Pointer Appraisal Northeast Ohio Property Economics & Appraisal Blog

January 9, 2008, For Immediate Release:

Here in Northeast Ohio, the temperature hit the high 60's this week. We all went on walks and noticed the thawed For Sale signs on our neighbors’ lawns.

Winter has always been a difficult time to sell a home. Let’s face it, most people just do not want to house hunt in the snow. This is particularly troublesome for sellers. The good news is that properties are still selling, although at a lower price, and at a slower pace.

Take a look at some facts about what is presently occurring in the Northeast Ohio Single Family Residential Real Estate marketplace. According to the Northern Ohio Multiple Listing Service, a database by the Cleveland Area Board of Realtors, there are presently 22,554 active listings on the market. In 2007, 25,303 properties sold. This equates to a 10.7 month supply on the market. To compare with last year, in 2006 27,904 Units were classified as closed with an average sale price of $170,111. This indicates that there has been a decrease in both units and price in 2007 from 2006.

Of the present 22,554 active listings on the Northern Ohio MLS, the average listing price is $191,503. In 2007, the average listing price has for SOLD Single Family Listings has been $171,368 with an average Sale Price of $163,101. The average sale price equates to be approximately 95% of the listing price. According to the averages and list to sale price, the average listing is priced more than 10% high.

If you are attempting to sell your home here are a few suggestions to promote its marketability.

1. Check your pricing. Are you priced to sell in a competitive market where buyers have a choice of many homes?
2. See what is selling in your area, all real estate is local. Pay attention to what is selling and what competing properties on the market are doing with their prices.
3. Order a listing appraisal. This type of appraisal will provide a marketing time, as well as a fair market value with SOLD comparables as well as Active Listing Comparables.
4. Ask your agent to hold a brokers open house, this is where several agents come through you home and provide feedback. Feedback is invaluable. Buyers have a bigger choice of homes than in previous years.
5. Look at what is selling in superior areas. If you are priced above these areas, examine your pricing strategy.
6. Examine your terms, offer incentives to attract homebuyers who need a little financial help.

About Pointer Appraisal Services LLC:

Pointer Appraisal Services is a full service real estate appraisal and valuation services firm located in Stow, Ohio. Pointer Appraisal provides Appraisal and Property Economics for residential and small business properties. Examples of our clients include: homeowners, investors, banks, mortgage companies, business owners, attorneys, and national management companies. Pointer Appraisal Services can be reached online at www.PointerAppraisal.com and via email at Info@PointerAppraisal.com