Posts made by author 'Progressive Urban Real Estate'

Buyer Beware: The process for buying a home is about to change

This Spring, the National Association of Realtors (NAR) agreed to do away with rules that have for decades caused agent commissions to be paid by the seller. This agreement will help to settle lawsuits against NAR that claim that the rules have caused sellers to pay artificially inflated costs to sell their homes. 

Right now, the seller of a home typically pays both the seller's agent and the buyer's agent commission. This settlement could potentially change that, opening up the door for the buyer to pay their buyer's agent commission if the seller isn't offering one or is offering a reduced buyer's agent commission.  While the settlement is not completely finalized, NAR has agreed to implement the changes effective August 17th and it will result in the biggest change we've seen in the real estate industry in decades. 

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Ohio Homebuyer Plus is a new initiative designed to make homeownership more achievable for residents of Ohio. Introduced by the Ohio Treasurer's office in collaboration with Governor Mike DeWine's administration, Ohio Homebuyer Plus leverages the financial strength of the state to provide specialized, tax-advantaged savings accounts for aspiring homebuyers. Basically, the account helps your money grow faster so you can save more money for the purchase of a home. 

These accounts offer above-market interest rates and potential Ohio state income tax deductions, making them a potentially smart choice for someone looking to save for a down payment or closing costs on a home purchase. 

So, how does it work? Let's break it down:

Eligibility Requirements:

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The city of Cleveland recently updated its residential tax abatement program. For several decades, new construction homes built in the city, including single-family homes, multi-family buildings, and condominiums, were eligible for 15 year, 100% tax abatement on the improvements, as long as they met the city's permitting and green building standards. Owners still paid taxes on the land value, however. For example, if an owner bought a lot for $50,000 and built a $300,000 home there, they would pay taxes based on $50,000 not $350,000, at least for 15 years during the tax abatement period. 

Now, the city has changed that policy, lowering tax abatement in strong market areas like Ohio City or University Circle while keeping it the same in weaker market areas like Fairfax or Cla...

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UPDATE: Effective February 6, 2026, the City of Cleveland no longer requires a mandatory exterior inspection before the sale or transfer of 1–3 unit vacant residential properties. Read more here.