Tips For Ohio Home Buyers in 2023
As a home buyer in Ohio, you are likely to face some challenges and obstacles in the process of finding and buying your dream home. However, with the right knowledge and approach, you can navigate your way through the real estate market successfully. Here are some tips for Ohio home buyers in 2023: 1. You don't have to sign a buyer's agreement Many real estate agents will ask you to sign an exclusive buyer broker agreement before they begin working with you. While there are some benefits to signing such an agreement, like having a dedicated agent to help you with your home search, you are not required to sign one. If you are uncomfortable with the idea, you can always work with an agent on a verbal agreement or shop around until you find an agent who does not require one. If you have already signed one and aren't happy with your agent, ask them for a release and explain why. Chances are, they will give you the release. If they refuse, it may be time to escalate to their broker for the release. 2. Writing a strong offer In a competitive market, it is essential to write a strong offer that will catch the seller's attention. This includes offering a reasonable price, being flexible with the closing date, and trying to utilize terms that are attractive to the seller. It is also important to have your financing in order, so the seller knows you are serious and can close the deal quickly. What is a reasonable price? Your agent may offer you comparable home sale examples to help you decide on a price. Two things to keep in mind are, demand is high, and supply is low. Prices are continuing to rise. A home selling now may be worth more than one that sold in the neighborhood six months ago Most home sellers are also going to be buying a home to move into. Being flexible with your closing date, and day you receive possession of the home may be a key factor to catch the seller's attention. Every home sale is different, and every seller is going to have their own motivating factors. Some look for a sale with as little chance of falling through as possible. That is why a slightly lower cash offer can be more attractive than a high financed one, at times. Waiving inspection repairs (but still protecting yourself with an inspection) can put a seller at ease. Your agent should be checking with the listing agent to find any key motivations to help put together a strong offer. Whether you are purchasing the home cash or with a loan, having financing in place before placing an offer is absolutelty essential. Your offer probably won't even be considered without proof you can follow through on it. 3. What to look for When searching for a home in Ohio, there are several factors to consider. Location is key, so think about the neighborhood, schools, and proximity to your work or other amenities. You should also consider the size of the home, the number of bedrooms and bathrooms, and any special features or amenities that are important to you. Don't be afraid to ask questions and do your research before making an offer. In Ohio, there has been a surge of home building about every 20 years. You will often find many homes were built in the late 1920s to early 1930s. The 1950s (many of which were cape cod style homes), the 1970s, and 1990s. Between each of these builds, homes had different building standards. They all have their own thing to look out for: Is the electicity grounded, is the basement built to be finished, is the plumbing copper/galvanized steel/PEX/etc? When viewing a home, there a couple of things to look out for that could mean costly repairs are in the near future. Items like an old roof, HVAC system, foundation repairs, and more will most-likely be called out by a good home inspector. You can watch out for these things before getting to that point by using a couple of the following tips - Old asphalt roofs show signs of wear with nail pops, wavy roof lines, curling shingles along the gutters, and (if you can see into them) lots of granule loss in the gutter. - Old HVAC can be found by looking at the serial number to find the date. On the A/C, this will be on the back of the condenser, but may be inside the furnace panel. If you open up the furnace, you can also look for signs of rust which may mean leaking a/c coolant. - If the basement is finished and the home is built before the mid 1990s, you'll want to check to see that some sort of waterproofing was done. This could be internally with a sump pump and plastic sheeting on the walls (in an unfinished area of the basement), or french drains on the exterior of the home. If the basement is unfinished, cracks in the walls can give you a general idea of the condition of the foundation. This goes without saying, but you shouldn't be able to see light from the inside of the home. Minor cracks happen all of the time, but if they have started to bow the wall or separate then you'll want to look further into it. 4. Be kind Buying a home can be stressful, but it is important to remember that you are dealing with real people on the other side of the transaction. Being kind and respectful to everyone involved, including the seller, their agent, and your own agent, can go a long way in smoothing out any bumps in the road. Remmeber that your agent is going to be working for you for free until you close on a home. If you change your mind about an area, or who you want to work with, let them know. In conclusion, buying a home in Ohio in 2023 can be an exciting and challenging experience. By following these tips, you can increase your chances of finding and buying the home of your dreams. Remember to be patient, do your research, and work with experienced professionals who can guide you through the process. Good luck!
Read More2024's Real Estate Shift: How Lowering Interest Rates Impact You
In 2024, the real estate market is poised for some significant changes, especially with the recent lowering of interest rates. This decision by the Federal Reserve will have a considerable impact on buyers, sellers, and the overall market dynamics. In this blog post, we will explore what lowering interest rates means for the real estate market in 2024. For buyers, the lowering of interest rates is excellent news. This decrease in borrowing costs means that homebuyers will be able to secure mortgages at more affordable rates. With lower interest rates, buyers can take advantage of reduced monthly mortgage payments, making homeownership more accessible and affordable. As a result, we can expect to see an increase in the number of potential buyers entering the market. However, this increase in demand from buyers might lead to a more competitive environment for sellers. As more buyers enter the market, the demand for housing will surge. This surge in demand, coupled with the limited inventory available, will likely drive home prices even higher. So, for sellers, this could be an opportune time to list their properties and capitalize on the increased buyer interest, potentially fetching higher prices for their homes. Furthermore, with the increased demand and lower interest rates, it is highly probable that multiple offers will become more prevalent. In a competitive market, where multiple buyers are vying for the same property, sellers may receive multiple offers, often exceeding the asking price. This competitive bidding can lead to a faster sale and potentially higher profits for sellers. As demand continues to rise, it is expected that the inventory of available homes will also increase in 2024. Builders and developers will likely seize the opportunity to construct new properties, aiming to meet the growing demand. However, it is important to note that the increase in inventory may not be sufficient to fully satisfy the high demand, resulting in a market that remains tilted in favor of sellers. While the lowering of interest rates may benefit buyers and sellers, it is important to consider the overall market conditions in 2024. The combination of rising home prices and increased demand could lead to affordability concerns for some buyers. As a potential buyer, it is crucial to carefully assess your financial situation and determine if the current market conditions align with your long-term goals. In summary, the lowering of interest rates in 2024 will have significant implications for the real estate market. Buyers can expect more affordable mortgages, while sellers may capitalize on increased demand and potentially higher selling prices. However, with rising home prices and limited inventory, buyers need to carefully consider their options and affordability. As the market dynamics shift, it is vital for both buyers and sellers to stay informed and work with experienced real estate professionals to navigate these changes successfully.
Read MoreDiscover the Most Expensive Houses For Sale in Ohio
Luxurious estates and grand mansions, while often associated with hefty price tags, never fail to captivate our imaginations with their architectural grandeur and opulent interiors. Whether you're in the market for a lavish abode or simply enjoy indulging in some real estate daydreaming, the spectacle of these homes is undeniably fascinating. Brace yourself for an exclusive tour as we unwind the curtain to reveal our top 5 most expensive homes that are currently up for grabs in Northeast Ohio. #10 14 Colony Ln, Bratenahl - $3.5M Claiming the 7th spot is a truly extraordinary gem! Nestled in a gated community of the charming lake-front village of Bratenahl, this 4-bedroom, 7-bathroom house is an absolute marvel. Despite its modest size, Bratenahl is renowned for its impressive collection of million-dollar mansions, making it a truly noteworthy destination for home construction. Prepare to be captivated as you step onto the half-acre lot of 14 Colony Ln, where a breathtaking view of Lake Erie awaits. Built in 2000, this magnificent residence spans over 8000 square feet, offering an abundance of luxurious features that will leave you in awe. From the state-of-the-art theatre room to the four-car garage, chef's kitchen, and even a wine room, every aspect of this home has been meticulously designed to provide the utmost comfort and elegance. But that's not all! Bratenahl is also home to the prestigious Shoreby Club, one of Ohio's finest private clubs. Housed within a stunning lakefront mansion dating back to 1890, this exclusive club offers an array of amenities that will exceed your expectations. Indulge in exquisite dining, take a dip in the swimming facilities, or stay active in the well-equipped fitness center. Don't miss the chance to experience the epitome of luxury living in Bratenahl. This is a true masterpiece that deserves your attention. #6 347 State Route 14, Columbiana - $4.2M If you're drawn to the allure of having ample acreage, you'll be captivated by this extraordinary property nestled on 24 acres in Columbiana Village, just a stone's throw away from Youngstown. What sets this property apart is the fact that it encompasses not just one, but three separate homes. The main residence is an expansive 3700 sqft house, exuding grandeur and charm. Moreover, the property boasts a plethora of enticing features including a tennis court, picturesque walking trails, a charming gazebo, a three acre lake, and even a horse barn with a pasture. For those seeking respite from the bustling city life, this Columbiana Village abode offers an idyllic haven. Here, you can revel in the serenity of nature while still enjoying the modern conveniences and amenities that come with a well-appointed home. With its three bedrooms, two full bathrooms, and an array of enchanting outdoor spaces, 347 State Route 14 unquestionably deserves a spot on your shortlist if you're in search of a distinctive property that offers an abundance of space. #5 3450 Roundwood Rd, Hunting Valley - $4.5M If you have an affinity for the architectural styles of America's founding period, particularly Federal and Georgian, then this mansion built in 1924 in the Colonia Revival style will surely captivate you. Prepare to be amazed, as this magnificent home spans over 27 thousand square feet! With 10 bedrooms, 14 bathrooms, and a plethora of amenities, this mega mansion offers an unparalleled living experience. Among its impressive features are an indoor swimming pool, a private library, a tennis court, and a seven-car garage. Originally constructed as a private retreat for the Van Sweringen brothers, prominent railroad barons and developers of a majority of Shaker Heights, OH, this home is nestled in the charming Hunting Valley. With fewer than 1000 residents and around 300 homes, Hunting Valley is undoubtedly one of the most affluent areas in all of Ohio. The location, coupled with its breathtaking views, further exemplifies its prestige. #4 5570 White Tail Run, Port Clinton - $4.9M Nestled in an extraordinary location, 5570 White Tail Run boasts a humble abode on a sprawling 10-acre property gracing the shores of Lake Erie. A rare gem, this lakeside estate comprises of two picturesque lake-front acres and an additional 8-acre lot behind it. The charming bi-level home, built in 1915, features four bedrooms, two baths, and offers just under 1400 square feet of living space. Step onto the shore, and be captivated by the breathtaking vistas of the enchanting islands sprinkled across the vast expanse of Lake Erie. While the value of this property lies primarily in its magnificent land, its zoning as C-3 allows for a plethora of exciting possibilities, including the potential for a hotel. Despite its modest dimensions, this hidden treasure holds immense potential due to its unparalleled location. If you seek a luxurious retreat amidst the splendor of the Great Lakes, look no further! Prepare to indulge in boating, fishing, swimming, and a myriad of water activities, all while immersing yourself in the awe-inspiring beauty of nature. Truly a haven for those seeking an idyllic getaway. #3 30708 Lake Rd, Bay Village - $4.9M This stunning home on Lake Erie boasts an expansive living space of nearly 13 thousand square feet. With 9000 square feet above ground and an additional 4000 below in the walkout basement, this property is truly a dream come true. Positioned on the tranquil waters of Lake Erie, this property offers an unrivaled view that is nothing short of spectacular. The calm and serene surface of the lake stretches out towards the horizon, with the vibrant cityscape of Cleveland delicately punctuating the far-off shore. As day turns into night, witness the hypnotic dance of lights as they twinkle across the water's surface, painting a mesmerizing portrait of city life from afar. This view offers a unique combination of natural beauty and bustling urban existence, forming a panorama that ensures every glance out of your window is a captivating experience. Offering a blend of luxury and functionality, the property features a boathouse, an enormous patio graces the outdoor area, and a stunning inground pool. The home itself is a luxurious abode, comprising six spacious bedrooms and nine bathrooms, designed to offer comfort and convenience to its residents. With these astounding features, this property is not just a house, but a lifestyle statement. #2 32894 Lake Rd, Avon Lake - $5.5M Situated on over an acre of lush, emerald landscape, this exceptional lakefront home offers an unparalleled living experience. The property boasts an expansive space of over 12,000 square feet, accommodating six generously-sized bedrooms and seven luxurious bathrooms. The residence is designed with meticulous attention to detail and quality, ensuring comfort and elegance at every corner. Step outside and be greeted by a breathtaking inground pool and a luxurious hot tub, beckoning you to unwind and find serenity. The inviting warmth of the heated waters pairs harmoniously with the mesmerizing panoramic view of the shimmering lake, enveloping you in a state of tranquility that goes beyond the ordinary. Additionally, this remarkable home boasts an enclosed patio and impeccably designed landscaping, making it a truly exceptional haven. This extraordinary residence transcends the notion of ordinary lodging. It boasts stunning architecture, featuring meticulously crafted woodwork showcased in the exposed beams, as well as opulent doorways. Additionally, it boasts an outdoor kitchen, recreational room, theater room, bar, study, and a boat dock. #1 46234 Hughes Rd , Oberlin, OH - $7.5M At the top of our list, we have a magnificent home situated in Oberlin. Situated on 13 acres with a price tag of $7.5 million, this stunning lakefront property offers nearly 10,000 square feet of space. Designed to have a rustic and cabin-like feel, this home is one for the books. Resting on over three acres of land, this property boasts more than 300 feet of lakeside frontage. Constructed in 2013, the house features four bedrooms and seven bathrooms. The home itself was built by John Nottingham, the co-president and a distinguished member of the National Academy of Inventors. He holds numerous patents, both in the United States and internationally. This remarkable opportunity to own what Cleveland.com describes as the "Home of the Future" is truly a once-in-a-lifetime chance. Well, there you have it! These are but a few of the most luxurious and stunning properties available in the area, each offering its own unique blend of architectural sophistication, opulence, and breathtaking views. While the price tags may be hefty, the experience of living in such residences, coupled with the remarkable vistas they offer, is an unparalleled blend of luxury and tranquility that is well worth the investment. These homes truly redefine the concept of a personal haven, pushing the boundaries of architectural brilliance and luxury living.
