The Observation Deck

Realty Reality... or everything you ever wanted to know about Real Estate and were afraid to ask!

I'd like your feedback because I'll be submitting a new monthly article beginning in March, answering those questions from all of you readers with interest in this subject. I truly welcome your inquiries (Come on...I know you have some!) and I'll go to the experts- brokers, title companies, lenders, inspectors, etc. etc. to get those 'observations' that will be helpful to you and to all of our neighbors here in Lakewood.

I think that's a great idea!.

David

I am not selling or buying right now (just did both) but am wondering with the housing market the way it is, and many losing money on their house when they sell, is there a standard rate realtors are selling for? I know it used to be 6%, then somehow became 7% on the first and 5% on the second, but are most realtors going back to 6% since homeowners are taking such a hit?

I also heard that some realtors won't show a house that is offering 3% as opposed to 3 1/2%. Is this really true?

Thank you.

Here's a fairly general question...are property values dropping in Lakewood?

I am not the real estate agent but while I am waiting for my answer I can tell you we bought a house 8 years ago for $132 and sold it for $140 with extras added and move-in condition. Two years ago we could have gotten a lot more, as a neighbor with a smaller house did. The property values were high five years ago and seemed to have dropped significantly since, as they have throughout Ohio with the loss of jobs, etc. The house we bought the previous owner took a hit over twenty grand but it had some fixing to do too. That is my two cents but will wait for the "official" answer.

I'm a big fan of Zillow.com. It has lots of useful information on housing values, etc.