecessarily, and make the home selling process unpleasant. When it's so not needed! I vow to keep my clients insulated from these crabby agents and continue to keep it positive.
HAVE A SUGGESTION?
Have a suggestion on a good resolution for me? Email me at maryfranceslaganke@howardhanna.com and I will try and feature it on my blog!
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