Spring Market 2012

I am very glad to report the market is looking like it might be stablizing. There are more buyers out there looking to purchase homes than I have seen in the past few years. There are still a lot of properties for sale. There seems to be a gap in the $200k to %350k market. Move up buyers are looking to snatch a good deal while the interest rates are low. This has not yet driven up pricing. Buyers a more savvy than I have seen in the past. They will walk away from a house if the price doesn't line up with past sales. If you are trying to sell a home and it isn't moving it is either price or condition. Condos are still a tough sale. I think people have become wary of getting involved with condominiums because of the assesments and uncontrollable HOA fees. This is a shame because there are some super properties out there with some pretty stable HOA fees. When you own a home you get hit with replacing a roof,furnace,central air. Well if you own a condo you get hit with assesments to fix issues as well. Just because you pay a monthly fee doesn't mean you won't have to come up with additional funds for repairs. One of my pet peeves is when people reference Zillow as a price parameter. Zillow doesn't do anything but merge all the values in a neighborhood and gives you a median value. Median values do not take into view what improvements or repair issues are present for that particular property. Another one is when a buyer references the tax value. First of all the county doesn't send an appraiser into every home. They don't even hire real appraisers to put the value on your home. Again the county uses the median approach to put a value on your home. The banks for years have tried to to automate appraisals and have found they can not do this. You need a real person trained in real estate valuation to take an actual look at your property and compare it to other properties that are similar to yours. We look at active properties which would be your competition and comparable sold properties. There is no black and white here. It ends up a caluculated judgment call on where we think the price will be. I have a great track record here and 27 years of experience is something that certainly comes in handy when valuing property. Financing is still available but you need a job or some kind of income and a good track record for paying your bills (credit score). Commercial finanicing is not so great. All I have found is ARM (adjustable rate mortgages) with a short term and balloon payment which means they will finance you for say 3 or 5 years with a rate that can change on a pre determined timetable and at the end of 3 to 5 years they want the full balance of what is owed. This doesn't seem like a good business move to me unless you know you have a windfall coming. SBA (Small Business loan) is a good loan for someone looking to purchase a property they plan to use for their business. It is expenseive and comes with lots of government imposed rules(red tape).The best bet for commercial financing is credit unions. They use a different set of rules than banks do to amke loans. So far they have been the more stable loan product. Let just keep our fingers crossed that this recovery continues! Real Estate sales lead to other related commerce so hopefully we can get back to some level economic recovery.

Outlook for 2012, in my opinion.

Happy New Year! I really think we are starting to see a turn around in the real estate market. If you are on the fence about buying my recommendation is to buy now while prices are still low and the interest rates are at the lowest they have ever been!

The deals are still out there. You have to be patient and keep an eye on the market. I have been in many multiple offers in the past few months.

My biggest advice is don't look a gift horse in the mouth. Half the time I am showing a really great value and the buyer wants to get a even better deal and ends up losing out to a multiple offer. If you are working with me and I say this is a good deal BELIEVE ME!

If you are selling your home it is still brutal out there. You have to be the best condition on the market at the best price. If you are not willing to paint a little here and there or replace old dated carpet the market is going to make you pay anyway. The buyers won't pay top price for a house that needs work, even if it is a little work.

Recently I was just< on a listing appointment and the potential seller asked me if I could sell the home without having to put them through the displeasure of showing it. Boy do I understand where they were coming from! Showing your house is no fun. It is a neccesary evil. Just like going to the dentist, you don't want to go and get drilled but you have to for the long term benefit. Selling of the internet is more likely to happen in a resort market where people may actually buy houses off the internet without seeing it in person.

So here's to 2012. It looks like it is going to be a good one!

