Mayfield Heights Housing Market: Lack of Reason Prevents the Sales.

My favorite Mayfield Heights. Great community, great schools, safe and beautiful neighborhoods, affordable and decent housing market. And – like almost everywhere in Greater Cleveland, we see two parallel real estate worlds here: one belongs to sellers, another one belongs to buyers. From my own and my agents’ experience, difference in prices which sellers expect to receive and buyers are ready to pay is more than 25 %. Historic sales and current listings data support neither sellers’ expectations nor buyers’ hope.

 We currently have 171 active listings for sale in Mayfield Heights with average asking price of $181,315. Sellers historically receive 95-96 % of asking price for their homes here in Mayfield Heights. So, sellers expect to close today with average price of about $172,250 which is much higher than 2007 average price of $153,387 and higher than the record high average price of 2006 – $166,455. The sellers’ optimism probably roots in a fact that mortgage crisis almost did not hurt Mayfield Heights. We had just few foreclosures in the area, mostly in the low-end price range. However, amount of sales is a little bit lower than in the record 2006 but still very high. Average price is also lower than in 2006 but is on the very decent level.

This is the graph of 10 years sales data for Mayfield Heights, OH. Statistics provided by our regional MLS. 

 

This graphics remind that market is pretty steady in Mayfield Heights. Buyers in our community do not depend on fancy “creative” financing which brought a lot of neighborhoods to a deep crisis. Honestly, today we have much more real good buyers with good savings, very high credit score and strong desire to live in Mayfield Heights – if it is not overpriced. There is no base for unreasonable expectations. I hope that this graphics will help two worlds – pre-cautious world of home buyers and anxious but stubborn world of home sellers in Mayfield Heights, OH finally meet in the point where they belong to each other. Let’s be reasonable! Mayfield Heights is a very good place to buy the houses and enjoy live. Be reasonable and good luck to all of us! 

Svetlana Stolyarova, broker and founder of Local-n-Global Realty, Mayfield Heights Real Estate expert, multi-million dollar producer.

E-mail: Realty@Local-n-Global.com

Homeowner in Cuyahoga County: Is your property over-assessed?

Dear homeowners!

You may benefit from new free services offered by

Local-n-Global Realty at www.Local-n-Global.com

Cuyahoga County had its regular property assessment in 2006. Many of us homeowners in Cuyahoga County were not happy with new property taxes. The timing was not perfect, as property tax increase came along with sub-prime crisis, growth of foreclosure rate and market price adjustment of 2007. Many homeowners notice that assessed value is much higher than possible market value of their homes. There is a way to reduce your taxes if you file a complaint with Cuyahoga County before the end of the day of March 31, 2008. You may find all the forms and information about the procedure at the web site of Cuyahoga County Board of Revision http://bor.cuyahogacounty.us/.

As we get a lot of inquiries from our clients regarding the market condition in their neighborhoods, we in Local-n-Global Realty decided to offer our clients and friends free Market snapshot services. Please go to the front page of www.Local-n-Global.com and fill in the Evaluate your house form. You will receive the most up-to-date information about house listings and sales in your neighborhood. If you see that your house is over-assessed in comparison with the market value of the similar houses in your community, you may go ahead and ask the County Auditor for tax relief based on real market condition in your area. Please do not hesitate to use this service. It is accurate. It is free. We are here to help you.

We want our communities to prosper, our schools to get stronger, and our neighborhoods to be better. We are responsible tax payers. BUT – if there is any mistake in your tax assessment which may be fixed – let’s try to do it.

please e-mail me: Realty@Local-n-Global.com

Call Anytime 877-770-5551

Svetlana’s direct cell phone 216-548-4663

 

Greater Cleveland Real Estate News and Events « Realtorsvetlana’s Weblog