There is no question that it has been a challenging year in real estate, and 2009 will be plagued with many of the same problems i.e. short sales, foreclosures, financing difficulties , and appraisals that fall short of the purchase price, But homes did sell in 2008 and they will sell in 2009!
Sellers must make pricing their home correctly a top priority. In 2008, we saw asking prices vary widely as it was difficult for many sellers to accept the downturn in the market. The homes that sold were the ones with realistic prices. The facts that really matter when when pricing your home are the selling prices of other homes in the area, followed by condition and location.
Below is a chart that shows closed homes in Garfield Heights, Ohio through the multiple listing service in 2007 vs. 2008.
There were 6 months in 2008 where sales were ahead of 2007, but I think this can be attributed to the high number of short sales and foreclosed homes. Currently there are approximately 368 homes for sale in Garfield heights, with ~55 of those homes being foreclosures, which is 15% of the inventory. There are undoubtedly many more in the short sale process. The downturn we have experienced can be attributed to the tightening of the mortage belts, sellers staying put instead of downsizing or upsizing, buyers not buying over fear of losing their jobs, just to name a few.
Pricing is everything. In fact it is critical if you want to sell your home. Find an agent who will give you an accurate listing price even if it is not the one you were hoping for.
For more information, please visit the city of Garfield Heights or Barb Szabo. I'd be happy to talk with you.
If you would like to buy or sell a home in the southern communities of Cleveland Ohio, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real Estate, Parma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate. Information is obtained from Neohrex (Northeast Ohio Real Estate Exchange) and is deemed reliable but not guaranteed and should be independently verified. Properties subject to prior sale, rental, or other status changes. All properties that are advertised as being listed or sold by Barb Szabo are in conjuntion with ReMax Trinity.
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