Cleveland Area Real Estate: FHA Mortgage Insurance Premiums to Drop

January 9th, 2015

Just this week, President Obama announced the Federal Housing Administration (FHA) will lower annual mortgage insurance premiums by 0.5 percentage points. Not only will this make homeownership more affordable and accessible, but lower premiums can save homebuyers a great deal over the life of their loan.

For instance, on a $175,000 loan with less than 5 percent down, the 0.5 percentage reduction will save a Cleveland area homebuyer $818 per year or $3,932 over five years.

Along with your monthly mortgage payment, principal, interest and insurance, FHA mortgage insurance premiums are paid in 12 monthly installments. A new FHA home loan will take on premiums for the life of the loan, despite the amount of equity you have in your Ohio home.

The change will bring down the current annual mortgage insurance premium from 1.35 percent to 0.85 percent for a home loan with less than 5 percent down. For loans with more than 5 percent down, the change will adjust the annual MIP from 1.30 percent to 0.8 percent.

As the White House announced this week, these lowered premiums will allow more than 800,000 homeowners to save on their monthly mortgage costs and allow for more homebuyers to break into the local real estate market— as many as 250,000 new homebuyers will be given the chance.

As your local real estate experts in Medina and Cuyahoga County, we can help you take advantage of these low costs of purchasing a home. Contact us today!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Ohio Real Estate: Should I FSBO My Cleveland Area Home?

January 7th, 2015

Home sellers today have many choices in front of them— where to move in the Cleveland area, which price at which to list their home and even if they should use a real estate agent at all. One of the best decisions you can make in 2015 is to work with a BOLD Real Estate Consultants professional. Still have questions? Below are the top reasons to skip the FSBO route when selling your home.

Agents negotiate
When you’re thinking of forgoing working with a real estate agent, it’s important to remember all of the parties you will need to negotiate with. The buyer, the buyer’s agent, the buyer’s bank, the inspector, the appraiser, the title company and more. If you don’t feel up to coordinating with each of these parties, it’s best to leave it to the pros. Your agent will take care of everything!

Agents seek out buyers
Going the FSBO route means that seeking out buyers is your responsibility, but the task can be tiresome to those who already have a full-time job. BOLD Real Estate Consultants has a strategy for grabbing homebuyer interest in the first place they look— online. We know the importance of great listing photos and descriptions and we’re happy to work on your behalf!

Agents get you the best deal
Remember that it is a real estate agent‘s job to score you the best possible deal on your home sale. Working with an agent on your home in Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville can actually net you 13% more than if you go it alone.

So, should you FSBO your Medina, Cuyahoga County home? It can be a lot of work and navigating today’s real estate market is best left to the pros. We’re here to help!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Successfully Selling Your Cleveland Ohio Area Home in 2015

January 2nd, 2015

Winter has been named the best time to sell your home in Medina, Cuyahoga County and if you’re thinking about listing in 2015, know that a few things have likely changed since the last time you sold. The first step is to team up with BOLD Real Estate Consultants and learn what works for homebuyers in the current market.

There are a few new year’s resolutions to make as a home seller and in fact, they can help you sell your home quickly, at a great price and in the right amount of time.

Resolution 1: Make an online impression
The team at BOLD Real Estate Consultants knows the importance of seeking out homebuyers online— after all, it is the first place they look. Your first resolution should be to place an emphasis on listing photos, description and accurate statistics about your home listing online.

Resolution 2: Don’t list too soon
Listing your Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville home before you’re ready is a big mistake. If you act too soon, you run the risk of overpricing or not showing your home in its best possible light. Know where you will move when you sell, take the steps to prep the home for showing and take your agent’s advice.

Resolution 3: View your home as an investment
Letting your emotions get to you while selling your home can inhibit you from finding the best offer. Instead, view your home as an investment. Set your emotions and ties to the property aside for a moment and allow yourself to negotiate with that serious buyer.

Selling your home in 2015 can be a lucrative decision as many aspects of the market are changing for the better. From mortgage rates to new mortgage programs to the home selling process, BOLD Real Estate Consultants can navigate all of it with you!

Contact us today!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Looking Ahead to 2015 Ohio Real Estate

December 31st, 2014

The new year will be here in just a few days and while we wrap up last minute ties to 2014, the real estate market is one significant reason to look ahead! Realtor.com released their new 2015 Housing Forecast and with lower mortgage rates continuing, Ohio homebuyers will have a chance to break into the market with low costs and less competition.

If you’re preparing to make a move in 2015, you can expect to find the following in the new year’s real estate market:

Low mortgage rates
Low mortgage rates have been hovering around historically-low levels—even in recent weeks below four percent—and are expected to continue. Not only does this give Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley and Strongsville hopefuls a chance to purchase a home with lower costs, but also allows first-time homebuyers to make an entrance.

