First-time Homebuyer Archives

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Increase Your Family’s Net Worth in the New Year

December 30, 2015 by Eric Lowry

Increase Your Family’s Net Worth

As the economy continues to improve, more Americans are also seeing their personal financial situations improving. Many are finding they are able to start saving and look for new ways to build their net worth. Arguably the best way to dramatically increase your family’s net worth is by purchasing real estate.

A mortgage is a sort of “forced savings”, meaning that every time you make a payment on your mortgage you are contributing to your net worth. As opposed to renting, where every time you pay the rent you are contributing to your landlord’s net worth.

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 recent Forbes article the National Association of Realtors’ (NAR) Chief Economist predicts that in 2016 the net worth gap will widen even further to 45 times greater.

Buying a home would drastically increase your family’s net worth and wealth. Let’s assume you purchase a home at $250,000. What will that home be worth in five years time? According to the nationwide Home Price Expectation Survey, here is how much value that $250,000 home will gain in the following years:

Bottom Line: Not only does home ownership provide a greater net worth, it provides a stable and safe environment for your family. Contact us today to evaluate your ability to purchase your dream home and increase your family wealth!

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.

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View New Listings in West Chester OH 45069

New Year, New Listings! View All New Listings For Sale

December 30, 2015 by Eric Lowry

The New Year always brings New Listings! If you are thinking of beginning a home search in the New Year, you can get started easily by viewing brand new listings, and all available homes for sale in the Cincinnati area. You will also be able to view full listing details and photos. Our website is a direct feed from the MLS (Multiple Listing Service) and is updated every 5 minutes!

Want to learn how to never miss a new listing again? Contact us and we can make sure you are alerted to every new listing in your neighborhoods of interest the same day it hits the market!

View New Listings in Liberty Township OH 45011

View New Listings in Mason OH 45040

View New Listings in Fairfield Township OH 45011

View New Listings in Fairfield OH 45014

If you’re thinking of selling a home in the new year, contact Eric Lowry at 513-874-1830 to set up a free consultation and find out how much your home is worth. Don’t forget to ask about The Lowry Team’s Home Sale Guarantee! We’ll sell your home in 88 days or we’ll sell it for FREE!

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

Search the entire Cincinnati MLS for Homes For Sale

Top 5 Moving Tips…Make Your Move A Smooth One!

December 30, 2015 by Eric Lowry

Top 5 Moving Tips Guaranteed to Make Your Move a Smooth One!

Buying or selling a home is very exciting, however the actual moving process can be overwhelming. Here are The Lowry Team‘s top 5 moving tips to help make your move as smooth as possible!

Declutter! Prior to a move is the perfect time to get organized and get rid of anything you don’t need or use anymore. You can make some extra money selling things, or donate them to your local community outreach center.
Pack an overnight bag with all the essentials. After moving and unpacking all day, the last thing you want to do is to have to search forever just to find your toothbrush or phone charger.
Pack the items you will need access to first in a separate clear plastic tub. This can be anything ranging from cleaning supplies, toilet paper, snacks, or phone chargers.
Label your boxes; not just what’s in them, but the room they belong in as well. Also don’t forget to clearly label if it’s fragile!
Rent a truck (and recruit helpers!) Nothing will throw a wrench in your moving plans more than finding out at the last minute that there are no moving trucks available near you. It’s recommended that you call two weeks ahead to reserve the proper sized truck.

Bonus Tip** Contact The Lowry Team to request a list of our preferred vendors such as professional movers, carpet cleaners, etc! With over 17 years of real estate service, we can recommend the best in the area to help you with any aspect of your home buying and moving process!

These top 5 moving tips are guaranteed to help ease the moving process for you!

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

Common Real Estate Terms You Should Know

December 29, 2015 by Eric Lowry

Whether you are buying or selling a home, you may come across plenty of real estate terms that you do not recognize. However, it’s important to be familiar with the common real estate terms that you will encounter throughout the process because it will make the process much easier. Here are several common real estate terms you should know:

Appraisal – The estimated value of a property as calculated by a licensed appraiser. An appraisal makes sure that the amount a buyer is under contract to pay for a property is equal to or less than the amount calculated by the appraiser. If a home “doesn’t appraise”, it means the seller must either agree to lower the sale price of the home to the appraised amount, or the buyer can walk away from the contract. This is ordered by the lender, and paid for by the buyer as part of closing costs.

Closing Costs – The fees paid at closing, including loan origination fees, attorney fees, appraisal fees, survey fees, title insurance, title search fees, underwriting fees, etc.

Contingency – A condition that must be met in order for the contract to become legally binding. In real estate, the sale contingencies are financing, the home inspection, and appraisal. If a contingency is not met, it allows the buyer to walk away from the contract and get their earnest money back.

Down Payment – The amount of money that a home buyer pays out of pocket towards purchasing a home. The down payment required for a buyer depends upon the type of home loan being utilized. Some loan programs allow for as little as 3% down.

Earnest Money – An amount of money (typically 1-2% of sale price) that a home buyer provides with their offer to the seller to show good faith. The check is cashed by the broker as soon as the offer is accepted, and is held in a non-interest bearing account until closing. If the sale falls through due to one of the contingencies on the contract (financing, inspections, or appraisal), the earnest money goes back to the buyer.

Home Inspection – A contingency on the purchase contract that allows for the buyer to hire a home inspector to conduct a thorough inspection of the home, which can also include radon tests, termite inspections, air quality tests, etc.

Home Warranty – A service contract that protects a home owner from the high costs of repairing and/or replacing major home components, such as the hot water heater, furnace, AC system, etc.

MLS – A database, also known as the Multiple Listing Service, that Realtors have access to that shows all homes currently listed for sale.

Pre Approval – A dry run of the loan process. A mortgage lender gathers information from a potential home buyer regarding income, debts, assets, etc. to determine how much home the buyer can afford. A pre approval letter is required to submit an offer on a home.

Title Insurance – Insurance that protects the buyer (or the seller) from any potential disputes regarding ownership of the property. It’s always a good idea to purchase title insurance.

Have any questions regarding these common real estate terms you should know? Ready to chat about your real estate plans? Contact The Lowry Team today!

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.

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Search the entire Cincinnati MLS for Homes For Sale

What credit score is needed to buy a home?

December 28, 2015 by Eric Lowry

Research shows that many Americans are not clear about what it really takes to qualify to buy a home in today’s market. There is a significant population not looking to purchase a home simply because they don’t believe they can qualify for a mortgage. One major misconception affecting this is regarding what credit score is needed to buy a home.

A recent Ipsos survey reported that two-thirds of respondents believe they would need a very good credit score to buy a home, with 45% thinking that a “very good” credit score is over 780. In reality, however, the actual FICO score requirement is much lower and has been dropping steadily over the last several months. The average FICO score required depends on which type of loan you get. For an FHA mortgage, the average FICO score is 687. For a Convetional mortgage, the average FICO score is 754.

Contact us today to evaluate your ability to purchase your dream home, you might be surprised at how much the requirements for a mortgage have eased.

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.

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