Read MoreFinding the Perfect Home on Sale Near Me: Your Ultimate Guide
Are you on the hunt for the perfect home near your location? Look no further! In this ultimate guide, we'll take you through all the steps to finding and purchasing your dream home. From researching the local real estate market to closing the deal, we've got you covered. Let's dive in and discover how to find that ideal home on sale near you. 1. Researching the Local Real Estate Market : When researching the local real estate market, it is crucial to understand the current trends. Look for patterns in home sales and assess whether prices are rising or falling in your desired area. Additionally, take the time to explore the neighborhood surrounding potential properties. Consider factors such as proximity to amenities, safety, and community atmosphere to ensure a perfect fit for you and your family's lifestyle. Lastly, don't forget to thoroughly assess property values before making any purchase decisions. Take into account factors like recent renovations, comparable sales in the area, and long-term growth potential to make an informed investment choice. It is always helpful to get some references from a real estate agent in this process, as they have tools to quickly find this data for you. 1.1 Understanding the Current Trends The impact of COVID-19 has significantly affected the real estate market, creating both challenges and opportunities for buyers and sellers. Homebuyers are now prioritizing certain features and amenities such as home offices, outdoor spaces, and high-speed internet connectivity. Additionally, sustainability is becoming a growing trend in homebuying, with more buyers seeking energy-efficient homes that incorporate renewable technologies. 1.2 Exploring the Neighborhood 1. Access to Schools and Educational Facilities: When looking for a home on sale near you, it is essential to consider the proximity of schools and educational facilities. This will ensure convenience for your family's education needs and potentially increase the property value in the future. If you're trying to figure out what school district you'd like to be in, visiting greatschools.org is a great place to start to see school rankings and reviews. 2. Proximity to Shopping Centers and Entertainment Options: Another important aspect while searching for a home on sale is its closeness to shopping centers and entertainment options. Having easy access to amenities like restaurants, parks, and gas stations can greatly enhance your quality of life. 3. Safety Ratings and Crime Statistics: Prioritizing safety is crucial when choosing a new home. Researching safety ratings and crime statistics in the neighborhood can provide valuable insights into its security levels, allowing you to make an informed decision about your potential purchase. You can check out sites like neighborhoodscout.com to look into the higher crime areas of any market. 1.3 Assessing the Property Value Comparing recent sales prices in the area is a crucial step in assessing the property value. By examining the prices at which similar homes have recently sold, you can get a clear idea of the current market value and ensure that you are making an informed decision. By evaluating the potential for appreciation through meticulous market analysis, you can unlock insights into how the value of a property may soar over time. Delving into factors like local economic growth, exciting development plans, and the ever-growing demand for homes in the area, you'll be able to determine whether this investment is truly worth its weight in gold. Determining this isn't overly complex. Just examine homes in your desired location and compare their current prices to those of 5-10 years ago. Has the market appreciated at a similar rate to neighboring areas? Does it align with the national average or fall below it? Determining property taxes and other ownership costs is essential to understanding the overall financial commitment of owning a home. Researching local tax rates, homeowner association fees (and what they include), insurance premiums, and maintenance expenses will give you an accurate picture of your ongoing expenses as a homeowner. 2. Setting Your Budget Setting Your Budget is a crucial step when searching for the perfect home on sale near you. Begin by evaluating your finances to determine how much you can afford to spend on a new property. Consider factors such as your income, expenses, and desired savings goals. Once you have a clear understanding of your financial situation, it's time to get pre-approved for a mortgage. This will give you an idea of the loan amount that lenders are willing to offer based on your credit history and income level. By setting a realistic budget and getting pre-approved for a mortgage, you'll be well-equipped to find the ideal home within your means. 2.1 Evaluating Your Finances Determining your current income and expenses is the first step in evaluating your finances. Take into account all sources of income, including salary, investments, and rental properties. Calculate your monthly expenses by reviewing bank statements and bills to get an accurate picture of where your money is going. Calculating your debt-to-income ratio is essential to understanding how much you can afford when searching for a home on sale near you. Divide your total monthly debt payments by your gross monthly income and multiply it by 100 to get a percentage. A lower percentage indicates better financial health and increases the likelihood of securing a mortgage. Assessing your credit score plays a crucial role in the home buying process as it directly impacts loan approval and interest rates. Obtain copies of all three credit reports from major bureaus - Equifax, Experian, TransUnion - review them carefully for errors or discrepancies that could negatively affect eligibility for financing options. Note: The following text will continue with sub-heading 2.2 Getting Pre-approved for a Mortgage 2.2 Getting Pre-approved for a Mortgage Gathering the necessary financial documents is the first step in getting pre-approved for a mortgage. This includes gathering your pay stubs, bank statements, and tax returns to provide proof of income and assets. Researching mortgage lenders and rates is crucial to finding the best loan options for your situation. Look for lenders that offer competitive rates and favorable terms. Once you have gathered all the necessary documents, you can submit a pre-approval application to your chosen lender to determine how much you can borrow and what type of loan you qualify for. 3. Working with a Real Estate Agent When searching for the perfect home on sale near you, it is essential to find a reliable real estate agent. Look for an agent who has a strong track record of successful transactions and in-depth knowledge of the local market. This will ensure that you receive expert guidance throughout the buying process and have access to a wide range of available properties. Once you've found an agent, effective communication is key. Clearly communicate your needs, preferences, and budget to your agent so they can tailor their search accordingly. Providing specific details about what you're looking for will help them find homes that match your criteria more accurately. When touring potential homes, be attentive to both the physical aspects and how well each property aligns with your requirements. Take note of any repairs or renovations needed as this can impact negotiations later on. By working closely with a trusted real estate agent, effectively communicating your needs, and thoroughly evaluating potential homes during tours, you'll increase your chances of finding the perfect home on sale near you. 3.1 Finding a Reliable Agent When searching for a reliable agent to assist you in finding the perfect home on sale near you, there are a few key factors to consider. Firstly, make sure the agent has experience and knowledge of the local market to ensure they can provide accurate insights and guidance. Additionally, it is important to choose an agent who is responsive and communicates effectively so that your needs are met throughout the process. By selecting a reliable agent, you can trust that they will prioritize your interests and work diligently to find the ideal home for you. Finding a reliable agent is crucial when looking for a home on sale near you. Look for an experienced professional with extensive knowledge of the local market who can offer valuable insights and advice. It's equally important to choose an agent who communicates well and responds promptly to your queries or concerns. With a dependable real estate partner by your side, rest assured knowing that they will go above and beyond in their efforts to help you find your dream home. 3.2 Communicating Your Needs When searching for the perfect home on sale near you, effective communication is crucial. Clearly articulate your needs and preferences to your real estate agent so they can find properties that align with your criteria. Be specific about the number of bedrooms, bathrooms, and other essential features you desire in a house. Additionally, express any particular location or neighborhood preferences that are important to you. Clear communication will ensure that your agent understands exactly what you're looking for and can help narrow down your options efficiently. During property tours, don't hesitate to communicate openly with both your agent and the seller's representative. Ask questions about any concerns or doubts you may have regarding the property. Take note of any repairs or renovations needed by effectively communicating these requirements during negotiations if necessary. By vocalizing your needs throughout the buying process, you'll be better equipped to make informed decisions and ultimately find a home that meets all of your requirements. 3.3 Touring Potential Homes Touring potential homes is an exciting and crucial step in finding the perfect home for sale near you. To make the most of your visits, keep these tips in mind: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Take note of the curb appeal: Pay attention to how well-maintained and visually appealing the exterior of each home is. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Evaluate the layout: Consider if the floor plan suits your lifestyle and if there's enough space for your needs. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Inspect key features: Look closely at important aspects like plumbing, electrical systems, heating/cooling units, and insulation. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Assess natural lighting: Observe how much natural light enters each room to determine if it meets your preferences. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Check storage options: Ensure that there's ample storage space available for all your belongings. By being thorough during tours, you can gather valuable insights to help you make an informed decision about which home will be a perfect fit for you. 4. Inspecting the Home 4.1 Hiring a Professional Inspector: When inspecting a home for sale near you, it is crucial to hire a professional inspector who can thoroughly assess the property. A qualified inspector will have the expertise and tools necessary to identify any hidden issues that may not be visible to an untrained eye. 4.2 Examining Structural Integrity: One of the key aspects to consider when inspecting a home is its structural integrity. Look out for signs of cracks in walls or foundation, sagging ceilings, or uneven floors which could indicate potential structural problems. It's important to address these issues before making any purchasing decisions. 4.3 Checking for Potential Issues: In addition to structural concerns, it's vital to check for other potential issues that may affect your decision-making process. This includes examining the electrical system, plumbing fixtures, HVAC units, and overall maintenance of the property. Identifying these potential issues early on will save you from unexpected expenses down the line. 4.1 Hiring a Professional Inspector When it comes to hiring a professional inspector for your potential new home, there are several key factors to consider. Researching reputable inspection companies is crucial in ensuring you receive an accurate and thorough assessment of the property. Checking for certifications and licenses will provide further confidence in the inspector's expertise and qualifications. Reading customer reviews and testimonials can also give you valuable insights into their previous clients' experiences. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Research reputable inspection companies ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Check for certifications and licenses ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Read customer reviews and testimonials 4.2 Examining Structural Integrity Examining the structural integrity of a home is crucial when searching for the perfect property. Start by assessing the foundation for any signs of cracking or shifting. Next, inspect walls, floors, and ceilings thoroughly to identify any damage or sagging. Finally, evaluate the condition of windows, doors, and roofing to ensure they are in good shape. Taking these steps will help you make an informed decision when buying a home on sale near you. 4.3 Checking for Potential Issues When searching for the perfect home on sale near you, it is essential to thoroughly inspect the property for potential issues. Here are some key areas to focus on: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Examining electrical systems and wiring: Ensure that all electrical systems are up to code and functioning properly. Look out for exposed wires or outdated fixtures. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Inspecting plumbing fixtures and water supply lines: Check for leaks, drips, or any signs of water damage. Make sure there is adequate water pressure and that all faucets and toilets are working correctly. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Looking for signs of pest infestation or mold growth: Check basements, attics, and crawl spaces for any indication of pests such as rodents or termites. Additionally, keep an eye out for mold growth in damp areas. By paying attention to these potential issues during your home inspection process, you can make a more informed decision about whether the property is right for you. 5. Negotiating the Purchase Price When negotiating the purchase price of a home, it is crucial to evaluate comparable sales in the area. Look for recently sold properties that are similar in size, condition, and location to get an accurate idea of market value. Armed with this information, you can make a competitive offer that reflects the current market conditions and ensures you're not overpaying for your dream home. Once you have determined your offer price, be prepared to make an enticing offer that stands out from other potential buyers. Consider factors such as financing terms or flexibility on closing dates to sweeten the deal. By presenting a strong offer upfront, you increase your chances of getting a positive response and potentially securing your desired property. Remember that negotiations involve back-and-forth discussions between both parties involved. When countering offers from sellers, carefully consider their responses while still protecting your interests. Be open-minded yet firm about what works best for you financially and emotionally during this process. End 5.1 Evaluating Comparable Sales Researching recent home sales in the area is an essential step when evaluating comparable sales. By examining the sale prices of similar properties, you can gain valuable insights into the market value of a home on sale near you. Additionally, considering market trends and conditions allows for a comprehensive analysis that takes into account any fluctuations or patterns that might impact pricing. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Research recent home sales in the area ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Analyze sale prices of similar properties ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Consider market trends and conditions 5.2 Making an Offer Determining your budget and financial readiness is crucial before making an offer on a home. Take the time to review your finances, including savings, income, and expenses, to establish a realistic budget for purchasing a property. Consulting with a real estate agent will provide valuable guidance throughout the process and help you navigate any complexities that may arise. They can assist in determining fair market value for the home you're interested in and advise on negotiation strategies. Preparing a compelling offer letter is essential to stand out among other potential buyers. Make sure to include key details such as proposed purchase price, desired closing date, contingencies or conditions of the offer, and your earnestness in pursuing the property. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Determine your budget based on careful assessment of finances ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Consult with a real estate agent for expert advice ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Craft an enticing offer letter showcasing your commitment 5.3 Countering and Accepting Offers When it comes to countering and accepting offers for a home on sale near you, negotiating terms and conditions with the seller is crucial. Carefully reviewing counter offers before responding ensures that you fully understand the proposed changes. Additionally, seeking professional advice when accepting an offer can provide valuable insights and expertise throughout the process. 6. Conducting Due Diligence 6.1 Reviewing Property Documents: Before finalizing the purchase of a home, it is crucial to carefully review all property documents. This includes studying the title deed, survey reports, and any existing liens or encumbrances on the property. 6.2 Verifying Property Taxes and HOA Fees: To avoid future financial surprises, it is essential to verify the current property taxes and any applicable homeowner association (HOA) fees. This information can help you accurately calculate your monthly expenses and budget accordingly for homeownership costs. 