If you are a luxury home buyer, 1st time home buyer, or trying to find lots for sale, this same type of analysis is an important part of learning the state of the market in the community or neighborhood of interest. Chagrin Falls real estate and Bainbridge Township real estate are showing significantly higher inventory levels. Before you begin to negotiate, get the details for communities of interest. This study includes Solon Ohio real estate, within the zip code 44139.

City of Solon Ohio

INVENTORY REPORT FOR November 16, 2009
Price Range———–Active&Contingent———–Pending& Sold——-Current Inventory
$100,000 – $200,000 _ _ _ _ _ _ 39 _ _ _ _ _ _ _ 58 _ _ _ _ _ _ _ 4 months
$200,001 – $300,000 _ _ _ _ _ 51 _ _ _ _ _ _ _ 45_ _ _ _ _ _ _ 7 months
$300,001 – $500,000 _ _ _ _ 41 _ _ _ _ _ _ _ 49 _ _ _ _ _ _ _ 5 months
$500,001 + _ _ _ _ _ _ _ _ 50 _ _ _ _ _ _ _ 25 _ _ _ _ _ _ 12 months

Total Homes for Sale 181
Average Sales/Month 29.5
Months of Inventory 6.1

Homes for sale in Solon Ohio have returned to normal levels. This compares to the continued elevated levels of homes for sale in Chagrin Falls, Bainbridge Township, Auburn Township, and Aurora.

If you need to know this information for your specific area, go to the CONTACT US button now in the upper right corner of our web page. The above numbers may be eye openers for many of you. If you are currently a home seller, you may not be aware of these recent changes. Most importantly, ALL HOME BUYERS AND HOME SELLERS should be aware of them for your street, neighborhood, and community. EVERY COMMUNITY IS UNIQUE.

If you are looking to purchase a home in the next few months, please give us a call. We show all properties listed by any real estate broker and most homes for sale by owner. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community.

If your interest is in the luxury home market, the above chart indicates an inventory of 12 months. Luxury homes for sale in Chagrin Falls, Bainbridge Township, and Aurora are at considerably higher inventory levels. Be prepared to negotiate. There are still excellent values available in every price range.

For families and individuals involved in a relocation home purchase, you’re timing is still very good. Homes in Cleveland Ohio are among the most affordable of the major metropolitan areas in the USA.

Our website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

(The following is specific to one area of Greater Cleveland.  If you are a home buyer or home seller, and especially if relocation is the reason for your move, this detail is extremely important to you.  Please do not make financial decisions without knowing the facts about your community. If you are buying or selling a home, this same type of analysis will be done for your community/neighborhood. )

44022     CHAGRIN FALLS      44023

INVENTORY REPORT FOR July 30, 2009

Price Range                  Active&Contingent     Pending& Sold        Current Inventory

$150,000 – $300,000         137                             87                                 9 months

$300,001 – $500,000        137                              71                                 12 months

$500,001 +                      106                             29                                  22 months

….TOTALS……..              380                           187

Total Homes for Sale                 380

Average Sales/Month                 31.2

Months of Inventory                 12.2

First impressions might cause you to think that sales are increasing dramatically in the Chagrin Valley area.  The truth is that fewer homes are being listed in CHAGRIN FALLS 44022 & 44023, while rate of sale stayed virtually the same at 31 homes per month.  The same could be true for Solon, Twinsburg, Aurora, and Russell.  If you need to know this information for your specific area, for developments like Laurel Springs, Barrington, and Canyon Lakes, give us a call.  The above numbers may be eye openers for many of you.  If you are currently selling your home, you may not be aware of these recent changes.  Most importantly, ALL BUYERS AND SELLERS should be aware of them for your street, neighborhood, and community.  The numbers can change dramatically by location, even within your local community.  There are also significant variances between price groups.

If you are looking to purchase a home in the next few months, please give us a call.  We show all properties listed by any real estate broker and most for sale by owner homes.  If you find a home on any website, we can schedule a showing for you.  Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community facts.  All the details you need to make a good decision.

