First-time Homebuyer Archives -

Cincinnati Home Buying Guide

June 24, 2017 by Eric Lowry

Finding the perfect home for you and your family can be an overwhelming task whether it’s your first purchase or your fifth purchase. Buying a home involves a lot of different aspects ranging from getting pre-approved and touring homes, to making an offer and getting through inspections. The good news is, you don’t have to get through it alone. The best way to navigate the process of buying a home is to hire a Buyer Specialist who will be your consultant and adviser.

If you’re not quite ready to speak with a Realtor just yet, you can start with reading this Cincinnati home buying guide, then start searching homes in the Multiple Listing Service (MLS) where you will find all homes that are currently listed for sale. The information is updated several times daily so you will never miss a new listing!

You may be wondering if now is a good time to buy a home…or if interest rates are projected to rise or fall. This free eGuide will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.

Check it out, and feel free to get in touch if you have any questions.
Call or text us at 513-368-3751.

Cincinnati Homeowners Net Worth 45x Greater Than Renters

February 17, 2016 by Eric Lowry

513-368-3751 to Connect with a Top Real Estate Agent in Cincinnati

Home Values	Hassle Free Listing	Contact Us
West Chester	Liberty Township	Mason
Monroe	Fairfield Township	Fairfield

Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

In a Forbes article the National Association of Realtors’ (NAR) Chief EconomistLawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater. Cincinnati homeowners net worth will be far greater than those who continue to rent.

The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:

Put Your Housing Cost to Work For You

Simply put, homeownership is a form of ‘forced savings’. Every time you pay your mortgage you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.

The latest National Housing Pulse Survey from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision. Yun comments:

“Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math shouldn’t be overlooked.”

Bottom Line

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, meet with a real estate professional in your area who can guide you through the process. Contact The Lowry Team today!

Ready to start your home search? Call or text 513-368-3751

Can I buy a house with student loan debt?

February 11, 2016 by Eric Lowry

513-368-3751 to Connect with a Top Cincinnati Real Estate Agent

Home Values	Free Homebuying Guide	Contact Us
West Chester	Liberty Township	Mason
Fairfield	Fairfield Township	Monroe

Can I buy a house with student loan debt?

Not sure if you can buy a house with student loan debt? Well don’t count yourself out from buying a home just because you have student loans.

Qualifying for a home loan is based on several factors; one of which is your Debt to Income Ratio (DTI). This is is based on exactly what it sounds like – your income and your total amount of debt. Your DTI is determined by things like car loans, credit card debt, student loans, etc. As long as your DTI falls under the maximum level, you are likely good to go.

The following chart shows average DTI ratios based on loan type. For all loans, the average is 39% – which means that for all buyers who got a home loan, their total debt monthly payments were only 39% of their monthly income. For FHA, it’s even a bit higher at 41%.

So just because you have student loans doesn’t mean that you won’t qualify to buy a house. You just need to make sure the total amount of your monthly debt payments doesn’t exceed 41% of your monthly income.

Contact us today to discuss your ability to buy a house. Call or text 513-368-3751

How much down payment do I need to buy a house?

What credit score do I need to buy a house?

How long does it take to buy a house?

How much does a Realtor cost when buying a house?

5 Reasons 2016 is the Year to Buy a House

How do I choose the right lender?

5 Hidden Costs of Buying a House

The Lowry Team Helped a First Time Homebuyer Buy a House in West Chester 45069

January 31, 2016 by Eric Lowry

The Lowry Team Helped a First Time Homebuyer
Buy a House in West Chester 45069

Jessica Lowry, Buyer Specialist for The Lowry Team, helped a client buy a house in West Chester. The Lowry Team helped him through the process of buying his first home. The property is a condo located in the Beckett Ridge area of West Chester.

The condo is located in Shepherd’s Farm on Coppernail Way. Condos in the Sherpherd’s Farm subdivision are located in the 45069 zip code area.

The condo is a large end unit at over 1800 square feet with an attached garage. It includes 3 bedrooms and 3 bathrooms, and features a huge master suite, wood-burning fireplace, and beautiful golf course views. This particular property was a short sale that was listed at $89,000, and sold $82,500.

