When It Makes Sense to Downsize in Cleveland Ohio Real Estate

October 31st, 2014

In our recent blog post, Which Size Home Is Best for You?, we look at three signs that can help you choose between a larger and smaller home in the Cleveland Ohio area. There is no time like the present to move up, with mortgage rates at historic lows and confidence booming. However, for some homeowners, selling your current property and moving down is actually the better option.

Moving up is not for all homeowners in Medina and Cuyahoga County— in fact, here are a few reasons to downsize from your current home:

You want a lower mortgage payment
The financial aspect of owning a home is the single most important factor in determining which size home is best for you. What can you afford? Using a mortgage calculator can help you consider all of the costs and figures associated with a new home purchase, including your down payment. If you want a lower mortgage payment, downsizing can be a great move.

Save on property taxes
Homeownership in Brunswick, Hinckley, Medina, Valley City and Strongsville also means you’ll be paying property taxes. If you’re moving to one of these communities, a smaller home can also mean smaller property taxes, thus meaning more savings for you.

Save on utilities and maintenance
A smaller home in the Cleveland Ohio area can bring down the monthly costs of utilities. As we head into the colder months, keep in mind that a smaller home takes less energy to heat. If you have energy-efficient appliances or plan to install them, they can also bring down your monthly expenses and help save on these costs.

In terms of maintenance, less space gives way to less maintenance and upkeep. If your current yard is too much work for you to maintain, a smaller home (and thus, smaller yard) can free up more of your time.

You’re headed toward retirement
Whether you’re planning to retire soon or simply want to start investing more in a separate fund for retirement, downsizing can allow you to contribute your extra savings to these areas.

BOLD Real Estate Consultants can help you sell your home while the timing is right and find a smaller property 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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Rising Home Prices in Cleveland Ohio Area Not Affecting Affordability

October 29th, 2014

While housing prices have continued to rise— the average home price is now up to $220,600 from $160,000 just a few years ago— it is not affecting the affordability factor for Cleveland Ohio area homebuyers. According to the National Association of Realtors, homebuyers are not feeling as though these large home price increases are barring them from purchasing a home in Medina, Strongsville, Brunswick, Hinckley, Valley City, Columbia Station, or North Royalton.

It is the low mortgage rates that have helped to combat the rising home prices, keeping homebuyers optimistic and confident in their abilities to purchase a home in Ohio. Two other important factors that have helped to offset the large increases are the unemployment rate and income levels. The unemployment rate has fallen and on the other hand, the incomes of residents in Medina and Cuyahoga County have risen— all contributing to a more affordable local real estate market.

The NAR’s chief economist notes that if a homebuyer were to purchase a home priced at the average of $220,600, with 20 percent down, they would assume a monthly mortgage payment of about $867. Being that this is 15.9 percent of their monthly gross family income, below the average of 21.3 percent over the past 30 years, affordability is much better given today’s real estate market conditions.

“Overall debt servicing costs, including mortgage and everything else, have also been trending down and reached historic lows,” reports the National Association of Realtors. “Low interest rates are also holding down payments on credit cards, auto loans, and other consumer borrowing costs.”

The real estate market is in prime shape this year for Ohio homebuyers to make a move, sell their current property and purchase their dream home. At BOLD Real Estate Consultants, we can help you time the market just right to get the best deal!

If you’re ready to buy a new home or sell your current property, we’re here to help! Contact BOLD Real Estate Consultants today to discuss the real estate market where you live in Medina, Strongsville, Brunswick, Hinckley, Valley City, Columbia Station, or North Royalton.

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Celebrate Fall and Halloween in the Cleveland Ohio Area

October 24th, 2014

We’re well into the fall season now in the Cleveland Ohio area and many residents may have already started attending events and festivals, picking pumpkins and giving their homes a seasonal spruce. But if you have yet to get out and explore the communities of Medina, Brunswick, Strongsville, Columbia Station, Hinckley, Valley City or North Royalton, there are still plenty of opportunities left!

