Hey Guys,
It's Josh Cantwell checking in. I hope you’re having a great Saturday! The snow has melted and we’re finally experiencing spring. The real estate market is HOT - this might be the strongest spring season I can remember. I’ve been able to sell 7 properties in the last 60 days and I’ve got many more about to hit the market. I want to share with you a few things I've got going on that I'm excited about and some news I found interesting this week.
A New Way To Market a House
I have this incredible two-family home property that I am listing at 1300 Idlewood Ave. in Lakewood, Ohio. I bought it at the end of January for $53,000 and it will be listed for $129,999. We had this awesome video made and some of the footage was shot by a drone showing the overview of the house and how this property is just minutes from downtown Cleveland and Lake Erie!
I will definitely follow up with you on this property after the open house in a few weeks, so stay tuned!
Case Study: 2227 7th St., Cuyahoga Falls, Ohio
I also want to share with you this property I had at 2227 7th St. in Cuyahoga Falls, Ohio. We bought it for $62,000 and received $92,000 in private money, so that left us with $30,000 cash back at closing.
Take a look at the below video of the house before repairs:
We finished rehab and listed the property on April 12 for $139,900. It sold only a week later on April 20 for the full asking price. That means our net profit after all costs was $34,100. I would have had to do 11 wholesale deals at $3,000 each to make this kind of money! See the photos below of the property after we completed work.
These kinds of deals are out there and just waiting for you to jump on them!
Existing Home Sales Spike in March 2015
You guys already know I’m passionate about real estate. I’ve been in the industry for over ten years and I’ve bought and sold over 685+ properties since 2003, so as you can imagine, I was happy to read home sales have jumped to the highest level in 18 months. According to the National Association of Realtors, led by the Midwest, all major regions experienced strong sales gains in March and are above their year over year sales pace.
This is great news for the spring selling season ahead, which lasts April through August. It's showing that applications for loans to purchase homes jumped 5% in last week to the highest level since June 2013!
Zillow.com Ranks Best Markets for Buyers & Sellers
Another great piece I read this week was on Zillow.com, where they ranked the best markets for buyers and sellers. It’s no surprise that the nation’s time sellers’ markets are on the west coast, namely San Jose, San Francisco and Seattle. My hometown of Cleveland falls under the 3rd best city for buyers because of the less competitive market.
Following on that note, 17 of the nation’s 35 largest metro areas have a Rent Index that exceeds the Home Value Index. Rents are growing more quickly than home values in places like San Francisco, Kansas City and Pittsburgh. This is good news for sellers, more potential buyers in the market for a new home.
The future is bright! And hopefully warm and sunny here in Cleveland.
Until next time,
-Josh
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