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Cleveland, OH Real Estate News

By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
An article in today's The Plain Dealer illustrates a greatly under-reported but also increasing and disturbing trend: lenders walking away from properties.  An owner will often receive a foreclosure notice from their lender and the lender will file for foreclosure on the property but will not actually foreclose on the property by taking it to sheriff's sale.  The owner is gone, assuming the lender (or someone else) owns the property, but the lender does not own the property.  The property becomes vacant, is often vandalized and stripped of any remaining valuables in the property: copper, gutters, siding, appliances, and the like.  Cities are forced to levy fines against the owner for housing violations, which is still the individual who assumes they no longer own the property.  Ohio Sta...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
In the overwhelming majority of transactions I participate in, whether as the listing agent or buyer agent, lenders do NOT have full loan commitment by the date specified in the purchase agreement.  Moreover, most lenders do not even pro-actively tell their clients or buyer's agent unless they are asked.  It is as if this date doesn't even exist in the lender's mind or processes. I'm not just talking about fly-by-night or lenders with less than stellar reputations, I see this routinely across the board. I'm not saying that the majority of transactions do not close on time, in fact, they do.  But, they often close with the last 72 hours being "firefighting" mode where heroics are the norm. I can see some loan officers, loan processors and loan underwriting preparing their defensive arsen...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
Quite a few buyers today think that many or even all homes are being given away or sell for significantly reduced prices in today's July 2009 Greater Cleveland Ohio real estate market.  This is simply not true.  While there are plenty of foreclosures to choose from, some at rock bottom prices, and even some short sales can be had at very, very attractive prices (provided the buyer is willing to assume a lot of risk in time delays, changes to the agreement, etc.), the majority of properties are not being sold like you are walking into The Dollar Store. Moreover, if a brand new home comes on the market, a buyer is at a disadvantage in negotiating down the price significantly compared to a home that has been on the market for 6-12 months. Why does this scenario play out this way most of th...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
I have seen many a buyer rely on a given county auditor's website for it's opinion of "market value".  While county auditor's perform this for assessment purposes (in order to set an assessed value) to derive the tax a property owner must pay, it is not necessarily indicative of true market value, especially in these up/down trending environments.
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
Buyers can be distracted by paint colors, both good and bad.  When good, it can evoke positive emotions, when bad, well...let's just say, it can sink a deal sometimes. Buyers should realize, even when the majority of the home has paint colors that the buyer doesn't like, with a little sweat equity and/or if efficiency is desired, a contractor can remedy this for a relatively low cost. Moreover, very dated paint can be a huge plus as the property may be discounted due to its being dated and tired. See the "to be" not the "as is".
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
Buyers can and should (provided they are Internet savvy these days) use aerial photography provided by the various mapping and searching engines in existence today.  Bing.com has a "bird's eye view" that can take you all the way around the property pretty close up. A buyer can find out many things about the neighborhood, surrounding properties and the like that may move an individual property up or down on their priority list.
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
I have shown many vacant homes these past few weeks. One just today has a HUGE wasp nest right by the front door.  How do you think that would go over if the buyer(s) were to get stung? Vacant homes can become stagnate, especially the basement, so someone representing the property owner if they are not local should stop by and take a whiff when descending the first two stairs to the basement and see what you smell?  If it doesn't smell right, what do you think a buyer is going to think? An ounce of prevention just may net you a buyer!
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
I was out showing many homes this weekend and ran across two homes that had trip hazards.  One had shoes all over the stair case.  Another one, well...I won't list it here, but suffice it to say, it wasn't pretty. Sellers: Please think like a buyer and remove those trip hazards.
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
I was showing homes today, which I absolutely love to do.  And for the umteenth time, in an unfinished area of the basement, I walked into a good-sized spider web.  You know the kind, where you aren't sure if the Godzilla Spider is extracting your DNA, and while it's unnerving as you are trying to remove this sticky stuff from your head, it also distracts you from what you are trying to see in the first place. Sellers: Vacuum these things up on a regular basis. Thanks in advance -- your buyer's agents and buyers will appreciate it.
