Housing and Mortgage News

I went to our Finance Manager Bob Wilson (Howard Hanna Mortgage Services) for some updates on the state of the housing economy. The first thing he sent me was information that can affect interest rates, expected out in June. We already know that they were spiking at the beginning of the month. Bob pointed out the Bond prices falling. That happened again a few days last week. The current rate is about 6.5%, although those pesky rates change depending on your own situation.

Here was his list of important June activity:

Housing Starts
Tuesday, June 19,
8:30 am, EST
Down 2.8% (Bureau of the Census Info)
Important. A measure of housing sector strength. Larger than expected decreases may lead to lower rates.

Leading Economic Indicators
Thursday, June 21, (PR Newswire Info)
10:00 am, EST
Up 0.2%
Important. An indication of future economic activity. Weakness may lead to lower rates.

Philadelphia Fed Survey
Thursday, June 21, (Bloomberg.com reports on this)
12:00 pm, EST
Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates.

Mortgage rate info Peace Out - 3C

Loft Living In Cleveland

Have you ever thought about living Downtown or more importantly, living in a loft? For people who like open space in their homes, living a 'loft' lifestyle could be the way to go. There is an article in Crain's Cleveland today written by Zachary Lewis. He interviews a loft-dweller who just happens to reside in the Grand Arcade. His story is interesting because he aptly describes one cool aspect of buying a loft: designing your own space and being able to feel like it is truly created by you.

Some people may choose to try out 'loft living' as renters. The Bingham in the Warehouse District is a terrific example of apartment living for lofters (I just made up that word!) Browse their website and see for yourself.

Several true advantages to loft-living Downtown: close to transportation (leave your car at home, save gas, take RTA to the airport). Another advantage is all the natural beauty that surrounds you - great architecture, the lake, scuplture.

This is a fun article at Wise Geek who I believe is a Chicago resident. Cool take on loft living and lifestyles. Peace Out - 3C

Cleveland Homes and Condos Sold In April

It's May 1st, and inquiring minds (mine anyway) want to know how many homes sold last month. I'm starting with Downtown Cleveland and the West Side of Cleveland.

West Side Homes Sold in April: 121
West Side Condos Sold in April: 9

The homes sold ranged from $5,000 (I'm guessing this one needed a little love to be livable!) to $513,000 for an Ohio City Town Home.

The nine condos ranged in price from $30k to $487,500.


Here are some Downtown Cleveland stats: there are 165 units on the market right now. In April:

21 units went under contract
6 sold.

I'm off to do a brokers open at a condo today so I will update more communities later.

Peace Out - 3C

Cuyahoga County Homes For Sale: Can You Say "Buyer's Market?'

To say there are many homes on the market in each community is putting it mildly. Here, by zip code, is a summary of some Cuyahoga County communities and the number of homes available.

Cleveland's Near West Side:

44102 320 Single Family Homes For Sale 48 Condos or Town Homes For Sale

44111 359 Single Family Homes For Sale No Condos For Sale

44113 102 Single Family Homes For Sale 84 Condos or Town Homes For Sale

44135 319 Single Family Homes For Sale 6 Condos or Town Homes For Sale

Shaker Heights:

44122 180 Single Family Homes For Sale 48 Town Homes or Condos

Lakewood:

44107 334 Single Family Homes For Sale 135 Condos or Town Homes

Rocky River:

44116 137 Single Family Homes For Sale 114 Condos or Town Homes


Peace Out - 3C

Cuyahoga County Home Sales: Old Brooklyn

This is my last update of home sales for the day. It covers zip code 44109. It includes the portion of Old Brooklyn near State and Broadview Roads as well as the area near Spring Road and route 176:

22 Single Family Homes sold in March between the prices of $19,900 and $140,000. They were on the market an average of 74 days -- again, not long, just a bit over two months. The average Ask Price was $79,093 and the average Sale Price was $74,583. The average amenities for the sold homes were: 3brs, one bath and a two car garage. There were no condo sales in March.

On the market now: 179 Single Family Homes and 5 Condos (and one two family home misplaced in the condo section!)

