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Payments can Change on a Fixed-Rate Mortgage: Here’s What Ohio Home Buyers Should Know

RealSupport — Wed, 29 Apr 2026 05:10:28 +0000

Having a fixed-rate mortgage offers protection against future increases in mortgage interest rates. Specifically, a fixed-rate mortgage means that the principal and interest portion of your monthly payment will remain the same, though the allocation between them will adjust as the loan matures. (You can see how this works on mortgage calculators, as found on Bankrate and other financial websites.)

But this doesn’t mean your overall monthly payment can’t go up. If you have an FHA, VA or USDA mortgage, an escrow account for the payment of property taxes and homeowner’s insurance is required. If your property tax bill goes up, and/or your homeowner’s insurance premium rises, the escrow portion of your monthly mortgage payment will increase. If these expenses rise year-over-year, the escrow portion of your mortgage payment will be rising to catch up.

Ohio homebuyers and homeowners need to know that escrow accounts can also require a “reserve.” Mortgage servicers are allowed by law to hold 2 months worth of escrow deposits as a cushion against future increases in taxes and insurance. However, since the 2-month reserve also has to be maintained, increases in taxes and insurance can mean 14-months worth of escrow deposit catch-up.

For example: If you have annual property taxes of $4,800 and an annual homeowner’s insurance premium of $950, These two items would total $5,750 per year. Your monthly escrow would be based on $5,750 divided by 12 months = $479.16 per month. This $479.16 would be added to your principal and interest payment, to create your total monthly mortgage payment.

But if your tax bill comes in at $5,100 and your insurance premium changed to $1,200, your mortgage servicer will pay these bills anyway – but then collect the difference from you. This is a one-two punch, because they need to make up the shortfall for the current year, and collect at least these amounts for next year. Also, if there is an escrow reserve, it needs to be increased to match the new monthly deposits.

It would look something like this:

Taxes: $4,800 collected, $5,100 paid = $300 shortage

Insurance: $950 collected, $1,200 paid = $250 shortage

New escrow payment:

Total annual tax and insurance payments: $6,300 per year = $525.00 new monthly escrow deposit

Total shortage $550. Divided by 12 = $45.83 per month shortage recovery

Total new monthly escrow payment $570.83.

If an escrow reserve is held, your servicer will also collect 2 months of the difference between the old escrow deposit ($479.16) and your new base escrow deposit ($525.00), which is $45.84.

So, $45.84 x 2 = $91.68. This would be divided by 12, to collect over 12 months with the rest of the escrow deposits, becoming another $7.64 on your monthly escrow payment. The grand total for your monthly escrow deposit would now be $578.43.

As an option, you can elect to pay off an escrow shortage in a lump sum, rather than have it prorated over a 12-month period.

Mortgage servicers analyze, or reconcile, your escrow account each year. Escrow overages can happen too, and if your tax and insurance payments come in lower than expected, you may receive an escrow refund for the difference.

Always check your mortgage statements, and watch your tax and insurance bills, too! If you have questions about the handling of your escrow account, reach out to your servicer promptly.

As Exclusive Buyer’s Brokers, 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

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Millennial Generation Leads First-Time Home Buyers

RealSupport — Wed, 15 Apr 2026 06:51:26 +0000

There is good news and less-than-good news in the latest home buyer survey from the National Association of REALTORS©. In the 2026 Home Buyers and Sellers Generational Trends Report from NAR, a generational divide is evident among home buying activity, with Baby Boomer adults commanding the lion’s share of the market.

When home buying activity as a whole is examined, Baby Boomers accounted for 42% of the market. This is unchanged from the prior report. Baby Boomers also account for the majority of home sellers at 55%.

Millennials were runner-ups in the home buying race, accounting for 26% of purchase transactions. They were followed by Gen X at 25%, Gen Z at 4%, and the Silent Generation at 4%.

