North Olmsted, OH Real Estate Housing Market Activity ~ week ending 7/17/09
Just as I predicted, we had two closings this past week versus none the week after the holiday. And more good news? The homes under contract have increased to 15! I've also included an additional stat for you...SP/LP%. Pretty cryptic, I know. It's actually very easy. Simply take the Sold Price (160,500) divided by the List Price (167,400) and you get the percentage that the seller received for their home. It's a neat little statistic to watch...for buyers and sellers. When the percentage is a large amount, it usually means the houses are priced well for the current market.
As I say every week (because it's true!) houses are selling in North Olmsted, OH! Here's the latest:
Also, as I mentioned in my blog last week, I've started a series of posts of 10 Home Buyer Tips ~ one a day for 10 days! The first one deals with choosing a real estate agent who fits your personality. If you follow this weekly update, you might enjoy the Tip of the day series. What will I talk about when I run out of tips for buyers? Hmmm....sellers, maybe??
Bye for now!
Home Buyer Tips ~ #5 - Negotiation can mean EVERYONE wins!
Time for Tip #5 of the Top 10 Tips To Take the Stress Out of Homebuying:
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
I've seen it happen on both sides. A buyer will lose the house they really want because they feel the sellers should come down more...and a seller will lose a buyer because the seller lets their ego get in the way. The thing is, neither side knows the others' bottom...or top...line. It's like a poker game!
Whereas a buyer may think the seller is being stubborn or ‘just plain mean', the seller may have a mortgage (or 2) that needs to be taken care of and cannot come down any further. And the seller may think the buyer just wants to ‘low ball' and take advantage of them, but that buyer may already be too close to the limit of what they can comfortably afford to pay. That's where a good realtor comes in handy... to help guide you towards the properties you can truly afford. But that's for another post!
Buyers need to remember that the seller's realtor is presenting the same statistics the buyer's agent is providing. The market is what it is...and a house is "worth" what a ready, willing and able buyer will pay for it.
Also, there are usually other items that can be negotiated besides the price. Closing dates and seller's help with closing costs also figure into the equation. And once a price has been agreed upon, remember you still have to contend with the Home Inspection, which usually brings another opportunity to negotiate.
Yes, everybody wants to "play the game". But there comes a time when both sides have to search their souls, find their true motivation and put together a deal where everyone feels like a winner!
Home Buyer Tips ~ #4 - Try to see the forest, not just the trees
Here's Tip #4 of the Top 10 Tips To Take the Stress Out of Homebuying:
4. Accept that no house is ever perfect. If it's in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
Close your eyes and imagine driving into a beautiful neighborhood, in the suburb you've always wanted to live. As you drive down the quiet, tree-lined street you arrive at the house at the end of the cul-de-sac...with the FOR SALE sign in the front yard. The lawn is green, the rose bushes are in bloom, and the sun is shining brightly on your new house! You can just feel it - it's perfect!! You walk up to the front door with your realtor, and as she unlocks the door and you enter your ‘future home' - everything stops. The carpet is yellow shag, there's flocked wallpaper on the walls ~ and I mean EVERY SINGLE WALL ~ the kitchen appliances are a "gorgeous" shade of avocado green. You could very well have stepped onto the set of "That 70s Show".
What now?? Well, go back to the list you made when you started your home search. Even folks who have
houses built usually find a few things they wish had been done differently, after they've moved in. Wallpaper and carpet can be removed. Even walls can sometimes be removed! But an entire house?? Not so easy to do. Hopefully you'll be in your new home for many years to come, and you don't have to change everything all at once.
I spent New Year's Eve 2001 stripping 50-year old wallpaper from the living room of the house I'd closed on that afternoon. When I finally went back to my apartment at 2:00am and crawled into bed, I had such a sense of accomplishment! Little by little, my home has become what I envisioned almost 8 years ago. Except for that roof. Maybe next year!
So when you find your dream house, don't let cosmetics turn that dream into a nightmare!
Home Buyer Tips ~ #3 - You aren't going to buy THAT house, are you??
Here's Tip #3 of the Top 10 Tips To Take the Stress Out of Homebuying:
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family - the people who will be living in the home.
Of course it helps to bring along a parent or friend to check out a house you're considering buying, especially for first time homebuyers. But everyone’s tastes are different. Identical twins may not like the same house!
If you have someone whispering in your ear about the “horrible wallpaper” (that you really wouldn't mind removing, because you love the kitchen!) or “there will be a ton of leaves to rake up in the fall” (and you thought it would be fun because you haven’t jumped into a pile of leaves in ages!), it could cause you to have 2nd thoughts about a house that really might be your perfect home.
Buying a house is undoubtedly a major financial decision, as well as an emotional one. And if you find a house that you adore and your well-meaning loved ones ~ not the ones who will actually be living there ~ point out all of the negatives, you also may begin to resent them. I like to compare it to bringing your future spouse to meet the family. Instead of everyone saying, “Hi! It’s so nice to meet you, welcome to our home!” they whisper in your ear, “I don’t like his clothes. Who dressed him this morning??” Argh...not what you wanted to hear.
Remember, you’ll be the one coming home every day to that house ~ you and your immediate family. Can you see yourselves living there 5 years from now? If so, then smile sweetly, thank everyone for their opinion, and go get yourself that house!
Home Buyer Tips ~ #2 - Where IS that crystal ball??
Here's Tip #2 of the Top 10 Tips To Take the Stress Out of Homebuying:
2. Remember, there's no "right" time to buy, just as there's no perfect time to sell. If you find a home now, don't try to second-guess interest rates or the housing market by waiting longer - you risk losing out on the home of your dreams. The housing market usually doesn't change fast enough to make that much difference in price, and a good home won't stay on the market long.
Everyone wants a great deal – whether it’s a low interest rate or the best price for a house (low for the buyers, high for the sellers). Interest rates change daily, and we can’t predict which way they’ll change! Waiting for them to go lower could cause you to lose that great house you saw on the internet a couple of weeks ago. You know the one – great landscaping, perfect street, close enough to the highway to get to work, but not soooooo close that you can read the license plates on the passing cars. : )
Plus new home buyers are coming out to shop every day. The $8000 First-Time Homebuyer tax credit is making a huge impact on the housing market. This means even more competition for that great house!
Wait too long for the rates and/or prices to scoot down even further, and when you call your realtor to say, “Ok, let’s go see that house at 123 Main Street!” you’re likely to hear, “I’m so sorry, but that one has been sold.”
Trust your gut. If you see “the one”, get the ball rolling and go for it!
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"The Golden Rule"...it's that simple! It's what I teach my children, how I live my life and how I conduct my business.
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