Looking to Buy a Home This Summer? - A Few Factors to Keep in Mind

Summer is a popular time for home buying, with warmer weather and increased inventory making it an attractive season to explore the market. However, with a large number of available options, you might feel a bit overwhelmed.

a group of houses with trees and grass



Jan 21, 2021

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That's why it's crucial to take the time to understand your priorities and needs before diving into the homebuying process.

In today’s real estate market, everyone has different reasons to become a proud homeowner. According to NerdWallet’s 2024 Home Buyer Report, approximately 12% of Americans are considering buying a home in the next 12 months. If you are one of them, this finding suggests exploring various factors that can impact your homebuying experience.

In this blog, we will explore a few crucial considerations that will ensure your summer home purchase is a rewarding and fulfilling endeavor.

Assess Location Suitability

When buying a home this summer, assessing location suitability is paramount. Start by researching the neighborhood's amenities and proximity to essential services. Evaluate the safety of the area by checking crime rates and neighborhood watch programs. 

Summer is synonymous with outdoor relaxation, making ample outdoor space and a backyard essential for many homebuyers. However, finding such tranquility is challenging in major cities transformed into corporate hubs with towering skyscrapers. 

First-time buyers, in particular, encounter obstacles like high mortgage rates and limited inventory, which vary in severity across different regions. Consequently, they seek alternatives beyond the conventional options.

Ohio emerges as one of the prominent states capable of meeting the expectations of first-time buyers. A recent report by Creditnews Research has compiled a list of the top 50 metro areas in the U.S. for first-time homebuyers in 2024. Optimistically, three areas on the list are located in Ohio, reflecting a growing preference among first-time buyers to invest in the state. 

As summer draws near, now is the ideal moment to consider buying property in this area. To explore a range of homes available in Ohio, you can click on the link: https://www.landhub.com/property-for-sale/ohio-land-for-sale.

LandHub highlights several compelling reasons to consider buying your next home in this beautiful state. Ohio boasts some of the most beautiful cities, including Columbus, Cleveland, and Cincinnati. Furthermore, the state offers a top-notch education system, facilitating access to quality education for your children. 

Moreover, the optimistic real estate market in the state makes it a perfect region to invest in and reap a healthy ROI. The value of houses has increased by 5.6% compared to the past year and is likely to grow further by 2.7% in the coming year.

Secure Financing Options

Securing financing options is a crucial step in the home buying process, especially for those facing financial constraints. Many aspiring homeowners currently find themselves in a tough financial position. This makes it challenging for them to purchase a home outright or with a substantial down payment. 

About 38% of aspiring homeowners plan to purchase a home with a loan that doesn't demand a 20% down payment. Additionally, 32% reported that they are seeking a loan type that requires no more than a 3% down payment. The findings from a recent study showcase the current tough financial landscape, emphasizing the need to explore different financing options.

For those unable to afford a large down payment, programs offering lower down payment requirements can be beneficial. These options can include Federal Housing Administration (FHA) loans or conventional loans with down payment assistance programs.

Recent research on the housing market reveals a continuous surge in mortgage rates. According to Bankrate’s survey, the average mortgage rate increased by 8% in October and reached 6.84% by January 2024 for a 30-year period. This figure remains higher than the locked-in rates of most homeowners. The findings suggest exploring alternative options, such as borrowing from family or friends.

Research Neighborhood Amenities

Exploring neighborhood amenities is crucial when buying a home this summer. Begin by researching nearby facilities such as schools, parks, and grocery stores. Assess their proximity and quality to ensure they meet your family's needs.

Additionally, consider recreational options available in the area. Look for parks, community centers, or recreational clubs that offer activities you enjoy. Access to recreational amenities can improve your quality of life and add to a healthy community atmosphere.

Inspect Home Safety Features

Incorporating home safety features is crucial when buying a home this summer. According to a 2023 study by Fixr.com aimed at examining the top priority features for homeowners, approximately 69% of industry experts consider home security to be extremely important. This finding holds true even for aspiring homeowners, as safety features provide peace of mind.

Begin by inspecting the property's entry points to ensure they are secure. Check for sturdy locks and consider installing additional security measures like deadbolts or security cameras. Plus, consider the presence of fire extinguishers and emergency evacuation plans to mitigate potential risks. 

Examine the electrical wiring and circuitry in the home to prevent fire hazards. Look for any signs of outdated or faulty wiring and consider hiring a professional electrician for inspection and repairs if needed. Taking proactive steps to inspect and enhance home safety features can provide invaluable peace of mind for homeowners and their families.

Understand Market Trends

Understanding market trends is essential when buying a home this summer. According to a study by IPX 1031, there is uncertainty regarding the future of homeownership in America. Roughly 33% of Americans believe that the housing industry will show a poor outlook, while 22% hold an optimistic perspective, anticipating improvement.

By staying abreast of market conditions, buyers can identify favorable opportunities and negotiate effectively with sellers. Plus, keeping an eye on economic indicators and consumer sentiment can provide valuable context for interpreting market trends. By understanding these broader economic trends, buyers can better anticipate changes in the real estate market and make strategic decisions accordingly.

In conclusion, as you navigate the process of buying a home this summer, remember to keep these essential factors in mind. Buying a home is a big commitment, so take your time, do your research, and trust your instincts. With careful consideration and planning, you'll soon be enjoying the excitement of homeownership in your new summer retreat.

Discover your dream home in German Village, OH.

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February 26, 2024
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