When home buying is examined through the lens of first-time buyers only, the results are more nuanced. This is where Millennials have the greatest market share, followed by Gen X buyers, with Boomers a distant third. However, over the past year, the percentage of purchase transactions belonging to first-time buyers has dropped to 21%. This is the smallest market share for first-time buyers since NAR began tracking it in 1981.

Last year, first-time buyers accounted for 24% of all home purchases. This too, was a low percentage compared to historic norms.

Rising home prices have contributed to the drop in first-time buyers. The median price of a Columbus area home, for example, was $315,000 as of February 2026. Travel back in time to 2020, and you would see a median home price of $200,000 to $232,000. This is quite a price jump in the span of six years, and mortgage interest rates are higher now as well.

For Columbus area home buyers, there is a bright spot – our median home prices are lower than many other major cities, and our employment outlooks are promising. Conditions for first-time buyers will hopefully improve as more home inventory comes to market, and mortgage interest rates decline. Consumer sentiment, economic conditions and interest rate trends could bump the table, but home demand in Central Ohio has been very consistent.

In the meantime, future home buyers should prepare for success! Get started with out free e-book, “How to Buy a Home like a Pro.” The tips and strategies will help you save money and avoid common pitfalls in the home buying process!

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3 Steps for First-Time Home Buyers in Central Ohio

RealSupport — Tue, 03 Mar 2026 09:31:18 +0000

If you’re a first-time home buyer in Central Ohio, you might feel overwhelmed with the home buying process. Here are the first 3 steps critical to your home buying success!

1. Choose the agent who will represent you in the home buying process. This person will be entrusted with a great deal of information about you, your home buying motives, and your financial abilities. Naturally, you don’t want this information to be used against you, which can happen if you use a “dual agent” or the listing agent for the home seller.

Your agent will be at the center of the home buying process, and their knowledge, expertise and professional network will be essential along the way. Only an Exclusive Buyer Agent or Exclusive Buyer Broker works in your best interests as the home buyer, 100% of the time. Since Exclusive Buyer Agents and Brokers never hold real estate listings or represent sellers, there is no conflict of interests.

This enables Exclusive Buyer Agents and Brokers to tell you blunt truths about a home and its pricing, that a transactional “dual agent” won’t divulge!

Also, Exclusive Buyer Agents and Brokers offer protections in the home buying process that other agents wouldn’t typically include – because they are focusing on the best deal for sellers.

Get to know our Exclusive Buyer Agents and Brokers on our website! We serve the Columbus area and Central Ohio. If you are looking for a home in another area, you can obtain a referral to a local Exclusive Buyer Agent through the National Association of Exclusive Buyer Agents. (NAEBA.)

2. Get financially prepared for home buying and home ownership. Become educated about your credit history, and have your credit score in the best possible shape. The official website for free consumer credit reports is annualcreditreport.com. (Beware of copycat sites!) As an option, you can obtain your credit score at MyFico.com.

Two of the biggest hurdles in home buying involve debt levels and down payment savings.

Debt levels: If your credit score is good, but you are juggling several credit card payments and an installment loan, your debt-to-income ratio may be higher than what a lender prefers. Lenders look at your front-end DTI (your total debt payments before a new mortgage payment) and also the back-end DTI (your total debt payments including a mortgage payment.) This is why your credit card payments, car loan, student loan payments and other debt obligations can affect your ability to secure a mortgage, even if your credit score is basically good.

Down payment savings: There are mortgages that require minimal down payments of 3.5%, and mortgages that do not require a down payment at all. But having a down payment large enough to avoid, or at least minimize, Private Mortgage Insurance, (PMI) or a Mortgage Insurance Premium (MIP) can save you money.

When you make a larger down payment, you are buying a portion of your home outright. This is immediate equity. You have something to show for that money.

When you make a zero down payment, or smaller down payment, and have some form of mortgage insurance tacked on to your monthly payment, you are paying out money that doesn’t help you. Mortgage insurance protects the lender from losing money, if you default on the loan. It doesn’t give you anything.

Having a budget for home ownership is important too. Property taxes, homeowner’s insurance, HOA fees (if any) plus utility costs and maintenance are ongoing expenses. Think about how your monthly budget will look with all new housing costs considered.