6.1 Reviewing Property Documents Reviewing Property Documents: When considering a home on sale near you, it is crucial to thoroughly review the property documents. This includes examining the title deed, survey reports, and any legal encumbrances or restrictions. Pay close attention to ensure the property meets your requirements and aligns with your long-term goals. Verifying Property Taxes and HOA Fees: Before finalizing your decision, it is essential to verify property taxes and Homeowners Association (HOA) fees associated with the prospective home. Ensure that these costs are within your budget and consider any potential increases in future years. End of 6.1 Reviewing Property Documents section 6.2 Verifying Property Taxes and HOA Fees Verifying Property Taxes and HOA Fees: When searching for the perfect home on sale near you, it's crucial to verify the property taxes and HOA fees associated with the property. Request a detailed breakdown of past tax bills and ensure they align with your budget. Additionally, review any applicable HOA documents to understand the monthly or yearly fees and any special assessments that may be required. Taking these steps will help you avoid unexpected financial burdens down the road. Examining Insurance Options: As part of your due diligence when purchasing a home, it's essential to examine insurance options available to protect your investment. Research different insurance providers and compare policies to find coverage that suits your needs. Look out for additional coverage options such as flood insurance or extended dwelling protection if necessary. By carefully examining insurance options, you can safeguard yourself against potential risks in case of unforeseen circumstances. End of blog post - Do not write 'Conclusion'. 6.3 Examining Insurance Options Examining Insurance Options: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Homeowners insurance: It is crucial to obtain homeowners insurance to protect your investment and belongings in case of damage or loss. Consider factors such as coverage limits, deductibles, and additional protection options when choosing a policy. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Flood insurance: If the property is located in a flood-prone area, it may be wise to secure flood insurance separately from homeowners insurance. Research the property's flood zone status and evaluate comprehensive coverage options. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Liability coverage: Ensure that your homeowners insurance includes liability coverage, which protects you against legal claims if someone gets injured on your property. Review the policy's limits and determine if additional umbrella liability coverage may be necessary. Conducting Environmental Assessments: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Soil testing: Request soil testing reports for the property to assess its composition and potential contaminants. This can help identify any environmental hazards or risks associated with building on the land. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Environmental site assessments (ESAs): Consider conducting Phase I ESA to evaluate any past or present contamination issues at the property site. This assessment helps protect against unforeseen liabilities related to environmental hazards. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Wetland identification: Determine whether wetlands are present on or near the property by consulting with local authorities. Such areas may have restrictions on development, affecting future plans for expansion or modification of existing structures. (Note: The above paragraphs are meant only as an example response based on random prompts provided by users for practice purposes.) 6.4 Conducting Environmental Assessments When conducting environmental assessments for a home on sale near you, it is essential to evaluate factors such as air and water quality, soil contamination, and potential hazards in the vicinity. Consider hiring a professional environmental consultant who can thoroughly assess these aspects to ensure your future home is safe and healthy for you and your family. In addition to assessing the immediate environment of the property, it is crucial to examine any nearby industrial sites or landfills that may pose long-term risks. Understanding the potential impact of these external factors will give you peace of mind knowing that you have made an informed decision regarding your new property purchase. 7. Closing the Deal Finalizing Financing and Insurance: Once you've found the perfect home on sale near you, it's time to secure the necessary funds and insurance. Meet with a mortgage lender to finalize your financing options and ensure that you have a clear understanding of your loan terms. Additionally, don't forget to obtain homeowner's insurance to protect your investment. Signing the Purchase Agreement: After finalizing your financing, it's time to put pen to paper and sign the purchase agreement. This legally binding document outlines all the terms and conditions of the sale, including purchase price, contingencies, and closing date. It's crucial to carefully review this agreement before signing and seek legal advice if needed. Completing the Title Search: Before closing on your new home, it's essential to conduct a thorough title search. This process ensures that there are no liens or encumbrances on the property that could jeopardize ownership rights in the future. Working with a professional title company will help ensure a smooth transaction by providing comprehensive information about any potential issues regarding property ownership. Note: The paragraphs provided do not include an introduction paragraph connecting them back up towards 'Finding The Perfect Home On Sale Near Me' - as instructed by user under 'Overall Blog Post Outline'. 7.1 Finalizing Financing and Insurance Finalizing financing and insurance is a crucial step in the home buying process. To ensure a smooth transaction, it's important to take the following steps: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Obtain pre-approval from a mortgage lender: Before starting your search for the perfect home, get pre-approved for a mortgage loan. This will give you an idea of how much you can afford and shows sellers that you are serious about purchasing. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Compare different loan options and interest rates: Take the time to research various lenders and loan options. Compare interest rates, terms, and fees to find the best fit for your financial situation. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Research homeowners insurance policies: Protecting your investment is essential. Look into different homeowners insurance policies to find one that offers comprehensive coverage at an affordable price. By completing these tasks, you'll be well-prepared when it comes time to make an offer on your dream home 7.2 Signing the Purchase Agreement Reviewing the terms and conditions of the purchase agreement is crucial before signing. Take time to thoroughly go through each clause and ensure you understand all obligations, rights, and responsibilities outlined in the document. Negotiate any necessary changes or amendments to align with your requirements, ensuring both parties are satisfied with the revised terms. Seeking legal advice is highly recommended during this process if needed. An experienced real estate lawyer can provide valuable guidance, helping you navigate complex legal jargon and offering insights into potential risks or hidden clauses that may affect your purchase decision. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Carefully review all terms and conditions ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Negotiate changes or amendments as necessary ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Seek legal advice for a comprehensive understanding 7.3 Completing the Title Search Hiring a professional title company is crucial when completing the title search for your potential home. This ensures that all necessary documents are thoroughly examined and any issues, such as liens or other claims on the property's title, can be identified and addressed promptly. Verifying the ownership history of the property is another important step in completing the title search. This helps to confirm that there are no discrepancies or disputes regarding ownership rights. Additionally, it allows you to uncover any potential restrictions or encumbrances that may affect your ability to fully enjoy and utilize the property as desired. Completing a comprehensive title search provides peace of mind by ensuring that you have a clear understanding of the property's legal status before finalizing your purchase. 8. Moving into Your New Home Once you've found your dream home and closed the deal, it's time to start the process of moving in. Hiring a reputable moving company can take the stress out of transporting your belongings to your new home. Make sure to research different companies, compare prices, and read reviews before making a decision. Transferring utilities and services is an important step when moving into a new home. Contact your current utility providers well in advance to schedule disconnection dates and set up connections at your new address. This will ensure that electricity, water, internet, and other essential services are ready for use as soon as you move in. 8.1 Hiring a Moving Company Researching reputable moving companies is an essential step when hiring a professional to assist with your move. Take the time to thoroughly investigate different companies, checking their credentials and reviews from previous customers. This will ensure that you choose a reliable and trustworthy company that can handle your specific moving needs. When comparing quotes and services offered by different moving companies, it's important to consider more than just the price. Look at what each company includes in their service package, such as packing materials, insurance coverage, and additional services like furniture assembly or storage options. By carefully reviewing these details, you can make an informed decision based on both cost-effectiveness and the level of assistance provided. Reading customer reviews and testimonials is another crucial aspect of choosing the right moving company. Hearing about other people's experiences with a particular company can give you valuable insights into their professionalism, efficiency, punctuality, and overall customer satisfaction. Pay attention to any recurring positive or negative comments about specific aspects of their service so you can make an educated choice for your upcoming move. 8.2 Transferring Utilities and Services Contact utility providers in advance to schedule disconnections at your current home, ensuring a seamless transition. Arrange for utilities to be transferred or connected at your new home by contacting the necessary service providers, avoiding any interruptions. Remember to update your address with relevant service providers to ensure that you continue receiving important communications and services without any inconvenience. 8.3 Settling into Your New Neighborhood Exploring your new neighborhood is an essential part of settling in. Take the time to discover local amenities such as grocery stores, parks, and schools. This will not only help you familiarize yourself with the area but also make it easier for you to meet other residents. Introduce yourself to neighbors and attend community events to start building connections. Additionally, joining neighborhood social media groups or forums can provide valuable information and recommendations from those who already call this place home.
Read MoreStrategic Home Staging: 8 Proven Ways to Maximize Sale Price
Selling a home is an exciting and intricate process that requires careful preparation. From finding the right real estate agent to determining the perfect timing for selling, every step counts. However, one aspect that shouldn't be overlooked is the art of staging your home. By creating an inviting atmosphere, you can enhance its value and captivate potential buyers. In this blog post, we will explore simple yet effective steps to prepare your home for sale, ensuring you get the price you truly deserve. According to a recent report by the National Association of Realtors (NAR), staging can have a remarkable impact on your home's value. In fact, a well-staged home can increase its value by 1% to 5%! Just imagine, for a home valued at $500,000, effective staging could potentially bring an additional $25,000 to the table. Moreover, the report also revealed that 83% of buyers' agents agree that staging makes it easier for buyers to envision the property as their future home. With such a positive influence, staging can significantly speed up the sale process. Investing in staging not only enhances the aesthetic appeal of your property, but it also boosts its market value and allure to potential buyers. So, let's dive into the world of home staging and discover the secrets to a successful sale! Who Will Do It? When it comes to staging, you have several options to consider. You can choose to stage your home yourself, hire a professional staging company, or ask your Realtor for a referral to a reputable home stager. If you have a knack for interior design, staging the home yourself might be a feasible option. However, keep in mind that this can be a time-consuming endeavor that requires a good understanding of what appeals to potential buyers. Hiring a professional staging company is another option. These companies specialize in boosting a home's appeal and have a wealth of experience in presenting homes in their best light. They often have an inventory of furniture and accessories that they use to enhance the appearance of your home, creating an environment that appeals to a wide range of buyers. Alternatively, your Realtor can usually recommend a good home stager. Many real estate agents have established relationships with staging professionals and can vouch for their quality of work. While hiring a professional can be an additional cost, consider it an investment. A well-staged home can sell faster and at a higher price, potentially offsetting the cost of the staging services. Where To Start ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Declutter and Depersonalize The first step to staging your home is to declutter and depersonalize it. Remove all personal items, such as family photos and memorabilia, and store them away. This will help potential buyers visualize themselves living in the space. Decluttering can also help make your home look more spacious and airy. Donate or sell any items you no longer need or use. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="2">Paint and Freshen Up Giving your home a fresh coat of paint is an easy and affordable way to update and refresh your home. Choose a neutral color palette to appeal to a wide range of buyers. Also, make sure to touch-up any scratches or blemishes on walls, baseboards, and window sills. Clean or replace any carpets or flooring that are stained or worn. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="3">Rearrange Furniture and Add Accessories Furniture arrangement plays a significant role in staging your home. Arrange furniture in a way that creates an open flow and highlights the best features of the room, such as a stunning fireplace or a beautiful view. Add accessories such as throw pillows, area rugs, and artwork, and plants to create a warm and inviting atmosphere. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="4">Give Each Room a Purpose When potential buyers view your home, they will want to imagine how their own furniture would fit in the room. To help them visualize this, give each room a purpose - for example, a bedroom should look like a bedroom and not an office. Remove any furniture that doesn’t align with the intended purpose of the room. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="5">Lighting Matters Too Lighting is an important factor in staging your home. Natural light will make a room look brighter and more inviting, so open the curtains and blinds to let as much natural light in as possible. If the room doesn’t have enough natural lighting, you can add lamps or overhead lights to brighten up the space even more. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="6">First Impressions Count When potential buyers view your home for the first time, their initial impression will carry throughout the rest of their visit. Make sure your front entrance looks inviting by sprucing up the door with a fresh coat of paint and adding potted plants or flowers to either side. This will help create a good first impression so potential buyers can imagine themselves living in your home. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="7">Make the House Sparkle A clean home is crucial when staging your home for sale. Potential buyers want a home that looks move-in ready. Clean every corner of your home, including windows, walls, cupboards, sinks, and bathrooms. Consider hiring a professional cleaner or doing a deep clean yourself before any showings. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="8">Leave the Property Before Any Showings When your home is being shown to potential buyers, it’s important to give them space to look around and envision themselves living in the home. Leave the property and let your real estate agent do their job. Make sure your pets are also out of the way, so they don't disturb potential buyers. Wrapping Up Staging your home for sale is critical in today’s real estate market. These simple steps can help you prepare your home for sale and make it more attractive to potential buyers. From decluttering and depersonalizing to repainting and rearranging furniture, there’s a lot you can do to increase the value of your home and make it stand out. Remember, the goal is to make potential buyers fall in love with your home and see themselves living in it, so keep it clean, welcoming, and ready to sell. How Much Should I Expect To Spend For Home Staging? According to the National Association of Realtors (NAR), the average cost of home staging is around $1500. Of course, these prices can vary widely depending on the size of your home and the extent of services you choose. It's crucial to keep in mind that although this might seem like a significant expense, staging your home can increase its selling price and reduce the amount of time it sits on the market, making it a worthwhile investment. If you are in Northeast Ohio and you are looking for a recommendation for a home stage, reach out to us! We will send you our top choices.
