The headlines about the housing market across the U.S. may cause you to think twice about buying a home. Yes, interest rates for mortgages remain historically low, especially in Ohio, but the market still has more buyers than sellers, making a home purchase seem out of reach.

Banks in Ohio are watching real estate trends, and the forecast for 2022 shows positive signs for home buyers.

Ohio’s Real Estate Market Offers Home Buyers Quality and Value

The Buckeye State has many cities with affordable, high-quality properties for people who want to buy a home. 

• According to data from Realtor.com, the median home price in Ohio at the beginning of 2022 was $190,000, roughly $150,000 below the national average of $346,900.
  • Stark County offers more reasonable prices, with a median home price of $174,900.
  • Summit County features a median home price of $159,900.
  • Jefferson County’s median home price is $128,500.
  • Columbiana County features the lowest median home price at $129,900.
  • Carroll County aligns closely with Ohio’s median home price at $199,900.
• Mortgage rates across the state average 3.5 percent, about 10 basis points below the rest of the country.
• Across the tri-county area (Stark, Summit, and Jefferson), almost 3,000 homes are available for purchase , an increase of more than 250 compared to the prior reported week.

But 2022 is still a ‘seller’s market,’ meaning a home purchase requires planning, patience, persistence, and partnership with a bank in Ohio that supports your homeownership dream.

Ways to Finance Your Ohio Home Purchase

Mortgage lenders in Ohio offer home buyers several financing options, including conventional mortgages and home loans through the USDA, the VA, and the FHA.

• Conventional mortgages are loans from private institutions like banks or mortgage companies. The interest rate and downpayment associated with traditional mortgages reflect your financial health measured by your credit score and credit history. Most conventional home loans have a fixed interest rate, meaning you’ll pay the same fee monthly. The loan often has flexibility with the term or length of the loan and the amount of down payment you’ll need. 
• The U.S. Department of Agriculture (USDA) helps people in rural areas become homeowners through its Single-Family Housing Guaranteed Loan Program. The USDA backs the loans so banks and other lenders can offer lower interest rates with a no-to-minimal down payment. Your Ohio bank can provide additional details about income and location requirements to qualify for a USDA home loan.
• The U.S. Department of Veterans Affairs (VA) supports current service members, veterans, and surviving spouses with home loans through banks and mortgage companies. Features of a VA home loan include:
  • No down payment
  • Competitive interest rates
  • Lower closing costs
  • No need for private mortgage insurance
  • Lifetime use of the VA home loan; you can purchase multiple homes using the guarantee
• A Federal Housing Authority (FHA) home loan is like a traditional mortgage offered through a bank, but the FHA insures it. The FHA partnership enables lenders to offer lower interest rates and financing to first-time homebuyers or consumers with credit challenges. FHA loans have specific guidelines and unique requirements; check with your bank in Ohio to learn if an FHA loan is right for you.

Connect with Consumers National Bank for Home Purchase Support

Contact the Consumers National Bank team for more information about buying a home in Ohio and financing your purchase. We're here to help you achieve your goals!