I had a few others in the interim.  One took about six months.  One took three, which is not bad at all.  And today, with GMAC as the short sale lender for the seller, we closed and the title transferred to my buyer.  We wrote around Thanksgiving, so not bad at all; almost a normal closing time.

One of the keys is, does the lien holder lender utilize on line processing, and the fact that Howard Hanna also has on line follow up through our short sale department.  Harder for things to fall through the cracks and it sure made things a lot smoother.  Congratulations to my clients who moved here from Tennessee.  And thank you to Mother Nature for easing them into our NE Ohio Winters with what has so far been an almost non Winter

3C

Inventory in Parma is a bit higher than Lakewood.  As of today, there are 397 single family homes for sale in Parma Ohio.  That still puts Parma into the category of about 18+ months of homes for sale.  (If anyone wishes, I can delve into homes in various price ranges to see if there is an existing need for homes in those categories.  It’s an interesting way to analyze and I can do that for communities as well.)

There are however, 94 homes under contract, meaning offers were accepted more recently and sellers and buyers are waiting for mortgages to be approved, inspections satisfactorily completed, and titles to transfer.  What did buyers like? 

First, all but a handful of these 93 homes are 3 or 4 bedroom homes.

Second, ranches are, luckily, a bit more abundant in Parma than in some other communities.  Ranches can be hot commodities because in that category, there is often a need for more listings. The range of ranches under contract start around $50k and go up to $189,900. 

Ten homes were listed at $120k or more.  And yes, there are quite a few listed under $75k and many of them are involved in the foreclosure process. For homes buyers recently liked, the average price per square foot is $60/square foot.

Since July, 331 homes have sold in Parma. The average sale price was $87,880 and $60/square foot. (Interesting to me that both Lakewood and Parma showed same ‘per sq. ft. price for pending sales and past six month sales…). 

The highest sale price in the past six months went to a home on Peachtree for $215k.  There were about 50 homes sold between $120k and $200k. 

The other similarity to Lakewood comps, is that most (with a few exceptions) had the ‘move in/turn key’ quality going for them.  Even if they needed some updating, they were ready for buyers to move in and do the work, if they chose that route.  I notice air conditioning (central air) more prominent among

There are 103 single family homes for sale by area brokerages in Lakewood Ohio as of today.  This is good news, it means inventory has stabled out over the past year.  We are not seeing 300+ single family homes for sale.  Could this change? Could more foreclosures hit the market? Well yes.  But the trend is holding in the ‘good’ range for a while now.

The average listing price of these 103 homes is $158,400 and $84 a square foot.

What have recent buyers decided to buy in Lakewood? There are 45 single family homes under contract in Lakewood.  These homes were on the market an average of 197 days before going under contract between the buyers and sellers.  The average square foot price for these 45 homes is $66 a square foot.  We don’t yet know the sale prices; have to wait for them to transfer title to have that information public.  But what can we tell about the homes buyers have liked recently?

There are about ten homes that were listed under $50k.  These were all bank owned. The majority of the homes under contract are between $70k and $160k.  Let’s look at some details about a few:

1.  A 3 BR colonial on Wyandotte is waiting to close. It has a finished basement and while it could use a bit of updating (there is wallpaper too), it looks clean and tidy.  It is listed for $79,900.

2. A 3BR bungalow with 1 1/2 bath has a cute kitchen eating nook plus a full dining room.  It is listed at $89,600 and is located on Olive Avenue.

3. A pretty large 3 BR colonial on Parkwood (about 1700 sq. ft of living space) with a great, cleanly updated white L-shaped kitchen with good workspace. It also has a formal dining room.  Listed at $98,400.

4.  At the upper end of the listing price spectrum? A 3300 sq. foot home on Parkside (Near Lakewood Park with Lake Erie views) that is listed for $795,000. 4BRs, 5BA and updated in a striking way…the way you would expect for a home at this listing price.  Thre are homes in all price ranges under contract. 

How about homes that have sold in the last six months?  There were 159 single family homes sold since August (again, all these stats are for homes listed with area brokers so I can track actual sales stats). The average number of days on the market for these homes was 106. The average price per square foot was $66.  (So for homes under contract, the  price per square foot appears to be $66!)

There were nine homes sold over $300,000 and the highest sale price was $625,000.  There were also many between $105k and $169k.  I found it interesting also, that only one of the homes listed as ‘sold’ was actually rented instead of sold.  (So I did not include that one in the totals).

Looking for info on a different community or have questions about Lakewood?  Let me know!

3C

My other couple are also Ohio ‘relocators’.  This time from the Akron area.  They want to live close to Downtown Cleveland so we are checking out the town house inventory for them. 

Our office phone lines (and my cell!) are still busy.  The activity indicated to me that even though it’s cold, we have an uptick in interest in buying homes.  (I have some new listings coming on board too, but those are fairly steady all year long).  So it was interesting to me to see this article from Crain’s Cleveland  on how NE Ohio home sales have steadily outpaced the rest of the State in the last 12 months.  Here is a quote: “… Unlike the rest of the state, NEOHREX total dollar volume rose by 11.2%, to $322.2 million last month from $289.9 million in December 2010.” 

  These figures include more than Cuyahoga County (Lake, Geauga, Medina, etc).  And they come from our computer multiple listing service (MLS)  called NEOREX.  This means homes sold through brokerages but it also means the stats are relatively accurate (compared to how others had been calculating stats that were not quite as accurate.)  I’m glad Crain’s is relying on the NEOREX figures because if  NEOREX says it sold, that means there are  sales records to back that up!

