I have seen cases where buyers almost proceeded with a contract without fully understanding the earnest money clause, which outlines the conditions for the return of the deposit. The structure was such that if certain conditions were not met, the deposit could not be refunded, and they missed that detail, getting to the point of signing. Fortunately, they were able to correct the clause during the review process.

To prevent such issues, there are six main items to check in order. These include searching for properties and creating a comparative market analysis, negotiating the offer price and terms, reviewing the purchase agreement, coordinating inspection and appraisal schedules, managing the closing, and providing information about the local market and school districts. The core duties of agents outlined by the NAR reflect this as well.

Starting from August 17, 2024, there will be one more item to check. According to the NAR lawsuit settlement, buyers must sign a written buyer agency agreement before viewing properties together. This agreement must specify the amount or method of calculating the commission. Recent market observations show that many buyers still sign this agreement without fully understanding its clauses.

The median price in the Cleveland market is $140,000 as of July 2026, showing little change from the previous year. However, as of May, the average sale price over the last three months was $142,000, which is a 5.9 percent increase compared to the previous year, and the price per square foot rose by 14.3 percent to $104. Properties are selling in an average of 47 days, with inventory at 0.97 months, and the sale-to-list price ratio is 98.01 percent, indicating a somewhat favorable trend for sellers.

In markets with many items to check, the role of an agent who can clarify these items without language barriers becomes more significant. With a Korean agent, buyers can accurately review contract clauses in Korean and also gather information about preferred school districts, Korean markets, and access to religious communities. An agent with experience settling from Korea can also guide clients through unique situations like international remittances, ITINs, and FIRPTA for non-resident foreigners. A well-established network of lawyers, mortgage brokers, and inspectors within the Korean community also provides practical support during contract reviews and the closing process.

It is also worth noting the contingencies that arise in this process. Terms like inspection contingency or financing contingency refer to different conditions, and misunderstanding these terms can lead to confusion about when the deposit can be refunded. Language barriers can cause buyers to overlook these details, increasing the overall risk of the contract.

Following the contract process step by step looks like this. First, an offer is made. If the seller accepts, the inspection period begins. During this time, defects are identified, and repair negotiations are completed. Next, an appraisal is conducted. If the appraised value is less than the contract price, further negotiations are necessary. Once mortgage approval is obtained, a closing date is set. Finally, documents are signed, and keys are received. Each step has a set deadline, and missing even one can jeopardize the contract itself. Therefore, someone is needed to manage the schedule from start to finish.

Cleveland is relatively affordable compared to other areas in Ohio. This makes it an attractive location for first-time homebuyers and investors looking for rental income. However, if investing, it is wise to consider not just price increases but also vacancy rates and rental demand.

However, market prices can vary depending on sources and reference points like Houzeo and Zillow, so be sure to check the timing of your inquiry, and verify school district boundaries with the specific address before purchasing. This article does not constitute investment or legal advice, and consulting with a professional before making any contracts is recommended.