Read MoreHow to Sell Your Home Without a Realtor: A Step-by-Step Guide to a Successful Sale
Looking to sell your home without a Realtor® in Ohio? Look no further! We get it – the thought of shelling out 6% or even 7% of your home's value to someone else can be disheartening. You've put in the time and effort to build equity in your house. But fear not! In this comprehensive guide, we'll equip you with everything you need to successfully sell your home. Our topics will include reasons to sell FSBO, pricing strategies, effective advertising techniques, navigating contracts, and the final closing process. Let's embark on this exciting and rewarding journey of selling your home together! Your Big WHY To get us started, let's talk about your burning desire to sell on your own! Understanding your motivation sets the stage for the methods you'll employ to make it happen. In this portion, we'll discuss the biggest reasons for selling FSBO, and whether they are worth it or not. We'll discuss motivations like: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Avoiding a Realtor® commission ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="2">You already have a buyer ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="3">Not in a hurry to sell ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="4">It's a seller's market ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="5">Avoiding an agent Avoiding Realtor Commissions Avoiding Realtor® commissions is the primary reason FSBOs choose to sell on their own. According to NAR, 44% of homeowners opt out of using an agent for this very reason. While it's understandable to want to save on fees, it's important to consider the potential consequences. In 2021, the average sales price of owner-sold homes was 5.5-30% lower compared to those sold with a Realtor®. This can be attributed to various factors, but the concept of supply and demand plays a significant role. We'll delve into this further when discussing home marketing strategies. Another decision to contemplate is whether to accept buyers with or without representation. It's a tough choice: on one hand, you aim to avoid Realtor® fees, but on the other, you limit your pool of potential buyers. NAR reports that 86% of homebuyers used an agent in 2021, significantly reducing your buyer pool. Additionally, if you decide to pay a buyer's agent while selling FSBO, your savings may dwindle to a mere 3% compared to the traditional listing method. It's a gamble to expect the same or higher net proceeds from your home sale. When it comes to sellers opting out of using a real estate agent, one reason stands out: the fear of losing money. While the allure of making more money is tempting, it's the haunting worry of agent fees that truly drives people. But here's the catch: our intense focus on avoiding those fees can blind us to the potential for even greater financial loss. Don't let the pursuit of short-term gains overshadow the long-term consequences. You Already Have a Buyer If you've got a buyer already lined up or you're selling to a family member, you might just skip a few steps and make the process smoother. According to NAR, selling to a friend or family accounts for 29% of sales, while a buyer reaching out to you makes up another 16%. Talk about convenience! There are quite a few perks in this situation. If you currently live in the home, you can wave goodbye to the hassle of countless showings. Plus, you could have the freedom to pick a closing date that suits you better. But here's something to think about: by limiting your potential buyers to just one, you might end up selling below market value. If that's not a problem for you, or if avoiding strangers in your home is more important than making more money, then this approach could be a perfect fit for you. No Rush To Sell Having ample time to sell your home can be a significant advantage. Picture this: you've paid off your mortgage or your property is currently rented out. Now, here's an interesting tidbit: homes listed for sale by owner tend to sell slower compared to those listed by an agent. But hey, there are exceptions to every rule. For instance, if you already have a buyer lined up or if you're open to selling to companies like Redfin or Opendoor. Let's talk benefits. When you have more time, you can set a target price that aligns perfectly with your financial goals and the current market value of your property. No need to rush and accept lower offers—instead, you can patiently wait for a buyer who's willing to meet your desired price. This approach lets you avoid hastily accepting undervalued offers due to time constraints. Keep in mind, though, that the real estate market is always changing, so a bit of flexibility may be required. As a seller, having time on your side not only gives you a sense of control over the selling process but also increases the potential for better financial outcomes. However, it's important to note that in certain situations, the opposite effect may occur. In a high-demand market, some might assume that a house that's been on the market for a while must have issues. This could attract lowball offers and unfavorable terms from opportunistic buyers. All things considered, taking the time to sell your home can offer numerous benefits. It allows you to carefully weigh your options, set a fair price, and increase the likelihood of achieving your financial goals. Just remember to stay mindful of market conditions and be prepared to adapt if necessary. You Want To Avoid Agents Real estate agents, just like professionals in any field, are not immune to criticism. Some sellers find them frustrating due to the commission-based pay structure, which may appear as a significant chunk of the sales price. Communication issues can also arise, with agents not always being readily available or as responsive and proactive as sellers would prefer. In fact, 5% of FSBO sellers opted to sell by owner to avoid dealing with agents altogether. But let's not forget, the real estate industry grapples with public perception issues, with some skeptically viewing agents and likening them to used car salesmen. However, amidst these criticisms, it is crucial to acknowledge the undeniable benefits of working with a real estate agent. The key lies in finding someone you truly connect with. Having an agent on your side, and avoiding negotiating against another who has experience in the industry can create a more positive experience than a negative. Despite all the challenges, a skilled and compatible agent can make a world of difference in your real estate journey. So, don't let the naysayers discourage you—find the right agent and embark on an exciting real estate adventure! Preparing Your Home For Sale Prepare to showcase your home to potential buyers! Here are some essential steps to elevate its appeal and increase its value. These practical tips can easily boost your home sale by 5-10%. Preparing your home may seem overwhelming, but it's a crucial task for sellers. It often feels like the to-do list keeps growing, but it's one of the most cost-effective ways to enhance your home's value. Let's dive in and get started! Start by giving your house a thorough cleaning, leaving no corner untouched. Create an atmosphere that's so fresh and inviting, it'll make potential buyers feel like they've discovered a hidden gem. And hey, don't forget to give some extra tender love and care to those high-traffic areas like the kitchen and bathroom—because first impressions truly are everything. Next, tackle any necessary repairs, big or small. Fixing that leaky tap, replacing cracked tiles, or addressing a faulty doorbell can have a huge impact on how your home is perceived. To get a fresh perspective, invite a friend or family member over to provide objective feedback. Sometimes, we become blind to issues or smells that others can easily spot. Their insights can make a world of difference in presenting your home in the best possible light. Investing in strategic updates can also be beneficial. For instance, a fresh coat of neutral paint can transform a space, but please don't make EVERYTHING gray and white. Lighter colors can make it appear larger and more illuminated. Similarly, updating outdated fixtures and fittings, such as cabinet handles or light switches, can have a surprising impact on the aesthetics of your home. Lastly, declutter to maximize space. A decluttered home looks larger and more inviting. Using less furniture that flows well can make a huge impact. If you have a wall of family photos, take those down. Prospective buyers should be able to envision themselves living in the space, which is easier when it isn't littered with personal items. These preparatory steps, while requiring an upfront investment of time and money, can significantly increase the appeal of your home, leading to quicker sales and a more significant return on investment. Pricing Your Home In the era of the internet, it may seem effortless to determine the right price for your home. With websites like Zillow or Redfin providing instant valuations, what could possibly go wrong? However, the issue lies in the accuracy of these websites, which can often be significantly off the mark. Relying on them blindly could lead to potential financial losses or overpricing your property. Determining the optimal price for your property involves assessing comparable sales. However, it's crucial to focus on homes within your specific market, which may extend beyond your immediate city. Each market possesses its own unique characteristics, necessitating awareness of neighborhoods that align with your property. Begin by conducting a comprehensive search for homes sold in your area over the past six months. Narrow down your search to properties with similar bedroom and bathroom counts, ensuring the square footage falls within a 10% range of your own. If your home features a finished basement, seek out comparable properties with the same attribute. Platforms like Realtor.com or this website can provide valuable data on comparable sales. Examine photos of sold properties to gauge their condition and ensure they align with yours. To ensure an accurate pricing strategy for your home, aim to identify at least three comparable properties. However, keep in mind that relying solely on your neighbor's home as a benchmark may not always be reliable. Even homes built simultaneously in close proximity can vary significantly in terms of sales prices. This is where websites like Zillow face limitations. They lack the ability to assess the unique upgrades and level of care given to each individual home. It's important to remember that the initial listing price of your home may not necessarily reflect its final selling price. To attract more potential buyers and maximize offers, it is crucial to competitively price your home. By doing so, you can foster healthy competition, potentially driving up the final sale price. Once you have a general idea of your home's market value, it is time to do any preliminary paperwork necessary for selling your home. Pre-listing Paperwork and Point-of-Sale Requirements Paperwork can seem intimidating, but with proper research, you'll be well-prepared. Each municipality has its own requirements, so it's crucial to check your county and city websites for specific disclosures and point-of-sale (POS) obligations. For instance, in Ohio, one county may necessitate a well and septic inspection for title transfer, while another may not. Cuyahoga Falls mandates a sewer line disclosure, whereas Kent requires a zoning disclosure. These requirements vary, underscoring the importance of thorough research. One essential disclosure for all homes is the Residential Property Disclosure, required for title transfer if you've lived in the home. If you haven't, you'll need to complete an exemption form, which the buyer must sign. Additionally, if your home was built before 1978, you'll need to fill out a Lead Paint Disclosure. Having these disclosures ready before marketing your property ensures you can provide them to potential buyers, preventing any issues in the future. You may also want to consider getting a pre-listing home inspection. By doing this ahead of time, you can identify any major issues with the property and make necessary repairs before listing it on the market. This will not only save you from potential legal troubles down the line but can also help a buyer eliminate a home inspection contingency in their offer. Advertising The Property When it comes to listing your property, the level of effort you're willing to invest can make all the difference. There are different approaches to consider that can take your listing from ordinary to extraordinary. To begin with, prioritize getting high-quality, professional photographs of your property. In this digital age, the initial encounter anyone has with a home is online. Failing to make a strong impression there will significantly limit the number of potential buyers who proceed to visit the property. You have the option of a simple listing on Zillow with a yard sign, which can be effective. However, if you're looking to maximize exposure and reach a wider audience, it's worth exploring other avenues. Imagine having your property featured on numerous IDX websites, where thousands of home buyers frequent to discover their dream homes. By listing on the MLS, you gain access to these IDX sites, ensuring that your property doesn't go unnoticed. While Zillow is a popular platform, relying solely on it may cause you to miss out on potential buyers who discover properties through other channels. If you decide not to engage an agent, you can manually list your property on various IDXs. However, this can quickly become repetitive and time-consuming. It's important to consider that selling exclusively on Zillow is still a viable option. However, it may limit your ability to generate high demand through alternative platforms, potentially impacting the optimal price you can achieve for your home. At Kaizenohio.com, we consistently send out homes to hundreds of potential buyers. If you list FSBO, your home won't end up on a website like this. It is important to note that you can also get your home listed on the MLS through a limited listing agreement with an agent. This means you still handle the listing as a FSBO, but pay the agent a fee to put it on the MLS. If you go this route, you'll also want to decide what you would offer a buyer's agent so that it can be listed without one trying to negotiate something higher when approaching you. If you're interested in this method, contact us here. There are various methods to advertise your property effectively. While some are simpler than others, let's begin by acknowledging the significant decline in the number of FSBOs over the past four decades (nearly 33%). Previously, listing your home was as straightforward as placing an ad in the newspaper. However, with the advent of technology, countless avenues have emerged to connect your home with potential buyers, many of which require research for successful implementation. A fantastic and easy starting point is promoting your home on social media platforms. Share a couple of photos on your Facebook page and kindly request friends and family to spread the word. Additionally, explore off-market home sale groups to expand your reach. You can also create a listing on Facebook Marketplace, although it's important to be prepared for time-wasters. Another impactful approach is to send out mailers or personally engage with your neighbors to discuss the availability of your home. If your neighborhood has a dedicated Facebook group, consider posting your listing there as well. While placing an ad in the newspaper remains a viable option, it's worth noting that less than 1% of people find their homes through print media. Consequently, it may not be the most efficient use of your time to pursue this avenue. Numerous other methods exist to broadcast your home, but if you're only selling one property, it may not be worth investing the time to learn and utilize them effectively. Showing Your Home When showcasing your home to strangers, it's crucial to pay attention to some important details. Firstly, consider requesting a pre-approval letter from any buyer without an agent, which should be emailed to you before the showing. This helps filter out potential tire kickers who aren't genuinely interested in buying a home. By knowing who's coming in advance, you can avoid wasting time. Before any showings, set the stage by opening the curtains, turning on all the lights, lighting a candle, and doing a spot check for cleanliness. If you have pets, it's advisable to keep them in a crate to prevent any mishaps. If the buyer is accompanied by an agent, you might want to consider allowing them to explore the house on their own. Speaking from personal experience, it can be frustrating not being able to speak your mind when the opposing party is always present. Moreover, this approach can make buyers who are used to private showings feel more comfortable. The goal is to create a positive experience for potential buyers without causing any unnecessary discomfort. This is not to imply that you're not a pleasant person; it simply acknowledges the emotional and financial investment you have in the home. Consider hosting an open house event. However, keep in mind that this may conflict with the practice of having a pre-approval and allowing strangers to freely roam your home without your presence. Ideally, an open house serves as an opportunity to showcase your home to neighbors, as they may have acquaintances who they would like to see become their future neighbors. Finally, make an effort to avoid refusing any showings. Your availability may not align with others'. If their schedule doesn't work for you, you might miss the opportunity to showcase the home again. Contracts/Negotiations Handling contracts and paperwork without a Realtor® is possible, but it's crucial to thoroughly read any purchase agreement to fully comprehend the terms. Keep in mind that different brokerages have different purchase agreements, so ensure that everything agreed upon is documented. Both parties should sign the purchase agreement and all other relevant documents and disclosures. If the buyer doesn't have a real estate agent, ensure that the documents are sent to their lender. Additionally, initiating title work is essential in Ohio, as the state utilizes a title company for handling changes in ownership. This process involves conducting a survey and obtaining a payoff from your mortgage company if you have a loan. If the buyer requests an inspection, the next step would be to schedule one. In such cases, it is important to have a release of inspection contingency document ready, especially if repairs are being requested. Ensuring that this contingency is waived will help prevent any delays with their loan. In case any changes need to be made to the contract, either fill out an addendum or clearly note the changes on the contract with initials from both parties at every modification. Negotiating the sale of your home can involve various factors, such as price adjustments, credits towards closing costs, and repair requests. Having an agent can greatly assist in understanding what negotiation requests are reasonable and what are not. It's worth noting that many buyers and agents may assume that a For Sale By Owner (FSBO) transaction would be easier to negotiate. However, statistics show that FSBO homes tend to pay higher amounts in both seller concessions and repairs. It's important to keep in mind that every home sale is unique, and providing more specific information on negotiations without being directly involved or writing a book solely on negotiations is challenging. Closing on the House Once all negotiations are done and the contract is accepted, it's time for the grand finale - closing! But before that, the buyer gets a chance to do a final walk-through a couple of days prior to ensure everything's in order - just a little extra peace of mind. In Ohio, a title company handles the closing process. You have the choice to sign there or have a notary come to you. Just remember to bring your identification forms and any necessary paperwork requested by the title company. Let's wrap this up smoothly! Final Comments Regarding FSBO When selling a house without an agent, it's important to be aware of the pros and cons. On one hand, you don't have to worry about paying an agent's commission or having to answer their calls all the time. You're also able to control the sale of your home from start to finish. On the other hand, you may lack in resources, market knowledge, and even negotiation skills (no offense) At the end of the day, it's important to consider your own personal circumstances as well as the local real estate market when deciding if selling a house without a realtor is right for you. Selling without an agent is not for everyone. You should be prepared to take on certain tasks and responsibilities that would typically fall on the shoulders of an agent. For instance, you'll need to handle all the paperwork that's required when selling a house, such as filling out forms correctly and filing Helpful Statistics Having the right motivation for handling an entire deal without an agent is important. Here are a couple of quick statistics to consider before handling the process on your own: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">FSBOs accounted for 10% of home sales in 2021. The typical FSBO home sold for $225,000 compared to $330,000 for agent-assisted home sales. