Lisa Humenik, RE/MAX Crossroads - Market Update News 1Q, 2018

Greater Cleveland Area Suburbs

Neighborhood Housing Market News Real Estate News for Home Owners, Home Sellers, & people on the MOVE

Written just for you by... Lisa Humenik, Realtor® RE/MAX Crossroads

Lisa Humenik My focus is on helping clients sell their home for the best price possible or find the place of their dreams. All clients receive expert marketing including internet, video, social media, print, and mobile. I’d love to help you with all your real estate needs.

Call (440)476-4959

Dear Clients, Neighbors, & Friends, The Spring home selling market is already here. If you are planning to buy or sell this year, it's time to prepare and know what lies ahead. This newsletter outlines the key trends we are seeing in the local housing market for this year. Call or email me for a with any questions or a complimentary home valuation. Thanks! Lisa Humenik

HOME SALE PRICES RISE WITH AFFORDABLE INVENTORY IN DEMAND The 2018 home selling market is here and the year is again poised to be a good time for sellers to take advantage of appreciating home values over the past few years. The demand for homes is outpacing supply, especially in the more affordable price ranges . Young millenial buyers are now purchasing their first homes and baby boomers are also looking to downsize, This year should see strong demand in the first half as mortgage rates start rising in the 2nd half of 2018. It's best to start soon...the early bird will get the worm this year!

NUMBER OF HOMES 2017 (vs 2016) # Homes For Sale - 14.4% # Homes SOLD +2.6%

2018-YTD* -16,4% -4.4%

PRICES 2017 (vs 2016) Avg Sold Price + 7.7% Avg Asking Price +12.6%

2018-YTD* +2.7% +15.7%

LisaHumenik.com * (440)476-4959 * lisahumenik@gmail.com FB.COM/AMAZINGNORTHEASTOHIOHOMES

TWITTER.COM/GREATHOMESINCLE

Housing Market Trends - Southwest Suburbs Here's the key trends for full year 2017 (to year prior) for key West side suburbs and what we are seeing so far in 2018: BEREA: Average Sold Price $135,000 (+2.3%), 2017 Homes Sold = 258 (+1%), Avg. Days on Market = 73 (-13%), Available Homes for Sale vs Year Prior (-48%) - VERY LOW INVENTORY KEEPING SALES NUETRAL. WITH MODEST PRICE APPRECIATION BROOK PARK: Average Sold Price $114,0300 (+10%), 2017 Homes Sold = 108 (+5%), Avg. Days on Market = 80 (-33%), Available Homes for Sale vs Year Prior - 22 (+16%) - PRICES RE-BOUNDING FROM PRIOR YEARS. SUBSTANTIAL DECREASE IN DISTRESS PROPERTIES. LAKEWOOD: Average Sold Price $205,000 (+24%), 2017 Homes Sold = 531 (+5%), Avg. Days on Market = 54 (-12.9%), Available Homes for Sale vs Year Prior (-22.1%) - VERY HIGH PRICE APPRECIATION . INVENTORY SHORTAGE. MIDDLEBURG HTS - Average Sold Price $168,00 (+2.4%), 2017 Homes Sold = 188 (+15%), Avg. Days on Market = 39 (-33%), Available Homes for Sale vs Year Prior 20 (+18%) - STRONG DEMAND. QUICK SALE / LOW DAYS ON MARKET. NORTH OLMSTED: Average Sold Price $159,000 (+9%), 2017 Homes Sold = 432 (+10%), Avg. Days on Market = 65 (-18%), Available Homes for Sale vs Year Prior - 42(-32%) - SALES & PRICES RISING NORTH ROYALTON: Average Sold Price $229,000 (+4%), 2017 Homes Sold = 293 (+21%), Avg. Days on Market = 84 (-13%), Available Homes for Sale vs Year Prior - 43 (-9%) - STRONG INCREASE IN NUMBER OF HOMES SOLD OLMSTED FALLS: Average Sold Price $189,000 (+9%), 2017 Homes Sold = 317 (-2%), Avg. Days on Market = 83 (-31%), Available Homes for Sale vs Year Prior - 58 (-18%) - INVENTORY SHORTAGE PARMA: Average Sold Price $113,000 (+7%), 2017 Homes Sold = 1185 (+3%), Avg. Days on Market = 70 (-17%), Available Homes for Sale vs Year Prior - 158 (-22%) - VERY STRONG PRICE RECOVERY DUE TO DECREASE OF DISTRESS SALES DURING MARKET DOWNTURN