This past week we assisted a buyer in purchasing a home in the Chagrin Falls/Bainbridge area.  They had narrowed their search to 2 homes.  One home was a tremendous value, and the other was a home that fulfilled their dreams.  They selected the home of their dreams.  The other home is still available, and we would be excited to show it to you.  It’s priced in the $400-500,000 range and will fulfill someone’s dream home requirements.

For families and individuals involved in a relocation transfer, you’re timing is excellent.  The Greater Cleveland Community has so much to offer and is one of the most affordable major metropolitan areas in the country.

YouClevelandRealtor.com website contains information on mortgage rates, lenders, and  local community groups.  Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Jim & Joan Norbuta

Realtor
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley.  Call us for referrals to outstanding RE/MAX agents in other communities.

Today’s Cleveland Plain Dealer reports that home sales for May 2009 are generally lower than for May 2008, with Cuyahoga, Lorain, and Lake Counties showing a 7 to 9 % drop for the year to year comparison.  The State of Ohio is showing an 18% decline.

Geauga County is the exception, posting a 15% increase over May 2008.  Jonathan Hall, President of the Ohio Association of Realtors stated:  ”With favorable pricing, attractive interest rates and sellers more realistic in their expectations, the market is poised for a rebound due to the ideal conditions that exist.”

Reports for Portage County-Aurora and Summit County-Twinsburg are inconclusive due to the merger of the data services of the two multiple listing services.  These figures do include the Chagrin Valley areas of Chagrin Falls,  Solon, Bainbridge Township, Auburn, South Russell, and Chesterland.

Contact us if you have any questions.

Jim & Joan Norbuta

Realtors

REMAX Traditions

Are you ready for this….it’s a possibility that we will see a $15,000 tax credit for ALL home buyers.  As reported in USA Today, there are many potential changes to the housing bill that currently gives first time buyers an $8,000 tax credit, depending on their income.

The proposed bill would change the amount of the credit to $15,000, eliminate the income restrictions, and give access to ALL HOME BUYERS. 

Along with the terrific interest rates that are still available, this would certainly give a boost to home sellers.  We do business on the southeast side of Greater Cleveland (Chagrin Valley), focusing on Solon, Chagrin Falls, Bainbridge Township, Twinsburg, Aurora, and Chesterland.  If you are relocating, check out the relocation section of our website.  We can also refer you to outstanding REMAX realtors in any part of Greater Cleveland.

Contact us if you have any questions.

This week’s Consumer Price Index (CPI) and Producer Price Index (PPI) data indicated that inflation is not a concern in the short-term. A significant decline in energy prices from one year ago resulted in a very low overall annual inflation rate. Even Core CPI, which excludes food and energy, rose at a tame 1.8% annual rate. However, the benefits from the favorable inflation news was offset by stronger than expected economic growth data. In particular, the Philadelphia Fed manufacturing index showed surprising improvement. In addition, May Housing Starts rose 17% from April, while Building Permits, a leading indicator of future activity, also exceeded expectations. This week’s data sets the stage for next week’s Fed meeting. With inflation currently low but at risk of increasing if the economy continues to improve, the Fed may be reluctant to introduce more stimulus, opting instead to wait and see how the economy performs.

President Obama this week proposed broad new rules for regulating the financial system. One proposal under the Obama plan would create a consumer protection agency which would have the authority to set rules for the mortgage industry. The details may not be known for quite a while, as the plan now faces a lengthy debate in Congress.

