We are all fortunate to live in such a beautiful City!
Yes, we must dodge the orange barrels. However, that means our City is constantly updated & maintained. This is important for market values of our real estate.
This is a great time to buy or sell residential real estate. The City is in full bloom & the weather is great. But, more importantly, interest rates continue at historical lows & market values for homes seem to be stabilizing.
The Senate and House continue to work on the economic stimulus plan that includes action to support the housing market. There is a critical need for a resolution of the housing crisis as a main priority for the Country's recovery from the U.S. economic recession.
For Buyers, there is plenty of mortgage money available, both FHA & conventional. Rates have increased somewhat. However, housing prices remain low. There are reports that Ohio housing prices may have hit their lowest point in 2009 & may begin to rise in 2010. So, 2009 continues to be a wonderful time to buy, especially for first time home buyers.
For Buyers who do not have the down payment required by lenders, there is positive information that some of the non-profit organizations who have helped first-time home buyers with down payment moneys may receive funding for that assistance again this year. Stay tuned for further information as it becomes available.
For Sellers, homes will sell when they are priced to sell relative to each given home's condition, location, competitive homes on the market & comparative home sales in the last 3 months. Remember that the appraisal by the Buyer's lender determines the Lending Value, which is the Market Price for a given transaction. Sellers need to be prepared to sign an Amendment to the Purchase Agreement to adjust the original Purchase Price to the Market Price as determined by the lenders' appraisals, if the Sellers want the sale to proceed. Realistic list prices at the time of listing & purchase prices when a Purchase Contract is signed will help avoid lender appraisal surprises.
After living in Westlake for 25 years, we, along with fellow Westlake residents, have reason to celebrate this holiday season. After decades of planning, the major link between I-90 and I-480 is complete.
The ribbon cutting ceremony took place on 12/18/08. It opened for regular traffic the same day. TEAM PRIBISKO tried the commute from I-90 to I-480 that day. Then, we tried the route all the way to Cleveland Hopkins Airport. It was fantastic! (Be sure to watch your speed. The speed limit is 35 and the police are already handing out tickets.)
This event will have a significant, positive effect on Westlake.
Westlake is already a destination city for buyers looking for an upscale community that "has it all." However, more buyers looking for an easy commute from home to work can consider Westlake, wherever they are employed. We now have direct access to all major arteries: I-90, I-80 (the Ohio Turnpike), Ohio Route 2 and I-480, making it easy to travel North, South, East and West. (And, as stated above, the tirip to and from Hopkins Airport is fantastic.)
The other positives include neighborhoods with side streets that have been used as short cuts for traveling between I-90 and I-480, which should return to controlled traffic. And, Westlake retail stores, restaurants, service providers, etc. should see increased business from the direct link to and from I-480.
The turbulent financial markets around the world and in the United States have affected the real estate market at the local level. Buyers and Sellers are concerned about the effect the financial markets will have on the market price of homes for Sellers and the availability of reasonal credit terms and interest rates for Buyers. No one has a crystal ball; but, the fact remains that homes will continue to be purchased and sold. Sellers will see lower market prices for their homes, but Sellers will, likewise, obtain their next homes at a lower purchase price. Buyers are still in a Buyers' Market, so there are a number of homes to choose from at each price point and "more home for your money". Buyers, however, need to be prepared for stricter mortgage loan guidelines, when applying for a loan pre-approval and for loan applications. And, more Buyers will qualify for FHA loans, since FHA mortgage loan limits have been raised.
As residents of Westlake (in Settlers Reserve) since 1983, TEAM PRIBISKO has a unique perspective in and knowledge of your neighborhood.
The Estates of Westlake is a prestigious, upscale neighborhood with stately homes. It is one of the most desired neighborhoods in suburban Cleveland, because of the quality of the homes (both in terms of construction and fine appointments); the ample size of the homes, with varied styles; the attractive, well-kept landscaping and yards; and common areas that include the community tennis courts and pool.
A wonderful feature of The Estates of Westlake is its location within Westlake, somewhat secluded, yet close to all of Westlake's amenities. A resident of your neighborhood is approximately one to two miles from everything -- Crocker Park, The Promenade, restaurants of all kinds, a variety of shopping establishments, entertainment and recreation venues, The Cleveland Clinic Foundation Westlake campus, West Shore Hospital, Westlake schools, pre-school and day care centers, beautiful parks, private and public fitness facilities, private and public golf courses, the opportunity to join or coach sports teams for various age groups, etc. (The Westlake Recreation Center Campus is within walking distance.)
The Estates of Westlake provides a sense of warmth and safety. When walking past the stately homes, one quickly gets a sense of community, with residents waving, smiling and saying hello.
A resident of The Estates of Westlake has a commute of approximately 20 minutes to downtown Cleveland and Cleveland Hopkins Airport, as well. There is quick access to I-90 and the Ohio Turnpike. And, the completion of the Crocker/Stearns extension to I-480 is slated for late 2009, which will provide easy access to I-480.
Steve & Pat Pribisko
TEAM PRIBISKO
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Agents Who Earn Your Trust, Specializing in Residential & Commercial Real Estate in Northeast Ohio & in Professional Home Staging ("ASP").TEAM PRIBISKO has 30 yrs of combined real estate experience.
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