Dan and Amy Schuman- Cleveland OH Luxury Real Estate

Solon Real Estate Market - Year In Review 2011

The following is our 3rd annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2010, show you a specific breakdown based on different price bands, and offer commentary.

ALL HOMES

Year # of Homes Sold Ave. Sales Price Price/Sq. Foot Sales Price/List Price %

2011 227 $287,205 $101.32 94.24%

2010 202 $292, 547 $103.92 94.61%

NON BANK OWNED HOMES

Since there have been a large number of bank owned sales over the past few years, which can often skew the statistics, we have included figures below that exclude all bank owned homes.

2011 212 $291,708 $103.26 93.50%

2010 192 $293,265 $105.41 94.53%

LUXURY HOMES ( sales price over $500,000 )

2011 29 $626,888 $137.98 94.58%

2010 25 $645,830 $139.06 94.17%

2011 FIRST HALF VS. SECOND HALF OF THE YEAR

FIRST HALF 99 $282,575 $102.99 94.40%

SECOND HALF 113 $301,013 $104.37 94.11%

Here is a break down of all 2011 sales by specific price bands:

Source: NEOHREX

COMMENTARY

While the last few years have been challenging to say the least, this past year showed us some positive signs. Below is a list of 5 important things that the above statistics tell us:

1. More homes sold in 2011 vs. 2010 ( when the federal tax credit articifically inflated sales )

2. Average sales price relatively unchanged

3. The market IMPROVED during the second half of 2011

4. A well priced home can expect to receive approximately 94% of asking price

5. The $200,000 - $350,000 price range has the most buyers

So, what can we take away from all of this? Market stabalization has positively affected the entire local real estate market for both buyers and sellers.

BUYERS AND SELLERS BOTH FEEL BETTER

The numbers indicate more buyers and sellers coming together and overcoming the numerous challenges presented by the market. First time buyers are feeling a little more confident as are the local move-up buyers. Those looking to sell and buy a larger home are realizing that selling their existing home is now a realistic goal and no longer have as much fear. This is epsecially true for those selling a home in the $200,000-$350,000 price range.

Sellers have come to better understand that the major correction in the local real estate market has brought prices to where they were about 10 years ago. I'm certainly not indicating that sellers are happy about this, but they now have more realistic expectations regarding price.

CHALLENGES MOVING FORWARD

The improvement in the local real estate market is a very slow going process. While the market is certainly seeing more activity, it will still take some time for consumers to regain total confidence in real estate.

It will still be difficult bringing buyers and sellers together when it comes to price. Sellers often have unrealistic expecations and buyers simply refuse to overpay for a home. That being said, homes are still selling in all different price points.

The key thing for a seller is to be flexible and reasonable on price. As shown above, a home can on average expect to receive 94% of the listing price. There are a ton of buyers out there, many who really do want to buy so sellers must be wise when pricing their home.

Buyers need to be more realistic as well in terms of expecatations. The have been given a slight sense of entitlement by the media, who has consistently been telling of a huge buyers market. Yes, while most price points here still have quite a bit of inventory, the nice homes stand out and multiple bid situations are not uncommon. Buyers must understand that the pefect home does not exist, in any price point.

The increased second half of 2011 is a good sign moving forward. It indicates that people are feeling more secure financially to move forward with their purchase goals.

View Solon Ohio in a larger map

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About The Authors:

Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.

For Ohio and Solon Oh real estate and homes see Solon OH real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235 or email.

LET'S CONNECT:

Solon Ohio HOme Value Report 2011 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©February, 2012

Pepper Pike OH Real Estate Year In Review 2011

Here is our official 2011 year in review for Pepper Pike Oh real estate, complete with a comparison to 2010. We will provide commentary after giving statistics on the Pepper Pike housing market.

Year # of Homes Ave. Sales Price Sales Price/List Price Ave. Days on Market

2011 89 $402,418 88.22% 194

2010 85 $435,535 91.99% 159

Here are all 2011 home sales in Pepper Pike broken down by price points:

Source: NEOHREX

COMMENTARY

A great year in 2010 was followed by even higher sales in 2011. However, as opposed to last year when we saw an increase in both sales AND average sales price, the average sales price of a home in Pepper Pike decreased from last year. The activity in the luxury home market ( those priced over $500,000) was decent with 25 sales. Although not as strong as 2010, it was much better than the 14 luxury homes that sold in 2009.

In addition to looking at Pepper Pike statistics, we also think it's important to note real estate activity in the other two suburbs that are also part of the Orange School District ( Moreland Hills and Orange ). Both Moreland Hills and Orange saw an increase in the average price of a home in 2011. Moreland Hills saw an increase in sales compared to 2010 while Orange saw sales numbers decrease.

Overall, the numbers indicate that the worst is behind us although the local real estate market is still moving along very slowly. There have been some positive signs in the economy which will hopefully help the local housing market.

There are some fantastic deals on homes in Pepper Pike right now, and continued low rates make this a great time to buy.

Pepper Pike is a very small community on the east side of Cleveland. It is in close proximity to the airport and downtown Cleveland, making it a popular destination for people relocating to Cleveland.

