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Market Conditions in Ohio : Real Estate Advice

  • All354
  • Local Info13
  • Home Buying206
  • Home Selling39
  • Market Conditions1

Activity 257
Fri May 24, 2013
Kurt Kimmerle answered:
In Mantua as of the end of Feburary there were 34 homes for sale between the price of 0 to $500,000. The last 4 months average cummulative days on market for this price range has been 135 days.

I could send you a complete graphical trend analysis for the Mantua market place for for Feburaury 2012 going back 1 year that would cover important trend with list price vs selling price, number of homes for sale vs number of homew sold, average price per sqft, days on market, average price for sale vs average price sold and the number of months of housing inventory. Please let me know if you would like additional information.
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Thu Apr 19, 2012
John Shade answered:
Average sale price (last 12 months) in the 43023 zip code are down 3.2% compared to 2007 sales.
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Thu Apr 5, 2012
SERGEY FEDNOV *** 424-777-9377 answered:
Between June 2007 and November 2008, Americans lost more than a quarter of their net worth.

By early November 2008, a broad U.S. stock index, the S&P 500, was down 45 percent from its 2007 high. Housing prices had dropped 20% from their 2006 peak, with futures markets signaling a 30–35% potential drop.

Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008.

Total retirement assets, Americans' second-largest household asset, dropped by 22 percent, from $10.3 trillion in 2006 to $8 trillion in mid-2008. During the same period, savings and investment assets (apart from retirement savings) lost $1.2 trillion and pension assets lost $1.3 trillion.
Taken together, these losses total $8.3 trillion.
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Sat Mar 24, 2012
Dan Tabit answered:
Reggie,
It's a foreclosure that you don't fight. You just offer the deed to the lender so they don't go through the full foreclosure filing. The impact on your credit is the same, but it starts the clock ticking to recovery sooner.
If you are not finding a buyer start dropping the price regularly. If you owe more than it's worth, do a short sale. Short sales are generally less damaging to your credit and you can continue to live in the house while it's on the market.
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Thu Mar 8, 2012
Don Tepper answered:
No. There's little or no relationship between the assessed value of a property and its real worth.

In some areas, valuations are SUPPOSED to be market value. That's the case where I live. In other cases, they're some set percentage--such as 50%--of what the supposed market value is. Even when they're supposed to be market value, it's not unusual for them to be off by 15%-20% in either direction.

Yes, the local community makes a difference. And there are two factors at work. The first is the actual valuation--what the city or county says your house is worth. The second factor is the tax RATE. Example: A house is assessed at $100,000. The tax rate is $1.00 per $1,000 assessed value. In that case, the taxes would be $100 a year.

But the city can change its tax rate whenever it wants, and often does. So next year, the city might raise the tax rate to $1.10 per $1,000 of assessed value. That means next year, even if the assessment hasn't changed, your tax bill will be $110.

Your local city or county should have included an explanation sheet along with your tax bill. It's undoubtedly also available online.

If your tax valuation is higher than the actual valuation, there are processes for appealing. Yes, you can appeal. That information also was provided with your tax bill. Or it's available online. Usually, you have to produce evidence of recent sales of similar properties (similar to a real estate agent's competitive market analysis or an appraiser's appraisal) to show that your house is worth less than the assessment. And, yes, people can do that without hiring a lawyer or having political pull. But you need solid evidence--solid comps. The burden is on you to prove that the assessment is incorrect.

Hope that helps.
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Mon Feb 13, 2012
Suzanne MacDowell answered:
I don't know about Ohio but in my area Multi-Family Short Sales and foreclosures are, in my opinion, the way to go! Average buyers no longer find it attractive to 'let the rent pay the mortgage'. They prefer single family homes and none of the headaches they keep hearing about. So, the buyer pool is smaller. Add to that the prospect of dealing with a bank and you have a recipe for a 'fire sale'! I am seeing homes at unbelievably low prices that need only minor, cosmetic work. These homes won't just produce 'cash flow' but real income, the minute they are fully rented. And the rental market is RED HOT! ... more
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Thu Feb 2, 2012
Don Tepper answered:
Depends.