A Deep Reflection

STRONGSVILLE: Average Sold Price $238,000 (+5%), 2017 Homes Sold = 637 (-9%), Avg. Days on Market =71 (-29%), Available Homes for Sale vs Year Prior - 86 (-8%) - NUMBER OF HOMES SOLD DECREASE DUE TO LESS AVAILABLE HOMES FOR SALE. WESTLAKE: Average Sold Price $346,000 (+8%), 2017 Homes Sold = 330 (+15%), Avg. Days on Market = 114 (+3%), Available Homes for Sale vs Year Prior - 76 (-26%) - EXTREME INVENTORY SHORTAGE. STRONG PRICE APPRECIATION CUYAHOGA: Average Sold Price $168,000 (+7.7%), 2017 Homes Sold = 13,975 (+2..6%), Avg. Days on Market = 87 (-13%), Available Homes for Sale vs Year Prior (-14.4%) - HOME SALES OUT-PACING NEW INVENTORY - PRICE APPRECIATION - SELLERS MKT . ALL REAL ESTATE IS LOCAL AND BY PRICE RANGE! Contact me and I will email you a personalized report for your Neighborhood.

What's Your Home Worth in Today's Market?

Would you like to stay up to date on changes in your Home’s Value and sales in your Neighborhood?

My new bi-monthly ePropertyWatch Monthly Email Update will keep informed of your home’s valuation change using CoreLogic’s gold-standard Automated Valuation Model (AVM). You see all the neighborhood surrounding listings, property sales, and foreclosures. It’s 100% FREE and it’s delivered to your inbox twice every month. If you would like to sign-up or learn more about neighborhood sales , visit HomeValueChangeAlert.com.

Visit HomeValueChangeAlert.com

NEWS • THE UNITED COMMUNITY NEWSLETTER Email meWORSHIP at lisahumenik@gmail.com for a MarketCHURCH Report for your Neighborhood

Thinking of Selling or Buying Home in 2018?

Here's What the Experts Forecast for Housing this Year...

The 2018 housing market will see continued growth but may be affected by rising mortgage rates and continued home inventory shortages. Here are some of the key predictions: 1. Slowing price appreciation – Home prices are forecasted to slow to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent nationwide in 2017. Most of the slowing will be felt in the higher-priced segment as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively. Entry-level homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available for sale in this price range.

2. Inventory shortages will continue to drive the housing market: In Cuyahoga County, there are 16% fewer homes for sale than 12 months ago (and 46% less han 5 years ago). The shortage is most severe for affordable homes less than $150K (down 59%).

3. Mortgage rates head Up - Mortgage rates are expected to rise in 2018. CoreLogic, a data provider for the real estate industry, averaged six forecasts of mortgage rates, arriving at a consensus view that the 30-year fixed will average 4.9% in December 2018.

4. Number of Home sales rise modestly - Resales of existing homes are expected to rise modestly in 2018. The median estimate is that existing home sales will rise 2.5%, to 5.6 million units.

5. New Construction Increases - Sales of new homes are expected to rise a median of 7%, to 653,500 nationwide. However, home builders make more profit from expensive houses than entry-level houses (so that’s what they tend to build). Current trends that homebuilding will continue its advance after the best year for new construction in a decade. Nonetheless, the industry faces hurdles such as a recent spike in mortgage rates, shortage of workers, rising costs for materials and a scarcity of ready-to-build lots.