Consider this your late fall calendar for the Cleveland area— these events are coming up yet this month:

The Old West Pumpkin Fest
Through October 26, 2014
Columbia Station, OH

Going on all month long in Columbia Station, the Old West Pumpkin Fest is full of activities! Including hayrides, a pumpkin patch, kids games and face painting, pumpkin painting, petting farm, fun house, prizes, costumes, food and more! Admission is $10 per person.

Old Fashioned Trick or Treat
October 25, 2015; 3 to 4:30 PM
Strongsville Historic Society
Strongsville, OH

It’s time for the Strongsville Historical Society’s 6th Annual Old Fashioned Trick or Treat! The perfect event for the kids, the Trick or Treat event takes place around the Strongsville Historic Village and even features “villagers” in costume. There will be games and refreshments at this daytime event and admission is one dollar per person or one non-perishable food item for the Strongsville Emergency Food Bank.

Mapleside Farms Spooky Fest
October 25-26, 2014
Mapleside Farms
Brunswick, OH

Celebrate Halloween in Brunswick with spooky games, stories, and a flash light corn maze adventure at Mapleside Farms! This year, the Spooky Fest event will host a costume parade for the kids and numerous other seasonal activities at Pumpkin Village!

As your local Medina and Cuyahoga County real estate experts, we’re happy to provide recommendations for enjoying the area. Contact us today for more information on why so many people choose to call the Cleveland area home!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Common Overlooked Homeownership Costs for Ohio Real Estate

October 22nd, 2014

With mortgage rates low and Ohio homebuyers recognizing the benefits of owning versus renting—owning a home is 38% less expensive than renting— there will indeed be a surge of purchases in the near future. But before you plug your numbers into the mortgage calculator and set off to get pre-approved, it’s important to consider all of the factors. There are a few costs of homeownership that often go overlooked, property taxes and maintenance for instance.

Property Taxes
As home values continue to rise, it is smart for all Medina and Cuyahoga County homebuyers to calculate their property taxes. You need to be aware of this number you’ll be paying monthly, oftentimes factoring into your mortgage payment, as you’ll owe taxes even after you pay off your home.

It is not the bank that determines this amount, but the town in which you live, so this may influence where you purchase a home in the Cleveland area.

Maintenance
The average mortgage is calculated over 30 years, meaning if you plan to stay in the home that long you’ll also encounter many features that need replacing— the roof, the furnace. Keep the cost of maintaining a potential home in your mind as your search for the perfect property. If you purchase a home that needs a bit of work, each of the upgrades you’ll install could add thousands to the cost of owning a home.

Time
Don’t forget how much time it takes to make your home operate smoothly! Don’t have the extra hours to dedicate to mowing the lawn or painting? Homeownership requires these tasks! Many homeowners in Brunswick, Medina, Valley City, and Hinckley spend their weekends tackling projects to boost their home value or simply keep up the property.

The team at BOLD Real Estate Consultants can help you find the right home that is well within your budget, with property taxes considered! We know the communities of Hinckley, Valley City, Strongsville, Medina, Brunswick, Columbia Station and North Royalton and will find the property that suits you best.

Contact us today!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Tips for Attending Cleveland Ohio Area Open Houses

October 17th, 2014

When you decide it’s time to purchase a home in the Cleveland Ohio area, you’ll likely start to attend open houses. These are a smart way to get a sense of what homes are available, what fits your budget and what you do and do not like before committing to anything. But before you head into a home in Medina, Strongsville or Brunswick this week, keep the following in mind in order to make better use of your time touring the property:

You don’t need to share your information
As a motivated homebuyer in the Ohio real estate market, you should make contact with the agent and if applicable, express your interest in the home. Getting to know the seller’s agent and even letting them know who you are working with can be a great jumping off point. If you end up placing an offer on the property, the seller’s agent can them put a face to your name.

However, if you’re just starting the homebuying process, you do not need to share all of your contact information. It’s always nice to say hello to the agent at the open house, but you are not obligated to sign in.