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="2">Where buyers found the home they purchased: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0 list-none" value="3"> ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Internet: 51% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="2">Real estate agent: 29% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="3">Yard sign/open house sign: 4% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="4">Friend, relative, or neighbor: 10% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="5">Home builder or their agent: 1% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="6">Directly from sellers/Knew the sellers: 5% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="7">Print newspaper advertisement: less than 1% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="3">FSBO methods used to market home: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0 list-none" value="4"> ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Friends, relatives, or neighbors: 28% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="2">Yard sign: 20% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="3">Third party aggregator: 19% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="4">Social networking websites: 17% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="5">For-sale-by-owner website: 3% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="6">Open house: 3% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="7">Online classified ads: 3% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="8">Multiple Listing Service (MLS) Website: 3% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="9">Other website with real estate listings: 1% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="10">Video hosting websites: 1% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="4">Most difficult tasks for FSBO sellers: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0 list-none" value="5"> ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">Preparing/fixing up home for sale: 6% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="2">Getting the right price: 16% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="3">Understanding and performing paperwork: 13% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="4">Selling within the planned length of time: 10% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="5">Having enough time to devote to all aspects of the sale: 1% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="6">Attracting potential buyers: 1% ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="7">Helping buyers obtain financing: 1% (Study: www.NAR.Realtor) ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">70% of buyers said they would or have bought a FSBO home. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="2">But 19% said they didn’t know where to find FSBO listings. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="3">37% of buyers said online advertising was the best way to find a home (Study: 2022 Clever Real Estate Survey) Sources https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics https://www.realestatewitch.com/fsbo-statistics/ https://www.nar.realtor/working-with-fsbos https://www.moving.com/tips/when-selling-house-by-owner-actually-makes-sense/
Read MoreUnlocking Homeownership: Vital Steps to Successfully Buying a House
Buying a home isn't a walk in the park, but don't worry! We've got your back every step of the way. From helping you set a realistic budget that aligns with your financial goals, to carefully researching and exploring neighborhoods until we find the perfect fit for you and your family, our dedicated team is committed to making this journey as smooth and stress-free as possible. Together, we'll navigate the complexities of the real estate market, negotiate the best deals, and ensure that you make a confident and informed decision. Let's embark on this exciting adventure together and find your dream home! Step 1: Get a Real Estate Agent I understand that you might be skeptical, as this is what you would expect a real estate agent to say. Even if we, at the Kaizen Group, are not the right fit for you, we strongly encourage you to speak with a real estate agent. It may seem intimidating, but it's not as overwhelming as it appears. You don't have to commit fully to any agent at this moment, but consulting one can expedite the process and provide clarity on your budget for the next steps. It's astonishing how much there is to learn in the realm of real estate. We can confidently state that every deal is unique, offering valuable insights for future endeavors. We highly recommend initiating your journey with a realtor who can guide you through each subsequent stage. Step 2: Speak With a Lender Speaking with an agent has its first advantage: we can recommend excellent lenders who are known for their helpfulness. We collaborate with them daily, giving us insights into their responsiveness, reliability, and overall competence. While it's not necessary to get pre-approved if you're not planning to purchase a home for a few months or more, it's still beneficial. It allows you to determine the amount you can potentially get pre-approved for, as well as the price range and areas you can start exploring. Plus, a lender can help you estimate your closing costs, which may include appraisal, survey, down payment, and other fees. Step 3: Understand Pricing Strategy Understanding the pricing strategy in your target market is crucial. Homes may be listed above, below, or at market value. It's important to note that the sale price of one home in a neighborhood doesn't dictate the price of another. Sellers have varying motivations, with some seeking top dollar after renovating their homes, while others may have inherited a property and prefer to avoid repairs. It's essential to grasp the market dynamics and adjust your offer accordingly. Your realtor can assist in assessing the property's true value and determine your negotiating power. With this knowledge, you'll be able to craft a competitive and well-informed offer that benefits both parties. Step 4: Search for Homes Online Here comes the fun part! Now it's time to hone in on what areas you like and what size/style of home works for you within your price range. Search online to get a sense of the neighborhood, nearby amenities, and anything else that may be important to you. I'm sure you have already searched online before this step, and probably have already searched before reading this article, but now you have the advantage of an automated search from your agent, and the knowledge of what buying power you truly have. Step 5: Start Looking at Homes This stage can occur swiftly or even a year after step 4. For some, it commences upon stumbling across a home online that appears to be the perfect fit, both for themselves and their family. For others, it may commence once they have achieved their financial goals, or perhaps when the timing feels just right. It's important to maintain an open mind throughout this process and create a list of preferences and dislikes for each property visited. Many individuals begin with a plan that swiftly evolves as they start exploring homes in their desired area. Step 6: Write an Offer Congratulations on finding the perfect home! Now it's time to craft a compelling offer. Your agent will guide you in creating an offer that appeals to the seller while meeting your needs. Crafting an offer involves various considerations, deserving of its own blog post. Remember to set a price limit and avoid stretching yourself too thin just to make a home work. Take some time to reflect after visiting the property. Acting solely on emotions can lead to regrets later on. One crucial aspect to highlight is the importance of getting a home inspection. In today's market, there may be pressure to waive contingencies, but a home inspection can potentially save you thousands and provide insights into future repair needs. Step 7: Inspections After your offer is accepted, it's crucial to proceed with a home inspection (assuming you wisely heeded my advice against waiving inspections). This step allows you to uncover any repairs or issues with the property before finalizing the deal. It presents an opportunity to negotiate repairs or even a lower purchase price, particularly if there are significant concerns with the home. Step 8: Lender Requirements If you're not purchasing with cash, your lender will need to arrange for an appraisal. An appraisal is an evaluation of the home's value by comparing it to similar sales in the area. It's crucial to include this as a contingency in your offer, allowing you to back out or renegotiate if the appraisal falls short of your offer price. You might have to cover the appraisal cost upfront or include it in your closing costs. During the appraisal process, your lender will request additional paperwork from you to verify information such as tax returns, pay stubs, and more. Promptly provide these documents to avoid any delays in your closing date. Once everything with you, the property, and the loan looks good, the loan will be sent to an underwriter for final confirmation. Step 9: Survey There isn't much you need to do in this process. Once your agent sends the necessary paperwork to the title company (or attorney, if you're not in a title state like Ohio), the title company will arrange for a property survey. This is done to ensure that there are no issues with buildings or fences encroaching on neighboring properties, among other things. Additionally, the title company will conduct a thorough title search to confirm that there are no liens or any other factors that could impact the sale of the property. Rest assured, the property will be sold to you free and clear of any back taxes or liens. Step 10: Cleared to Close! The underwriter has finished their tasks, and your loan is approved for closure within a few days. Once you receive clearance to proceed, we will schedule the closing date. Step 11: Final Walk Through Just before the closing, you'll go on a final walkthrough with your realtor. This is to confirm that the home is in the condition you agreed upon. Unless the place spontaneously combusted or the owner unleashed their inner wrecking ball during their move-out, you're all set for the next exciting chapter! Step 12: Sign and Get the Keys Today is the long-awaited closing day! You will sign the final paperwork with a notary. If you schedule your signing in the morning, you can expect to have all the necessary documents filed by the evening. Once that's done, you'll be all set to get your keys! Step 13: Move Moving can feel like a whirlwind, but with some clever planning, you'll be on your way to a successful move. Don't forget to secure all the essential services for a smooth transition. Happy moving! Step 14: Plan for Maintenance When it comes to planning ahead, this step should have been done earlier (oops!). But don't worry, we've got your back. Budgeting for expenses is key to owning a home and being responsible for maintenance. So, let's get witty and create a budget to keep your property in tip-top shape! It's time to show your home some love (and save some cash too). Your real estate agent should continue to be an asset long after closing. Like myself, many have a long list of contractors that they can recommend for any problem, no matter how big or small. Use this to your advantage as many of the big companies charge way more than necessary. That's how they pay for all of that advertising. Conclusion: Buying a home can indeed be a long and complicated process, involving various steps and considerations. However, with the assistance of a skilled realtor who understands your needs, preferences, and the local market, you can navigate through this journey with ease. From the initial search and selection of properties to negotiating the best deal and completing the necessary paperwork, a knowledgeable realtor will guide you every step of the way. Throughout this process, it is crucial to stay organized and focused on your goals. Create a checklist of your desired features, prioritize your requirements, and maintain clear communication with your realtor. By doing so, you can ensure that you make informed decisions and find a home that aligns perfectly with your needs and aspirations. Remember, buying a home is not just a financial transaction; it is a significant milestone in your life. Take the time to envision yourself in each potential property, imagine the memories you will create, and consider the long-term implications of your investment. With careful planning and the guidance of a skilled realtor, you can confidently navigate the complexities of the home-buying process and soon find yourself settling into your dream home. Wishing you the best of luck on this exciting journey!
Read More2023 Home Buying Guide: What to Look for When Buying a Home This Year
Beginning your search for a new home can be an exciting yet scary experience. As the saying goes, "you don't know what you don't know". When it comes to buying houses, that couldn't be more true. If you're reading this, I'm sure you've already started to get an idea of what style of home you like, what features you want, and aesthetics that you enjoy. But what about the bones of a home? What do you look for, and how do you look for it? Knowing what to look for in different eras of homes can help you make a more informed decision and understand the potential of an older home. 1920s-1930s Let's take a trip down memory lane to the roaring 20s-30s, an era of timeless charm and exquisite craftsmanship. These homes were the epitome of sophistication, with their elegant eave lines, impeccable brickwork, captivating window designs, and intricate details that are simply awe-inspiring. If you're on the hunt for a home from this period, keep an eye out for claw-foot tubs, ornate wood trim, original fireplaces with beautifully carved mantles, and secret doors and cabinets that will make your inner detective delighted. The possibilities are as endless as the intrigue of this bygone era! With this era of homes also comes its own set of problems to look out for: Outdated electrical - Electrical outlets and wiring from this era may not be up to modern safety standards. Knob and tube wiring was used during this period, and although it may still be functional, it should be updated to ensure safety. This type of wiring is not grounded, and is insulated with cloth which can pose a fire hazard. The home also may have an outdated electrical box with insufficient amperage to support modern appliances. Be sure to check as most homes need above 100 amps with today's electronics. Insufficient insulation - Homes of this era often have poor insulation and can be drafty. Structures built before 1941 may not have any insulation in the walls, ceilings or floors, so don't forget to check for proper filling and sealing! Plumbing issues - Plumbing from this time is more prone to leakage due to its narrower pipes. Many of these homes used galvanized steel pipes which corrode over time. The water pressure is also usually lower than that of a modern home, making it difficult to take advantage of the latest plumbing technologies. Lead Paint and Asbestos - Although both are not harmful unless disturbed, lead paint and asbestos were commonly used during this time, so it is probably safe to assume they are in the home. Both are expensive to completely remove from a home, but they can be worked around. White tape around HVAC piping is a clear indication of asbestos, but these can be wrapped and sealed with foil tape to avoid disturbing. Lead paint is almost a guarantee, but is only dangerous if exposed to the dust or if ingested. Scraping the peeling paint off (NOT SANDING), and painting over removes most danger from lead paint. Small, Outdated Kitchens and Bathrooms - Most kitchens and bathrooms from this era are small, functional spaces. Kitchens may lack enough counter space for modern appliances, or have limited storage options. Bathrooms may not have common amenities such as showers or tubs, instead opting for old-fashioned baths and sinks. Fortunately, these can be remodeled to accommodate a family's needs. Insufficient Insulation - Windows and doors from this era are often less efficient at keeping the outside, well.. out. If you're living in a densely populated area, noise pollution can be an issue in these older homes. Consider investing in energy-efficient windows to reduce the noise from outside sources. The Insulation in the attic may be packed down, and require more to increase the R-value. Inadequate Ventilation - It is common to see a bathroom without a ventilation fan, or one that goes straight to the attic. This can cause moisture issues over time, and promote mold growth, which is hazardous to your health. The same goes for kitchen ranges without proper ventilation; this needs to be addressed quickly to avoid any further damage from smoke buildup in the home. If you're considering buying a home from this era, don't worry! These notes are here to inform you about the necessary steps and attention required. Investing in upgrades that enhance efficiency and comfort is a wise decision, as it can save you money in the long term. Don't forget to budget for regular upkeep to ensure your older home runs smoothly. Start your journey to homeownership with confidence! 