3. Choose the mortgage that works best for you. If you are a veteran or active U.S. service member, a VA loan is hard to beat. For everyone else, your options may largely depend on your credit profile and financial strength. Still, there are choices to be made. Taking the time to compare fees, costs and rates – instead of jumping on the first financing offer – can save you thousands of dollars over the life of the loan.

Your Exclusive Buyer Agent can refer you to trustworthy, local mortgage professionals who will explain all of your options. For more information about home financing and the entire purchase process, we highly recommend reading our free e-book, “How to Buy a Home like a Pro!” You can access it immediately from our website.

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Central Ohio Home Sales Warm Up in January

RealSupport — Fri, 13 Feb 2026 07:11:00 +0000

Central Ohio’s 2026 real estate market opened on a promising note for home buyers! 1,506 home sales were logged during January, essentially matching last year’s pace. New listings followed suit with 2,226 homes hitting the market, a slight uptick of 0.4% from January 2025.

Overall, January home inventory in Central Ohio is up 7.2% compared to the prior year. Homes are taking a bit longer to sell, with a median of 48 days on market. This is by no means a “slow” market, but buyers are not as rushed today as they were a year ago.

Housing demand in our area remains strong, and Central Ohio home prices are still ticking higher. New listings carried a median list price of $325,000 during January, while the median sale price rose 6.7% to $319,900.

January 2026 pending home sales are up 5.5% compared to last January.

As always, it should be noted that statistics provide a broad overview, but local communities have their own sales dynamics. For example, Hilliard City School District roared out of the gate in January with a 62% increase in home sales compared to the prior year. An increase in home inventory helped fuel the boom.

Going forward, Central Ohio home buyers have favorable conditions on two fronts: home inventory is improving, and mortgage interest rates have been inching lower. As of mid-February, 30-year fixed Conventional mortgages averaged a rate of 6.01%.

If you’re planning to buy a Central Ohio home, get expert insights with our free e-book, “How to Buy a Home Like a Pro!” We share tips and strategies you won’t find anywhere else, potentially saving you thousands of dollars!

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Columbus Economy Continues to Draw Home Buyers

RealSupport — Fri, 30 Jan 2026 04:55:28 +0000

Home buyers are finding an economic haven in Central Ohio, according to a recent article in the New York Post. During 2025, Columbus was among the few U.S. metros seeing population growth, while two-thirds of major metros saw population declines. The Post called this home buying trend a search for “recession proof” cities, but we found more to the story.

The home buying data comes from the Bank of America Institute, which studies consumer spending patterns and financial behavior. Overall, their analysis shows that Americans have been moving less since 2021. When Americans do move, most are trading one nearby city for another, typically staying in the same Census region.

For example, Columbus attracts home buyers from Chicago and Pittsburgh, while also attracting buyers from other areas of Ohio. Today’s relocation decisions are being driven by economic opportunity and housing affordability – and by proximity to familiar areas. The sweet spot for relocating home buyers seems to be 1 to 3 hours from their current residence.

When it comes to collecting new residents, two Midwestern cities are leading the pack: Indianapolis and Columbus. Both cities experienced steady population growth during two consecutive quarters in 2025. The cities are somewhat similar in metro population, climate, and culture. However, Columbus has the edge in technology investment and job growth. And this is where the road forks: Columbus has a higher median income than Indianapolis, and higher housing costs. Still, the Columbus median home price remains below the national average.

When it comes to economic strength and job prospects, the Columbus Metro is hard to beat! If you are considering a move, contact us for expert home buying advice. We will also help you explore Columbus neighborhoods and Central Ohio communities!

Get started with our free e-book, “How to Buy a Home Like a Pro!” Download it today from our website, without any obligation.

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Winter Offers Advantages for Columbus Area Home Buyers

RealSupport — Tue, 16 Dec 2025 07:14:43 +0000

The weather outside is frightful, but winter home buying can be delightful! Here’s why Columbus area buyers should continue their home search during winter.