***NOTE: if only five homes sold and there are 179 on the market with owners wanting to sell, there are things to take into consideration. A Realtor® colleague in Michigan came up with a terrific list of things that might be hard to hear, but if your home is up for sale, it's worth a read. I'm going to re-link it again here. Peace Out - 3C

Cuyahoga County Home Sales: Cleveland's West Side

Here are statistics for March 2007 home sales for zip codes 44102 (near the City of Brooklyn) and 44111 (including Westtown) and 44135 (Bellaire Puritas and Westpark):

44102: 5 Single Family Homes sold in March between the prices of $9,000 and $200,000. The average number of days on the market for these listings was 74. The average Ask Price was $51,750 and the average Sale Price was $46,733. Amenities? On average, 3Brs, one bath and a two car garage.

One condo sold; the asking price was $298,000 and it sold for $265,000.

What's still on the market? no condominiums, but 47 Single Family Homes.

44111: 18 Single Family Homes sold in March between the prices of $26,544 and $120,000. The average time on the market for these homes was 119 days. The average Ask Price was $66,388 and the average Sale Price was $63,444. Amenities? 3Br, one bath and a one car garage. No condos sold in March.

What's on the market? One condo and 123 Single Family Homes.

44135: 18 Single Family Homes sold between the prices of $45,000 and $155,000. They were on the market about 53 days, or less than two months. (This tells me they were priced right because there is plenty of competition). The average Ask Price was $87,250 and the average Sale Price was $83,995. Amenities? 3 Brs, one bath and a two car garage. No condos sold in March.

What's on the market right now? Four condominiums and 174 Single Family Homes.

Peace Out - 3C

Ohio City, Tremont Homes Sold in March 2007

This is for all of zip code 44113. The single family homes that sold were town homes (single family because they are owned in full by the owners, and are not condominium complexes). One was in Clarence Court and four were in Bergen Village.

There were Five single family town homes sold between the prices of $218,233 and $$465,873. The average length of time they were on the market was 187 days. The average Ask Price was $348,360 and the average Sale Price was $375,173 (new construction, so with add-ons or upgrades, the prices can go up). The five town homes averaged 2 Brs, 2 Baths and a 2 car garage.

There were two condominiums sold in March between the prices of $107,000 (for one in Grove Court, near the West Side Market) and $547,500 (in Stonebridge). They were on the market for 91 days or three months.

To put things in a bit of perspective: there are 70 condos for sale in zip code 44113 and 92 single family homes.

Peace Out - 3C

Lakewood, Rocky River Homes/Condos Sold March 2007

It's Saturday and the end of March, so it's time for housing sales information. Here is what sold in these two communities this month:

Lakewood: 33 Single Family Homes sold between the prices of $50,000 and $855,000. The average number of days these listings were on the market was 94, or just over three months. The average Ask Price was $ $176,484 and the average Sale Price was $155,721. Average amenities? 3 Br's, 2 Baths and a 2 car garage.

10 Condominiums sold between the prices of $39,500 and $300,000. The average number of days these condos were on the market was 142 (condos take a bit longer to sell in general, especially in a city like Lakewood where there are a lot of condo complexes). The average Ask Price was $143,410 and the average Sale Price was $132,990. Average amenities? 2 Br's, 2Baths and parking/garage for one car.

Rocky River: 17 Single Family Homes sold between the prices of $137,000 and $400,000. The average number of days these homes were on the market was 96 or again, just over three months. The average Ask Price was $246,182 and the average Sale Price was $231,764. Amenities? 4 Br's, 2 Baths and a 2 car garage.

5 Condominiums sold between the prices of $55,260 and $232,000. They were on the market about 130 days. The average Ask Price was $ $134,860 and the average Sale Price was $123,152. Amenities? 2 Br's, 2 Baths and parking for one car.

Here are a few more statistics to keep in mind. It is definitely still a buyers market. What's listed for sale now?

Rocky River: 116 Single Family Homes and 109 Condominiums
Lakewood: 288 Single Family Homes and 117 Condominiums

Peace Out - 3C

Do's And Don'ts: Are Granite Counter Tops So 'Yesterday?'

