Home Selling

MoneyWatch for April 2007
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The Northern Ohio Regional Multiple Listing Service currently has almost 10,000 residential properties listed for sale in Cuyahoga County. This number is only expected to rise with the arrival of spring. In a market saturated with so much competition, sellers are expected to go above and beyond when trying to make their homes more attractive to potential buyers.

In today’s buyers market, it is also becoming increasingly important for homeowners to educate themselves on the local real estate conditions. The following is a list of statistics you should learn or ask your agent regarding your area:

Supply - Know how many homes are on the market and how many are comparable to yours.
Average Days on the Market - the average time homes are staying on the market
Median Price - This is the price at which half the homes sold above the price and half sold below the price.  Many experts believe this is the most accurate measure of home sales price growth or decline in a given year.
List-to-Sell Ratio - This number is the selling price over the listed price and will tell you the percentage of drops in prices.  This number will also assist while deciding how to price your home.

Cuyahoga County Results: Supply: Active homes 9,971 properties- current, Average Days on Market: 88 days-current, Median Selling Price: $234,000- Feb 2007, List-to-Sell Ratio: 94.18%- Feb 2007

*Source- NORMLS

Click on the following links for more selling tips:

Local Resources

Cleveland Area Board of Realtors: Tools for Selling
Cleveland Real Estate Market Conditions
Ohio Association of Realtors: How to Make Sale Homes More Attractive
The Plain Dealer: Best Local Real Estate

National Resources

Bankrate.com: How to Pick a Real Estate Agent
Realtor.com: Tips for Making Your Home More Saleable
Realtor.com: Get the House Ready
U.S. Department of Housing and Urban Development: Selling a Home

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Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration. Information on the Nance MBD program is available here.