Latest Point of Sale Study Supports Realtor Position
Today, the Akron Cleveland Association of Realtors® (ACAR) released a study on the possible impact of point of sale inspections on the home buying and selling process in Cuyahoga County.
The study, which was completed by the Strategic Design Partners, analyzed residential home sales data from the Northern Ohio Regional Multiple Listing Service (NORMLS) over the span of 2012 – 2014. The data showed three primary results when comparing data from cities with a mandatory point of sale inspection to those without.
- Homes in cities without a point of sale inspection spend fewer days on the market.
- Homes in cities without a point of sale inspection have higher closing prices.
- Cities without a point of sale inspection have higher gross annual residential sales.
These findings suggest that city mandated point of sale inspections may hinder the home buying and selling process, resulting in less robust markets.
ACAR Past President John Lynch said, “While the original intention on point of sale inspection policy was good, it has turned counter-productive. Cities generally want to encourage owner-occupancy. However, many homeowners don’t have the money to do the cited improvements in the timeframe the cities require. Investors do and the more properties they buy, the more likely prices are reduced.”
ACAR recommends cities consider systematic exterior only inspections of all properties – not just those for sale – for neighborhood preservation and improved property values. The full report and more information about point of sale inspections can be found at www.RealEstateRansom.com.
ACAR Director Cyndi Kane said, “I’m most excited about the new website, as it is a point of sale resource that agents can use out in the field and members of the community can access whether they are buyers, sellers, elected officials or other community leaders to learn more.”
“This website and point of sale research are representative of the growth, collaboration, and what’s to come for ACAR as we continue to further our efforts as the voice of real estate in Northeast Ohio,” Kane added.
ACAR Legislative Committee Chair Maureen Wlodarczyk said, “I encourage any real estate professionals facing challenges due to a city’s point of sale policy – or any other ordinances for that matter– to use the contact form on RealEstateRansom.com. Our Legislative Committee and Government Affairs Department are ready to assist when possible.”
For more information about the study or website, please contact ACAR’s Government Affairs Director, Jamie McMillen, at 216.525.4834 or jmcmillen@AkronClevelandRealtors.com.