View Pepper Pike Ohio in a larger map

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About The Authors:

Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.

For Ohio and Pepper Pike Oh real estate and homes see Pepper Pike OH real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235 or email.

LET'S CONNECT:

Pepper Pike OH Real Estate Year In Review 2011 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©January, 2012

Pepper Pike Home For Sale - 27950 N Woodland Road, Pepper Pike, OH 44124

JUST LISTED

FABULOUS HOME WITH AN IN-LAW SUITE!

OFFERED AT $299,000

Progressive Reserve Auction ( Not A Live Auction ). SUBMIT ALL OFFERS NOW! Auction date is deadline for bids which are reviewed daily. An offer may be accepted at anytime. List Price is the Suggested Starting Bid.This is not your typical Pepper Pike home. Large room sizes and a versatile floor plan make this a perfect home for that very particular buyer. One of the highlights is a main level in-law suite that contains its own kitchen, bedroom, full bath and additional sitting room or office with a separate entrance. It could also be used as great space for a home based business.

The master bedroom has a loft that could be used as an office or workout area. With an open great room, family room, and library, this home has a ton of space. Immaculate and well-maintained, it is situated on a picturesque wooded lot on a private dead end street. This fine home is located in the excellent rated Orange School District and has easy access to the highway and local shopping. Great Location and unlimited possibilities abound in this very special home.

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About The Authors:

Dan and Amy Schuman specialize in Cleveland Oh Luxury Homes and both have designations pertaining to their expertise in selling luxury homes. Dan is an Accredited Luxury Home Specialist and Amy holds the Certified Luxury Home Marketing Specialist designation.

For Ohio and Cleveland Oh real estate and luxury homes see Cleveland OH Real Estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235 or email.

LET'S CONNECT:

Pepper Pike home for sale in law suite is the property of The Schuman Team and may not be duplicated or used without their written consent. ©August, 2011

5 Reasons Why Using A Local Agent Is Better

Local agents know their towns better than anyone else. We firmly believe that using a local Realtor® is in your best interests and in this post we will give you reasons why local is the only way to go.

5 REASONS WHY USING A LOCAL AGENT IS BETTER

1. Superior Market Knowledge - A good local agent knows the inventory inside and out and will be able to more easily pick out homes that are a good fit for you.

2. They Know The Schools - A local agent will have personal experience with the school system and be able to share valuable information with you.

3. Neighborhood Experts - A local agent not only knows all the specific neighborhoods, but often has friends and clients in each one that can be made available to you if needed. Our clients always appreciate hearing from people who live in the neighborhoods in which they are considering.

4. Strong Relationships With Other Agents - A good local agent will network with other local agents to get information that you will never find on line. We will know about homes that may be coming on the market in the future or learn about a seller who has suddenly become "highly motivated" and is open to offers.

5. In The Know - Real estate gossip gets discussed in small circles in every community, like at PTA meetings and at the local softball field. While most agents will never learn this "insider information", a local agent hears these things and will share them with their clients.

LOCAL IS SAFER

If you are ever looking to buy or sell a home, remember that a real estate transaction is very complicated, involving a lot of money and risk. A local agent is always the safest choice.

If you liked this post, please subscribe to our blog. We always appreciate having new readers and more importantly, enjoy making new friends.

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About The Authors:

Dan and Amy Schuman live in Solon Ohio and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.

For Ohio and Solon Oh real estate and homes see Solon OH real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235 or email.

LET'S CONNECT:

5 Reasons Why Using A Local Agent Is Better is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July, 2011

Solon Ohio Real Estate - Bi-Annual Market Report 2011

The following is our official bi-annual market report for the first half of 2011 for Solon Ohio. We will provide a comparison between 2011 and 2010 and add commentary for the state of the market.

Date # of homes sold Ave. Sales Price

June 2011 26 $293,348

YTD 2011 102 $276,951

June 2010 28 $349,002

YTD 2010 101 $297,144

*source NEOHREX ( Regional MLS )

Commentary

It's hard to believe but the year is half way over. In the beginning of the year, we were curious see how things would fare as the second half of 2010 ended on a slow note compared to the first half. As you can see from the figures above, the number of sales is actually higher than last year. Although this may not seem important, last year's figures were inflated as a result of the first time buyer tax credit. Taking things into consideration, we conclude that 2011 is doing fairly well here in Solon.

Even though the average sales price is off a little from last year, the figures are a bit misleading. There were quite a few lower-end sales priced under $100,000. This was caused by a fairly large amount of distressed properties selling, many of which had been lingering on the market since last year.

In terms of Solon luxury homes, numbers are similar to last year. Sales this year are now at 13 with an average price of $628,846 and last years numbers at the half way point were almost identical at 14 and $627,304 respectively.

Moving forward, there are 42 homes currently under contract, 4 of which are luxury homes, and still a lot of buyers on the sidelines. We anticipate July to be busy as many buyers are looking to move into Solon before the school year begins

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About The Authors:

Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.

For Ohio and Solon Oh real estate and homes see Solon OH real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235 or email.

LET'S CONNECT:

Solon Ohio Real Estate - Bi-Annual Market Report 2011 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July, 2011