Fall Real Estate News
The Northern Ohio Regional Multiple Listing Service (NORMLS) recently released the August stats for our 15-County Region. It should come as no surprise as you look up and down the streets of Lakewood that New Listings are down this year. In turn, the number of Sold Listings is down as well. Regionally, sales thru August are down 2.4% compared to the same period last year. The good news is that the average sales price remians up, by 1.8%, over the first 8 months of 2013. Average Market Time remains steady at just over 90 days.
Locally, Lakewood is looking very solid. While there has been a modest increase in the number of sales this year thru August (12 more than 2013) the impressive result is that the Average Sales Price has increased from $144.600 to $153.400. It is looking like Lakewood will finish the year strong, with 72 properties currently under contract and an average list price of $152,200.
The strong recovery, however, has caused some issues. Most notably we are finding that buyers and sellers are not on the same page. The recovery has caused some sellers to take an aggressive stance in the market, overpricing their homes. Many buyers are taking a strong, aggressive stance as well, refusing to get involved in bidding wars. A recent national survey indicates that 58% of sellers have an unrealistic opinion of the market value of their home. The survey also found that while buyers who have been in the market for a while are indeed making aggressive offers, new buyers in the market are more likely to sit on the fence than get stuck in a bidding war. Ultimately, as inventory increases, this will be healthier for a sustained recovery in the housing market. You can keep track of neighborhood demographics at www.ClevelandsRealEstateSource.Info or Home Values at www.HomeValuesInLakewood.Info.
While it is important to stay in tune with regional and local real estate trends, it is also important to take care of your property, especially as winter approaches. These 10 steps will help ensure your home is not only prepared for the winter but a step ahead of the competition for the spring housing market:
- Clean & Organize Your Garage/Storage Shed
- Store Your Hoses & Turn Off Outside Water
- Drain & Turn Off Sprinkler System
- Seal Cracks Around Doors & Windows
- Clean Your Gutters
- Inspect Your Roof & Chimney
- Direct Drainage Away From Your House
- Clean & Service Your Furnace or Boiler
- Prune Your Plants
- Check Your Chimney For Blockage, Ensure Damper Is Working, & Clean the Interior
Tackle these 10 steps in the next few weeks to help ensure a worry-free winter!
Chris Bergin is a licensed real estate agent with Berkshire Hathaway Lucien Realty in Lakewood and can be reached at Chris@ChrisBergin.com.