It’s important to remember as you navigate your homebuying process that real estate market news is hyperlocal. What you hear may be happening to one real estate market is not necessarily happening here in Brunswick, Hinckley, Valley City, Medina, and Strongsville. However, when it comes to home prices, the nationwide trend of increasing values is proving true right here in Ohio.
The number of homes sold in Ohio saw increases of 1.2 percent in July, as compared to the number of sales in June, reported the Ohio Association of REALTORS.
“The Ohio housing market is continuing to display stability in 2014, as sales activity is keeping pace with prior levels and price safe experiencing modest gains,” said the Ohio Association of REALTORS President. “The minor ebbs and flows in sales activity that have occurred from month-to-month [are] simply a reflection of a return to a traditional, healthy marketplace.”
That comes as great news for the Medina and Cuyahoga County real estate market as the number of home sales represents a stronger, more motivated bunch of homebuyers present and the increase in home prices is promising to local home sellers.
As compared to last year’s levels, July saw an average home price increase of 3.7 percent— rising from the average $156,731 price tag to $162,566. These rising home prices are being seen all across Ohio as all but five local real estate markets reported an increase in average sales prices, according to the OAR.
Homebuyers in Brunswick, Medina, Strongsville, Valley City or Hinckley would be wise to buy while mortgage rates are still low and before housing prices post further increases. Here are a few steps you can take to make sure you’re on the right path toward homebuyer success:
- Pay down debt
- Set a budget
- Get pre-approved
- Make a homebuyer wish list
- Meet with your BOLD Real Estate Consultants agent
We look forward to hearing from you and helping you find your dream home in Medina or Cuyahoga County this year!
Sajag Patel
BOLD Real Estate Consultants
440-879-7260
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