Also Notable:

• The -1.3% decline in CPI from one year earlier was the largest annual decline since 1950
• Continuing Jobless Claims fell for the first time in twenty weeks
• The Fed’s Bullard predicted that the economy will begin to improve during the third quarter
• The Fed purchased $20 billion in agency MBS during the week ending 6/17

Weekly Mortgage Update Courtesy Of:

Darrin L. Kresevic, Sr. V.P., Loan Officer, LPO Manager

First Place Bank          440 349 7550

6150 Enterprise Parkway – Solon Ohio 44139

Assistant – Janice Zabish Direct – 440 349 7562

Lending seventeen years of Mortgage Banking experience

To reach Darrin and many other outstanding business people in our community,

please look at our website:          business and services section

(The following is specific to one area of Greater Cleveland.  If you are a home buyer or home seller, this detail is extremely important to you.  Please do not make financial decisions without knowing the facts about your community)

44022 CHAGRIN FALLS 44023

INVENTORY REPORT FOR JUNE 12, 2009

Price Range                  Active&Contingent     Pending& Sold        Current Inventory

$150,000 – $300,000            163/13                     17/53                      15  months

$300,001 – $500,000          163/10                    14/40                     19 months      

                                                                                                                                                                                                                            $500,001 +                            179/6                       10/13                      48  months           

…………….TOTALS……..         505/29             41/106               21.8months

                        Total Homes for Sale                 534

                        Average Sales/Month                24.5 

                        Months of Inventory                   21.8

                        Pure and simple, there are a lot of homes for sale in CHAGRIN FALLS.  The same is likely to be true for Solon, Twinsburg, Aurora, and Russell.  If you need to know for your specific area, even for developments like Laurel Springs, Barrington, and Canyon Lakes, give us a call.  The above numbers may be eye openers for many of you.  If you are currently selling your home, you are probably very well aware of them.  Most importantly, ALL BUYERS AND SELLERS should be aware of them for your street, neighborhood, and community.  The numbers can change dramatically by location, even within your local community.

If you are looking to purchase a home in the next few months, please give us a call.  We show all properties listed by any real estate broker and most for sale by owner homes.  Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community facts.

If your interest is in homes priced above $500,000, the above chart indicates an inventory of 4 years.  If you are ready to negotiate, there are excellent values available in every price range.   

 For families and individuals involved in a relocation transfer, you’re timing couldn’t be any better.  The Greater Cleveland Community has so much to offer and is one of the most affordable major metropolitan areas in the country.

Our website contains information on mortgage rates, lenders, local community groups, details about us and our services, and helpful information for living or moving to the Chagrin Valley.                          

• the recent economic data has shown some small signs of improvement
• concern about inflation due to the substantial amount of debt the U.S government has issued / continues to issue
• and lastly, the big concern which is not heavily publicized….foreign investment or the lack there of.

Did you realize that foreign investors, namely China and Japan purchase up to 40% of our debt (U.S. Treasuries). One of the major fears the past few weeks is that foreign investors stop buying our debt. As of yesterday we are starting to see some stabilization in the interest rate market which is helping rates ease back down. Current 30 year rates are averaging 5.625% and 15 year 5.125%. I am willing to go out on a limb and say we should see an additional .50% improvement in the coming weeks/months.

For my readers who are realtors you may want to check with the lenders on your deals to confirm the rate lock. If closing dates are missed (which I have heard some buzz it is happening more often) it is possible locks will expire AND rates will be adjusted up to current levels. Don’t get me wrong, current levels are still historically outstanding just not the 4.50 – 4.875% that many may have locked into.

Week Ahead

The most significant economic data next week will be the monthly inflation reports. The Producer Price Index (PPI) focuses on the increase in prices of “intermediate” goods used by companies to produce finished products and will come out on Tuesday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Wednesday. CPI looks at the price change for those finished goods which are sold to consumers. In addition, Industrial Production and Housing Starts will be released on Tuesday. The Empire State and Philadelphia Fed regional manufacturing indexes will round out the schedule.

Weekly Mortgage Update Courtesy Of: 

Darrin L. Kresevic, Sr. V.P., Loan Officer, LPO Manager

 First Place Bank          440 349 7550       

6150 Enterprise Parkway – Solon Ohio 44139

Assistant – Janice Zabish Direct – 440 349 7562

 Lending seventeen years of Mortgage Banking experience

To reach Darrin and many other outstanding business people in our community,

please look at our website:          business and services section