Use the open house as a way to learn the market
Instead of scheduling a private showing on a home in Medina, Valley City, Hinckley, Brunswick or Strongsville, use the open house as a way to learn about the local real estate market. You can tour homes online, use mortgage calculators and apps to help you get an idea of your position as a homebuyer. These are all helpful, but it is the open house that will get you up close and personal with real estate and parties who might be involved in your potential sale.

Make note of the other buyers
Other homebuyers at the Cleveland area open house can tell you a lot about the property, about the neighborhood, about the price of the home. If people are coming and going quickly, the home might have problems or perhaps they are new homebuyers. However, if people are staying, asking the agent questions and discussing the home with their partner, it might be a “hot” property.

Are you interested in the home? Watching other homebuyers’ actions can also tell you about your competition.

The agents at BOLD Real Estate Consultants are available to show you which homes are on the market and which might apply to you. Contact us today with any questions you might have or to view a listing that interests you!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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How to Get Your Medina, Strongsville, Brunswick Home Ready for Fall

October 15th, 2014

It’s finally October and before you know it, we’ll be settled into the cold weather months. Just as you might be preparing for the next season, planning activities and wardrobe changes, your home in Brunswick, Strongsville, Medina needs attention too!

It’s no secret that Medina and Cuyahoga County homeowners rarely want to take on major home projects during the winter, so it’s time to line everything up now while the weather is still favorable. Preparing your Cleveland area home this October should include the following tasks:

  • Raking leaves
    It’s the quintessential fall activity and it helps keep your Hinckley, Valley City, Columbia Station and North Royalton homes looking their best. Choose a rake that feels good to you, not one that’s too lightweight. Also consider chopping some of your gathered leaves to use as mulch in a flower bed or in a compost pile.
  • Put up storm doors and windows
    If you use these in your Ohio home, now is the time to install them. Whether we like it or not, summer is behind us and you’ll want to keep that cold weather out as fall moves forward.
  • Decorate outdoor spaces
    Fall is a great time to decorate for the season and help your home become the envy of the neighborhood. Fall pumpkins, gourds and mums all last the whole season long and require little maintenance.
  • Store hoses for the winter and shut off outside faucets
    Be sure to disconnect, drain and roll your garden hoses before storing them for the winter. It’s also important to shut off the water to your exterior faucets to prevent pipes from freezing.
  • Clean gutters and downspouts
    Plan to do this task after most of the leaves have fallen and while you’re at it, check your gutters and downspouts for cracks and loose parts. If necessary, schedule repairs before winter.

Medina and Cuyahoga County are beautiful during the fall months and BOLD Real Estate Consultants is here to help you find yours dream home in one of the idyllic communities of Hinckley, Valley City, Strongsville, Medina, Brunswick, Columbia Station or North Royalton. If selling your home is one fall task you want to cross off your list, you’ve come to the right place! Contact us today!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Cuyahoga, Medina County Homeowners: Should You Pay Off Your Mortgage Early?

October 10th, 2014

It may sound like a great idea for many Medina County homebuyers— paying off your mortgage, losing one more payment each month. But the reality is, paying off your mortgage may force you to pull resources away from other investments and some that will prove to be a better place for your finances.

So before you pool all of your money to pay off your Ohio home’s mortgage, consider this: it is a far better decision to pay down your other debt and invest in your retirement or 401K instead. Financial experts agree that high interest credit card debt should be a top priority, especially for homeowners. These credit cards can have an APR rate of over 20 percent, while mortgage rates are significantly lower, most around 4 percent.

Credit cards can also come with annual or monthly fees that can add up on top of that high APR percentage. While your mortgage may have the higher amount, its interest rates make it worthy of paying over time. If you’re in this situation now, deciding which to pay off first, all signs point to your high interest credit card debt.

For other homeowners in Medina and Cuyahoga County, perhaps a retirement plan or 401K is the better investment. Putting money into your retirement plan over many years will offer the opportunity for it to grow and, depending on your retirement plan, will likely offer a return much better than current mortgage interest rates. Families in Brunswick, Hinckley, Medina, Strongsville or Valley City might also choose to put money into a college savings fund for their children instead of channeling funds into paying off a mortgage.

