Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 15

Solon Market Report - May 2018

by The Schuman Team

Quarterly Market Reports On Sold Homes

Here is our monthly market report for real estate in Solon OH for the month of May, 2018.

HOMES SOLD IN SOLON - MAY 2018

ADDRESS                   PRICE   

35590 Solon Rd     $192,000

6577 Brookland     $194,400

33155 E. Nimrod    $210,500

6629 Duneden       $215,000

33103 Cromwell     $251,000

32302 Springside   $280,000

33005 Pettibone    $287,000

33385 Arlesford     $290,000

6531 Creekside Tr  $295,000

32777 Springside   $305,000

37630 Bunker Hill   $315,00

36825 Aurora        $320,000

34765 Sherwood Dr$325,000

34625 Blue Heron   $339,000

32687 Springside    $352,500

36425 Aberdeen     $362,500

33346 Lisa Lane     $369,500

6894 Silkwood       $371,175

34175 Ada Dr        $380,000

6228 Chagrin H.     $382,000

33855 Camberly     $395,000

35585 Michael Dr   $490,000

38711 Gaelic Glen   $512,500

6570 Dorset Lane   $575,000

7360 Hillside Lane   $635,000

6693 Winston Lane $642,500

7548 Royal Portrush $785,000

 

SOLD HOME STATISTICS SOLON OHIO - MAY 2018

Date                                         # of homes sold         Ave. Sales Price             

May 2018                                       27                            $373,021

May 2017                                       39                            $325,065

*source NEOHREX ( Regional MLS )

COMMENTARY:

Home sales for 2018 lag behind 2017 primarily due to a lack of inventory. There are certainly plenty of buyers, specifically in the sub $500,000 price point. However, the limited number of homes for sale has hurt overall sales.

The average sales price of homes that sold last month is unusually high. This is due to very few homes in the below $200,000 price point selling last month. This particular sector of the market significantly lacks inventory. In fact, there are currently only 2 homes on the market in this price point.

We have seen over 20 homes come on the market over the last 30 days. While inventories are still low, this will certainly help. We also expect to see more come on the market over the next 2-3 weeks as the summer market heats up.

Solon Market Report - Year in Review 2016

by The Schuman Team

Solon Sold homes

The following is our 8th annual year in review for Solon Ohio real estate.

Here, we will provide a comparison between 2016 and the previous two years and offer commentary. We will also be including a breakdown of specific price points.

ALL HOMES

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

2016                      335                    $309,712                96.35%

2015                      303                    $310,027                96.24%

2014                      269                    $327,567                96.55%

LUXURY HOMES ( sale price over $500,000 )

2016                       48                     $656,169               96.26%

2015                       36                     $672,009               95.97%

2014                       38                     $712,285               95.21%

2016 SALES - FIRST HALF VS. SECOND HALF OF THE YEAR

FIRST HALF             166              $314,622

SECOND HALF        172              $315,473

 

PRICE POINT BREAKDOWN OF ALL 2016 SALES ( 2015 sales in parenthesis )

$0-99,999 = 7

$100,000-199,999 = 82 (82)

$200,000-299,999 = 110 (90)

$300,000-399,999 = 62 (51)

$400,000-499,999 = 27 (38)

$500,000-599,999= 16 (12)

$600,000-699,000 = 20 (12)

$700,000-799,000 = 10 (9)

$800,000-899,000 = 1 (0)

$900,000-999,999 = 0 (1)

$1,000,000 +   = 0 (2)

Source: NEOHREX

COMMENTARY

2016 was a great year for the Solon real estate market.

Here are some things we can deduct from the statistics above:

1.     More homes sold in 2016 vs. 2015.

2.     Average sales price was slightly lower in 2015 than 2014.

3.     The number of sales was fairly balanced throughout the year.

4.     A well priced home will receive approximately 96% of asking price.

5.     The luxury home market had a significantly better year in 2016 in terms of sales.

WHY WAS 2016 BETTER THAN 2015?

In simplistic terms, the increase in sales in the $200,000-$399,000 price range was the major difference, especially the $200,00-299,000 range. In fact, 2014 saw only 51 sales in this price range, so the dramatic increase over the last two years is quite amazing.

Young families continue to flock to Solon to take advantage of the top rated Solon Schools and the more moderately priced homes are attractive from an affordability standpoint.

In terms of the families moving to Solon from other area suburbs, many are either buying their first home or moving up from their starter home. These buyer typically don't want to spend more than $350,000 and the available inventories have been plentiful over the last few years.