Normal home price appreciation
For the past 2 years, home prices have seen abnormally high levels. 2014 allowed for these prices to moderate and 2015 will continue to normalize these numbers. “We are now experiencing increases in home prices consistent with with long-term historical performance,” Realtor.com reported.

Less competition
Buying frenzies in recent months have edged many homebuyers out of the market— investors snagged the majority of distressed properties and came in with larger offers. But with the number of distressed properties dropping off, investors are leaving and more traditional buyers will be allowed the chance to purchase a home in Medina or Cuyahoga County.

Keep in mind that the real estate market is different in every community, so it’s wise to consult your agent before you make any assumptions. Contact BOLD Real Estate Consultants today for details on the market in Brunswick, Medina, Strongsville, Valley City.

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Getting Your Brunswick, Strongsville OH Home Back to Normal After the Holidays

December 26th, 2014

It’s easy to get swept up in the holiday chaos, especially the day after when it seems like wrapping paper and packaging have taken over your Ohio home. If keeping your holiday decor up through New Year’s Day is on your agenda, there is no need to break that tradition, but there are a few steps you can take to organize and de-clutter the holiday hubbub in your Brunswick, Medina, Strongsville, Valley City home.

Here’s how to get started this weekend:

  • Make notes
    Before you begin tossing and sorting your holiday decor and gifts, make notes for next year. Did you host the holidays at your home in Medina and Cuyahoga County? Write down what worked and what didn’t for easier planning. Did you have a holiday hassle putting up lights? Make notes to remind yourself next year!
  • Condense packages
    Gifts in packages can take up much more room than when they are out of the box. Open items, assemble any necessary parts and then recycle the packaging.
  • Create a “recycling” station
    Place boxes both upstairs and downstairs in your Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville home to recycle any extra paper or packaging found when putting gifts away. A large box left over from Christmas is an easy start and can keep you from running to the trash every few minutes.
  • Make room for the new
    When new items enter your Ohio home, quickly take the opportunity to donate old or worn-down items that they’ve replaced. Make room for the new by donating old clothes, toys and even movies, especially if you received many new ones this year.

BOLD Real Estate Consultants knows the value of a clean and organized home, especially when you’re a home seller. Winter was just named the best time to sell by Redfin and we are here to help make that happen! Contact us today with any questions!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Renting Costs Soaring, Time to Buy a Home in Brunswick, Medina Ohio

December 24th, 2014

According to Realtor.com, the cost of renting has just surged to its highest level in six years and those who have yet to buy a home remain stuck in the “renter’s trap.” It can be easy to get stuck in the flow and continue on your current path, but there are so many more benefits to owning a home than renting.

The first and perhaps most important benefit? The cost! The amount of your income spent on housing per month should not be in the 30% range as it is with the majority of renters in Brunswick, Medina, Strongsville, Valley City. If you’re preparing to buy your first home in Ohio—buyers between 23 and 34 years of age—that number should be right around 17% of your monthly income.

According to informative real estate website Keeping Current Matters, homebuyers can typically expect to pay around 15% of their income on their mortgage.

If that hasn’t pulled you off of the real estate fence just yet, consider this. Homeownership is now just over 30% more affordable than renting, while renting hovers around the -20% level. When you factor in building wealth, the overall costs and even tax benefits, homeownership still trumps renting no matter which way you look at it.

And now, 2015 is looking like a great year to become a homeowner! With the new 3% down mortgage programs from Fannie and Freddie, first-time homebuyers in Medina and Cuyahoga County will find it much easier to obtain a mortgage.

Contact BOLD Real Estate Consultants today with any questions you have about buying your first home in Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville. Now is the time to make a move!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Winter Best Time to Sell Your Ohio Home

December 20th, 2014

Spring and summer may be ideal times to move to a new home in Ohio, but winter is the best time to sell. According to a new study from real estate brokerage Redfin, sellers that list during the winter will be met by more focused, more motivated homebuyers.

Historically, February has proven to be the best month to list a home, reported Redfin, “with an average of 66 percent of homes listed then selling within 90 days.” Even in the colder weather, home sellers were found to be better off listing December through March than during any other time year.

But not only is the winter the best time to list your Ohio home, it’s also the best time to bring in a higher price, oftentimes above asking. During the months of December, January, February and March, sellers tend to net more than their asking price as compared to home sales June through November.

Remember, homes that are priced well and show well will attract homebuyers no matter the season, but winter tends to bring serious buyers to market with less “window shoppers.”

And you don’t need to worry about the holidays getting in the way of your Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville home sale. A Realtor.com study found that the majority of those listing during this time reported it was the lack of competition that makes winter such an ideal time to sell.

How do you take advantage of this as a home seller in Medina or Cuyahoga County? The winter season lasts from December 21 to March 20 and working with BOLD Real Estate Consultants during that time will set you on the path to home seller success.

