Columbus first-time home buyers Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Stands Among Best Cities for First-Time Home Buyers

RealSupport — Thu, 28 Feb 2019 04:41:59 +0000

A new study by LendingTree places Columbus in the top ten cities for first-time home buyers, ranking us #7 out of 50 major metros. Here’s what the study says about Columbus home buying opportunities!

The study is based on LendingTree’s own opinions of what makes a city “friendly” to first-time buyers, backed by their own in-house statistics. The study evaluated mortgage types, down payments and consumer home buying power, using the following criteria:

Share of buyers using an FHA mortgage
Percentage of buyers with credit scores below 680
Average down payment amount/percentage
Housing Opportunity Index score

About 38% of Columbus home buyers used an FHA mortgage for their home purchase. While FHA mortgages are not limited to first-time home buyers, this loan type is more forgiving when it comes to less-than-perfect credit. Since Columbus also had one of the highest shares of mortgage applicants with credit scores under 680, this ratio isn’t surprising.

Despite some lower credit scores, the data set used in this study shows healthy down payments. Columbus home buyers averaged a down payment of 14% of the home purchase price, or computed another way, $34,400.

Columbus ranks highly in home affordability in this study. The Housing Opportunity Index measures the share of home sales that are affordable to households with median incomes. Columbus comes in at 74.7%, meaning that most home sale prices were in reach of local median incomes.

We must keep in mind that the LendingTree study only involves mortgage applications processed through their company. While the findings are encouraging, this isn’t a comprehensive view of Columbus market conditions. The biggest challenge facing Columbus first-time home buyers often involves finding homes for sale in their desired price range and neighborhood!

There are myriad pitfalls in the home buying process, and buyers who are under-represented are at a serious disadvantage. If you are a first-time Columbus home buyer, start by reading our free e-book, “How to Buy a Home like a Pro!” There’s no obligation, and you’ll obtain valuable advice about mortgage financing, the home buying process, how to handle condition issues, and more! Click here to download your free copy of “How to Buy a Home like a Pro” today.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

The post Columbus Stands Among Best Cities for First-Time Home Buyers appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Consider Resale Value when Choosing Your Columbus Home

RealSupport — Thu, 19 Apr 2018 05:54:14 +0000

When the Columbus real estate market is “hot”, you might assume home values have nowhere to go but up! But market conditions change, and future home buyers may not be willing to take on certain property flaws. You should always consider future resale value when buying a Columbus home! Here are points to keep in mind:

Location. When you buy a home, you get the neighborhood that comes with it! School quality, crime rates, traffic and noise all affect the desirability of a home. So does the array of local amenities, such as parks, shopping, dining, and access to public transportation or major roads.

Price history. A home that has a historical sales price range of $195,000 to $225,000 isn’t automatically worth a ransom just because the market is hot. If there haven’t been any significant improvements on the home since the last sale, don’t be quick to accept an inflated price. You could face a future drop in value if the market pulls back.

Home features and functional obsolescence. A two-bedroom, one-bath home doesn’t carry the same demand as a three or four-bedroom, two-bath home. This doesn’t mean you shouldn’t buy a smaller home if it suits your budget and your needs! Just don’t over-pay for it. Also, a home that has very dated and inefficient mechanical systems, or an odd layout, or other unusual qualities, could be harder to sell in the future.

Home condition. An older home with “good bones” shouldn’t be overlooked. Still, there is a fine line between a “diamond in the rough” and an outright money pit. A home’s construction quality, structural integrity and overall condition should be examined with care. Home inspection contingencies should never be waived! Read our free e-book, “How to Buy a Home like a Pro” for more information!

Andrew Show
Broker, CEBA-M, CNE, CSP, PSA, e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

The post Consider Resale Value when Choosing Your Columbus Home appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Metro Columbus among Best Bets for First-Time Home Buyers

RealSupport — Thu, 19 Mar 2015 03:09:09 +0000

RealtyTrac placed Columbus among the 10 Best Markets for First-Time Home Buyers, based on an analysis of home sales and mortgage loans throughout 2014. The study shows that the average down payment of a Columbus home was 12.92% of the purchase price, coming in at about $16,536.00; lower than the national average. In comparison, higher-priced metros had down payments of 24%.

While buying a home is a better long-term deal than renting, Columbus rents are also more reasonable than comparable U.S. cities. According to RentJungle, the average Columbus apartment currently goes for $866 a month; the national average is $1,350 a month. Moderate rents help enable tenants to save for a down payment, which is another factor in Columbus’s favor.

Please keep in mind, however, that all Central Ohio real estate has local variety, whether it comes to home buying or renting. For example, the rent for a two-bedroom apartment in Dublin averages close to $1,200. According to ApartmentList, that puts rental costs in Dublin 24% higher than the national average, and a whopping 70% higher than the rest of Ohio.

Meanwhile, homes in Dublin have an average sales price of $310,875. The average sales price for a Metro Columbus home is $175,692. Location plays a huge role in home prices, and there are micro-markets within each neighborhood.

Overall, Columbus homes are affordable compared to many areas of the country, but home buyers need to be prepared for the market in order to succeed. As the peak home buying season approaches, buyers need to secure their mortgage financing, and have the guidance of an Exclusive Buyer’s Broker.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

The post Metro Columbus among Best Bets for First-Time Home Buyers appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.