The other significant price point was the $600,000-699,000 range, where we saw a modest increase in sales from the previous year.

Continued low rates, a decent economy and an increase in the stock market all factored into the increase in sales in 2016.

2017 MARKET OUTLOOK

First quarter sales will certainly be in line with last year as there are 36 homes currently under contract. There are fewer homes currently for sale now  ( 71 ) than at this time last year ( 84 ) so the buyers on the sidelines are likely waiting for the new crop of homes to hit the market over the next 30-60 days.

It's hard to imagine the sub $300,000 market doing better in 2017, especially with a possibility of rates increasing. The determining factor may be available inventory over the next 3-4 months.

Homes will continue to sell for close to 96% of asking price. It certainly helps a seller is the home is properly priced and staged up front.

Buyers would be wise to get pre-approved well in advance so they can jump on the right home when it comes on the market. With limited inventory, especially early in the year, you can't afford to hesitate.

Solon Monthly Market Report October 2016

by The Schuman Team

Quarterly Market Reports On Sold Homes

Here is our monthly market report for real estate in Solon OH for the month of October, 2016.

HOMES SOLD IN SOLON -  OCTOBER 2016

ADDRESS                   PRICE   

33420 Linden Dr       $137,000

6621 Copley Ave      $145,500

6598 Glenallen Ave    $169,000

5059 Lake Vista Dr    $173,000

32605 Bainbridge Rd  $173,500

6448 Creekside Trl     $180,000

33198 Tallyho Dr        $181,200

33217 S Roundhead Ln$204,500

5199 Brainard Rd        $210,000

 5695 Elm Hill Dr         $217,000

 5675 Elm Hill Dr      $220,000

5203 Cheswick Dr    $235,000

 31845 Lynton Ln     $240,000

32923 Cromwell Dr     $242,000

 37433 Hunters Ridge Rd$249,500

37125 Fox Run Dr     $267,000

 36133 Derby Downs Dr $331,200

 6122 Liberty Rd        $333,000

 7291 Winchester Dr   $357,000

5241 Som Center Rd   $365,000

34160 Seminole Way   $400,000

6405 Suzanne Ln        $410,000

35365 Spatterdock Ln  $422,000

32520 Shadowbrook Dr  $440,000

6710 Brandamore Ct    $508,000

6730 Ridgecliff Dr       $520,000

 

SOLD HOME STATISTICS SOLON OHIO - OCTOBER 2016

Date                                         # of homes sold         Ave. Sales Price             

Oct 2016                                       26                            $281,938

Oct 2015                                       19                            $312,468

*source NEOHREX ( Regional MLS )

COMMENTARY:

As the market has slowed down a little bit from the summer, October sales were fairly decent in terms of the number of sales. However, most were in the mid to lower price points, so the average sales price last month is significantly lower than the year-to-date average sales price of $321,437.

After the market slowed down in July and August, it did pick up after Labor Day.

The luxury market has been strong this year but has slowed down over the last few months. Only 2 of the sales in October were over the $500,000 price point, and we have seen only 6 luxury homes go under contract since Labor Day.

We anticipate decent activity over the next few weeks, and then a seasonal slowdown from Thanksgiving to New Years.

Solon Market Report - Half Year 2016

by The Schuman Team

Solon Sold homes

While it's hard to believe, we have just past the mid point of the year. The market has been better than predicted with the number of sales up across the board.

The following is a comparison between the first half of this year to the same time period from 2015. We will also give a specific breakdown of sales by price points and offer our commentary.

ALL SALES - JANUARY - JUNE

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

2016                      164                    $313,977                96.57%

2015                      128                    $307,677                97.44%

LUXURY HOMES ( sale price over $500,000 )

2016                       26                     $613,281

2015                       15                     $632,043

 

PRICE POINT BREAKDOWN OF ALL FIRST HALF 2016 SALES ( 2015 first half sales in parenthesis )

$100,000-199,999 = 40 ( 35 )

$200,000-299,999 = 61 ( 39 )

$300,000-399,999 = 21 ( 21 )

$400,000-499,999 = 16 ( 18 )

$500,000-599,999= 11 ( 7 )

$600,000-699,000 = 12 ( 3 )

$700,000-799,000 = 3 (4 )

$800,000-899,000 = 0 ( 1 )

$900,000-999,999 = 0 ( 0 )

$1,000,000 +   =  0 ( 0 )

Source: NEOHREX

 

COMMENTARY

While 2015 was a very good year, 2016 is shaping up to be even better.