Contact us today for more details on what’s happening in the real estate market where you live or for answers to your home seller questions. We’d love to hear from you!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Buying a House in Brunswick, Medina, Valley City During the Holidays

December 18th, 2014

You have probably just about finished buying gifts this holiday season, but has the thought of buying a home during the holidays crossed your mind? Spring and summer are indeed popular times to buy a new home in Ohio and yet, the holidays can be equally as favorable. Don’t wait until 2015 to move in your dream home in the Hinckley, Brunswick, Medina or Valley City area home— consider the following reasons to buy a home this time of year:

  • Lower prices
    As you may imagine, not many home sellers take advantage of the holiday season. As a result, homebuyers can find lower prices in the local real estate market. Home prices, historically, are actually lower in December than in any other month. If you’re a homebuyer in Medina or Cuyahoga County, you won’t want to bypass these!
  • Low mortgage rates
    Mortgage rates have been hovering around all-time low levels, but will not stay this low for long. Real estate economists have predicted prices to reach 5 percent by the end of 2015. As Zillow advises, “if rates go up by just one percentage point, your purchasing power is reduced by a whopping 11 percent.”
  • Sellers are motivated
    Home sellers in Ohio that keep their properties on the market during the holidays are likely very motivated to move. Competition is typically low during this time of year and home sellers will be propelled by their moving date. As a result, the holidays could be the time to negotiate score a great deal on your dream home in the Cleveland Ohio area.

You can count on BOLD Real Estate Consultants to walk you through the real estate market this holiday season and help to find you the best possible deal! Do not hesitate to contact us to get started!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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4 Reasons to Make a Bigger Down Payment on Your Cleveland Area Home

December 12th, 2014

It may sound tempting to put down a lower down payment on your new Cleveland area home, but there are significant benefits to saving that larger amount. It’s important to remember that the amount you put down determines how large your monthly payment will be.

In light of new mortgage programs that have just launched, allowing for as little as 3% down, here are 4 important reasons to spring for a bigger down payment in your Ohio real estate purchase.

Easier, faster approval
Especially if you’re ready to buy a home this time of year, during the holidays, a larger down payment can help to speed things along. You’re more likely to get approved with a bigger down payment and if you’re stuck in a situation with multiple homebuyers bidding on a home, offering more money down could put you ahead of the rest.

A better rate
Mortgage rates are everything in Medina and Cuyahoga County real estate, given their rapidly rising tendencies as of late. More money down can land you a better mortgage rate as it lowers your loan-to-value ratio and the lender’s initial risk. In fact, a lower rate could save you thousands over the life of the loan.

Lower monthly payment
The larger the down payment on your new Cleveland area home, the smaller your monthly payment. Not only does this equate to less money spent in interest over time, but also more money in your monthly budget.

No mortgage insurance
With less than 20 percent down, lenders will typically require you to purchase mortgage insurance. This is what protects the lender if you are unable to pay later on and in turn, affects your monthly payment— however, with a larger amount down, you can bypass mortgage insurance.

BOLD Real Estate Consultants can make your journey to homeownership as easy as possible! Contact us today with any questions about the home buying process and for more details about where the real estate market in Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley and Strongsville is headed in the coming year.

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Common Cleveland Area Homebuyer Myths About Mortgages

December 10th, 2014

According to Realtor.com, 2015 will be the year of the first-time homebuyer. First-time buyers have been missing from real estate markets for the majority of this year and one reason for that is misinformation about mortgages. Many new homebuyers have bought into myths about obtaining a mortgage in the Cleveland area that simply are not true.

Here are a few popular myths Millennials believe about mortgages and remember, if you’re a first-time homebuyer in Medina or Cuyahoga County, BOLD Real Estate Consultants can clear up any questions you might have about making a home purchase.

  1. Pre-approved and pre-qualified are the same thing
    Getting pre-qualified, as an Ohio homebuyer, refers to the estimate a mortgage banker gives based on the buyer’s stated income. This is simply an idea of how much you can afford in Cleveland area real estate. Pre-approval is the next step in the process and requires lenders to pull your credit and provide a more accurate estimate.
  2. You need 20 percent down to purchase a home
    The down payment is perhaps the most popular myth in real estate for new homebuyers. You do not need 20 percent down to make a purchase, however it is recommended. There are programs in place for buyers in which they can put as little as 5 percent down. Ask BOLD Real Estate Consultants about what is available in our area.
  3. Lending restrictions are too tight
    Buyers new to the Medina and Cuyahoga County real estate market often fear the lending requirements necessary to purchase a home. However, know that these may not be as tight as you think they are. In working with an experienced lender and finding a low down payment plan, first-time homebuyers are better off than they realize.

BOLD Real Estate Consultants can provide recommendations for local service providers, including mortgage and finance experts. We are also here to answer any questions you have about buying a home in Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville. Contact us today!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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