The condos on Coppernail Way in West Chester are served by the Lakota Local School District and is zoned for Freedom Elementary, Lakota Ridge Junior School, and Lakota West High School.

Search homes for sale near Freedom Elementary School

Search homes for sale near Lakota Ridge Junior School

Search homes for sale near Lakota West High School

Thinking of buying or selling a house in Beckett Ridge? Contact The Lowry Team today!
Call or Text 513-368-3751

The Lowry Team – Keller Williams Realty is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team is “Different By Design”… taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams by calling or texting 513-368-3751.

Other Articles You May Be Interested In:

Search the entire Cincinnati MLS for Homes For Sale

Find Out The Current Market Value Of Your Home

How much does a Realtor cost when buying a house?

5 Reasons 2016 is the Year to Buy a House

A Complete Guide to Buying a Home

What credit score is needed to buy a house?

How do I choose the right lender?

How much down payment do I need to buy a house?

Where are interest rates headed?

Why Use a Real Estate Team Instead of a Single Agent

Can my real estate agent represent me on new construction?

Connect with us on Facebook

Connect with us on YouTube

Connect with us on Twitter

How long does it take to buy a house?

January 27, 2016 by Eric Lowry

How long does it take to buy a house?

Today buying a house takes longer than ever due to new lending regulations. The actual house hunting process takes only as long as you want it to. If you need to stick to a specific timeline you’ll want to keep in mind the following information and plan accordingly.

At the very beginning of your home search, you start with getting pre approved and meeting with a Realtor. Getting pre approved doesn’t take long at all and can generally be done in one day.

Once you are out looking at homes, you never know when you’ll find that perfect one. Your dream home could be the first home you see, or it could be the eighth. Putting in an offer and negotiating with the sellers takes around 1-2 days. Upon receiving an accepted contract, your lender has to start the ball rolling on their end. That is the piece that takes the longest.

Right now it’s taking on average 45-60 days to get from contract to closing. This is because in Fall of 2015, new regulations known as TRID were enacted. In very basic terms, TRID is meant to protect consumers by providing very clear and accurate disclosures of all fees. It also requires that lenders provide a closing disclosure at least 3 days before closing. So if you are planning on buying a house, plan on it taking a minimum of 60 days.

Questions about buying a house? Ready to start looking?
Contact The Lowry Team today at 513-368-3751

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

Other Articles You May Be Interested In:

Search the entire Cincinnati MLS for Homes For Sale

Find Out The Current Market Value Of Your Home

How much does a Realtor cost when buying a house?

5 Reasons 2016 is the Year to Buy a House

A Complete Guide to Buying a Home

What credit score is needed to buy a house?

How do I choose the right lender?

How much down payment do I need to buy a house?

Where are interest rates headed?

Why Use a Real Estate Team Instead of a Single Agent

Can my real estate agent represent me on new construction?

Connect with us on Facebook

Connect with us on YouTube

Connect with us on Twitter

How Much Does a Realtor Cost When Buying a House?

January 24, 2016 by Eric Lowry

How much does a Realtor Cost When Buying a House?

Home buyers pretty much always ask the same question when starting their home search: how much does it cost to use a Realtor? The answer might surprise you!

A Realtor’s services are invaluable to you in any real estate transaction, but no one wants to spend more money than they have to on Realtor fees. So good news! All the services of a Realtor and their entire team are free to you as a buyer!

You might be wondering how that is possible. Well, it’s because the buyers agent’s fees are paid for by the seller of whatever home you decide to purchase. So if you were worried about how much using a Realtor to find your dream home was going to cost you, relax. You seriously get all the benefits of working with a Buyers Specialist and their whole team, for free!

Ready to start searching for a house? Contact The Lowry Team at 513-874-1830

Request a Free Buyer Consultation Here

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

Other Articles You May Be Interested In:

Search the entire Cincinnati MLS for Homes For Sale

Find Out The Current Market Value Of Your Home

5 Reasons 2016 is the Year to Buy a House

A Complete Guide to Buying a Home

What credit score is needed to buy a house?

How do I choose the right lender?

How much down payment do I need to buy a house?