5 Tips To Buying a Home in Ohio This Spring
Spring is upon us and with the start of a new season comes many changes. These changes also concern the real estate market as trends will tell us, spring is the peak for real estate sales.
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The State of Ohio Real Estate
Spring is upon us and with the start of a new season comes many changes. These changes also concern the real estate market as trends will tell us, spring is the peak for real estate sales. Home buyers in Ohio and the surrounding areas are probably wondering what the market is like right now and if it will trend upwards this spring. Read on to learn more about Real Estate in Ohio along with tips to buying this spring.
Listings are low
The home market is very competitive in 2017, largely due to the fact that listings are pretty thin and there are not many homes listed for sale. Since there are fewer homes available for sale this year, it means that the cost of buying a home will be higher than past years. CNBC’s reality check is predicting even shorter home listings as the year progresses, which could ultimately be hard for first-time homebuyers who are looking for starter homes. As things stand, the “starter home” listing is especially at a low (compared to luxury homes) which means first-time buyers have to work extra hard with their agent this spring.
Homes are selling fast
In order not to get blindsided when purchasing a home, it is important to understand real market trends. Since the home inventory is low, attractive real estate will sell very quickly, lasting only weeks/months on the market. Therefore, if you come across a home you like very much you have to act fast or risk losing it to another buyer. Teresa Mears, a prominent real estate financial advisor says home buyers should act quickly this spring, she goes on to give some home buying tactics that could prove useful in a competitive market on CNBC.com.
Timing the down payment
First time home buyers have trouble saving up the down payment for their first home, most people usually try to wait until they have saved up the required 20% down payment in order to avoid private mortgage insurance. Now the challenge is that saving the 20% can take long and in that time the home prices and rates rise, Josh Moffitt the president of Silverton Mortgage Specialists in Atlanta, GA advises first-time buyers to go ahead with the purchase even if you have saved up just 5% of the down payment. It becomes cheaper going ahead at 5% and paying the private mortgage insurance than bearing the cost of high prices and rates.
Don't be too picky
One mistake first-time home buyers constantly make in a competitive market is being picky, when you take time circling around the market this spring you will find most homes already gone by the time you circle back to that one home you had shortlisted. It is a smart idea to overlook some real estate aspects like bad paint color or poor landscape designs. In fact, these are the kind of homes that are dominating the market this spring. Buying a home with no upgrades can be the difference between getting a good deal on a property and not getting one at all in this competitive market.
Preapproval plays a big role
Since the current real estate market is highly competitive, more money maybe needed to buy a home. It is important for you as home buyer to figure out and know exactly how much house you can afford. The standard starter home this year will need you to dedicate about 38.3% of your monthly income. This is a significant increase from last year where 35,4% of monthly income was enough to secure a home. In this market, getting preapproval is now the best way to move for a home, it allows you to add value to yourself and fast-track the buying process.