Planning To Buy A Home Next Year?

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Planning To Buy A Home Next Year?

Search The Entire MLS - Homes For SaleIf you are planning to buy a home next year it’s time to get started.  Interest rates are at historically low levels and home prices are right down there with them.  This makes for an opportune time to buy a home, whether you are a first time homebuyer or are a “move up” homebuyer.

Some potential home buyers remain concerned about home prices falling further.  It is always possible that they could go a little lower, however there is no way to know where the exact bottom is until we have passed it and home prices are on there way back up.  Historically speaking home prices do go up and they do go down, it’s just cyclical.

Missing out on the lowest interest rates is more of a concern than fluctuating home prices.  Buying a $150,000 home with an FHA mortgage (3.5% down payment) at 4.00% interest rate gives you a monthly payment of $691.  Buying that same home after rates have increased by just .5% increases that monthly payment to $734.  The difference in the monthly payment amount is as if you had bought a $160,000 home with the 4.00% interest rate.

So, if you are going to buy a home next year the following steps should be taken starting now:

#1.  Get PreApproved For A Mortgage

Why now you ask?  Getting preapproved for your mortgage financing right now gives you the time to get all of your personal finances in order.  Your mortgage lender can help you with any credit report errors that might need to be corrected.  You will also have a very solid idea of your purchase price range so that you can take the next step and begin to look at homes for sale online.

#2.  Start Looking At Homes For Sale Online Right Now

Starting to look at homes listed for sale right now online will give you a great opportunity to check out different styles of homes and in general will give you  an idea of how much home you will be getting for your money.  You can search for both condos for sale and single family homes for sale and decide which one seems the best fit for you.

#3.  Select Your Area or Areas That You May Want To Search For Your New Home In

By looking at homes for sale online you can select some favorite homes and then you can set out to see if  you like the areas they are in.  Are the neighborhoods these homes are in a good fit for you?  Drive through them and different times of the day and on weekends.  Are you looking for an area or neighborhood with alot of children?  Drive the neighborhood looking for playsets in backyards and drive through these same neighborhoods at school bus times, that will show you how many kids there are.  Get details on the communities and schools that you are interested in.

#4.  Call A Realtor

Yes, it is now time to get to it.  It’s time to actually hire a Realtor to represent you as a buyer’s agent in the purchase of your home.  Select your agent carefully.  Selecting the right real estate agent can make the home buying process fun and hassle free.  Your agent should be experienced in the areas and price ranges that you are looking in.  You also need to be a good fit personally with your real estate agent, you are likely going to be spending a good deal of time with them for a while.

You are now on your way to buying your new home at today’s low interest rates and at these very low home prices.  If we can be of assistance to you in your home search please feel free to contact us using the form below or call us at 513-874-1830

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    West Chester & Liberty Twp OH Real Estate: Home Buyers Have The Edge!

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    Home Buyers Have The Edge!

    According to Lawrence Yun, chief economist from the National Association of Realtors, “Home buyers over the past year got a great deal and buyers for the balance of this year have an edge over sellers.  Affordability could reach a generational high in the second half of this year because of rock bottom interest rates, helped partly by the Fed’s very accommodative monetary policy.”

    Donald Trump says:  “I can’t guarantee it, but I’m pretty sure this is right now a great time to go out and buy a house. And if you do, in 10 years you’re going to look back and say, ‘You know, I‘m glad I listened to that interview with Donald Trump’.”

    And John Paulson says:  “If you don’t own a home, buy one. If you own one home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy one.” – John Paulson 9/27/2010

    For more reasons why now is a prime time to buy a home, contact me and I’ll send you a free eBook titled  “7 Reasons Why Now Is A Great Time To Buy A Home”

    Start Your Search For Your New West Chester or Liberty Township Ohio Home Right Here!

    West Chester & Liberty Township OH Real Estate: Don’t Worry If You Missed Out On The Home Buyer Tax Credit

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    The home buyer tax credit may be gone, but don’t worry. You may have missed out on the first time homebuyer tax credit of $8000, but the opportunities presented by today’s historically low interest rates are even better than they were this spring.  For instance… If you buy a home right now at today’s low interest rates, you can save ten’s of thousand’s of dollars!

    Interest Rates Are Low!  A $200,000 30 year mortgage at the current rate of 4.60%* can save you ten’s of thousand’s of dollars over the life of the loan versus the same loan with the 5.50% rate from earlier this year!With some research you can hold the key to your new home

    Buy a home now and gain so much more than what was possible with the $8000 tax credit. You really don’t want to miss out on this savings and opportunity.  On top of the great savings the low interest rates present, there is another opportunity.

