Real Estate Information

2013 is shaping up to be a great year!  Buyers and sellers are taking advantage of the low inventory rates and it shows in the numbers.

In the first two months of the year, approximately 285 homes have gone to contract within 30 days on market.  What does this mean for you?

Well, if you are a buyer it means you may need to act quickly to secure the house of your dreams and be prepared for a multiple offer situation.  Our agents are reporting that most offers they are making fall into a multiple offer situation.

And if you are thinking about selling - now is the time to sell.  Good homes are going fast.  There is shortage of inventory and there are plenty of buyers.

If you, or someone you know, is thinking of  buying or selling give The Crockett Team a call to see how we can help you.

Click Here to see a list of all homes that have sold in less than 30 days on the market.

Geneva, Ohio - Northeast Ohio has so much to offer people and we are growing again.  Spire Institute officials have announced The United States Olympic Committee has agreed to designate Spire as one of 16 national training sites. The designation represents a first for an Ohio complex.

The four-year-old facility will provide the resources for track and field and wheelchair basketball athletes.

SPIRE Institute opened their doors in 2009 as the Geneva Area Recreation, Education and Athletic Trust (GaREAT).  Since then they  have grown into one of the largest indoor, multi-sport, training and competition complexes in the world. There is more than 750,000 sq. ft. under roof and acres of outdoor facilities. 

SPIRE Institute is located directly off I-90 in Geneva, Ohio - just 45 miles from downtown Cleveland and minutes away from the world-famous Geneva on the Lake resort area, pristine wineries and championship golf and fishing.

It is definitely worth taking a trip to Geneva and Geneva-on-the-Lake to see all they have to offer.

President's Day is Monday, February 18, 2013 and the kids will be home from school.  Why not enjoy one of the many events happening around the area?

President's Day Commemoration:  Presidential Inaugurations

James A. Garfield Lawnfield Home, 10:00 a.m. - 3:00 p.m., Monday (President's Day)

Celebrate President's Day at the home of President Garfield and learn all about the important roles of the inaugural ceremony and speech in American history.  Enjoy inaugural and presidential trivia - games and prizes available for children!  Tour the Garfield home and learn more about President Garfield's March 4, 1881 inauguration.

Dinner with the Presidents

Yours Truly, 5:30 p.m. - 7:30 p.m., Monday (President's Day)

Children and their parents can come see President and Mrs. James A Garfield, First Lady Eleanor Roosevelt and President George Washington during this President's Day event.  The Mentor Library will provide books for children in attendance and host presidential trivia.

Fun Day Monday

Penitentiary Glen Reservation, 10:00 a.m. - 4:00 p.m., Monday (President's Day)

Looking for family fun?  Stop by the Nature Center at Penitentiary Glen Reservation in Kirtland for a 'Fun Day'.

• Face Painting
• Winter Survival Game
• Scavenger Hunt
• X-Plorer Packs
• Campfire with Marshmallows
• Snowshoe Rentals

Discovery Day

Lake Metroparks Farmpark, 9;00 a.m. - 5:00 p.m., Monday (President's Day)

Get up close with cows, pigs, sheep and horses, learn how bread is made and much more.  Children can participate in tons of hands - on activities throughout the day, such as:

• See animals up close
• Make old fashioned ice cream
• Make a hand dipped candle
• Discover renewable energy

If you or anyone you know is looking to buy or sell a home, please contact The Crockett Team to see how we can help get you top dollar and sell your home quicker!

February may be the month for love but it is also the transition between winter and spring and the perfect time to get a jump on moisture damage and heat loss.  Using the cold, wet weather can help you detect where your home is leaking water and heat. 

Arm yourself with a pad and pen while you tour your home looking for obvious signs of moisture or heat loss.  Here is a simple checklist to use to identify areas of concern.

Identify areas of condensation.  Carefully check every spot where condensation or water could enter your living areas and storage spaces - ceilings, under the roof, under the eaves, windows, door frames, ventilation seals, around toilets, sinks, tubs and showers.  You’re looking for visible moisture and for stains caused by moisture. When you find something, how you fix it will depend on the source of the leak. You may just need to recaulk around a tub or window, or you may need to call a plumber to replace a leaking fixture.  Remember to get references or check a contractors standing with the Better Business Bureau before hiring them to ensure you will be getting quality workmanship.