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
Cleveland Ohio. This name evokes many things, depending on the person and past associations. Some view the Greater Cleveland Ohio has a former powerhouse that built it's fortune a century ago in molten steel and oil.  Some view it as a former Fortune 500 powerhouse with an unmatched manufacturing base that is well situated within about 600 miles of the most of the major markets in the country.  Some view it as a declining city that can no longer claim manufacturing as King of the Hill and it has seen better days and is a typical midwestern, rust-bucket city. I am not a native Clevelander.  I have lived on both coasts, grew up in the Midwest and have seen a lot of what this great country of ours has to offer. I know first hand how incredibly rich and diverse the offerings that Greater Cl...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
I have recently read a number of posts on Active Rain from members who have decided to only work M-F 9-5.  While I don't envy those folks, as I am only in competition with myself and I never place any measure of self-worth in some defined and expected outcome, I truly don't see how this would work for the "majority" of REALTORS. Case in point:  My typical client has a full-time job, which normally is from 9-5pm, or in the case of medical professionals who may be surgeon, work 12-14 hour days, etc..  So...say I am working with a buyer who wants to see homes who can't break away from work easily and the only time they can see homes are in the evenings or most likely on the weekends.  This probably defines 90% of my buyers in a given year.  I don't have the financial luxury of hiring buyer...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
Have you seen this sign rider? PRICE REDUCED Okay, I get it—the agent has decided to either admit that they priced the house too high, the market is volatile and unresponsive and there is a lack of demand (bona fide reason) or the seller is taking the word "sale" literally. I must admit, the only place I am used to seeing this kind of sign is in the flyers that are inserted in the newspapers for different types of merchandise. I just think this is a little tacky when you are representing, perhaps, the most important asset an owner has. It is one thing to have to decrease the price of a home, it is another to advertise it as though it is something hanging on a rack.   Content copyrighted by Chris Olsen and protected by CopyScape.  Olsen Ziegler Realty -- A $marter Way to buy and sell yo...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
First time home buyers in Greater Cleveland: Heads Up! The deadline to close on a home is December 1st.  If you are contemplating purchasing a short sale home, this adds signficant risk to the process, and there are many homes out there that are being short-saled, so buyer beware. Ensure you are pre-approved for a loan, you understand your monthly payment, projected utilities, set reserve funds aside for a rainy day, partner with a good real estate agent who knows the ins and outs of a market, etc. http://8ktaxcredit.com/ Content copyrighted by Chris Olsen and protected by CopyScape.   Olsen Ziegler Realty -- A $marter Way to buy and sell your Greater Cleveland, Ohio Home
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
I think comedians could have a field day with real estate agents if they poked into our industry with their creativity. Just two days ago, my buyer wanted to see several homes.  I looked at the showing instructions in the MLS for one home:   CALL LISTING AGENT AT ###-###-####. So...I call ###-###-####   and   received the following reply:   THE NUMBER YOU HAVE REACHED ###-###-#### HAS BEEN DISCONNECTED OR IS TEMPORARILY OUT OF SERVICE.  What do you think the seller of this home would think if they knew? So...I call the listing office, and they could have cared less and like a true automaton, quickly patched me through to the listing agent's cell phone.  Mind you, the listing office didn't want to say: OMG, we need to get this fixed. So...the listing agent calls me back and says: no big ...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
I found my self on Euclid Avenue the other day, quite by accident because I have been avoiding the area for awhile due to the extensive construction project called the Euclid Corridor Project. Wow, was I glad I made a wrong turn and ended up driving down Euclid as I was able to see that the extensive project was now a reality.  The incredible link from downtown out to University Circle really was real and incredible all at the same time.  Block by block, I just kept driving instead of looking for a street to turn on to in order to continue on my way home.  There are trees lining the avenue, there are bike lanes, there are patterned brick sidewalks, there are bus lanes and, in them, green buses-hybrid-electric buses.  The bus stations are absolutely stunning and they are located in the m...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
What a super cool organization to learn about right in your backyard!  This is a non-profit organization that works to beautify and improve public spaces throughout the Cleveland area.  Let's hear it for Cleveland's dedication to the arts again!!  This unique organization provides all kinds of services to the community including neighborhood revitalization and planning, community outreach and education, civic projects, and consulting and partnerships.  How vital is an organization like this?  Extremely vital to a large city that has suffered through hard economic times and loss of huge manufacturing centers of employment.  However, it is not enough to recreate a city by increasing employment opportunities; it also takes creativity and commitment to enhance the quality of life for its re...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
Of course you have!  It is almost 40 years ago to the day that the Cuyahoga Rivercaught fire and made the national news.  As history tell us, on June 22, 1969, the Cuyahoga River in Cleveland, Ohio caught fire after a passing train dropped molten steel into a slick of industrial waste on the water's surface, or maybe it was debris that had collected in the crook of the river that actually caught fire.  Regardless, to this day, Cleveland has found it difficult to put that little piece of history behind it.  However, today is a new day, and Cleveland, along with its river, is being dubbed "a green city on a blue lake." Although this event was very unfortunate, it actually provided a wake-up call to Cleveland and the nation.  No, Cleveland was not the only city in the country that had poll...
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
If you are a Clevelander, you already know what the title means, we are in for another season of being disappointed, angry, and heartbroken.  We so badly want our Cleveland teams to do well and to achieve the big time, but it doesn't appear to be in the stars.  Cleveland is such a great town and has so much to offer, both to its residents and to potential residents.  However, our sports teams just can't pass the muster... However, when the weather is 70-80 degrees and you find yourself sitting in one of the finest baseball stadiums in the country, eating hot dogs and sharing time with your family, it truly doesn't matter if they win.  OK, it does a little, but the atmosphere, the fans, and the shared sense of pride (because we keep coming back for more) more than makes up for a loss or ...
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By Svetlana Stolyarova, Local-n-Global Realty, Broker 216-548-4663
(Local-n-Global Realty, Cleveland and International Real Estate Solution)
Love Downtown Cleveland? Here is another reason to be in Downtown this Friday and any other Friday this summer. House of Blues and Pickwick and Frolic have provided greater Cleveland with a free mortgage/rent sweepstakes. A winner will be picked at the end of June, another the end of July, and a final and third winner will be picked at the end of August. House Of Blues and Pickwick will pay the three lucky winner's rent or mortgage up to $1,000. What a wonderful and funny way to prevent foreclosures and fight the mortgage crisis!
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By Chris Olsen, Broker Owner Cleveland Ohio Real Estate
(Olsen Ziegler Realty)
While just about every agent (one would hope all) realizes that all real estate is local, what exactly defines local? Does local mean: A metropolitan area? A community/city within a metropolitan area? A neighborhood within a community/city? A few streets within a neighborhood? Or does it mean: A price range? Style of home? X miles from the center point of the home in question? Condition of the home? Or some combination of the above? What exactly is local?  Should all real estate be considered hyper-local? For example regarding hyper-local: We recently sold a home in multiple-offers for which we put a great deal of work into this home: we managed/designed extensive renovations (kitchen gut, cosmetic extreme makeovers on baths, painting, hardwood floor refinishing, landscaping, odds and e...
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