Below is a list of 5 things to take away from the above statistics:

1.     More homes sales in 2016 vs. 2015.

2.     Average sales price is up slightly in 2016.

3.     The $200,000-299,999 price point is the "hot" market in 2016.

4.     A well priced home will receive approximately 96% of asking price.

5.     The luxury market is more active in 2016, especially in the $600,000-699,000 price range.

 

As predicted, this year stated off strong with the sub $300,000 price point leading the way.

In fact, here was our prediction from our 2015 year end report:

"The beginning of the year should be strong. There are fewer homes currently for sale now   ( 85 ) than at this time last year ( 94 ).  Low inventories increase demand, and there are a ton of buyers on the sidelines waiting for the right home.

When homes start to come on the market over the next 30-60 days, buyers will likely begin snatching up the good ones.

It's hard to believe the sub $300,000 market could be any better in 2016, but relatively low rates certainly makes things affordable for this segment of buyers."

The 2016 real estate market has been fantastic this year up to this point. Sales have been consistent throughout the last 6 months, even during the colder months.

The sub $300,000 market has been booming since 2014. In fact, during that year we saw 51 sales in that specific price point and have seen 61 already in just 6 months this year. The draw of Solon's top rated schools no doubt plays into demand in the more affordable price points.

In terms of the luxury market, while the upper end has been a tad slow, the $500,000-$750,000 price point has been extremely vibrant this year. Continued low rates certainly play a major role as well as available inventory. Relocation activity also factors in as executives and physicians are always moving in and out of the Cleveland area.

MOVING FORWARD

There is typically a lull in the market in the weeks leading up to the new school year. We expect things to pick up after mid August and continue through Thanksgiving.

Properly priced homes are consistently selling for, on average, approximately 96% of list price and we don't see that changing.

While there is always a rush for buyers to get under contract so they can move before school starts, there are plenty of buyers still on the sidelines.

 

Solon Market Report - First Quarter 2016

by The Schuman Team

 

 

 

Everyone always asks us "how's the market"?  Well, it's started off similar to last year, which was an overall good year for Solon real estate.

Here is our First quarter market review, including last months' figures and comparisons to last year.

 

SOLD HOME STATISTICS - SOLON OHIO

Date                                     # of homes sold      Ave. Sales Price             

March  2016                             21                            $268,762

March  2015                             23                            $276,266

 

First Quarter 2016                    49                           $290,400

First Quarter 2015                    48                           $295,676

 

SOLON LUXURY MARKET

First Quarter  2016                     4                              $598,625

First Quarter  2015                     5                              $555,490

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Overall, the first quarter is typically the quietest. Therefore, we don't put a ton of weight on the statistics. Most of the inventory during this quarter is left over from the end of the year and many winter buyers are simply looking for bargains.

The heat of the market begins when homes start to come onto the market in March and will continue through July 1st. This date is significant as Solon Schools start in mid August this year, so getting under contract AFTER this date will not allow enough time to obtain financing and move.

Obviously, this is more relevant to relocation buyers and those moving to Solon for the first time as they need the Solon address to register kids for school. Local buyers can move at any point during the year without the logistical issues that the other buyers have.

As is always the case, updated homes in any price point will sell quickly. The challenge for move up buyers is actually finding their next home.

With continued low interest rates and a steady supply of motivated buyers, the housing market should be in line with last year.

 

Solon Ohio Year End Report - 2015

by The Schuman Team

Solon Sold homes

The following is our 7th annual year in review for Solon Ohio real estate.

Here, we will provide a comparison between this past year and 2014 and offer commentary. As an added bonus, we will be adding a new statistic this year, a breakdown of specific price points.

ALL HOMES

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

2015                      302                    $310,027                96.24%

2014                      269                    $327,567                96.55%

LUXURY HOMES ( sale price over $500,000 )

2015                       36                     $672,009               95.97%

2014                       38                     $712,285               95.21%

2015 SALES - FIRST HALF VS. SECOND HALF OF THE YEAR

FIRST HALF              128              $307,677

SECOND HALF           180              $309,176

PRICE POINT BREAKDOWN OF ALL 2015 SALES

$0-99,999 = 6

$100,000-199,999 = 82

$200,000-299,999 = 89 ( 2014 saw only 51 in this price point )

$300,000-399,999 = 51

$400,000-499,999 = 38

$500,000-599,999= 12

$600,000-699,000 = 12

$700,000-799,000 = 9

$800,000-899,000 = 0

$900,000-999,999 = 1

$1,000,000 +   = 2

 

Source: NEOHREX

 

COMMENTARY

2015 was a very good year for the Solon real estate market. The numbers were very similar to those of 2013.