Find and seal energy leaks. Tour your home room by room feeling for cold air entering through the cracks - including in chimneys, window frames, door frames, around appliance vents, electrical and plumbing fixtures and furnace ducts.  For those areas you can't address - take notes with a pad and paper to come back to them later. You can use caulk to fill small cracks and a spray can of insulating foam sealer for larger gaps.  Leaky doors may need some weatherstripping to help seal gaps.  Don't know exactly how to fix a problem?  The Home Depot and Lowe's Superstores have experts on hand that can help.  In addition, there are numerous 'how to' videos available on YouTube.

Install a thermostat with timer.  Installing a thermostat with a timer will help lower your heating and cooling bills.  You can set the thermostat to go down automatically when you leave for work in the morning and to go back up right before you get home.  In addition, you can set the thermostat to go down at night when you go to bed and to crank the heat back up right before you wake up in the  morning.  There is no point in heating or cooling a house if no one is there.

Know your numbers. Get an idea of how much energy a home the size of yours typically uses by entering detailed information about your dwelling into the Home Energy Saver tool. You can calculate your home’s energy use and estimate the energy savings from a variety of improvements, such as adding insulation, replacing windows and purchasing high-efficiency appliances. Experts from the Energy Department, the Environmental Protection Agency and other state and federal agencies collaborate in sponsoring the site.

Conduct a home energy audit. If you’ve sealed the obvious leaks and your home is still inefficient, you’ll get more detailed information from a professional energy audit.  Expect to pay roughly $300 to $500.  Make sure you research any contractors you use thoroughly before hiring them for the job.

If you are thinking of buying or selling a home, please contact us to see how we can help.

Buyers who have delayed purchasing a home due to concerns about what might happen to the tax laws affecting home ownership should feel comfortable about getting back in the market. The recent legislation passed by Congress and signed by the President continues to value homes as a favored investment.

For a summary of specific real estate provisions in the "Fiscal Cliff" bill, click here.

Whether the delayed purchase is for a home to live in as your principal residence or to use as rental property, taking action sooner is better than later.

Reasons to buy now:

1. The house payment with taxes and insurance is probably cheaper than the rent.
2. Rents will continue to rise making the difference even greater in the future.
3. Lock-in the principal & interest payment with a fixed-rate mortgage.
4. 30 year mortgage terms are available to most borrowers.
5. The mortgage interest deduction is intact for the majority of taxpayers.
6. The capital gain exclusion for principal residences up to $500,000 remains in place.
7. Prices are going up due to lower inventories and several years of low housing starts.

Real Estate Law Changes from Fiscal Cliff

Just when you never wanted to hear the words "Fiscal Cliff" again, I thought I would update you with the changes in the law that affect property owners. This information was compiled by the National Association of Realtors and includes the following:

Mortgage cancellation relief is extended until January 1st, 2014. This applies to people doing short sales and not wanting to be taxed on the amount shorted to the bank.

Deductions for mortgage insurance premiums for filers making under $110,000 is extended through 2013 and is retroactive for 2012.

This one affects ALL homeowners, the energy efficiency tax credit of 10% (up to $500) was extended through 2013 for improvements to EXISTING homes.

Capital gains rate: This stays at 15% for those making under $400k/$450k. After that tax rate is now 20%. The $250k/$500k exclusion for the sale of a single family residence stays in place.

Estate Tax: The first $5m in individual estates and $10m in family estates are now exempt from estate taxes. After that the rate is 40%.

The market in the Greater Cleveland market has picked up considerably and, thanks to our amazing team, we had a stellar year helping many families buy and sell homes.

If you are looking to buy or sell a home in the Northeast Ohio area please contact us at Action@TheCrockettTeam.com  or (440) 974-7444.

Have a great January!

The Crockett Team

Get Your Offer Accepted - 1/7/2013

As the market shifts from a buyer's market, it's good to know how to improve your chances to have the seller accept your offer.