1940s-1950s The 1940s-1950s was a fascinating time in history, marked by the rise of modern conveniences in households. Keep an eye out for charming features like wood paneling, knotty pine cabinets, patterned tile floors, and authentic lighting fixtures from this era. Explore the unique style and design elements that defined this period of home décor. Less Storage - The homes from this time period are usually smaller, with less storage space in the kitchen and bathrooms compared to other eras. You may find that closets are also significantly smaller than today's standards. This can be easily remedied through thoughtful storage solutions or adding a closet insert. Dated Electrical - If you're looking at a home with original wiring, it's important to know whether the electrical has been updated. Although knob and tube wiring was no longer used in the 1950s, you may still find it in a 1940s home. Even without knob and tube, ground wiring did not become code until the 1970s. Appliances, computers, TVs, etc may need a circuit breaker between the outlet and system. Lead Paint and Asbestos - Like homes built in the previous era, homes from the 1940s-1950s may contain lead paint and asbestos. If you're buying an older home, it's important to have it inspected by a professional for any potential hazards. Outdated layouts - If you're in Ohio, MANY homes built in this era were cape cod style homes. These can be great starter homes, but are often missing some modern requirements, like a dining area, and more than one bathroom. Foundation Issues - Any home can develop foundation issue due to poor maintenance, but over time a foundation can settle. If you are buying a home with a finished basement, it is important to know if the basement has been waterproofed, and if any bowing walls are being covered up. Pest Infestations - Older homes are more susceptible to pests like termites due to being more easily accessed. If you find signs of infestations, it could mean a serious problem that needs to be addressed right away. It's important to have a professional inspect the home for any pest issues before making the purchase. In conclusion, the homes from the 1940s and 1950s may throw a few curveballs your way, but hey, where's the fun in life without a little unpredictability? Embrace their unique charm and character, even if it means encountering some "interesting" electrical setups, hidden pests, or funky layouts. After all, what's an adventure without a few surprises? So, arm yourself with knowledge, bring in the right professionals for inspections, and get ready to start your story in a home that's filled with history and sprinkled with mystery. It's time to add some wit to your home sweet home! 1960s-1970s Homes built in the 1960s-1970s era give us a glimpse of a transitional period in American architecture, as home designs began to evolve with the changing times. This period saw a shift from the conservative styles of the previous decades to more dynamic and modern designs. If you are looking at homes from this time, you'll notice more split-level and ranch-style houses, often built with a futuristic motif. However, as you admire the unique aesthetics of these homes, it's critical to be aware of potential issues common to properties from this period. Design - One notable feature of 1960s-1970s homes is the concept of split-level designs. These designs utilize the available space in an intriguing way. However, it's crucial to remember that split-level homes usually count the lower level towards their finished square footage. This means that a portion of the total living space may be situated below grade, potentially leading to issues related to dampness and lack of natural light. This is also why split-level and bi-level homes are often lower priced than another style of home listed with the same square footage. HVAC Systems - During the 1960s-1970s, HVAC systems' design and implementation were not as advanced as they are today. The piping was not always routed optimally, leading to uneven heat distribution throughout the house. As a result, certain areas of the home may be cooler than others, particularly during the colder months. This could lead to increased energy usage and higher utility bills as homeowners may need to use supplemental heating to make these colder rooms comfortable. When considering a home from this time period, it's important to thoroughly inspect the HVAC system and consider potential upgrade costs. Insulation - A vital aspect to consider when looking at homes built in the 1960s-1970s is the insulation. During this era, the standards for insulation were not as high as they are today. This lack of insulation can lead to inefficient heat retention, resulting in a home that is more difficult to heat or cool effectively. Homes from this period may often feel drafty, have cold floors, or experience high heating and cooling costs. It's essential to remember that upgrading the insulation in these homes may be a necessary step to enhance comfort and energy efficiency. Always take into account the cost and potential impact of such improvements when considering properties from the 1960s-1970s. Aluminum Wiring - Another unique characteristic of homes built during the 1960s-1970s is the widespread use of aluminum wiring, as opposed to the copper wiring more commonly used today. At the time, aluminum was chosen due to its cost-effectiveness and availability. However, it's important to note that aluminum wires can present a potential safety hazard. They tend to oxidize and corrode over time, which can lead to overheating, a higher risk of fire. So there you have it, a snapshot into the unique world of homes built in the 60s and 70s. While they do bring their own set of quirks – like the charming avocado-green kitchen appliances, or the not-so-charming aluminum wiring – they also offer a nostalgically rich tableau that's a testament to the era's architectural evolution. Sure, they may require a bit of modern tinkering here and there, but with the right touch, these homes can blend the best of both worlds: retro appeal with contemporary comfort. Remember, owning a piece of history is priceless, even if it comes with an avocado-green bathroom suite! 1980s-1990s By the 1980s-1990s, home design had shaken off its traditional roots and embraced a contemporary aesthetic with a touch of technological wizardry. From the outside, these homes flaunted symmetrical designs, large windows, and minimalist landscaping - the epitome of chic. Step inside, and you'd be greeted by bright interiors, open-concept floor plans, and the introduction of sleek materials like laminate countertops and vinyl flooring. It was a time when homes whispered, "Welcome to the future!" Insulation - The 1980s was a time of increased energy efficiency in housing design, with double-pane windows becoming commonplace. Homeowners also had access to new gadgets such as microwaves and dishwashers, adding convenience to kitchen life. However, there are a few potential pitfalls to look out for when searching for homes from this era. The use of urea-formaldehyde foam insulation (UFFI) was common at the time, and if present in a home it can pose health and safety risks that need to be addressed. Outdated Design Trends - These designs often compartmentalized the home into distinct, separate rooms, contrasting with the open-concept living spaces popular today. Such layouts, usually with a formal dining room, separate kitchen, and closed-off living areas, can feel restrictive and make the home seem smaller and darker. Oh, and let's not forget the unique charm of carpeted bathrooms in this era! As cozy as it may sound, it's a trend most of us are grateful stayed in the past. Tiptoeing across a plush carpet after a hot shower might have its appeal, but when functionality meets the reality of dampness and difficult cleanup, it quickly loses its allure! A bit of a design miss there, wouldn't you agree? Aging HVAC Systems - It is possible for a home to have its original Furnace and A/C system, and while these may have been state-of-the-art in their time, they can become very costly to maintain and operate over the years. If you're looking for a home that is ready to move into, keeping an eye out for newer HVAC systems is important. Original Roof - All roof styles have their own lifespan, but lets talk about the most used material in Ohio, which is asphalt. It is possible for a home built in the 1990s and even in the 1980s to have its original roof. Shingles then were rated for 20-30 years, and it is almost a guarantee the home is going to need a new roof, if it hasn't already received one. Some signs of an old roof are: missing, broken, curling or excessive sun-bleached shingles. Decks and Balconies - Another noteworthy feature of homes, particularly those from the 1980s and onwards, is the outdoor living space. Decks and balconies were all the rage, offering homeowners a blissful escape to enjoy a morning coffee or host an evening soiree. Yet, like everything else, they're not without their share of issues. Over time, weather and use can cause wear and tear, leading to safety concerns. Cracks, loose boards, unstable railings - all signs of a deck or balcony crying out for love and attention. In conclusion, homes built in the 1980s and 1990s offer a ton of charm, from their innovative designs to their appealing outdoor living spaces. But, it's a good idea to play detective while house hunting, keeping an eye out for signs of aging in things like the HVAC systems, roofing, and outdoor structures. With a keen eye and a bit of background knowledge, you might just score yourself a gem that needs just a little tender loving care to shine. Be prepared to invest in some updates, but know that the payoff could be well worth the effort! 2000s to Present Day Now, let's fast-forward to the 21st century, where we see houses from the 2000s to the present day. This era, often referred to as the "New Millennium," heralded in a fresh perspective on home design and functionality. The emphasis shifted towards energy efficiency, open-plan layouts, and smart home technology. Homes built during these years often feature large, inviting spaces that flow seamlessly from one area to another - perfect for entertaining or family gatherings. Think gourmet kitchens, spa-like bathrooms, and dedicated home offices. But remember, newer does not always mean better. As always, keep your detective hat on, because even these modern beauties can have their own set of challenges! Prepare to enter the era of connectivity, eco-friendliness, and modern design. Construction Quality - While these homes may be newer, and adhere to a stricter code, that doesn't necessarily make them better. Have you seen what a 2x4 looks like now vs in the early 1900s? Sure, the materials may be better quality and more efficient - but the home will still age. Watch out for signs of poor craftsmanship or inferior materials in any house you're considering. Lowering Building Costs - Homes today are built to maximize square footage while also lowering expensive material costs. If you look at the eaves of a newer home (the part of the roof that sticks out past the walls of the house, they are almost non-existent. This can lead to more water related problems along the foundation. Although the foundations are built much better than they used to, make sure the grading of the house keeps water flowing away from the home. I'm sure you've heard of "builder grade" materials - they are lower cost and often not as durable. You'll see carpet that needs replaced after a couple of years, etching (leaks in glass) in lower quality vinyl windows, MDF cabinets. The home may even be missing some charm like window frames. Aging Infrastructure - Be aware of the age of mechanical systems such as HVAC. If it is an early 2000s home, it may need the HVAC updated. The roof could be at the end of its life here as well. To sum up, 21st century homes have their pros and cons. While they offer modern designs, eco-friendly features, and enhanced connectivity, some may prioritize cost-cutting, affecting craftsmanship and material quality. Despite stricter building codes, it's not uncommon for newer houses to show signs of aging or face water-related issues. Stay vigilant about mechanical systems, especially in older homes. But hey, who can resist the appeal of a smart home? Just take a careful look before diving into modern living! Conclusion And there you have it, my friends - a trip through time exploring the quirks and qualities of homes from different eras. Now, don't go getting cold feet on me! Just remember, every house - whether it's a charming 1920s bungalow or a slick 21st century smart home, has its own character and potential pitfalls. But, isn't that part of the adventure? After all, it wouldn't be called house 'hunting' if it wasn't a bit of an exciting chase. So, strap on those boots, put your detective's hat on, and happy home hunting!
Read MoreCracking the Code: Who Covers Realtor Fees in Ohio Home Transactions?
Buying a home is a significant life decision that involves multiple steps, from searching for the perfect property to negotiating the price and navigating the paperwork. In this journey, a buyer's agent plays a crucial role as a trusted guide, advocate, and resource. But how a buyer's agent gets paid for their services is one of the most asked questions for new buyers. In this blog post, we'll dive into the intricacies of buyer's agent compensation in real estate transactions. The Role of a Buyer's Agent A buyer's agent is a licensed real estate professional who represents the interests of the homebuyer throughout the purchasing process. They help buyers identify suitable properties, provide market insights, negotiate offers, and facilitate the closing process. The goal of a buyer's agent is to ensure their clients find the right property at the best possible price and terms. Having an agent when you are buying a home is not necessary, but is incredibly helpful in navigating all of the aspects of buying a home. Compensation Structure Buyer's agents, like most real estate agents, work on a commission-based compensation structure. This means that they are paid a percentage of the final sale price of the property once the transaction is successfully completed. However, unlike the seller's agent, the buyer's compensation doesn't typically come from the party they represent. That doesn't necessarily mean you are free and clear of ALL broker fees as a buyer, but it does help mitigate your out of pocket expense to purchase a home. So Who Pays The Buyer's Agent? The commission paid to both the buyer's agent and the seller's agent typically comes from the proceeds of the sale, which are generated when the property is sold. Here's how it works: Seller's Agreement: When a homeowner decides to sell their property, they enter into a listing agreement with a seller's agent. This agreement outlines the terms, including the commission rate, which is typically a percentage of the final sale price. The total commission is usually split between the seller's agent and the buyer's agent. Co-Brokerage Agreement: The listing agreement also includes a provision for the co-brokerage agreement. This agreement dicitates the commission split between the seller's agent and the buyer's agent. The buyer's agent's share of the commission is agreed upon in advance and is part of the overall compensation structure. Closing Process: When the sale is successfully completed, and the buyer takes ownership of the property, the seller pays the agreed-upon commission to their agent. This commission is then divided between the seller's agent and the buyer's agent according to the terms outlined in the co-brokerage agreement. Buyer's Agreement: Some buyer's agents also have buyer broker agreement with their client. Unlike a seller's agreement, this is not something you HAVE to have. Sometimes this agreement outlines a minimum commission the buyer's agent will receive. If the seller is not offering that much, then it could be on the buyer to pay the difference. At the Kaizen Group we DO NOT have a buyer agreement with our buyers as we don't believe it is necessary to charge our clients any additional commissions to what is offered by the seller. Document Fees: Many brokers have a document fee that they charge to the buyer that may be written as an additional commission. This will be noted on the purchase agreement, and may be a couple hundred dollars. This fee is to pay the back office workers that handle the paperwork involved in a transaction. Make sure to ask your agent if they charge a document fee or additional commission so you know before you put an offer on a home. Benefits of the Commission System The commission-based compensation system aligns the interests of both the buyer's agent and the buyer. Buyer's agents are motivated to find the best property for their clients and negotiate the best possible deal since their compensation is directly tied to the sale price. This doesn't mean your agent is motivated to sell you the highest priced home either. There is no set commission offered to a buyer's agent, and a cheaper home may offer a higher percentage commission than a more expensive home. Your agent is your fiduciary, and should be acting on your behalf in the same regard they would act on their own. Conclusion A buyer's agent is a valuable ally in the complex world of real estate, providing guidance, expertise, and negotiation skills to ensure a smooth home-buying process. Their compensation, while based on a commission system, is not directly borne by the buyer, but rather by the seller as part of the proceeds from the sale. Understanding how a buyer's agent gets paid can help buyers appreciate the level of dedication and commitment these professionals bring to the table as they guide buyers toward finding their dream home.
Read MoreDiscover the Charming Cape Cod Home on Canton Rd
*Edit* This property is now under contract, and moving towards closing. If you're in the market for a charming home in the Akron area, look no further than 2073 Canton Rd. This delightful brick Cape Cod home sits on over an acre of scenic land with well-maintained landscaping that will take your breath away. With a listing price of $200,000, this property offers an excellent opportunity to own a home that seamlessly blends classic charm with modern comfort. As you step inside the home, you'll be greeted by a covered porch that offers the perfect spot to relax and enjoy the serene surroundings. The inside of the home is equally impressive, with hardwood flooring lying beneath the carpeted areas, waiting to be unveiled, and the remainder of the space updated with laminate flooring. You'll be shocked at the amount of space this home offers. Starting with the kitchen, boasting modern appliances and ample cabinetry that will make meal prep and entertaining a breeze. Whether you're hosting a small gathering or cooking a meal for your family, this kitchen has everything you need to create delicious dishes. The waterproofed basement provides versatile living space that can be used for a variety of purposes. Whether you're looking for a space to set up a home office, workout room or playroom for the kids, this basement is an excellent spot to make your own. The bedrooms in this home are spacious and well-sized, with two of them situated on the main floor. Upstairs, you'll find a large bedroom that is perfect for guests or as a master bedroom. The expansive yard is one of the standout features of this property, inviting outdoor activities and potential expansion. Whether you're looking to set up a garden, build a pool or create a playground for the kids, this yard has all the space you need to bring your dreams to life. With a convenient location, this Cape Cod home is a true gem. You'll be pleased to know that the hot water tank and furnace were updated in 2018, making this home an excellent investment for the future. In conclusion, if you're looking for a charming home in Akron that seamlessly blends classic charm with modern comfort, 2073 Canton Rd is the perfect place for you. With excellent features such as a covered porch, updated flooring, and a waterproofed basement, this property has everything you need to create the home of your dreams.
