Have you Prepped your Summit County Home for Winter?

Oooh!  It’s that time of year again….the leaves have turned are and are now falling from the trees, the temperatures are falling below freezing at night, and there is talk of snow this weekend.  So – have you prepared your Summit County property for winter? Some items to think about include: It is wise to have your heating system serviced each year.  Whether you have forced air or radiant heat (baseboard or in-floor), you should arrange to have your furnace serviced before the cold really sets in.  Service calls are much cheaper than Emergency Service Calls (which always seem to… Read More

Home Prices: The Difference 5 Years Makes

Home Prices: The Difference 5 Years Makes CoreLogic recently released their Home Price Index Report. One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from July 2013 to July 2018 to show how prices over the last five years have fared. The graph below was created to show the 5-year change in price from July 2013 to July 2018 by price range. As you can see in the graph, the highest price appreciation occurred in the lowest price range with 48% growth, while the highest priced homes appreciated by… Read More

Are Summit County Homebuyers Starting to Hit the Pause Button?

For the last few years, buyer demand has far exceeded the housing supply available for sale. This low supply and high demand have led to the Summit County Average Home Price increasing nearly 39% since 2013. With this being said, three of the four major reports used to measure buyer activity have revealed that purchasing demand may be softening. Here are the four indices, how they measure demand (methodology), what their latest reports said, and a quick synopsis of the report. The Foot Traffic Report by the National Association of Realtors Methodology: Every month SentriLock, LLC provides NAR Research with data on the number of properties… Read More

Don’t Let Fear Stop You From Applying for a Mortgage

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification. For many, the mortgage process can be scary, but it doesn’t have to be! In order to qualify in today’s market, you’ll need to have saved for a down payment (73% of all buyers made a down payment of less than 20%, with many buyers putting down 3% or less), a stable income and good credit history. Throughout the entire home buying process, you will interact with many different professionals,… Read More

Supply & Demand & Bidding Wars

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase. Just like many areas of the country, the supply of homes for sale in the Summit County starter and trade-up home markets is so low that bidding wars have ensued. According to the Summit MLS, 1,345 residential properties listed at $750,000 and under sold at an average of 98.32% of list price, with several of them going above list price due to multiple offers.  649 residential properties listed over $750,000 sold… Read More