1. Less competition from other home buyers improves your negotiating power. With fewer buyers in the market during cold weather, sellers are more likely to negotiate on price, repairs and/or closing costs.

2. Motivated sellers need to move on! Sellers who have homes on the market during winter aren’t testing the waters; they need to sell. This gives buyers more clout in purchase negotiations.

3. Asking prices are less ambitious. Home prices in the Columbus area are typically lower during the winter months, because sellers are motivated, and they hope to attract serious buyers as quickly as possible.

4. Mortgage lenders, title companies, home inspectors and appraisers are less busy during winter. This means faster turnaround times and fewer chances of closing delays.

5. Homes take a little longer to sell during winter, reducing pressure on home buyers. (However, the nicest homes with the best prices sell first – always be prepared to make an offer!)

6. You will see how homes handle winter conditions. For example, are there large icicles hanging from the roof? Do some rooms feel colder than others? Are there any obvious drafts? Are all the heat vents working?

7. You will see how neighborhoods handle winter conditions! Are the sidewalks and streets reasonably clear after a snowfall? What are the street parking regulations? Is there sufficient winter parking to accommodate visitors for the holidays?

We hope this has given you inspiration for your winter home search! Whenever you are ready to explore the home buying process, we are here to help you.

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Breathing Room for Buyers as Central Ohio Home Inventory Grows

RealSupport — Fri, 24 Oct 2025 05:34:23 +0000

Central Ohio home buyers have some breathing room in the market as home inventories grow. Here is the latest market report from Columbus REALTORS©, along with our own insights!

The inventory of Central Ohio homes for sale during September 2025 was 21% higher than it was in September 2024. The improvement in home inventory helped slow down the speed of sales, which gave buyers more time to explore their options. During September, homes spent an average of 30 days on the market before going under contract, which is 5 days longer than September 2024.

With more homes on the market, price appreciation has slowed. The median sale price of a Central Ohio home was $325,000 in September, up just 0.3% from September 2024. However, median prices are much higher in certain Central Ohio communities, such as Upper Arlington, Powell, Bexley, New Albany and Dublin, to name a few.

We are seeing some price adjustments in the market. On average, sellers received 96.5% of their original asking price during September. This is a 1% drop from September 2024, when sellers received 97.5% of their asking price.

Improved market conditions for buyers boosted home sale activity. Closed home sales in Central Ohio are up 7.9% on a year-over-year basis.

But as of October, Ohio’s real estate market faces a potentially different landscape. The shutdown of the Federal government became effective October 1, 2025. There are roughly 8,312 Federal workers in Franklin County who may be affected by the budget stalemate to some degree.

However, if the shutdown lingers, wider impacts may be felt. Home buyers using FHA or VA-backed mortgages may experience delays in mortgage underwriting and approval. Also, the National Flood Insurance Program will not be issuing new policies during the shutdown.

For buyers who are not affected by these matters, the remaining weeks of 2025 could offer the best home buying opportunities of the year! Conventional mortgage interest rates have been on a downward trend. And if more inventory comes to market, buyers will have additional home choices and more time to view them. Buyers will have some leverage with motivated sellers who seek a deal before year-end.

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Home Foreclosure Rates Creep Up in Ohio

RealSupport — Thu, 09 Oct 2025 03:18:00 +0000

In every real estate market, there is some degree of foreclosure activity. An unexpected crisis can befall any homeowner and cause a mortgage to go unpaid. Historically, the rate of foreclosure is modest, averaging at, or below, 1% of residential mortgages nationwide.

But foreclosure rates swelled during the Great Recession, affecting roughly 3.8 million homes between 2007 and 2010. The perfect storm that created those filings is unlikely to be repeated today, due to regulatory changes, updated mortgage underwriting, and a significant drop in speculative home building.

With the lessons of history in mind, Ohio’s current foreclosure rate is not cause for alarm. According to ATTOM Data Solutions, roughly 1 in every 3,114 Ohio homes is in foreclosure, which is within long-term historical norms.

