Last week we featured an infographic break down of the real estate market in Cleveland using data from Ohio Realtors' 2021 Housing Market report. They recently published an eZine with a breakdown of data to show who bought homes in 2021, what they bought, and what they purchased for. Using the data, we put together a part 2 featuring the statistical breakdown of Cleveland's real estate market.
Over the last few years, the industry has seen a shift in the real estate market with the current trends favoring a seller's market. Ohio Realtors recently published an eZine with a breakdown of data to show who bought homes in 2021, what they bought, and what they purchased for. Using the data, we put together a further breakdown of Cleveland's real estate market.
The financial requirements for obtaining a mortgage and purchasing a home can be a common real estate question frequently misunderstood by many potential home buyers. We put together a quick and easy guide for potential home buyers to identify which loan option is best for them and the minimum financial requirements needed.
Common Real Estate Myths, Continued
Last week, we published a few common real estate myths relating to the current housing market. In an effort to clarify some common misconceptions that we frequently hear, we put together another list of common real estate myths and the reality behind each of them.
MYTH: You need to put 20% down when purchasing a home.
TRUTH: Some loan types offer the option to put as little as 3.5% of the purchase price down. This option does depend on the buyer's credit score and the down payment requirement may vary. For example, FHA loans will accept between 3.5-10% of the purchase price as a down payment depending on the buyer's credit score.
MYTH: You need perfect credit to buy a home.
TRUTH: You do not need a perfect credit score to buy a home. Depending on the lender and your credit score, you may be required to pay a higher down payment. In general, having a higher credit score will increase your chances of approval and a lower interest rate in comparison to a lower credit score.
MYTH: You should wait until the spring season to buy or sell a home.
TRUTH: The Real Estate market over the last two years has been deviating from the not-to-distant past market norms. Due to low inventory and high demand, there has been a steady flow of buyers and not enough sellers. If you are ready to sell your home, you do not need to wait for a specific season. Find a timeline that works well for you and make the jump. For buyers, being flexible and having your finances ready to go will make the process that much easier.
MYTH: A down-payment is the only upfront cost you will endure when purchasing a home.
TRUTH: The down payment is only one of the few upfront costs that buyers will need. Other upfront costs include closing costs, earnest money, inspection fees, and potential moving costs.
MYTH: Getting pre-approved for a loan doesn't need to be a priority when you are just preparing for a home search.
TRUTH: The current market is competitive and homes are moving fast. Having a pre-approval before beginning a home search will help speed up the process. Due to the high competition, many sellers will only accept offers accompanied by a preapproval letter. When searching for a home, having a pre-approval letter in hand will only increase your chances of purchasing a home that is a good fit for you.
Buying or selling a home can be a confusing or tedious process. With so much information available, there are several misconceptions that can pose potential problems for buyers or sellers when participating in the current real estate market. Below are 6 common myths when it comes to buying or selling a home.
MYTH: Hiring a real estate agent is a waste of time.
TRUTH: Whether you are selling or buying, hiring a real estate agent has a number of benefits. For buyers, working with an agent helps you navigate the task of finding the right home, making a fair offer, and what happens after your offer has been accepted. For sellers, hiring a realtor will help you determine the best price to list your home, what upgrades or changes need to be made, and will be able to walk you through the closing process.
MYTH: All realtors are the same.
TRUTH: You want to find a realtor who has experience in the market you intend to purchase a home in. Your realtor should be familiar with the neighborhood and what other homes are selling for in the area. If you are a first time buyer or investor, working with an agent who is familiar with your situation will benefit you most in the long run.
MYTH: All upgrades to your home will increase the value of your home.
TRUTH: Not all upgrades to your home will show a return on investment. Consulting with your agent about what projects should be completed prior to listing your home is a good way to isolate which will get you the best bang for your buck.
MYTH: Real Estate websites always show the most up to date market availability.
TRUTH: While online realtor websites collect a ton of useful data and offer great information for both buyers and sellers, the information is not always the most up to date. A listing on Zillow.com, for example, may show that it is still active when in reality it is under contract already. When in doubt, check with your agent to confirm if the property is still available.
MYTH: Inspections aren't always necessary.
TRUTH: Regardless of the state of the home, inspections are important when purchasing a home. Whether or not a home was well taken care of, having a thorough inspection done to the home helps to ensure you are prepared what projects may be down the line or negotiate with the seller if necessary.
