Buying a Home in Medina, Cuyahoga County: Common Misconceptions

Buying a home in Medina or Cuyahoga County comes with a to-do list and network of professionals to make the purchase happen. And while mortgage rates are low enough to allow Ohio homebuyers to land a great deal, there are a few misconceptions that are holding some buyers back.

Misconception: It’s not a good time to buy
Many homebuyers in Hinckley, Valley City, Strongsville, Medina, Brunswick, Columbia Station and North Royalton are constantly searching for the best time to make a purchase and more often than not, they believe it’s just not the right time. Two factors should go into your decision: the cost of the home and the mortgage rate. Right now, mortgage rates are still hovering around yearly lows and home values are slowly rising. Now is an ideal time to buy!

Misconception: Your credit isn’t good enough
In a new survey, participants were found to believe they need a “very good” credit score to purchase a home. The average credit score for closed loans has dropped over the past two years and you could already be prepared to begin the process.

Misconception: Homeownership is more expensive than renting
Nationally, homeownership is 38 percent less expensive than renting, in comparison to 35 percent just last year. Rates would need to rise to 10.6 percent for renting to become less expensive than owning a home.

Working with BOLD Real Estate Consultants can help calm your fears about the homebuying process. We are here to answer any questions you might have about finding and purchasing your dream home in the Cleveland Ohio area. Contact us today!

Sajag Patel
BOLD Real Estate Consultants

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