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Old 02-21-2010, 07:25 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,982,887 times
Reputation: 5056

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Quote:
Originally Posted by Peregrine View Post
Even before the market crashed, you would be hard pressed to make much profit in just three years. Come on now... this isn't Miami or San Diego.
Seems to me now is the time to buy BEFORE the market really recovers.... and there are signs that it is starting to recover now.
the real issue is that the homes in cleveland did not "crash" like they did elsewhere.. in vegas, rents are still high 1200up even for an 80-100k home so the roi is good... in cleveland, for an 80k home in the suburbs, the rent is less so one has to be more cautious... prime example is my house in mayfield cost around 180k (todays price), 2 yrs ago around 230k.. rent is 1200.. so the roi is not as good
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Old 02-21-2010, 07:29 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,982,887 times
Reputation: 5056
Quote:
Originally Posted by Clevelander17 View Post
Probably easy for a real estate agent selling in Vegas to throw his brethren in Cleveland under the bus like that. Do you sing the same tune on the Nevada boards?
actually you could be throwing the op under the bus... he buys a house and in 3yrs it will barely appreciate if at all, and then to sell he has to pay the agents and the closing costs to the buyer and how long will it take to sell with the home being vacant and the op paying the mortgage... so where is his win situation? What is the average time from listing to accepted offer in Cleveland for a sfr? 60 days, 90 days...? here its 7 days... so don't think i'm bashing Cleveland.. its just insight to the op!
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Old 02-21-2010, 07:31 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,982,887 times
Reputation: 5056
Quote:
Originally Posted by Clevelander17 View Post
P Do you sing the same tune on the Nevada boards?
actually for a strip condo.. definitely rent..... for a sfr or condo away.. you buy.
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Old 02-21-2010, 07:59 PM
 
Location: Youngstown, Oh.
5,509 posts, read 9,487,651 times
Reputation: 5621
This is just my opinion; I'm not a real estate professional, and I'm not even going to claim I know anything about Cleveland's housing market. But, Ohio in general, seems to be blessed/cursed with a relatively steady market. Our property values don't over-inflate, but they don't crash either. So, in three years, it seems unlikely that your property would have appreciated enough to cover the costs of buying and selling.
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Old 02-21-2010, 08:27 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,982,887 times
Reputation: 5056
Quote:
Originally Posted by JR_C View Post
This is just my opinion; I'm not a real estate professional, and I'm not even going to claim I know anything about Cleveland's housing market. But, Ohio in general, seems to be blessed/cursed with a relatively steady market. Our property values don't over-inflate, but they don't crash either. So, in three years, it seems unlikely that your property would have appreciated enough to cover the costs of buying and selling.
Thank you, that's what I was trying to tell the op in a nutshell before i got blasted by C17
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Old 02-22-2010, 10:45 AM
 
114 posts, read 305,696 times
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For starter's, there isn't any place in all of OH, much less Cleveland that has traffic that is even close to comparable to NY traffic. I'm from Atlanta, and even the busiest "rush" hours are a cakewalk by comparison. Secondly, Shaker/Cleveland/University Hts all have similar property tax rates and they are all ridiculously high. That said, all three have a plethora of nice homes for sale with character. Third, whoever told you to rent might be right. Three years isn't a long time to recoup the costs of buying and selling, even with the home-buyer tax credit. However, most physicians settle down wherever they finish their training (ie, residency or fellowship as the case may be). You should talk with your wife about career plans and what to do in the event you lose money on the house after three years. Do you stay just to not lose money on the house? Eat the loss and suck it up? The monetary loss may be worth it, depending on how sick you are of apartments.

For RBC (where my fiance is also a doc), Cleveland/Shaker/University Hts seems to be the place. Shaker is probably the nicest, but also the most expensive (and also the most stable real estate). Cleveland Hts is close to RBC/Case/UH and has some fun places. University Hts also has nice places, but it probably the least desirable of the three for your purposes (crappy schools, lots and lots of lots of houses for sale).

Sorry I don't really know the neighborhood names in these places, but North of Cedar Rd around Coventry has some really nice homes, some actually affordable (between Coventry and Lee). In Shaker Heights, I like the homes in between Lee Rd, Van Aken Blvd, and Fernway. Van Aken, S Woodland, and Lee make a nice triangular area of houses that are nice. I consider anything south of Van Aken to be on the wrong side of tracks, so to speak. In University Hts, the area within Fairmount Rd, Warrensville Center Rd, S Taylor, and Silsby is a nice area.

I'm not too familiar with the houses in Beachwood, but it reasonably close to RBC/Case/UH and has much lower property taxes. I think it's a bit less pedestrian and more commercial, though (probably why they don't need higher property taxes).

Hope that helps!

-X
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Old 02-22-2010, 11:07 AM
 
1 posts, read 1,986 times
Reputation: 10
Default Juha1959

Quote:
Originally Posted by airics View Post
I am an agent and probably the only one that will tell you this.. RENT.. if you buy now and sell in 3yrs, you will lose money...!!! You can get a decent house for under 1500 a month.
Hi, just curious to know what is the reason for losing money in 3 years, isn´t it getting better already?
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Old 02-22-2010, 12:11 PM
 
114 posts, read 305,696 times
Reputation: 32
You need the value of the home to increase enough that you sell the house for enough money: to cover agent's commissions, closing costs, and the remaining balance on your mortgage. I'm not sure if you figure taxes into whether or not you lose money on the house, though.

Look up HUD-1 statements to get an idea of what sellers have to pay when they sell.

-X

Quote:
Originally Posted by Juha1959 View Post
Hi, just curious to know what is the reason for losing money in 3 years, isn´t it getting better already?
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Old 02-22-2010, 12:27 PM
 
Location: cleveland
2,365 posts, read 4,373,108 times
Reputation: 1645
im surprised more people dont sell by owner and "cut-out" the agent.
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Old 02-22-2010, 12:44 PM
 
114 posts, read 305,696 times
Reputation: 32
Your agent is probably a lot better at selling stuff than you are. They can also be there to show the house to prospective buyers when you're at work or whatever. I'm not 100% sure of this, but are they the only ones who can post to the MLS database?

-X

P.S. I am not a real estate agent.

Quote:
Originally Posted by 1watertiger View Post
im surprised more people dont sell by owner and "cut-out" the agent.
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