Read MoreUnveiling The Top 7 Public Schools Near Cleveland and Their Average Home Sale Price
As a homebuyer, one of the most important things to consider is the quality of education in the area. Fortunately, Cleveland has some excellent public schools that have consistently ranked among the top in the state. Here are the top 7 public schools within 15 miles of Cleveland that you should definitely consider if you are looking to buy a home in the area. As a bonus, we have included the 2022 average home sale price in each district. These Rankings are based on information for high school scores provided by Greatschools.org, an independent non-profit. 7. Cleveland Metropolitan School District - John Hay Campus - 9/10 Overall The Cleveland Metropolitan School District - John Hay Campus is a public high school located in Cleveland, Ohio. The school has a focus on STEM (Science, Technology, Engineering, and Math) education and offers a variety of extracurricular programs such as sports, music, and drama. The school has consistently ranked among the top public high schools in Ohio. According to Greatschools.org, they score a 7/10 in test scores, and a 10/10 in college readiness. They currently have a 99% graduation rate, and offer 6 AP courses and 1 STEM course. John Hay High School is the only school on this list that is not district-based. It is instead admission based for anyone in Cuyahoga County w/ a requirement of a 3.5 GPA and proficient reading & writing skills. Due to this, there is no average home sale price for this school's district. 6. Brecksville-Broadview Heights City Schools - 9/10 Overall The Brecksville-Broadview Heights City Schools district is a large district that serves around 4,000 students from pre-kindergarten to 12th grade. The district has a strong focus on academic excellence and offers a variety of extracurricular programs such as sports, music, and drama. The district has consistently ranked among the top public schools in Ohio. According to Greatschools.org, they score a 9/10 in test scores, and a 10/10 in college readiness. They currently have a 98% graduation rate, and offer a whopping 28 AP courses. This school does not offer open enrollment, therefore you must live in either Brecksville or Broadview Heights to attend. For Brecksville, the average home sale price was $424k in 2022. For Broadview Heights, the average was $326k. 5. Strongsville City Schools - 9/10 Overall The Strongsville City Schools district is a large district that serves around 5,500 students from pre-kindergarten to 12th grade. The district has a strong focus on academic excellence and offers a variety of extracurricular programs such as sports, music, and drama. The district has consistently ranked among the top public schools in Ohio. According to Greatschools.org, they score a 9/10 in test scores, and a 9/10 in college readiness. They currently have a 94% graduation rate, and offer 27 AP courses and 2 STEM courses. This district also does not accept open enrollment. The average home sale price in the city of Strongsville is $323k 4. Bay Village City Schools - 9/10 Overall Bay High School is located in Bay Village, Ohio and serves around 2,500 students from pre-kindergarten to 12th grade. The district has a strong focus on academic excellence and offers a variety of extracurricular programs such as sports, music, and drama. The district has consistently ranked among the top public schools in Ohio. According to Greatschools.org, they score a 9/10 in test scores, and a 10/10 in college readiness. They currently have a 97% graduation rate, and offer 17 AP courses. Bay Village does not offer open enrollment. It is located along the Lake Erie Coast. Because of it's location, home prices can range widely depending how far you are inland. The 2022 average home sale price was $405k, but a 3 bedroom 1 bathroom home can be had in the low to mid $200k range. 3. Rocky River City Schools - 9/10 Overall The Rocky River City Schools district is located in Rocky River, Ohio and serves around 2,600 students from pre-kindergarten to 12th grade. The district has a strong commitment to academic excellence and offers a variety of extracurricular programs such as sports, music, and drama. The district has consistently ranked among the top public schools in Ohio. They are also a Blue Ribbon School of Excellence. According to Greatschools.org, they score a 10/10 in test scores, and a 10/10 in college readiness. Rocky River High School currently has a 100% graduation rate, and offers 21 AP courses. Like Bay Village, Rocky River sits along the Lake Erie coast so the home prices can vary. The average for 2022 was $383k. It also is important to note that Rocky River has a larger rental population with 71% of homes owner occupied vs 93% of Bay Village. 2. Cuyahoga Heights Local Schools - 9/10 Overall The Cuyahoga Heights Local Schools district is a small, close-knit community that serves around 800 students from pre-kindergarten to 12th grade. The district has a strong focus on academic excellence and offers a variety of extracurricular programs such as sports, music, and drama. The district has consistently ranked among the top public schools in Ohio, and are a Blue Ribbon School of Excellence. According to Greatschools.org, they score a 10/10 in test scores, and a 9/10 in college readiness. The High School currently offers 14 AP courses and 9 Honors courses. Cuyahoga Heights school district serves not only Cuyahoga Heights, but also Valley View, and Brooklyn Heights. The average home sale price among the three is $249k. 1. Solon City Schools - 10/10 Overall Solon City Schools is a highly-rated school district located in Solon, Ohio. The district serves around 4,000 students from pre-kindergarten to 12th grade and has a student-teacher ratio of 17 to 1. The district has been recognized by the Ohio Department of Education as a “School District of Distinction” due to its high academic achievement and excellent extracurricular programs. The district has also won the Blue Ribbon School of Excellence Award. They are scored 9/10 for test scores, and 10/10 in college readiness. Solon currently offers 27 AP courses. Solon City Schools happens to be the only district on this list that offers open enrollment to students. You won't need to live within the city limits to send your child to their school. The city of Solon has a wide range of homes available with an average home sale price of $449k for 2022. Living in a neighborhood with a good school district is not only beneficial for your child's education but also adds value to your home. It is important to note that these school districts have varying home prices, so it is important to consider your budget and lifestyle when choosing a neighborhood. For instance, Solon is known for its upscale homes and high-end lifestyle, while Rocky River is more of a family-friendly community with a lower cost of living. Bay Village has a small-town feel with a variety of outdoor activities, while Strongsville is more of a suburban community with easy access to amenities. Brecksville-Broadview Heights has a mix of urban and suburban living, while Cuyahoga Heights is a small community with a focus on academics. John Hay is located in downtown Cleveland and offers a unique high school experience. All of the districts on this list reside within Cleveland's own Cuyahoga County. It is important to note that Cuyahoga County has Ohio's highest sales tax rate at 8%. If you are not from Ohio, you may also be unaware that many Ohio cities have a Regional Income Tax Agency (RITA) that is an income tax by city that can be between 1-2%. No matter where you choose to live, these top 7 public schools near Cleveland offer excellent education and a great community for families. Consider your lifestyle and budget when choosing the right neighborhood for you and your family.
Read MoreHow To Buy and Sell a Home Simultaneously
Buying and selling a home at the same time can feel overwhelming, right? It requires careful coordination and planning. But hey, don't worry! With proper preparation and knowledge, you can make this complex process smooth and successful. In this comprehensive blog post, we'll explore some practical tips and valuable tricks to help both buyers and sellers navigate the dynamic real estate market while efficiently managing their relocation. So whether you're searching for your dream home or looking to maximize the value of your property, we've got you covered! These insights will empower you to make informed decisions and achieve your goals with confidence. Ready to optimize your real estate journey? Let's dive in! Understanding whether you're in a buyer's or a seller's market is an essential first step. This type of market condition is determined by the supply and demand of homes. In a buyer's market, there are more homes for sale than there are buyers, giving buyers more power during negotiation. On the other hand, a seller's market occurs when there are more buyers than homes for sale, putting sellers in a stronger negotiation position. By recognizing these market dynamics, you can plan your strategy more effectively and set realistic expectations for both buying and selling outcomes. Determining whether you're in a buyer's or seller's market can be a crucial task. You've probably heard that it's currently a seller's market, but what does that truly mean? The key lies in gauging the depth of the market by assessing the number of months' worth of inventory available. Let's break it down: if there are 30 homes for sale in your market, with an average of 15 homes sold per month over the past six months, you have two months of inventory. Generally, a balanced market falls within the 5-7 months range. Interestingly, at the time of writing this blog post, most markets in Ohio had less than two months of inventory. To put that into perspective, back in 2009, we had nearly 12 months of inventory. In the current seller's market, let's focus on this aspect. In this type of market, it's expected that sellers will receive multiple offers and homes will sell above the listing price if they are priced and marketed correctly. When you're selling in a seller's market, you have the advantage, but when it comes to buying your next home, you lose that advantage. In this situation, it's crucial to present a strong offer. You'll be competing with other buyers, and including a contingency to sell your home first could be the deciding factor that causes you to lose out on a house. In this scenario, it's recommended to list your house first. You can include certain requirements or contingencies that allow you to have time to find your next home: ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="1">List your home with the contingency that you need to find a home to move into. This allows you to accept an offer on the selling side and use that accepted offer to your advantage when making an offer on another home. You still have a home sale contingency in your written offer, but the seller can be assured that you already have a buyer lined up as soon as you find a home. If you don't find a home, then you don't sell. Many buyers will be willing to give you that time just to secure the house. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="2">Sell your home with a specified amount of time to remain in possession of the property. If timed correctly, this removes your home sale contingency when buying. Your home sale closes, you receive the funds, but you can continue living in the house for an agreed-upon period while you search for another home. The disadvantage here is that you may feel a bit rushed to find your next home, but it does provide you with more time than usual. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="3">Sell your home with an option to rent it back from the buyer for a specific period of time. This also removes the home sale contingency and gives you more time to find your next home. The rental rate is usually based on the buyer's mortgage loan costs. Depending on the terms of the rent-back period, you may need to obtain rental insurance as well. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="4">Consider utilizing a service like homeward.com. This service allows you to purchase your desired home and sell your current home later. They provide funding for your purchase (for a fee) and then allow you to sell your home directly to them or list it on the market. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="5">Another option is to explore a bridge loan. A bridge loan functions similarly to homeward.com, providing short-term financing until you sell your home and secure your mortgage. ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0" value="6">If you have the means to do so, you can also choose to buy your next home first and list your current home afterwards. This means you would need to qualify for both mortgages and could potentially be responsible for paying on two mortgages if your home doesn't sell quickly. Each of these options has its own advantages and disadvantages, but they all provide an opportunity to transition into your next home without having to rent or rely on the hospitality of friends or family during the interim period. In a buyer's market, homes tend to stay on the market for longer, providing buyers with more negotiating power. They can expect discounts from the list price of properties that pique their interest. If you're selling your home in this scenario, it's crucial to set a competitive list price that appeals to the right buyers. As a buyer, you can take advantage of these market conditions to potentially secure reduced prices. Conversely, in a seller's market, you should approach your transaction as a buyer first. Although you should still list your home before buying, finding a home becomes easier. You can even make an offer with the contingency that your home sells first. While this may impact the value of your offer, you may not face competition for the desired home. Considering the current low inventory, whether rates rise or fall, the market will likely remain a seller's market for some time. The aging baby boomer population and the need for downsizing, along with millennials seeking starter homes, create a significant demand for affordable housing. However, constructing starter homes is no longer cost-efficient. Consequently, we anticipate a rise in condo construction to accommodate this demand. If you fall into this category of buyer, you may want to explore condo options. Regardless of whether you opt for a simultaneous home sale and purchase or a different type of transaction, conducting thorough research and meticulous preparation are vital for ensuring a seamless transition into your new home. By dedicating time to careful planning and considering every aspect, from financing options to property inspections, you can make the entire process much more manageable and increase the likelihood of a successful outcome.
Read MoreDiscover Your Dream Home in Hudson: 2933 Hudson Aurora Rd
*EDIT* This home is now SOLD. It received multiple offers on day ONE up to 7% over asking price. If you're looking to sell your home for top dollar, contact us here at the Kaizen Group! Are you looking for a new home in a peaceful and welcoming community? Look no further than 2933 Hudson Aurora Rd! This beautiful ranch-style house is the perfect blend of privacy and convenience, sitting on almost 2 acres of land and located in the highly desirable Hudson City School District. As you step inside, you'll be greeted by a spacious open floor plan, perfect for hosting gatherings with family and friends. The adjacent living areas provide plenty of room to entertain guests, while the cozy living room offers a comfortable space to relax and unwind. With three bedrooms and three bathrooms, this home offers ample space for you and your family to rest and rejuvenate. One of the highlights of this property is the potential for customization. With 1.8 acres of land, there is plenty of room to create your dream outdoor space, whether that's a vegetable garden, a playground for the kids, or a peaceful retreat for yourself. The possibilities are endless! But it's not just the property itself that makes this listing so appealing. The location is perfect for those who want to enjoy the best of both worlds - the peace and quiet of country living, with the convenience of being just a short drive from the city. Hudson is a charming town with a strong sense of community, and the City School District is one of the top-rated in the state. You'll feel right at home in no time. And let's not forget about the price - at just $275,000, this listing offers an incredible value for all the features and benefits it provides. Whether you're a first-time homebuyer or looking to upgrade to a larger space, this home has everything you need to make it your own. In summary, 2933 Hudson Aurora Rd is a must-see for anyone looking for a new home in the Hudson area. With its spacious living areas, three bedrooms and three bathrooms, and almost 2 acres of land, this property offers plenty of room to grow and customize. And with its ideal location in the highly desirable Hudson City School District, you'll enjoy all the benefits of small-town living with the convenience of being just a short drive from the city. Don't miss out on this incredible opportunity - schedule a viewing today and see for yourself what makes this home so special!
Read MoreWhat Waterproofing a Home Means & What to Look For
Waterproofing a home may not be the first thing that comes to mind when buying or selling a property, but it is an important aspect to consider. Investing in waterproofing can save homeowners thousands of dollars in repair costs in the long run. In this blog, we will discuss what waterproofing a home means and what buyers, sellers, and investors should look for. The Importance of Waterproofing Water can cause significant damage to a home if it is not properly waterproofed. Water damage can lead to mold growth, structural damage, and health issues. Waterproofing a home means protecting it from water intrusion, whether it is from rain, snow, or flooding. Interior vs Exterior vs Drylok There are several ways to waterproof a home, but the most common methods are interior and exterior waterproofing. Interior waterproofing involves installing drainage systems and sump pumps to prevent water from entering the basement or crawl space. This method is less expensive than exterior waterproofing but is not as effective in preventing water from entering a home. This fix will allow you to finish a basement, but doesn't protect your foundation from water entering or pushing on the concrete. If you have grading problem in your land, gutter, or drainage issue, those problems may eventually prevail. Exterior waterproofing involves excavating the foundation and applying a waterproof coating or membrane to the exterior walls. This method is more expensive than interior waterproofing but is more effective in preventing water intrusion. Another method commonly used is the application of Drylock, a waterproofing paint that can be applied to interior walls and floors to prevent moisture from penetrating through. This is the least effective of all methods. Just like interior waterproofing, it doesn't stop the source of the problem. If water builds up behind, and within the walls, they eventually will start to bow in. This leads to much more expensive repairs. Is Your Transferable Warranty Still Valid? If you are buying a home that has been waterproofed, it is important to ask if the transferable warranty is still valid. A transferable warranty means that if the home is sold, the new owner will be covered under the same warranty as the previous owner. This can provide peace of mind for buyers and can be a selling point for sellers. The problem with a lot of these warranties that the waterproofing company doesn't want you to know is that they could be void for a number of reasons. One reason being a monthly fee needs paid to keep the warranty valid. Make sure to check into this when you are buying a waterproofed home. Best Companies to Use When it comes to waterproofing a home, it is important to choose a reputable company. Look for companies that have been in business for several years and have a good reputation in the community. Check online reviews and ask for references from previous customers. It is also important to ask about the materials used and the warranty provided. It is also important to note that a lot of the well known and bigger waterproofing companies charge significantly more than a smaller local company. Check with your favorite local real estate agent (or send us a message), and they should have a good suggestion for you. Investing in Waterproofing Investors should consider waterproofing as a way to increase the value of their property. A waterproofed home will be more attractive to potential buyers, and can lead to a higher sale price. Additionally, waterproofing can prevent costly repairs down the line. It is important to factor in the cost of waterproofing when purchasing an investment property. Whether you are flipping a home and finishing the basement, or want to peace of mind on a rental property, it is worth checking into. In conclusion, waterproofing a home is an important aspect to consider when buying, selling, or investing in a property. There are several methods of waterproofing, including interior and exterior waterproofing and the application of Drylok. It is important to choose a reputable company and ask about warranties before investing in waterproofing. With proper waterproofing, homeowners can prevent costly damage and ensure their homes are protected from water intrusion.
