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Arguably one of the most important parts of purchasing a home, inspections are a critical step to ensure buyers are informed about the home they intend to purchase. According to the American Society of Home Inspectors, a home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation.
Due to the current sellers' market, inspections have become a common step that some buyers have chosen to skip in an effort to navigate a competitive market. However, regardless of the age of the home or the competitiveness of the market, inspections are important for most, if not all, home buyers. Inspections can uncover hidden issues that may not be immediately visible, find updates that may be needed, and they provide an overall assessment of the home. Additionally, the information gathered from an inspection can provide buyers with the ability to ask the seller to repair any health and safety issues that may be present. In worst case scenarios the buyer has the ability to walk away from a home purchase if extensive problems are found. Lastly, one of the less obvious benefits of an inspection is that it gives the buyer the ability to spend time in the home, getting to know it better. So where does a buyer start?
Now that the inspection has been completed, you are ready to move on to the next step! Still in need of a real estate agent? Click here to read about Why You Should Hire a PURE Realtor?
Moving is a consistently stressful task that can seem to be never-ending and discouraging. To make the moving process easier, we put together a list of moving tasks and a few pro-tips to make the process much simpler. Have any tips that we missed? Let us know!
Summertime in Cleveland is an especially eventful time with an abundance of festivals featuring arts, music, food, and lots of good, local beer. In last week's blog post, we touched on 10 Reasons that Cleveland is the Best Kept Secret. For those not familiar with Cleveland, this city is a seedbed bursting with culture, innovation, and a large concentration of locally owned businesses. One thing Clevelanders love about this great city is the neverending lineup of festivals. And In an exciting turning point, a number of festivals are expected to make a triumphant return this summer. We put together a list of this summer's festivals including dates and a link to the event website. Check them out and let us know which ones you visit!
Tremont Greek Festival
Friday, May 27th to Monday, May 30th
Cleveland Pride 2022
Saturday, June 4th
Larchmere PorchFest
Saturday, June 25th
Summer Solstice 2022 at the CMA
Saturday, June 25th
Cleveland Tall Ships Festival
Thursday, July 7th to Sunday, July 10th
Taste of Tremont
Sunday, July 17th
BorderLight: Festival of International Theatre
Wednesday, July 20th to Sunday, July 24th
Feast of the Assumption
Friday, August 12th to Monday, August 15th
Waterloo Arts Fest
Saturday, August 27th
Cleveland Garlic Festival
Saturday, August 27th to Sunday, August 28th
Cleveland Oktoberfest
Friday, September 2nd to Sunday, September 5th,
Friday, September 9th to Sunday, September 10th
Cleveland National Airshow
Saturday, September 3rd to Monday, September 5th
IngenuityFest
Friday, September 23rd to Sunday, September 25th
The city of Cleveland has long been the subject of jokes for several years. Having gone through a handful of transitions, Cleveland is seeing a renaissance of innovation and development across the city. While Clevelanders have always known what makes this midwestern city on Lake Erie great, we put together a list of reasons Cleveland is on track to be a leader in metropolitan living.
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.
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