I can't comment on your local conditions, which is obviously one major variable. You'd need a local Realtor to advise you on current conditions and possible changes in the future.

But a lot of the decision goes beyond that variable. For example, how eager are you to sell? If you're really, really eager, then (despite market conditions) this might be a good time to sell. On the other hand, if you're not highly motivated--if you're just "testing the waters"--then the odds are far less likely that now is a good time.

External factors are important. Interest rates are very, very low right now. That's an argument in favor of considering selling. They're not likely to go much lower and they'll probably go up slightly in the next year or so. But even a year from now, or two years, they're still likely to be quite good.

As for time of year (January/February versus July/August, for instance), that depends on your local market. In some markets, early spring is when the "season" begins. In other cases, it's June (after kids get out of school, allowing people to move and get their kids into a new school at the beginning of the school year). In many areas, though, it's one or the other--though houses certainly sell in the fall and winter, that's usually not the most active time of the season. A good local Realtor can tell you what the pattern is in your area.

There's also the question of the condition of your home. Buyers generally are looking for homes in really good condition. So if your home needs some maintenance and repairs, it'd probably be a better idea not to sell (or put your home on the market) until you've done those repairs.

All of those are factors to consider, and explain why the answer to your question could be either "yes" or "no."

Hope that helps.
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Fri Jan 13, 2012
Roxanne Lawrence answered:
Right now in that area, depending on the features, condition, etc. of the home the average days on the market are 180.
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Mon Jul 18, 2016
James Gordon ABR SFR SRS answered:
To buy and sell real property you do not need a high scholl diploma. To become liscenced in the state of Ohio you need to be a high school graduate and have a few specific college classes. Here is a link to the state law.

http://codes.ohio.gov/orc/4735
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Thu Sep 29, 2011
Frustrated With The Market. asked:
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Sat Jul 9, 2011
Gerard Carney answered:
I would think that the standard 5-7% would be the norm, but you can negotiate! never hurts to try, but if you find a good Realtor, don't lose them over a commission squabble!
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Wed Jul 30, 2014
Stacy Carter answered:
Altec,
Tough call...and here's why. The "feedback" from agent showings isn't always reliable. If the home isn't in the buyers top 3, there's a good chance they don't remember all the details of the home. The closet may have been the most memorable issue, but it may not be the only one.

The pricing comment of "about right" is also code for "not quite right". So, it looks like you're in for a pricing decrease anyway.

The majority of buyers don't have vision. So, in addition to offering to fund the remodel, provide a detailed set of plans or tape off the new master closet on the floor so they can see the possibility.

I hope this helps!
Stacy Carter
Associate Broker
Home Appreciators Team at
Better Homes & Gardens Real Estate Metro Brokers
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Mon Jun 27, 2011
Lneds asked:
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Fri Jun 24, 2011
Dale Cook answered:
Tue Jun 21, 2011
Spirit Messingham answered:
Great question, talk with a local property management company. Tell them you are intersted in "hiring" them and what to expect and then of course you can decide to use them, or yourself armed with a credit report service (Experian) and Craigslist. Best of luck. ... more
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Sun May 29, 2011
Barbara Kachenko answered:
Absolutely not definately offer and see where it goes if you need a Realtor would be happy to assist you work the Geauga county area
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Sat May 14, 2011
Anna M Brocco answered:
For specific information on any given area, consult with any local agent....
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Fri Nov 2, 2012
Marie Souza Team answered:
Our 1st quarter was very good & things are picking up even more here now that the Spring market is here! I do think that the weather may have affected our market a little bit, since buyers & sellers may not have traveled as much, but we were still very busy here on Cape Cod! ... more
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Mon Jul 16, 2012
Spirit Messingham answered:
Honestly, there is no "normal" as every transaction is different. I would recommend you call and speak with some local agents and or Realtors to see what they can share about their experience on transactions in Columbus. if you are not working with an agent or Realtor, I highly recommend it. FYI, for more listings on MLS, you will not pay for their service(s) and expertise.
Best of luck.
Spirit
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