Avon Lake Ohio is a very welcoming community

Recently this last September I moved to Avon Lake. I have spent most of my life in Lakewood Ohio. Lakewood will always have a special spot in my heart. I spent 6 years in Bay Village and found it to be centrally located for my work but I wasn't impressed with the city and its services considering what I was shelling out for it. I have to say I am impressed with Avon Lake. Within the first week of moving here I recieved a welcome letter from my city council person. He invited me to his next meeting to get acquainted. Of course I was too busy moving to go but I felt welcomed! Then I recieved a letter from the water and sewer department. This letter told me about their services and how proud they are about what they do. Just recently I recieved a letter from the library inviting me to stop by. I have never lived in a city that reached out to its new comers so nicely. Everything is so convenient with the state of the art shopping up by route 83 and Detroit. Hienens is so beautiful I had to call a few friends and tell them it is like shopping in Hollywood! ( I come from a grocery store background) I can get used to this! I live real close to Giant Eagle and they are definately keeping up with the pressure of Hienens. Their meat,produce,wine and bakery are great. The discounts on gas can't be beat! Back to the library, well all I can say is WOW! They have a wonderful space and a childrens center for hands on learning plus a special childrens library. The people were all very friendly. When I signed up for my new library card they welcomed me to the neighborhood! The city just built a brand new swimming pool with slides and all sorts of play yard contraptions. The school system ranks at the top. I can see why Avon Lake continues to grow. It really is a nice place to live. I can't wait until the Lear exit off I 90 is open. It will be really convenient. The Cleveland Clinic just opened a new facility off of Lear. With all this I can still buy farm grown vegtables off the farm stands just down the street!

Sandy Maline Cleveland Real Estate: Looking back at this past year in Real Estate

Sandy Maline Cleveland Real Estate: Looking back at this past year in Real Estate: This past year was a very busy year. I showed over 700 properties. A lot of them were vacant bank owned properties. Of my 26 years in Real ...

Looking back at this past year in Real Estate

This past year was a very busy year. I showed over 700 properties. A lot of them were vacant bank owned properties. Of my 26 years in Real Estate I think this year I worked the hardest and made the least for my efforts.

There has been a shift in this business. A few agents have been able to get bank owned listings. These agents are listing so many properties they can't keep track of their business and have had to hire help. Now why can't the banks just spread this out to other people like me! I am supposed to be Fannie Mae approved but as of yet, no business. I did get awarded a HUD contract but that proved to be more frustrating and time consuming than it was worth.

I have become very adept at selling short sales. These are properties that are selling for less than what the owner owes the bank. It is better for the seller to do this than to get foreclosed. A short sale actually helps the market because the seller lives in the house up until the transfer of title. Most of the time the banks will give the seller relocation money so they can move. A short sale protects the property from vandalism and cuts down on vacant houses in the niehgborhood.

So if you know someone who might need to do a short sale I'm your gal!

The appraisers are all over the board. Stress sales are causing values to go down. The market has not equalized yet. There is still money out there to purchase, but you have to have a job and good credit. When a house is priced right it will sell. Unfortuanately what that price is, is never what the seller wants to hear.

If you have a mortgage that is 5 1/2% or higher REFINANCE now if you can!! Call me I will help you find the best deal out there. If you are in a stress situation call me, there is help out there.

All in all I feel this coming year is going to be better. I have more business going into this coming year than I had in the last few years. I am feeling very optomistic. Cleveland is having a little surge in growth with all the construction downtown. Ford is ramping up in Avon. So there are more job opportunites than there were last year. Hopefully the doom and gloom is in the rearview mirror.

It has never been a better time to buy a house. The rates are at their lowest and the housing market is thought to be near the bottom! Some other locations in our country are actually experincing growth. If you are selling one home to buy another, you will make up the loss you took on the new house. Don't think of it as losing money, think of it as trading assets and the value will return. I'm Sandy Maline if you want to talk real estate call me 440-554-2260

Cleveland's Fall market update

Recently I read an article in the Plain Dealer encouraging people to sell their homes themselves. Save on the Real Estate commission. Now I can't blame anyone for trying to save money. But I've been a top producer in the Cleveland Real Estate market for over 26 years and I have to say this is one of the hardest markets I have endured.

The bottom line is that you have to be the prettiest face on the market at the best price to sell.

I sold my dream home in Bay Village last month and purchased a brand new home in Avon Lake with my Financee (which is turning out to be a better dream!). I have to say it was more painful selling in this market then in the past. In order to be the prettiest home in the price range I spent about $10,000 to spiff it up. I put new granite, sinks and faucets in the kitchen updated the appliances. I changed all the exterior light fixtures. Once all this was done the house sold and of course for far less than I wanted it to. All in all I took a big beating and loss on the house. I feel like I made up for that loss on the purchase so I'm not going sit around and cry about it.

