Ian is an automotive research engineer, and Erica is an environmental specialist. They had been renters since college, but apartment living didn’t allow them freedom to decorate, and each had hobbies that required more space.

While renting in Hilliard, they both saved money towards a down payment, with the eventual goal of home ownership. But once they became engaged, they wanted to begin their married lives in a home of their own. According to Ian, this is when they became serious about doing their research.

“We began the process in mid-April. We started asking our friends about real estate agents. Erica’s friends had recently bought a home, so we talked to them about their experience. They recommended Andrew from Buyer’s Resource Realty Services. We scheduled a meeting with Andrew to talk about what we would like in a home, and went over our finances to confirm what price point we were comfortable with.”

According to their budget and preferences, Ian and Erica were looking for an older home in an established neighborhood, in the price range of $185,000 to $250,000. Initially, they began their home search in Hilliard, Dublin, and Upper Arlington.

Erica explained some of the challenges they faced during the home search. “After looking at a few houses, and learning more about home quality and condition, it became clear that we wanted an older home, well-built with good materials. This narrowed our home search to some neighborhoods in Upper Arlington, Hilliard and a part of Worthington. We also struggled with knowing what house would be the right one for us, and where we were willing to compromise.”

Ian and Erica faced a Central Ohio real estate market that was crowded with buyers, while home inventory was limited. “We were outbid on several homes,” says Ian. “Some homes we were not able to see at all because they sold so quickly.”

Though they felt some frustration, Ian and Erica didn’t give up. Ian put it this way. “After looking at different homes, and talking with Andrew about our lifestyle and hopes for home ownership, we became much more confident. We were then able to quickly identify if a home would be right for us.”

Erica agrees that patience was the key. “We were fortunate enough to not be in a rush to buy a home. We were able to wait for the right houses to come on the market in the areas we wanted. The only way to overcome being outbid was to be patient. Andrew helped us understand the market. This kept us from getting swept up in bidding wars and over paying for a house.”

In September, Ian and Erica found their ideal home. It was an all-brick, custom-built home that had been on the market for some time. Unexpectedly, the seller dropped the price because he had moved away, and he was motived to sell.

“It was the right home, in a good location, and it was now priced properly,” explains Exclusive Buyer’s Broker Andrew Show. “The second time Ian and Erica viewed the home, there was an offer by another buyer already on the table. We made a full-price offer with just an extra $100 above list price. Not only did the seller accept our offer, but he included some very nice furniture!”

Here’s how Ian summed up the lessons from their experience. “It’s important to find an agent you feel comfortable with and trust. Sometimes we talked with Andrew more often than our own parents! Also, it was helpful to have enough time to find the right home. We were able to avoid paying too much, and we avoided getting into the wrong home just for the sake of getting something.”

Erica added, “The home buying process can be stressful. At times it was very discouraging, when we lost out on so many bids. We tried to remain hopeful, and when we needed it, we took a break from home shopping when we felt overwhelmed.”

The moral of their story? Be diligent and patient when looking at homes for sale. Resist getting caught up in bidding wars and overpaying for a home. Use an Exclusive Buyer’s Broker to add logic and reason to what can be a very emotional process!

Congratulations, Ian and Erica!

Dreaming of your own Columbus home? We can help your dreams come true! 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!

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 A First-Time Home Buyer Success Story in Central Ohio! appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

NAR points to several reasons behind the trend:

• Higher home prices
• High levels of student loan debt
• Slow wage growth
• Limited inventory of affordable homes

Young adults who experienced the Great Recession remain shy of home ownership, after witnessing job losses and declines in home value. Other potential home buyers who assume that low mortgage interest rates will be around for years to come. The combination of abundant caution, along with a lack of buyer urgency, keep would-be home buyers on the fence.

If you’re lukewarm about  buying a home, take a look at the latest national stats on renting! CNNMoney reports that rental rates have increased by 7% in the past year. At the same time, wage growth lags far behind this trend, with wages posting a modest rise of 1.8%. Not surprisingly, rental defaults and eviction rates are on the upswing.

According to RentJungle, rental rates within 10 miles of Columbus now average $872 a month for a two-bedroom apartment. Compare that to a mortgage for a moment. Assuming a 4.5%, 30-year fixed rate mortgage, and 20% of $872 to cover monthly taxes and insurance costs, that same monthly payment would equal a $138,000 loan. And in most cases, your mortgage interest and real estate taxes are deductible from your income taxes – unlike rent!

While Metro Columbus rent increases have been modest in recent years, 2013 vacancy rates were under 5%. This means that rental supply is tight, which paves the way for higher rents.

How does the Central Ohio housing market look in comparison? The primary challenge facing first-time home buyers continues to be the low inventory of homes for sale in entry-level price ranges. As stated in our prior blog post, we still have a number of homeowners who remain in negative equity positions and cannot sell. While our real estate markets have improved, we have yet to find true equilibrium.

Central Ohio’s growing economy will keep housing demand strong for the foreseeable future. First-time Columbus home buyers might be feeling temporarily discouraged, but few are giving up on the goal of home ownership. Buyers who have their financing prepared, and who work with an Exclusive Buyer’s Broker, can succeed in virtually any metro Columbus market!

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!

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 Are Columbus First-Time Home Buyers Giving Up? appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.