Home Selling in Cleveland>Question Details

Debbi, Home Seller in Cleveland, OH

do you feel the market in the westpark, oh neighborhood is improving or getting worse from a seller's prespective?

Asked by Debbi, Cleveland, OH Tue Oct 5, 2010

bought a house for 205,000 in 2004 & put 40,000 in improvements now being advised to list for under 200,00

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Being a seller right now is tough. I would need to view your home before I could give you any price opinions. There are homes selling in the 200' s right now but I would need a better understanding of the improvements that have been done and would need to see them.

Home prices are down right now and no one is really sure when they will come back up. Looks like its going to be a slow process that is probably going to take years.

You really just need to decide if you need to sell or just want to sell.

Contact me with any questions. You can find my contact info on my trulia profile.

Sheila Bradford
Howard Hanna
1 vote Thank Flag Link Tue Oct 5, 2010
I think there are a number of considerations here. Know one thing, if you "want" to sell (as compared to "need" to sell), you will make out okay. The market is slow, and prices are much lower on homes than in the recent past. If you just assume that homes are decreasing in value by about 5% annually, then, if they return at roughly that same amount, it will take 4-5 years for them to return to previous pricing. But, the "good" thing is, especially if you are "buying up": you will lose money on your house, but you will gain much of it back on your new purchase. Say you buy a new house for $200,000...that house will probably come back quite well, and was probably (these days) a $250,000-$275,000 house in another time. You need to determine how badly you want to sell. Also, I had a house in West Park this year that really was much lower than for what seller originally paid for it. In good shape, although not improved as yours is described. These improvements don''t mean a lot either, in this market. Everyone is looking for a "deal", and you just need to make sure you price it as properly as possible, and then try to hold on to some of it in negotiations (i.e. don't be offended by lowball offers, just counter offer at a price you can live with....reasonably). No reason to be offended....just negotiate. If buyer doesn't buy, someone else will...if you are priced "right". It's a fine line to do this, too. Hope this helps. Also, remember you are in the same boat as all the others, so it will not be personal to your particular house! Don't take it that way and you will work it out well.
0 votes Thank Flag Link Wed Oct 6, 2010
I have to agree with Sheila, we are definitely in a buyers market right now. Homes that are in good condition and priced correctly are still selling. So the answer your original question of whether the market is improving in the West Park area of Cleveland is no. While the numbers across the state of Ohio were up slightly in August (see attached link) as were prices, many areas are still reeling from the down economy.
If you feel you have to move, or are moving because of job relocation renting is always an option. If you don’t want to be a landlord you can always look into a property manager. If you would like more info on property managers, please feel free to contact me and I will give you as much info as I can.
0 votes Thank Flag Link Tue Oct 5, 2010
I can tell you as a seller that the improvements don't make a huge difference right now. If you list above
"market value" the house will be difficult to sell. It's very competitive everywhere!

I am sure the awesome Real estate Professionals on here can answer best..I am just giving you my personal experience :)

Good luck to you!
0 votes Thank Flag Link Tue Oct 5, 2010
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