Below is a list of 5 important things that the above statistics tell us:

1.     More homes sold in 2015 vs. 2014.

2.     Average sales price was lower in 2015 than 2014 due to an increase in sales in the $200,000-299,999 price point.

3.     The second half of 2015 saw a tremendous number of sales.

4.     A well priced home will receive approximately 96% of asking price.

5.     The luxury home market is fairly stable.

 

WHY WAS 2015 BETTER THAN 2014?

While total sales last year far exceeded sales from 2014, the numbers are a little misleading. The only reason for the large increase is due to the unusually high number of sales that occurred during the 3rd quarter in the sub $300,000 price points.

Basically, there were about 30 more sales in the $100,000-$300,000 price points just during this past summer. This was due to an influx of buyers likely moving to Solon for the start of the school year. Many were first-time buyers and move up buyers coming in from other cities.

Besides for this, the numbers for 2015 and 2014 were almost identical.

2016 MARKET OUTLOOK

The beginning of the year should be strong. There are fewer homes currently for sale now   ( 85 ) than at this time last year ( 94 ).  Low inventories increase demand, and there are a ton of buyers on the sidelines waiting for the right home.

When homes start to come on the market over the next 30-60 days, buyers will likely begin snatching up the good ones.

It's hard to believe the sub $300,000 market could be any better in 2016, but relatively low rates certainly makes things affordable for this segment of buyers.

Over the years, homes have sold for,  on average, approximately 95-96% of the list price and we don't see that changing. Homes that are properly staged and priced correctly up front will sell quicker and for more money.

Buyers would be wise to get pre-approved well in advance so they can jump on the right home when it comes on the market. With limited inventory, especially early in the year, you can't afford to hesitate.

Solon Ohio 3rd Quarter Market Report - 2015

by The Schuman Team

Here is our Solon Ohio Third Quarter Market Report.

First, we will provide market statistics for the past month of September. Then we will offer a look at the statistics for the third quarter and compare them to how we fared at the same time last year.

We will also provide year to date statistics and break down the luxury market, which is defined as homes that sell for $500,000 or more.

 

HOME SALES - SOLON OHIO

Date                                         # of homes sold         Ave. Sales Price             

September 2015                                33                           $291,909

September 2014                                19                           $371,037

 

Third Quarter  2015                           120                          $302,851

Third Quarter 2014                             96                           $353,864

 

YTD 2015                                         248                         $305,343

YTD 2014                                         223                         $330,866

 

SOLON LUXURY MARKET

Third Quarter  2015                           12                            $651,792

Third Quarter 2014                            17                            $691,957

 

YTD     2015                                    27                             $640,820

YTD     2014                                    34                             $711,097

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

While the first quarter started out on pace with 2014, the last two quarters saw an increase in sales compared to last year. Overall, sales are up in 2015 while the average sales price is down.

From the highlighted figures above, one could interpret this to mean that values in Solon have come down close to 10% this year.  However, the reason for the difference in both increased sales and lower average price is a direct result of 28 additional homes being sold in the $100,000-$300,000 price point this year.

The decrease in demand for luxury homes has also had a negative effect on overall average purchase price.

INVENTORY

We currently have 141 active listings, about 15% more than we had at this time last year.  While we had been screaming for more inventory over the last few years, things have gotten a little bit better, especially in specific price points.

Fall is a popular time for sellers to put their homes on the market, evidenced by over 20 homes that have come on in the last 30 days.

FINAL THOUGHTS

The fourth quarter can be fairly hectic. Many buyers and sellers would like to avoid moving during the cold winter months, and are thus motivated to get something done during the fall.

Fall can be an ideal time for buyers. Homes that didn't sell over the summer are now seeing price reductions as these sellers realize their window of opportunity is limited with winter coming. This is where deals can be had.

For sellers, a nice home priced right in any market will sell, especially in the fall. We have seen bidding wars and homes fly off the market recently so a seller with an updated home can expect to sell quickly and for top dollar.

The luxury market is the one area of concern based on the numbers. There are a lot of homes in this segment of the market that have been lingering for 150-200 days or more.

With the average time on market for luxury homes being around 100, these particular sellers may need to do re-evaluate their strategies because whatever they are doing is obviously not working.