6. Millennials Drive Home Purchases - Although millennials will continue to face challenges this year with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the sheer size of the generation. Millennials could reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017. With the largest cohort of millennial expected to turn 30 in 2020, their homeownership market share is only expected to increase.

The NE Ohio housing market (Cuyahoga County - Single Family) has started off 2018 on slightly softer footing, with sales down 1.5 percent from last year. New listings were down nearly 5 percent last month, when compared with a year before. Scarce listings and fierce competition between buyers continue to drive up prices, but this will soften in Spring/Summer with more listings hitting the market creating more availability. Homesellers remain in a great position to capitalize on rising prices and strong demand in 2018, especially in the first half of the year, Buyers will likely try to purchase before rates rise later in the year which will drive Spring & Summer home sales. Please let me know if you need assistance selling or buying a home this year.

A Deep Reflection

MORTGAGE RATES ARE ON THE RISE Based on Freddie Mac’s U.S. Economic & Housing Marketing Outlook, interest rates are projected to increase steadily over the course of the next 12 months. Mortgage rates will gradually increase almost a full percentage point to close to 5% by year end. Rates are still at historic lows but with an improving economy and demand they are starting to head upward.

WORSHIP • THE UNITED COMMUNITY CHURCH Call me forNEWS a FREE Marketing Presentation forNEWSLETTER your HOME.

Lisa Humenik RE/MAX Crossroads 17149 SouthPark Center Strongsville, OH 44136

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* Look inside for important homeowner & seller news! Complimentary discounts for past clients and referrals available. Also, if you are thinking of selling or tried selling before, call me or visit SmartHomeSellerPlan.com for more info on my aggressive marketing plan.

Free staging too!

Thinking of Selling Your Home in 2018?

Here's just a sample of why my service outperforms other Realtors....

THE MOST MARKETING exposure of your home Guaranteed! - My commitment to you is that I will offer you more marketing and buyer exposure for your home than other Realtors or brokerages provide.

EXPERIENCE & PROVEN SALES PERFORMANCE - Over 10 years Experience with home sales volume is over $4 million - 5x the sales productivity of other Realtors in the market, ranked in the Top 10% of nationwide.

SPONSORED ONLINE ADVERTISING - My clients receive extensive online advertising (at no cost to you) of your home 24x7 on REMAX.com, Realtor.com, Zillow.com, Trulia.com, and on over 500 affiliated internet websites. In addition, advertising on top news sites to targeted buyers looking in your neighborhood.

WIDE ANGLE LENS (HDR) PHOTOGRAPHY - Your 1st Showing to potential buyers is ONLINE, so your home needs to STAND OUT! Interior & exterior pictures are taken with wide-angle lens High-Dynamic Resolution (HDR) photography which captures the full range of lighting and color in a scene producing “magazine quality” pictures which showcase your home in the best way possible.

MOTION PICTURE VIDEO -To make your home stand out from the rest, a motion picture video will be taken and professionally produced and will include music and photography highlighting your home’s best features YOUR HOME’S EXCLUSIVE WEBSITE - An exclusive website just for Your Home, eg.. "YourAddress.com".

SOCIAL MEDIA ADVERTISING - Social Media Advertising on Facebook, Instagram, and Twitter targeted at local buyers - creating a BUZZ around your listing!

COMPLIMENTARY STAGING - Free consultation and complimentary staging for vacant homes.

NO LONG-TERM LISTING AGREEMENT - You will not be asked to sign a long-term listing agreement. I am so sure you will be happy with my services and that your home will sell quickly, we can agree to a short-term agreement (as short as 90-180 days) to get your home SOLD. 100% HAPPINESS GUARANTEE - You will LOVE our services and will want to tell your friends and family!

However, if you change your mind for ANY reason, you can cancel your listing agreement anytime! Please feel free to call me at (440) 476-4959 so I may present my marketing plan for your home so you can get moving soon! I would love to work with you and get you the BEST price for your home.

Lisa Humenik