So I discovered msn.com's real estate section today for the first time. Maybe I'm a tad late to the party on this one. Anyway, they had an article about trends that work and don't work if you are planning on putting your house on the market. I'm re - printing them here verbatim and of course adding my comments in red because I can't help myself lol:

1. Avoid installing bowl-shape, above-the-counter bathroom sinks. They look pretty but have proved to be harder to maintain and keep clean. This is a no-brainer. I could tell by looking at them this would happen! I agree with this one.

2. Use engineered stone compound for kitchen countertops. The material is less expensive than granite and is expected to be the trend this year. Hmm. My buyer clients are still asking for granite - maybe Cleveland is behind the curve on this. I DO however agree, they don't hold up as well as engineered countertops.

3.Don't install too many glass cabinet doors in your kitchen. They look better in magazines than they do in real life, where homeowners must keep their cabinets in perfect order or suffer embarrassment. Yes. One or two for 'accent' but the rest of your cabinets are containers of your life you may not want buyers to see! Or relatives over for dinner, for that matter.

4. Consider replacing a wooden or chain-link fence with a wrought-iron one. Wrought-iron fences portray a look of luxury. Maybe they look luxurious but unless your dog is a mastiff or Burmese mountain dog, they can get through the bars. My experience is that people want fences. And they want them for pets as much as they do kids. Or privacy. Ohio City is a great place for wrought iron. But in general, I don't find it as practical except maybe as a front decorative fence. Just my two cents.

5. When repainting trim for shutters, doors and window frames, go with bold and deep colors. And don't get rid of the trim around interior window openings -- it only looks cheap. People actually take out this trim?

6.If replacing floors, avoid bamboo. This flooring was popular when it debuted, but now users are saying it is easily dented and scratched. It is also more likely to warp due to weather and humidity. I don't think this was ever a big trend in Cleveland.

7.If you're adding new construction, don't employ concrete blocks in exterior walls. They are not attractive and are more likely to leak moisture if not properly installed.

8. If you're redoing a kitchen or bathroom, consider using glass tiles instead of ceramic ones. They're gaining popularity again because of reflective qualities. This is not a bad idea; already popular in places like downtown condominium complexes. But consider your budget and remember that good taste in colors and styles chosen is probably much more important than if they are glass or ceramic.

Personally, I like this list of five projects on Money Magazine's website written by Arianne Cohen. Things like new shower doors, painting kitchen cabinets to freshen them up, these are inexpensive and probably produce as good results as glass tiles instead of ceramic. Just my humble opinion! Peace Out - 3C

Cleveland's West Side Home Sales February 2007: Part Two

These home sales stats are for two more 'sections' of Cleveland's West Side. They cover sales during February 2007, and they will be compared to sales for February 2006. This is Part Two. My previous post contains sales figures for the other two West Side areas of Cleveland.

The following home sale statistics include the Clark Metro, Tremont and Ohio City communities.

February 2007: 32 Homes Sold. They were on the market an average of 94 days. The Average Ask Price was $76,184 and the Average Sale Price was $71,487. The average price per square foot was $38/sq. ft.

February 2006: 33 Homes Sold. They were on the market an average of 103 days. The Average Ask Price was $80,053; the Average Sale Price was $80,586. The average price per square foot was $57.
*There are 641 homes or condos for sale in this area.


The last area for home sales I want to cover in this post includes the Old Brooklyn and South Hills neighborhoods.

February 2007: 27 Homes Sold. They were on the market an average of $87 days. The Average Ask Price was $90,163. The Average Sale Price was $87,310. That brings the average price per square foot to $65.

February 2006: 19 Homes Sold. They were on the market an average of 86 days. The Average Ask Price was $102,784 and the Average Sale Price was $98,171. The average price per square foot was $79.

* There are 236 homes/condos for sale as of today in this West Side area. Peace Out - 3C

Homes Sold February 2007 For Cleveland Ohio's West Side...Part One

It's the weekend, and February is history, so it must be time for sales stats. Here is information on the City of Cleveland West Side sales figures for February 2007 - and I am comparing them to February 2006 information. Our computer system breaks the areas up into four sections. I will do two sections here and two in the next post. The first section includes but is not limited to: Kamm's Corners, and homes South of Puritas and West of 130th.