The greater Cleveland area is home to an abundance of higher education institutions and is a well-known platform for musical history. Cleveland is a city with a strong pride in the community and the arts, including broadcast radio. Whether you are a recent Cleveland transplant or a long time resident, these stations are a must-listen.
Below are the top 6 Cleveland college radio stations in Northeast Ohio. Check them out and let us know which station is your favorite!
WRUW was initially founded in 1946 with its first official licensed airdate occurring in February of 1967. The station mainly features indie rock and pop musical genres in addition to jazz and classical. The station also features a few talk shows and one news show.
WCSB radio first aired in May of 1976. The station plays a variety of musical genres and features weekly public affairs programs that discuss a range of topics varying from social justice to space exploration.
WJCU first aired in May of 1969. In the present day, the station features a wide variety of programs ranging from music, talk/spoken word, and ethnic/community shows.
The Sting went on the air in March of 1958 with a primary focus on alternative modern rock and an occasional broadcast of a variety of musical genres. In addition to musical broadcasting, the station also includes news coverage from the Associated Press.
On the edge of the greater Cleveland area, Oberlin College's WOBC radio was first broadcasted in November of 1950 and officially aired in 1961. Today, the station plays a mix of musical genres ranging from pop to jazz, hip-hop, and classical. The station also features radio dramas, talk shows, and news casting.
Just north of downtown Cleveland, Akron is home to Northeast Ohio's WZIP radio station. The station was initially founded in December of 1962 and airs music during the week and various non-music programming on weekends. These programs include news, sports talk, and public affairs.
The Lead Safe Cleveland Coalition was founded to address and prevent the issue of lead poisoning in the community. Beginning in March of 2021, the City of Cleveland's Department of Building and Housing began requiring that all residential rental units built before 1978 must have a Lead Safe Certification. With such a large portion of Cleveland homes having been built before that time period, we wanted to spread awareness on Lead Safe Certification and how this can be done. Here are the 6 Steps that the Lead Safe Cleveland Coalition put together to become certified.
1. Contact the Resource Center
Not sure where to start and need help? Call the resource center at 833.601.5323, or email at email@example.com
2. Check your property
According to leadsafecle.org, 90% of residential rental units in the city of Cleveland were built before 1978. Your property is very likely to be one of them!
Potential lead hazards include any area with deteriorating lead-based paint (peeling, chipping, chalking, cracking, damaged, or damp), especially those places that children can chew or that get a lot of wear-and-tear, such as: windows & window sills, doors & door frames, stairs, railings, banisters, and porches.
3. Remediate any lead hazards
Contact a professional or complete the work yourself by becoming RRP certified.
4. Clean your property
Clean up any mess before receiving an inspection! All debris should be properly disposed of prior to receiving the inspection.
5. Get lead clearance
Schedule an inspection…and pass!
6. Apply for lead safety certification
Click here to fill out the application and officially become Lead Safe Certified!
Why is this important? Lead Safe Certification and the Lead Safe Cleveland Coalition work hard to prevent the community from being affected by lead poisoning. By becoming certified, rental property owners can help contribute to a safer community and help prevent illness.
For a more detailed breakdown of each step as well as links to the required documents needed for certification, click here to visit Lead Safe Cleveland Coalition's website.
Welcome to Cleveland! Progressive Urban Real Estate would like to congratulate all of those medical students who were matched to one of Cleveland's esteemed hospital systems. For those not familiar with Match Day, it is the day that medical students across the country find out if they have been chosen for a residency and where the residency will be. Cleveland, with its strong medical institutions, is a top spot to land. Generally medical residents will be around for 3-5 years and start working at their selected hospitals on July 1st so between now and then it is a flurry of activity getting to know the Cleveland area and deciding where to live and whether to rent an apartment or purchase a home.
For those medical residents coming to town, our team of experienced agents work hard to help buyers navigate the local real estate market. To assist new hospital residents with the relocation process, we put together a list of the top questions buyers should ask themselves when looking to buy in the Cleveland area.
|University Hospitals||Main Campus (University Circle/Cleveland Heights/Shaker Heights)|
Main Campus (Midtown/Hough/University Circle/Cleveland Heights/Shaker Heights)
Fairview Hospital (Kamm's Corners)
Lutheran Hospital (Ohio City/downtown)
|MetroHealth||Main Campus (Tremont/Clark - Fulton)|
|Where to Live in Cleveland|
Ready to officially relocate to the Cleveland area? Secure a PURE realtor! We are here to help. Our agents are local Cleveland experts and have been serving the community for over 30 years. Click here to check out our Relocation Guide.