On the bright side, a 1.3 million dollar home sold in a matter of days recently, so the high-end buyers certainly do exist.

Overall, we expect to finish out the year on a good note and can say with confidence that Solon remains one of the highest demand areas in the state.

Please note, the above statistics are merely on overview of the market, not to be used to determine if a home's value is increasing or decreasing. If you are looking to sell or buy a home in Solon and want help determining what a home is worth, we recommend contacting an agent who specializes in the Solon market to assist you.

Real estate can be neighborhood specific, requiring an in depth look at sales pertaining to a certain development or geographical area.

Solon Ohio Market Report - May 2015

by The Schuman Team

Quarterly Market Reports On Sold Homes

 

 

Here is our monthly market report for real estate in Solon OH for the month of May, 2015.

 

HOMES SOLD IN SOLON -  MAY 2015

ADDRESS              PRICE   

32737 Baldwin Rd  $105,000

38240 Fox Run Dr  $115,000

6629 Solon Blvd      $143,500

31698 Sedgefield     $149,000

6920 Som Center    $166,000 

6614 Brookland Ave$167,000  

6705 Edgemoor Ave$170,000

34580 Pettibone Rd$179,900

6557 Forest Glen Dr$183,400

6394 Glenallen Ave $188,000

6833 Green Ridge    $208,000

32547 S Roundhead $210,000

30135 Woodall Dr     $212,000

6554 Solon Blvd        $214,500

7142 Fox Hill Dr       $225,000

32778 S Roundhead $230,000

7386 Cromwell Dr    $230,317

7092 Fox Hill Dr       $233,000

5660 Elm Hill Dr      $245,000

7244 Hollyhock Ln   $248,000

6531 Creekside Trl    $275,000

33017 Springside Ln $280,000

6531 Woodbury Dr   $310,000

33359 Allenbury Dr $340,000

7320 Joseph Dr        $398,000

34865 Seminole Way$412,500

32670 Woodsdale Ln$425,000

6597 Hyllwynd            $473,500

37110 Wexford St        $565,000

7588 Stockwood Dr    $570,000

7227 Capilano Dr        $705,000

7357 Shelford Dr         $710,000

 

SOLD HOME STATISTICS SOLON OHIO - MAY 2015

 

Date                                         # of homes sold         Ave. Sales Price             

May 2015                                       32                            $290,207

May 2014                                       24                            $262,537

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

A strong May has pushed overall sales figures for the year higher than during the first 5 months of 2014, albeit by a very small margin.  In addition, there are currently 69 homes under contract.

We have a decent amount of new inventory and begin to embark on the busiest 3-4 weeks of the summer buying season. Naturally, buyers wanting to move before school starts will want to be under contract by the week of July 6.

We expect to see a big rush of buyers making final decisions over the next 30 days, especially right before and after the Fourth Of July weekend.

Solon Ohio Half Year Market Report

by The Schuman Team

 

 

Here is our Bi-Annual Market Report for Solon OH.

First, we will provide market statistics for the past month of June. Then we will offer a look at the statistics for the first half of the year and compare them to how we fared at the same time last year. Finally, we will provide commentary.

Also contained within this report will be information pertaining to the Solon luxury home market  ( those priced over $500,000 ).

 

SOLD HOME STATISTICS SOLON OHIO

 

Date                                         # of homes sold         Ave. Sales Price             

June 2014                                38                           $345,217

June 2013                                42                           $316,836

 

First Half  2014                        126                          $304,089

First Half  2013                        143                          $297,103

 

 

SOLON LUXURY MARKET

First Half  2014                             16                            $679,628

First Half  2013                             21                            $659,405

 

SALES BY PRICE POINT       2014                      2013

 

$100,000-199,999                   42                                  50

$200,000-299,999                   23                                  40

$300,000-399,999                   28                                  24

$400,000-499,999                   15                                   5

 

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

As we predicted in our Year In Review 2013, there has been a decrease in overall sales so far this year. We are down by about 12% compared to the first half of 2013. The average sales price has increased though.

This had been an interesting year in real estate for Solon. We got off to a much hotter start in 2013 thanks in part to unseasonably warm winter weather. The lack of inventory this year also kept us from starting fast out of the gate like we did in 2013.

Last year we saw 303 sales of single-family homes. So far this year, we have had 126 sales and an additional 70 homes are currently under contract.

Assuming these all close, that would put us at 196 sales,  leaving us needing to sell 107 more homes by the end of the year to match last year's numbers.  Is this possible?