February 2007: 21 Homes sold with an average time on the market of 100 days. Average Ask Price was $126,286, the Average Sale Price was $122,027. The Average Sale Price Per Square Foot was $85/sf.

February 2006: 17 Homes sold with an average time on market of 74 days. Average Ask Price was $109,199, the Average Sale Price was $105,041. That averaged out to $85/square foot.

The next area includes but is not limited to: the Baltic Road area, and homes between Lorain and Puritas.

February 2007: 28 Homes sold with an average time on the market of 78 days. Average Ask Price was $65,178, the Average Sale Price was $61,330. That comes to $49/square foot.

*There are 289 homes for sale right now in this area.

February 2006: 27 Homes sold and were on the market an average of 74 days. Average Ask Price was $71,962, the Average Sale Price was $68,860. That comes out to $50/square foot.

*There are 404 homes for sale in this area right now.

Volume of Homes Sold Nationally Rose 3% In January 2007

The National Association of Realtors (NAR) reported some statistics regarding January home sales. It's the good news and not so good news scenario. First the good news: the volume of homes sold rose 3 % in January 2007 - the largest monthly percentage increase in two years. These figures are for already existing or previously owned homes sold. Okay and now the other news: the median price of those homes sold in January dropped to $210,600 which is apparently a 3.1 percent drop in median sale prices from January 2006. So more homes sold, that means people are still buying, but it also means it's still a buyers market and prices for buyers are better than they were a year ago.

I think it also means if you have owned your home a while, you can probably still expect a nice return on your investment if you decide you want to move. However, if you bought recently and are not forced to sell (new job, relocating, etc) then please wait, it's probably not the best idea to list your home at the moment. I think my rule of thumb still holds: if you want to move, or have to move, list your home and price it well and it will sell.

Keep in mind, these are National statistics and as always, real estate is local. Peace Out - 3C

Northeast Ohio Housing Market Trends in 2007

The computer listing service on the web those of us in the business utilize (NORMLS) gave us statistics on homes and condos sold in all of Northeast Ohio since 2007 began. This means Bratenahl, Medina, Avon Lake, Cleveland, Parma, the whole ball of wax. Here is some data:

• Homes and Condos sold, on average, after three months on the market.
• 5,474 new homes were listed for sale - up 67% from the number listed a month earlier
• 692 condos were listed
• 1,253 homes sold - 42% of the housing on the market sold
• 165 condos sold - 27.4% of the condos on the market sold
• 2007: Average Sale Price for single family homes in NE Ohio was $154,125 (same time frame in 2006: Average Sale Price was $160,699)
• 2007: Average Sale Price for condos was $138,914. (same time frame in 2006: Average Sale Price was $155,190)

So yes, the average home and condo sale price is down from the beginning of 2006. Peace Out - 3C

Cuyahoga County Condo Sales: Shaker Heights Condos Sold

Today was inspection day on a home sale in Shaker Heights. My clients are moving here from another State to accept jobs at Case Western Reserve and that alone makes me happy - it's great when people relocate to the Cleveland area. Anyway, the inspection took a few hours, as usual. The inspector does two things that are really important when you buy a home. 1. Look for any major issues and 2. help with his/her expertise on how to maintain your furnace and other mechanicals. My clients are first time home buyers so it's always good to learn how to keep things running well to keep from having repair costs in the future. ASHI (American Society of Home Inspectors) inspectors have a lot of knowledge under their belts - this inspector was no exception.

Anyway, tooling around Shaker is always fun, it's a gorgeous City. So I decided it's time to continue the condominium market trends discussion with results in Shaker Heights condominium sales for 2006 - comparing them to 2005 sales. Here is what I came up with: condo sales held steady both years. Here are the results:

2005: 65 condo sales and they were on the market an average of 97 days, or just over three months. Sales ranged from $117,144 for an efficiency condo to $699,167 for a 3 BR, 2 1/2 Bath condo on South Park Blvd. The average Ask Price was $121,926 and the Average Sale Price was $117,144.