Read MoreGated Communities Near Cleveland Ohio
Are you looking for a luxurious living experience in Northeast Ohio? Look no further than the exclusive world of gated communities. These secluded neighborhoods offer privacy and security, and they come in a variety of sizes and styles to suit your taste. Whether you're seeking a micro community with just a few homes, a high-rise condo with breathtaking views, or a sprawling golf course community, Northeast Ohio has something to offer. As experienced agents, we understand that finding the perfect gated community can be a challenge, especially if you're not a licensed home buyer. That's why we've created an interactive Google map to make the process easier for you. Simply select your desired community type and location, and let us guide you to your dream home. But what if your ideal community doesn't currently have a home available? No problem. Text GATED to 330-237-1707 to sign up for instant updates on your preferred community. When a home becomes available, we'll notify you right away. Our commitment to providing you with the best options doesn't end there. We've scoured every gated community near Cleveland and have listed some of the ones we came across below. From unique construction to amenities like golf courses and waterfront locations, we've taken everything into account to help you make an informed decision. Our list is even sorted by distance to downtown Cleveland, with the furthest gated communities first. We want to hear from you, too. Let us know which gated communities are your favorites, and if you're aware of any we may have missed, we're happy to add them to our map. Don't miss out on the opportunity to live in one of Northeast Ohio's most exclusive communities. Explore your options below or head straight to the map to discover your perfect match. #10 Barrington - Aurora 35 minutes to Downtown Cleveland (30 miles) 33 minutes to Cleveland Hopkins Airport (33 miles) 1 minute to Heinen's Grocery (1 mile) If you're searching for a luxurious and spacious gated community in Northeast Ohio, Barrington in Aurora is definitely worth considering. Located just 35 minutes from downtown Cleveland, Barrington is the largest gated community in the region, boasting over 230 homes, around 75 condos, and more currently being built. The community is centered around an 18-hole Jack Nicklaus Signature Golf Course and includes a lake and a clubhouse with breathtaking views of the surrounding scenery. Home prices in Barrington range from around $450k for detached condominiums to over $1.5M for larger lots over an acre. One of the great things about this community is that there are usually a few homes available at any given time, thanks to its large size. Regardless of where you end up in the community, you're sure to fall in love with Barrington's stunning beauty and high-end amenities. The community's location in Aurora is perfect for those who want to be close to shopping, dining, and other activities. Aurora Farms outlets and a plethora of other entertainment options are just a short drive away. In conclusion, Barrington is an incredible community with an array of top-notch amenities and luxury homes. If you're looking for a home in the area, Barrington is certainly a community worth considering. Check out their website for estates and amenities, or the Barrington Golf Course. #9 Reserve at Waterford - Bath 33 minutes to Downtown Cleveland (28 miles) 32 minutes to Cleveland Hopkins Airport (26 miles) 8 minutes to Giant Eagle Grocery (2.5 miles) If you're looking for a luxurious gated community that's still within reach of downtown Cleveland, then you might want to consider The Reserve at Waterford. Situated on the outskirts of Akron, this community features a series of detached condos that were constructed in the early 2000s. With a variety of different layouts available, you're sure to find a home that suits your needs. These homes range in size from a comfortable 2500 square feet to a more spacious 2800 square feet, with prices consistently north of $650k. Of the 43 total homes in the community, only five have been listed for sale since 2020, which speaks to their high demand and exclusivity. Despite being one of our furthest featured communities, The Reserve at Waterford boasts a convenient location that's just a 33-minute commute to downtown Cleveland via Route 77. Additionally, it's just down the street from Summit Mall, offering residents access to a wide variety of shopping, dining, and entertainment options. Whether you're looking for a peaceful retreat or a vibrant community to call home, The Reserve at Waterford is an excellent option to consider. #8 Stoneridge - Bainbridge 33 minutes to Downtown Cleveland (27 miles) 31 minutes to Cleveland Hopkins Airport (30 miles) 6 minutes to Giant Eagle Grocery (2.5 miles) Nestled in the heart of Northeast Ohio, Stoneridge is a hidden gem that's sure to impress even the most discerning homebuyer. This middle-sized gated community, which began construction in the early 2000s, boasts just under 40 impeccably crafted homes with stunning views of the picturesque lake that is the center point of the community. But that's not all - with an additional 100 acres of land to be developed, there's plenty of room for expansion, making Stoneridge an even more desirable place to call home. Plus, its convenient location puts residents just a stone's throw away from everyday necessities like groceries, shopping, and the prestigious Tanglewood Golf Club, which has played host to both PGA Tour and LPGA events. Commuting to downtown Cleveland is a breeze thanks to the community's close proximity to the highway, taking just under 40 minutes. If you're looking for a tranquil oasis with easy access to everything Northeast Ohio has to offer, Stoneridge is definitely worth a closer look. #7 Signature of Solon I & II 33 minutes to Downtown Cleveland (23 miles) 29 minutes to Cleveland Hopkins Airport (27 miles) 7 minutes to Giant Eagle Market District (2.8 miles) Looking for a luxurious gated community to call home? Look no further than Signature of Solon. This stunning community is so exceptional that they decided to create not one, but two separate communities. Both Signature of Solon I and Signature of Solon II offer a truly exclusive living experience. The homes in both communities were first built in the early 2000s, and construction is still ongoing, with the final lots soon to be filled. These beautiful walled communities include a fee for social membership to the Signature of Solon club. This membership grants residents access to a wide range of amenities, such as a fitness center, tennis courts, a pool, and a dining area. Golf enthusiasts can opt for a separate membership to the golf course. Signature of Solon I is situated around the golf course, while Signature of Solon II is located next door. While the lots in the first community are a bit smaller, at around .4 acres, they are still large enough to provide residents with plenty of space. The second community offers similar lots, with the addition of larger lots of around 1.2 acres. In 2022, the average sales price for homes in both communities was around $840k. Due to the size of both communities, there are typically a few homes for sale at any given time. Don't miss your chance to become a part of this truly exceptional community. Contact us today to learn more about available homes in Signature of Solon. Check out the community HERE #6 Edgewood Trace - Pepper Pike 27 minutes to Downtown Cleveland (21 miles) 25 minutes to Cleveland Hopkins Airport (24 miles) 7 minutes to Giant Eagle Grocery (2 miles) Introducing Edgewood Trace, a stunning new gated community of townhomes located at the northern edge of Pepper Pike, Ohio. Construction of these beautiful homes began in 2021, with space for just under 40 units in total. What sets this community apart is its prime location, offering easy access to a range of amenities that are sure to appeal to any homebuyer. For golf enthusiasts, Edgewood Trace is situated less than 10 minutes away from three different golf courses, perfect for those looking to perfect their swing. The community is also conveniently located just around the corner from the popular Beachwood Place shopping center, offering a wide variety of retail and dining options. For those looking to get in touch with nature, Acacia Reservation Metro Park is just a stone's throw away. Spanning over 155 acres, the park offers multiple bike and hike trails, and an abundance of green space to explore. But that's not all, the location of Edgewood Trace is a commuter's dream, situated just under 30 minutes from downtown Cleveland and only eight miles from the main campus of the world-renowned Cleveland Clinic. These luxurious townhomes boast around 2500 square feet of living space, with prices ranging from $650k to $825k, making them an excellent investment for any homebuyer. #5 Legacy Pointe - Avon Lake 26 minutes to Downtown Cleveland (20 miles) 25 minutes to Cleveland Hopkins Airport (16 miles) 8 minutes to Meier Grocery (3 miles) Legacy Pointe is a golfer's paradise. Nestled around the Sweetbriar golf club are multiple gated communities that make up the Legacy Pointe community. With two full 18-hole courses, Sweetbriar golf club is a popular destination for golf enthusiasts. What makes this community even more attractive is that it doesn't require a membership to golf. Each of the communities surrounding the golf course is unique and offers something different. While all the homes are considered condominiums, some are free-standing, while others are townhome-style with attached walls. The beauty of this gated community is that homes range in price from $500k up, depending on what you're looking for. One of the standout features of this community is the variety of homes available. Legacy Pointe offers many different styles of homes, making it easy to find one that fits your lifestyle. Additionally, despite the many homes surrounding the course, there were only five listed for sale in 2022, which speaks to the community's popularity. The Legacy Pointe community is perfect for those who love golf and want to live in a beautiful gated community. You'll love waking up each morning to stunning views of the golf course and the natural surroundings. If you're interested in buying a home in Legacy Pointe, be sure to reach out to receive updates as homes become available. #4 Sterling Lakes - Pepper Pike 25 minutes to Downtown Cleveland (18 miles) 23 minutes to Cleveland Hopkins Airport (22 miles) 3 minutes to Trader Joe’s Grocery ( Located in the affluent city of Pepper Pike, Sterling Lakes is a stunning gated community that offers luxurious living at its finest. Construction for this community began in 2005, and there are still a few lots available today. Sterling Lakes provides multiple options for builders within the community, giving homeowners the freedom to customize their dream home. The community boasts home prices ranging from $630k to 1.1M in the past year, which is well within the average home sale price in Pepper Pike of around $650k. Pepper Pike is one of the wealthiest cities near Cleveland, making it the perfect location for a community like Sterling Lakes. This wonderful location is situated to the east of Cleveland and is in close proximity to popular shopping destinations such as Beachwood Place Shopping mall, as well as grocery stores like Trader Joe’s, Heinens, and Whole Foods. If you're looking for a luxurious living experience with easy access to high-end shopping and dining options, Sterling Lakes in Pepper Pike is an ideal community for you. #3 - The Colony - Bratenahl 13 minutes to Downtown Cleveland (7 miles) 17 minutes to Cleveland Hopkins Airport (18 miles) 18 minutes to Whole Foods Market (6 miles) Bratenahl, a picturesque village located on the east side of Cleveland, is home to some of the city's most stunning residences. Featuring a range of beautiful homes just a short stroll away from Lake Erie, and a mere ten minute drive from downtown Cleveland, Bratenahl makes up the final three communities on this list. One of the most exclusive communities in the area is the Colony of Bratenahl, which comprises just seven homes. Although getting your hands on one of these luxury homes is challenging, there actually is one available at the time of writing this post. It is worth noting that construction of some of these properties began in the late 1990s, with most being completed by 2005. The estimated value of these homes ranges from 1.5M-3M, reflecting their stunning Lake Erie views, and proximity to the Shoreby Club, Northeast Ohio's top dining and social club. #2 Newport Hanna - Bratenahl 12 minutes to Downtown Cleveland (6.5 miles) 17 minutes to Cleveland Hopkins Airport (18 miles) 18 minutes to Whole Foods Market (6 miles) Located in the prestigious Bratenahl community near Cleveland, Newport Hanna is a gated community that boasts some of the most exquisite homes in the area. From historic homes built in the early 1900s to modern masterpieces built in the early 2000s, Newport Hanna has it all. The community comprises just 13 homes, each with its own unique character and features that make it stand out from the rest. One of the most notable homes in Newport Hanna is a 1910 mansion, which recently sold for nearly $4 million. This stunning property is a true piece of history, and its timeless design and craftsmanship make it a one-of-a-kind gem. Another standout property in the community is a 2004-built masterpiece that features its own private beach, in-law suite, sauna, billiards room, and much more. This luxurious home sold for just under $4 million last year. What makes Newport Hanna truly special is the diversity of its homes. Each property has its own unique style and features, ranging from historic to modern and everything in between. Whether you're looking for a timeless classic or a contemporary masterpiece, you're sure to find it in this exclusive gated community. As one of the most sought-after communities in the Bratenahl area, Newport Hanna offers residents a peaceful, luxurious lifestyle that's just a short drive from downtown Cleveland. With its beautiful homes, scenic views, and convenient location, it's no wonder why Newport Hanna is such a desirable place to call home. #1 - Lakehurst Estates - Bratenahl 12 minutes to Downtown Cleveland (6 miles) 17 minutes to Cleveland Hopkins Airport (18 miles) 18 minutes to Whole Foods Market (6 miles) Looking for a gated community with exquisite homes and breathtaking lake views? Look no further than Lakehurst Estates, nestled within the beautiful village of Bratenahl. This exclusive community boasts around 20 homes, ranging from those built in 2000 to very recently. Surprisingly, there is currently one home available for purchase in this coveted community, making it a rare opportunity to join the Lakehurst Estates family. One of the many reasons we love this community is the stunning, unique architecture of each home. Each residence has its own character and charm, making the neighborhood a visual feast for the eyes. Additionally, all residents have access to a common area that provides an uninterrupted view of the gorgeous lake, making it a peaceful and relaxing environment. For dog owners, Lakehurst Estates is conveniently located near the Bratenahl dog park, ensuring that your furry friends can enjoy the community as much as you do. And if you're an outdoor enthusiast, you'll be pleased to learn that the community is just a short distance from the Lakefront Nature Preserve and Overlook, offering opportunities to explore and connect with nature. If you're in the market for an exceptional, luxury home, Lakehurst Estates should definitely be on your radar. With its idyllic location, stunning architecture, and limited availability, this gated community offers a rare chance to experience the very best of Bratenahl. If you’d like to check out the map of all of the gated communities in Northeast Ohio, then you can do so by clicking HERE. We have made a couple of other awesome maps that you may be interested in, so be sure to check out -- Map of Golf Course Communities Near Cleveland, Ohio Map of Age Restricted Communities Near Cleveland, Ohio Map of Public Golf Course Near Cleveland, Ohio Get instant updates when new homes are listed in your choice Greater Cleveland Community. Text GATED to 330-237-1707
Read More
Categories
Recent Posts