The problem in this market is most people can't afford to do what I had to do to get my house sold. Most of the people on the market are in some sort of financial hardship that prevents them from doing the spiff up that they need to do. The buyer, if they consider the house will of course take tens of thousands off for these repairs if they consider them at all! If your home needs work you are competing with bank owned properties.

There is movement and things are selling, they just have to be priced right and appealing enough to make someone else want to live there. I have a few saying I find myself repeating over and over.

"If you can smell it you can't sell it"

"Nobody wants to buy someone elses dirt"

"You can't sell it if you don't show it"

My personal favorite when the seller doesn't want a sign out front.

":Okay you want me to sell it but not let anyone know you are on the market?"

The other important thing to remember is just because you need a certain amount of money out of the sale doesn't mean the buyer is going to give it to you. Get realistic.

As far as using a professional to sell your home, well all I can say is, not all professionals are alike there are some really good agents and there are some really bad agents. If you feel that you know enough to take the biggest asset you have and handle it fine, good luck, there are alot of shucksters out there. Most buyers don't really want to deal direct with the owner so you narrow your playing field in that respect. You also have limited marketing compared to the huge network our real estate industry has built. I know that my listings are on so many sites I can't keep track. I pay out money monthly to be everywhere so that your listing gets noticed. It is a team effort between you cleaning decluttering and showing off your home and me following up on leads and agents to get a dialog going.

I read an article that said it will take 89 years to get through all the bank owned properties that are in the pipeline. I believe that article might just be right. The banks are very difficult to deal with. They aren't cutting anyone a break and I am seeing them force people into hardships over small amounts of money that should be worked out instead. All I can say is, If you are going to sell in this market get ready to take a beating and if you want to do that alone (without an agent), uninformed, have at it. It is a frustrating process no matter what, having someone who knows the language of real estate in your corner seems like a smart move to me.

Mid Summer Market update

There are certain trends in decorating that are more in demand than others. This is what will make the difference in selling at a reasonable price, getting showings or not selling at all. For one thing Oak cabinets are out! You can dress them up with granite but most of the buyers out there in today's market only want to see Oak on the floors. Another huge decorating mistake is laminate floors. I would say 9 out of 10 people do not like laminate floors! Everyday I see more and more laminate floors. It is like putting counter-tops on your floors. The funny thing is the price for laminate is really not different in price from ceramic tile or hardwood!

Today I went through 290 listings for a buyer of mine. I was looking for the things they are looking for in a home. Their goal price is around $250k and they want what is considered current trends in decor. The old brick fireplace is out. Gold plumbing and door hardware is out. That old Williamsburg style wood framed fireplace mantel is out. Contemporary is in.

The photos that the Realtor put on the MLS are so important to the sale of the home. I will go out to a house and re shot photos over and over and update for each season. So many times I see toilet shots and fuzzy shots that do nothing to sell the home. The worst marketing attempt is no pictures at all!

Landscaping is really important to seal the deal. I showed a home that must of spent 50k on landscaping alone. It was magnificent to look at but it wasn't practical for most of the buyers for that home because it is in a development which attracts families with children. There wasn't a play space for kids because of the elaborate landscape. Also my buyer said if the kids were grown they would love this, but upon reflection realized the maintenance of it would be more work than they were willing to do. The point is don't overdo it, but do spend some money to create a nice environment. Patios,Koi ponds and decks are big. Old wood decks are not as desirable as the new deck product that doesn't rot. A pool and hot tub do not sell houses. Having a Pool will limit the the number of potential buyers for your home.

I have had people call me and ask if putting a slate or tin roof would be a good idea. My answer is always do it if you want it but don't expect to get your money back. These are quality items that actually over improve your home because a buyer will not pay more money for your home if you have this improvement. Heated driveways are also a great little extravagance but don't expect to get your money back. It only makes the home more desirable. As always it is kitchens and baths that sell. Keep the house clean of lots of clutter and overdecorating. My favorite saying is "If you can smell it you can't sell it"!