Once you decide on a home, don't waste time; write an offer and submit it as soon as possible. Competing with another buyer happens more frequently than you'd expect. Multiple offers are a seller's advantage but here are some tips to level the playing field:

• Realistic offer - don't give the impression you're trying to "steal" the property. Submit comparable sales that justify your offer.
• Pre-approval letter - this satisfies seller's biggest concern that an unqualified buyer will unnecessarily take the home off the market and the seller will lose other opportunities.
• More earnest money - it shows you're serious and makes the seller feel like the contract will actually close.
• Minimize contingencies - from a seller's standpoint, each contingency is one more reason why the sale won't go through. They feel the home is "off the market" and they're in limbo.
• Shorten inspection period - your agent can help you set a reasonable date but let the seller know you're willing to close prior to that if possible.
• Write a personal letter to the seller telling them why you want their home - this can be the emotional connection to the seller that makes the difference in you getting the home.

It's the most wonderful time of the year - the smell of peppermint is in the air, holiday parties are in full swing and you're selling a home?  The holiday season is upon us so it's probably time to take your home off the market for a few months, right?  Wrong!  This is the perfect time to sell your home.  Buyers looking for homes during the holidays NEED to buy a home.

Try these tips to get buyers in the right frame of mind to buy YOUR home.

• Stage your home.  We once heard a stager say, ‘If you are comfortable in your home then it is not staged to sell’.  This may seem like a dramatic statement but it rings true.  The less-is-more mantra of decorating and home staging can create a warm and festive feeling in your home. You want to stage your home to look like a model home!
• Keep it clean.  The holidays are a busy time.  There are gifts to buy, presents to wrap and egg nog to drink.  But buyers don’t want to see a messy home.  Keep countertops clear and bathrooms cleaned to make the best impression on buyers.
• Curb Appeal.  Make your home seem more inviting by putting tree tops in urns on your front porch.  No room for potted plants – hang a nice wreath on your front door.  Don’t forget a colorful welcome mat.
• Go light on lights. You want potential buyers to see the beauty of your home so use a simple string of lights to play up your home's architecture or draw attention to the gorgeous tree in your front yard.  Skip the big blow up.  You want buyers to remember your home – not your yard decorations.
• Remember your color palette. Make sure your holiday decorations match your current decor. Pair white and silver with cool color schemes.  If you have a neutral color palette, decorate with rich tones like deep cranberry, green and gold.
• Accentuate the features of your home. Too many trimmings can be distracting.  You want your holiday decorations to play up the best features in your home so place a few candles on an elegant fireplace or some mistletoe in a doorway.  Just don’t go overboard.
• Size matters. A tall Christmas tree can be beautiful in your front entranceway, but make sure the wide base won't overwhelm the floor space.  Size your decorations accordingly.   Decorations should enhance a space, not shrink it. 
• Keep it warm.  A warm house encourages buyers to linger a little longer.  Turn the thermostat up a few degrees so buyers are encouraged to stay and admire the best features in your home while they are warming up.
• Clear the clutter.  You want each space to look as spacious as possible.  A few thoughtfully placed holiday decorations will add some flair without overwhelming the space.  Keep the majority of your decorations in the basement - you can always use them next year to decoration YOUR new house!

FHA has announced a major change to its loan program which allows borrowers to cancel the mortgage insurance premium (MIP) when their unpaid balance reaches 78% of the original purchase price. While no specific date has been set for the change, sometime in 2013, new FHA loans will require the mortgage insurance for the life of the loan.

At existing rates, the monthly MIP on a $168,875 mortgage is $178.99 per month. Under the current rule with normal amortization, the MIP would no longer be required in 9 years and 9 months. However, under the new rule, it would last for the entire 30 year term.

They also announced that the annual MIP will also be increased from 1.25% to 1.35% at some point in the near future. HUD, the parent agency for FHA, is making the changes to restore the capital reserves of the program that are needed to fund failed loans.

People that can close a FHA loan before the change takes place will fall under the old rules for canceling MIP and the lower rates. Since no date was announced, it is not known exactly when the changes will take effect.

While this information will probably not make the evening news, it will have a big impact on borrowers planning to use an FHA loan. Please pass it on to anyone you know who might be considering purchasing or refinancing with a FHA loan.

Unemployment Rate Drops Again In Mentor & Lake County

The city's unemployment rate has dropped to its lowest point since November 2007.