One other important investment to make is the emergency savings fund. Homeowners in the Cleveland Ohio area should continue to build their savings of up to six months of living expenses should any unexpected costs arise. If you’re considering paying off your mortgage, you might like to save even more to be prepared in an emergency.

While paying off your mortgage may sound like an intriguing concept, it is best to examine your finances to see if you can yield a better return by placing money elsewhere.

At BOLD Real Estate Consultants, we are happy to help you make important decisions regarding buying or selling Medina or Cuyahoga County real estate. We look forward to hearing from you!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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3 Steps to Get “Home Seller Ready” in the Cleveland Ohio Area

October 8th, 2014

Selling your home is a big decision and one that can bring about dozens of feelings for Cleveland area residents. It takes more than just staging your home with flowers and furniture arranging— you have to get in the home seller’s mindset. What does that mean exactly? It means you start to think more like a potential homebuyer and less like someone who is attached to the Medina or Cuyahoga County property. Here are three important steps you need to take in order to be prepared to sell your home in Ohio this year:

Think like a buyer
This can be difficult to do as a homeowner, but it’s the first step in the home seller prep process. A homebuyer will see the home differently than you do, so it’s important to step outside of yourself and take on a fresh perspective. Start with your home’s online listing which is where a majority of homebuyers start their home search. You might not notice how cramped the room looks until you see it through a computer screen.

Your real estate agent at BOLD Real Estate Consultants is another important person who can help you take on a buyer’s perspective. We know what potential buyers will see and how they will react— let us help you!

Don’t take it personally
When you’ve lived in a certain home in Medina, Strongsville, Brunswick, Hinckley or Valley City, you will acquire certain feelings and memories. It can be a challenge not to take constructive home criticism personally. But in order for a homebuyer to visualize themselves in your home, you need to offer them a clean slate. Remove your personality and style from the property when they visit— while you may love how it looks, a homebuyer has different tastes. Remember, you can bring your style to your next home!

Don’t just jump into listing
As a homeowner, preparing your home for sale is key to its sales success. BOLD Real Estate Consultants will help get your home in front of the right buyers, but your part is just as important. Don’t simply list your home and hope all goes well— when your home is in the best possible condition, you will be truly ready to sell.

As your local real estate experts, we are happy to help guide you in the home sale process! Contact us today with any questions you might have.

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Cleveland Area Real Estate: Which Size Home Is Best For You?

October 3rd, 2014

With Cleveland area homebuyers looking for a change this fall, it’s not just about the price of the home or the location— it’s about the right size of home. If you live in a larger home now and your kids have recently moved out, you might wonder if you should downsize. On the other hand, if your family is growing, it could be time to upgrade.

Homes are being built rapidly all across the country, but in Medina and Cuyahoga County real estate, here’s how you can tell which home is right for you:

You want a bigger home, but not a bigger mortgage
If you’re dreaming of a larger home, but cannot afford to take on the large mortgage that comes along with it— this is usually one sign that you’re not yet ready to move up. However, you must also keep in mind that a smaller home with more amenities or in a desirable neighborhood might come with a mortgage payment not too far off from that larger home. Use a mortgage calculator to determine if that larger home is worth the extra amount of money it will cost you.

You want to stay in the area for a while
When you know where you’d like your roots to grow—in Brunswick, Medina, Strongsville, Hinckley or Valley City— you can determine the right investment in a home. Investing in a home with more square footage now could save you from purchasing a home later on with higher mortgage rates and higher housing prices.

You don’t want to maintain too much
A larger home in Medina or Cuyahoga County can come with more space to maintain, from the home itself to the yard and landscaping. If maintenance is not your forte or not something you want to handle, a larger home may not be for you. Look for a home with less to keep up or in a homeowner’s association that will handle that for you.

BOLD Real Estate Consultants can help you decide which size of home is right for you and introduce you to those that are available now. Contact us today to get started!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

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Home Prices Steadily Rising Across Ohio

October 1st, 2014

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:

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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