It looked like a quiet week when I woke up on Monday morning. Then, my phone started to ring, and many calls came from homeowners in Cuyahoga County who had received their proposed tax increases in the mail. To say that some are in shock is probably an understatement. I knew this day would arrive. Home prices in Cuyahoga County have been increasing at a rate we are not used to.
Homeowners in Cuyahoga County have until the end of August to send evidence of why they feel their value is too high. That date may be different depending on the property. So, if you’re contesting your proposed taxes, please double-check the notification to ensure you know the due date.
Here are a few things to consider before you hire an independent appraiser…
If you order an appraisal, please remember that, as appraisers, we cannot appraise your property and act as an advocate. We must objectively develop our opinion of value. In other words, market data, not feelings, must support our opinions and conclusions. Additionally, we cannot pretend that an amenity or improvement does not exist. So, if you have made some improvements to your property and you hire an appraiser, we must report what we see and value accordingly.
Our fees cannot be contingent upon the results of our research and findings and our opinion of the value of a property. If you hire an appraiser whose opinion of value does not help your case, you don’t have to send the appraisal to the county. And we don’t report our findings to the county. If you hire an independent appraiser whose opinion of value supports the proposed assessed value, at least you’ll know that you are not being over-assessed.
My research often indicates that the county’s proposed assessments are supportable. However, if a property is in worse condition than the county is aware of or the home is smaller than the county is reporting, an appraiser is more likely to be able to help.
I hope this information is helpful.
While I had planned on sharing housing stats with you earlier in the week, this is the first chance I have been able to sit down and pull the latest numbers.
Before we dive into some numbers, Let’s start with some fun.
If you’re looking for Cleveland housing signs, just keep scrolling. But if you’re looking for a good read on where you can find cool signs, check out the American Sign Museum in Cincinnati. I’ve never been to this museum, but it looks pretty cool.
Speaking of signs, here are some funny ones posted at a gas station in Seattle. There are some good ones here, too. Perhaps you’ll like some of these.
If you’re a fan of the Home Alone Movies, you might enjoy seeing what the home looks like today.
In other news, this home has a solution for when you need a quick getaway because you clogged the toilet and don’t want to exit out the regular door…
Moving on to housing…
GETTING TRENDY (Cuyahoga County Housing Tends)
Here are some fresh stats for single-family homes in Cuyahoga County. Here are the key points from the data below:
- Median sales prices in June were up 3% year over year.
- In June, we had 1.67 months of inventory, slightly more than a year ago when we had 1.46 months. Inventory levels are trending up slowly, which is good for buyers, but we still have a severe shortage.
- Median list prices in June were up 10% year over year.
- On average, selling a home in June took 13 days, one day longer than in June of 2023 and the same as in May.
- On average, homes still sell at 100% of their listing price, which was the case a year ago.
- In June, there were 1,910 total active listings. To offer some perspective on how slow things are right now, in June 2020, we had 2,495 listings, and 4,131 in June 2019. We have a long way to go to get near 2019 listing levels again, and I don’t see things changing anytime soon.
HERE ARE SOME TRENDS IN MORE LOCALIZED AREAS IN CUYAHOGA COUNTY
Single-family homes in Fairview Park, 8% annual sales price appreciation as of June 2024.
Single-family homes in Bedford Heights, July 2024, 10% annual sales price depreciation.,
Single-family homes in Parma, north of Pleasant Valley Road, south of W. Ridgewood Drive, east of Ridge Road and west of Broadview Road. As of June, sales prices have leveled off and were flat.
COOL PLACES IN THE CLEVELAND AREA
Here is a post with 15 cool places to enjoy the sunset in the Cleveland area.
Thanks for being here! I hope you found something in this post that put a smile on ya!
Have a great week!
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If you want to order a residential real property appraisal in Northeast Ohio, click here. I’d love to help you solve your value problem!
For my readers in the CLE area… here are some articles related to news in our local area that you may enjoy…
Cleveland Farmers Markets: 16 Places to Shop Local This Summer in Northeast Ohio – Cleveland Magazine
Building boom: South Euclid expands, diversifies housing stock – Ohio Magazine
If you enjoyed this blog, please check out some awesome blogs by my fellow appraisers…
What is a pool worth? It depends. – Sacramento Appraisal Blog
How Confidential is Your Appraisal? – Birmingham Appraisal Blog
Are Appraisers Professionals? – Appraisal Today
Bias or Unbias? – George Dell’s Analogue Blog
The Conscious Uncoupling Of An MLS And Their Association Owners – Housing Notes by Jonathan Miller
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About a million SQ ft in total..
Look at 5401 Hamilton.
Incredibly low values
Who do you think they know?
Parcel # 10406006
Great question! Wow!