3C

How would you feel if you paid your property taxes and found out a bank had paid them instead and you got your money back.  Yeah, at first you’d smile and say cool! Then you’d scratch your head and say, huh?  This is how a family found out that even thought they THOUGHT they bought they house, the money had never gone to the bank.  Oy.

My only suggestion would be this: if you re-finance, if you get a loan modification, if you purchase a home, it seems to be necessary now to check in for the first year or so? Call your lender instead of just getting the payment slips, and find out if your loan account is all kosher and cool.  If you re-financed with a different lender, wait a few months and then call your old lender to make sure your account is satisfied.  Even if you have paperwork telling you the proecess was completed, the title transferred, the old loan got paid off, apparently we now need to follow up. 

And if for some reason you feel the need to get a loan from a huge banks (yes, one of the Too Big To Fail joints), I say call early and often to make sure you’re not getting the fickle finger of fate from them. Finding out there is something wrong a few months later is better than finding out years later  by getting an unjustified foreclosure notice. 

The last point is this.  Title companies can be reputable or not. If you are buying a home and your agent recommends you use one title company or another, don’t be afraid to ask questions: do you own a monetary interest in this title company (sometimes they do).  I always feel comfortable when buyers want to use Howard Hanna’s title company, Barristers of  Ohio.  I also know other title companies that are reputable and have been around a while.  I get nervous when someone comes to me and says they want to use _____  and I’ve not heard of them and it’s a small, or newer title company.  I have ways of checking with my office to see if a company is on a watch or ‘do not use’ list for fear of instability.  But buyers have recourse as well.  Contact the  American Land Title Assn. (ALTA) or visit ALTA’s website.  While you can’t foresee every problem, it’s always good to know that even if something bad DOES happen, you covered as many bases as possible. 

   3C

The other thing to note is, lots of calls and Internet contacts from people in general who want to buy homes.  I love that so many of them are beginning their search so they can move in the Spring or Summer.  Makes it a lot less stressful for them than having to do it in a hurry when leases run out. 

Also finding a LOT of people who want to rent.  I had a single family rental listing in West Park.  By the end of the first week, I had over 60 calls on it.  And yes, it’s now rented (listed 9 days total).  It’s a seriously good rental market.  If you have a single family home that’s been on the market for a while and have the flexibility to list it for rent …and list it at a fair rental value….chances are you will find a tenant.  3C

Best House Decoration Idea I’ve Heard or Read in 2011  This was something I read last Spring.  The idea stuck with me so I’m revisiting it here for you.  Wish I could remember where I read it!  It starts with us having old furniture, things we’ve collected that could be something else, and most importantly, the wish to update our home’s look without spending a fortune.

In spirit of a healthy environment, spending wisely and re-purposing: Host a party with a few friends. Each one brings a piece of furniture or collectible  from their home to strip, stain, paint, transform  into something else.  Have an old table top radio? I bet one of your friends can help you add a lamp kit to it for a cool change.  And you might be better at taking broken mosaic tile and re-doing another person’s coffee table top.  You get the drift! Everyone can make a day of it.  Seems like it would turn a chore into a fun day. 

Now to the sites with home decor ideas they found trending in 2011. 

I love the Lamps Plus gallery.  You have to check out the bike turned into a bathroom sink.  No,  I wouldn’t have thought I’d like it either, but I like it a lot!  I love the idea of accenting with the retro geometric patterns.  However, not sure I’m feeling the busily patterned wallpaper.  What do you think? 

Organic materials are definitely still trending strong and probably upward.  I don’t see this changing anytime soon.  Bamboo roman shades may not surprise you (they are nice, however). How about bamboo curtain and drapery hardware?   Very cool.  My latest thing (not that I’m a professional – just sharing!) is to put up rods that don’t match.  I also like the trend (I saw this several times in my NE Ohio home showings for 2011) of using cool things like skateboard tops for shelving.  HGTV has a photo gallery of window decor and hardware they feel represents the trend to new and enviro friendly materials.  

My last suggestion is a site called Houzz.  They see trending: grays in many shades, fiery wall colors as well (I love red/orange). There gallery of photos also features what they say is a return to using silhouettes as decoration.  I haven’t seen it, but like the photo they use as an example.

I saw (in real life home touring and in articles) a trend towards use of metallic, both in textured art as well as room colors and accent peices. 

Hope you enjoy this end of the year tour of 2011 home decor trends, and I wish for all of you a Happy New Year.  3C

Now here comes an article posted tonight on the PD talking about how cash purchases are up.  They also highlight a family who purchased because they are retirees who had to take a cash payment from an account and bought an upscale home with the money.

It is seriously a good time to talk to a tax accountant, your financial advisor, and your family, and see if this is also a good idea for you. 

3C

I have more clients requesting short sales this year than prior years, and the important thing is getting that lender contact so I can get a short sale package and at least know that we are working towards a common goal, not trying to push a rock up a hill without the possibility of a good result!

One agent from Virginia is quoted in the Market Watch article. She had a client who offered  over 300k on a home and the lender rejected the short sale, preferring it go into foreclosure.  They determined it would be better for them financially to foreclose.  Well, it sold a while later for much less.  Believe me, this has happened to my clients as well. 

The article also points out that the short sale process has ‘sped up’ a bit.  This is true, but not across the board. Many lenders, for example, are now doing their short sale or foreclosure work using on line transaction systems.  This helps a lot (and my company, Howard Hanna, is now using a similar on line tracking system that allows for faster responses on how things are progressing).  So yes, this has helped a lot.  But it still doesn’t apply to all lenders, and it still does not guarantee the short sale offer will be accepted.  But if you are game, and willing to wait, and also to accept that in the end you might be back out looking for another property, you might be a good short sale buyer! 

3C