But analysts point out that Ohio foreclosures have increased 9.16% between September 2024 and September 2025. This puts Ohio in the top ten states for foreclosure filings as of September 2025. The states with the highest foreclosure activity include:

Florida
Delaware
Nevada
Indiana
South Carolina
Illinois
Utah
Ohio
Iowa
Texas

In the past, homeowners were more likely to experience foreclosure due to a job loss, or divorce, or a death in the family, or other personal crisis. Today, there is another cause of foreclosures: escalating costs of living, including the costs associated with home ownership.

These financial pressures are not unique to Ohio. Nationally, about 1 in every 3,997 properties had a foreclosure filing as of September 2025. A year ago, it was 1 in every 4,750 properties.

The rise in foreclosure activity is expected level off as inflation cools and interest rates come down. In the meantime, home buying budgets should include the long-term costs of ownership, such as property taxes, insurance premiums and maintenance. These expenses can increase over time, and household budgets need wiggle room to accommodate rising costs.

Learn more with our free e-book, “How to Buy a Home Like a Pro!” You can download it free from our website, without any obligation. It provides expert home buying insights that you won’t find anywhere else!

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Real Estate Investors Love Columbus Homes

RealSupport — Wed, 09 Jul 2025 08:39:51 +0000

Institutional real estate investors currently own about 7,000 Columbus area homes. As reported previously in the Columbus Dispatch, approximately 7% of all homes sold during the first quarter of 2025 were purchased by investors.

To understand how we’ve arrived at Wall Street ownership of single-family homes, we must recall the Great Recession of 2007-2009 and its aftermath. An estimated 9 million U.S. homes went into foreclosure, creating a backlog of bank-owned real estate. These properties were usually in poor condition. The longer they stood vacant, the more they lost value. It was detrimental to the banks – and to the communities where these homes were located.

To solve the problem, banks welcomed institutional investors. Instead of selling homes one and two at a time, banks sold properties by the dozens, or even the hundreds, to investment companies who purchased them sight-unseen. It was a win-win; banks cut their losses quickly, and investors found profit in repairing, renting and reselling the foreclosed homes.

It worked so well for investors that single-family home acquisitions became a permanent business strategy. Today, the Columbus area remains a sweet spot for institutional investors, who purchased over 600 homes in a recent 3-month period.

Columbus home buyers will be competing with investors for the foreseeable future. The good news: a well-written, well-presented offer can still beat an investor’s cash offer. Investors seek to purchase homes using below-market offers, with a “fast closing” as the incentive to sellers. Not every seller finds this trade-off acceptable. Those who do may have homes requiring significant repairs.

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Columbus Falls from “Hottest” Market List

RealSupport — Wed, 04 Jun 2025 05:33:29 +0000

The Columbus real estate market is no longer in the “hottest” market category, according to the Spring 2025 Wall Street Journal/Realtor.com Housing Market Ranking. Columbus fell out of the top 20 hottest markets during Spring 2025, falling to #28. However, other Ohio markets made the top 20, including Toledo, Canton-Massillon, Akron and Dayton.

The ranking weighed home affordability in the data, and this is where Columbus lost statistical ground. The average sale price of a Columbus home was $369,625 during March 2025, an increase of 3.9% from March 2024.

Meanwhile, markets like Toledo, Akron and Dayton had average sale prices in the range of $225,000 to $250,000. Listings in these price ranges drew a high number of online views, with about 43% percent of those views originating from outside of Ohio.

In other words, rising home prices in Columbus have caused some buyers to browse less expensive Ohio markets. This isn’t a bad thing, as it potentially reduces buyer competition in the Columbus area.

By the numbers, Central Ohio home inventory increased by 45% during April 2025, compared to April 2024. The improvement in home inventory is a welcome change for home buyers! Yet homes are selling quickly, spending just 32 days on market before going under contract. Buyers are still feeling pressure in Central Ohio, and being prepared for the market is a must. We can help!

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