2006 to Present: 66 condo sales from $19,900 to $596,900. Most of these condos were also on the market for just over three months (an average of 93 days) The Average Ask Price was $ $152,890 and the Average Sale Price was $145,328.

For both years, the average sale was for 2BR/2Bath condos with 1 car garages. I've talked with Realtors® from other states and they said their condominium sales were doing well - I'm inclined to agree with them as far as these Shaker Heights results are concerned. For information on current condominiums on the market, check out my website. (There are 82 condos available right now in Shaker). (Photo courtesy of Shaker City website. Peace Out - 3C

How are Cuyahoga County Condo Sales? Part One: Tremont, Ohio City and Cleveland's Near West Side

I was cruising around on my favorite Ohio Forum, and I saw a thread talking about condos and the housing market. Someone asked how condos and homes were appreciating in price. I realized I wanted to focus on condos and find out for myself. So this is the first leg of my search, comparing condominium sales in 2005 to 2006 for the Near West Side, which includes Tremont and Ohio City. There are quite a few condo complexes to choose from in this part of Cleveland. So let's get started.

2005 : 95 Condos Sold. Sale prices were all over the map: $14,000 to $499,900. How long did it take for these condos to sell? An average of 212 days. The Average Ask Price was $242,338 and the Average Sale Price was $238,836. On average, the condos that sold in 2005 had 1444 Sq. Ft., 2 BRs, 2 baths and a one car garage. Next?

2006: 52 Condos Sold. Again, sales prices were all over the map: $25,325 to $459,740. How long did it take for these condos to sell? An average of 151 days (fewer sold, but the ones that did were on the market for a shorter time). The Average Ask Price was $213,663. The Average Sale Price was $213,515. Your eyes are not deceiving you, that is just barely $100 difference between the average price the sellers wanted and the price the buyers paid. On average, the condos that sold had 1374 Sq. Ft., 2BRs, 2 baths and a two car garage.

***The average price per square foot in 2005 was $178/Sq. Ft. And in 2006, $156/Sq. Ft.

Want to buy a condo in this area? There are 120 for sale right now. Peace Out - 3C

(photo courtesy of OhioCity.com website)

Here's Luther Vandross Serenading A House Is Not A Home

Strongsville, Berea and Middleburg Heights Homes Sold So Far in 2007

City of Berea stats tell us that there are 7,449 housing units within Berea's city limits. And yes, some of them have sold since the beginning of this year. This post will include data for Berea as well as Middleburg Heights and Strongsville. The following information includes homes sold through area brokerages, which means the data appears on our Northern Ohio Multiple Listing Service (NORMLS) computer website.

Berea: There have been eleven homes sold since January 1, 2007. The sales ranged in price from $58,250 to $250,000. The average number of days on the market (DOM) for these homes was 71. The average Ask Price was $120,663. The Average Sale Price was $109,284. The average amenities included in the homes that sold were: 1,734 Sq. Ft., 3BRs, one bath and a two car garage.

Middleburg Heights: There have been seven homes sold since January 1, 2007. The sales ranged in price from $85,000 to $207,000. The average number of DOM was 73. The average Ask Price was $162,314 and the Average Sale Price was $148,842. Average amenities in the sold homes in Middleburg Heights included 1,517 Sq. Ft. of finished living space, 3BRs, one bath and a two car garage.

Strongsville: 25 homes have sold since January 1, 2007. The sales ranged in price from $118,915 to $411,000. The average number of DOM for these homes was 96 or just over three months. The average Ask Price was $239,173. The Average Sale Price was $228,383. The average amenities included 2,551 Sq. Ft. of living space, 3BRs, two baths and a two car garage.

Notice a trend yet? My February 7th post on housing market trends in 2007 in other neighborhoods also showed a two car garage as a constant in buyer preferences. Food for thought?

I will be holding the home pictured above, 19555 Glenmar Way, open today between 2 and 5PM. It is a lovely Strongsville home with 3BRs, 2 full baths and a spacious hot tub thrown in. (no, we will not be in the hot tub, but if you are considering a move to Strongsville, stop by and see me). **Ryan Adams singing A House Is Not A Home.

Peace Out - 3C