INVENTORY

This is where inventory is so crucial. We currently have 100 active listings. Since statistically, 53% of all listings end up selling, we will still need a lot more inventory to come up over the next 100 days or so in order to match last years sales figures.

While there has been a lot of new homes coming on the market over the last 60 days, the slow start to the year didn't help. Inventory of available homes for sale is still historically low, giving buyers fewer choices.

FINAL THOUGHTS

Our feeling is that many home sellers have gotten cocky over the last year in terms of pricing their homes, with some pricing themselves out of the market. Yes, the market is certainly better, but values are still far off the 2006 peak levels. So, expecting to receive that for your home is simply unrealistic unless you have done significant updates.

Buyers are very educated today and want immediate gratification. Most do not want to do a lot of work to a home if they don't have to. Therefore, a nicely updated home, priced fairly, should fly off the market.  Homes that need a lot of work and/or are not priced correctly, will likely sit on the market for a while.

Last year was an exceptional year in real estate, so expecting to match those numbers is probably unrealistic. However, a decent fall market can help us end up with a fairly solid year.

Solon Real Estate - Market Report First Quarter 2014

by The Schuman Team

 

 

Here is our first quarter market report for Solon OH.

First, we will provide market statistics for the past month of March. Then we will offer a look at the first quarter statistics and compare them to how we fared at the same time last year. Finally, we will provide commentary.

Also contained within this report will be information pertaining to the Solon luxury home market  ( those priced over $500,000 ).

 

SOLD HOME STATISTICS SOLON OHIO

 

Date                                         # of homes sold         Ave. Sales Price             

March 2014                                14                            $267,304

March 2013                                17                            $310,746

 

First Quarter 2014                        43                           $283,251

First Quarter 2013                        40                           $305,230

 

 

SOLON LUXURY MARKET

First Quarter  2014                       4                             $736,861

First Quarter  2013                       8                             $657,938

 

 

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

The numbers above show an increase in terms of home sales from last year, which is always good news. However, the numbers don't tell the whole story.

We predicted in our Year In Review 2013, a decrease in total number of sales this year. Based on the numbers above, are we wrong?

Hopefully, we are way off base and sales will increase in 2014. That will be good for everyone, us included.  The problem remains that without inventory, we cannot possibly sustain the numbers we saw in 2013.  Let's look at the numbers closely:

Last year we saw 303 sales of single-family homes. So far this year, we have had 43 sales and an additional 61 homes are currently under contract.

Assuming these all close, that would put us at 104 sales,  leaving us needing to sell 199 more homes by the end of the year to match last year's numbers.  Is this possible?

INVENTORY

This is where inventory is so crucial. We currently have 77 active listings. If, best case scenario, each and every one of these homes sells, we would still need 122 homes to come on the market and sell before the end of the year.

In order to sell in this calendar year,  we would basically need these 122 homes all to come onto the market over the next 6 months. That's a lot of homes in a short period of time.

So, as you can see, we have a tall task in front of us to meet last years numbers.

THE GOOD NEWS

Now that I have presented the facts, here is the good news. There are a ton of buyers out there.

How do I know this? Agents communicate to each other and get a good feel for what is going on in the market. It is not unusual to get 15-20+ showings on a listing. Some price points are even more competitive.

Since only one of those showings will lead to a sale, the rest of the buyers are out there, waiting. That's a lot of buyers.

FINAL THOUGHTS

In general, we have a very strong real estate market here in Solon. Nice homes, and I emphasize NICE ( updated, properly Staged, well-maintained...) will sell quickly.

However, buyers are still fairly picky. They will pay a very fair price for a nice home. They will not overpay for an average home. They may be motivated but they aren't foolish.

So, if you are looking to buy or sell a home in Solon, here's our parting advice:

For sellers: I would highly recommend making sure your home is positioned to sell. If not, you will simply be helping your competition. There is no excuse not to sell in this market.

For buyers: If you find a home you like, odds are that other buyers will feel the same way, so make an offer immediately.

If you have been sitting on the sidelines for what seems like forever, waiting for that one perfect home to come up, please read this: the perfect house doesn't exist.  You either aren't motivated to buy or have unrealistic expectations.  You may want to re-think your game plan moving forward.

Displaying blog entries 1-10 of 15

Contact Information

The Schuman Team
HOWARD HANNA REAL ESTATE SERVICES
3550 Lander Road
Pepper Pike OH 44122
Dan: 216-346-3235
Amy: 216-403-9189
Fax: 216-456-2333