    The inventory of homes for sale right now is really great and the prices on many of these homes are really good. To start your home search contact us today at (513) 874-1830 or visit our website, www.LowryTeam.com.  Buying a foreclosed / bank owned home or a short sale can be a great investment opportunity under the right circumstances.  If you would like to receive a FREE list of foreclosures & short sale homes for sale you can request a list using our Foreclosure Finder Service

    You can also start your Search Homes For Sale right here!

    Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

    Search the entire MLS here! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

    Visit My YouTube channel at: www.youtube.com/LowryTeam

    Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

    West Chester & Liberty Township OH Real Estate: FHA Loans

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    1. FHA loans are not only for first time homebuyers.

    Many people believe FHA loans are available only to first-time home buyers, but this is not true.  While it’s true many home buyers are buying their first home using an FHA loan, but a large number of move up/repeat home buyers are also utilizing the opportunity of the FHA loans as a home financing option.

     2. FHA loans are not only for lower-income homebuyers.

    FHA loans are available to everyone. There are many homebuyers in West Chester and Liberty Township Ohio using FHA financing.  There are no income restrictions tied to FHA loans.  Just as with conventional mortgage financing, home buyers do need to qualify for a mortgage based on their income, monthly debt obligations and credit scores.

      3. FHA loans are not just for small mortgages.

    Currently in Butler County, Warren County and Hamilton County, Ohio the FHA loan limits are $337,500.  Keep in mind that this is the loan limit.  So, as an example, someone buying a home with a 3.5% down payment could buy a home for as much as a $350,000 purchase price.  Which leads to my last point on FHA mortgage lending.

    4. FHA loans are often more affordable than conventional financing. FHA loans offer very competitive interest rates when compared to other loans.  Home buyers  also benefit from a much lower down payment, as I mentioned above.  The down payment required to buy a home can be as low as 3.50%.  And also the mortgage insurance premium may be lower on the FHA financing when compared to the conventional mortgage insurance for loans with less that 20% down.

    For more information on FHA financing or for a referral to a terrific mortgage loan consultant please call Eric Lowry at (513) 874-1830 or visit our website, LowryTeam.com.

    Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

    Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

     

    West Chester & Liberty Township OH Real Estate: Look Carefully, Buying A Home is A Big Purchase

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    Looking for a new home is not like shopping for a new pair of shoes, it is one of the most important purchases that a person will make in his lifetime and should be approached with an examining eye. While it is true that it is easy to search homes for sale and fall in love with it on one’s own, the benefits of using an experienced top selling Realtor are many and can save a home buyer a great deal of  unwarranted pain and money in the long run.
    Buying a home is a big investment and should be approached with a plan
    There are a few things to realize and remember as a both a first time home buyer and a veteran home buyer. A Realtor will not only help you negotiate a price for a home but will also help you along every step of the process which will include getting a whole house and termite inspection, radon testing, mortgage financing and the title process among other things.

    While a buyer may have his heart set on a particular home for sale,  a top selling Realtor will make sure that the buyer is taking all of the most important factors into account and knows exactly what they are buying so that there are no surprises come closing day and move in day.

    Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

    Search the entire MLS database of homes for sale here!

     Wondering what your home is worth in today’s real estate market? Request a market analysis here!

    Visit My YouTube channel at: www.youtube.com/LowryTeam

    Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

    West Chester OH Real Estate: Waiting For the Bottom

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    There are many people out there waiting for the bottom to hit in many facets of the economy, including real estate.  Perhaps there will be a big announcement one morning across newspaper headlines and across the internet “THE BOTTOM IS HERE: NOW IS THE EXACT MOMENT TO BUY”.  Of course by the time the announcement comes the bottom will have hit and the exact time to buy real estate will have come and gone.

    A great analogy to the bottom of the real estate market is a yo-yo.  Take a yo-yo in your hand and use it.  Can a person grab the yo-yo at the exact moment it hits bottom every time?  Chances are a person will grab it just before it hits bottom or just after, rarely at the exact bottom.   Real estate is the same game, if it is indeed a game.  If people knew, absolutely knew, the exact time to buy stocks, real estate, or any other investment then no one would ever have a financial worry.

    For people who believe in investing in real estate, now is a great time to buy.  Interest rates won’t be low forever, in fact interest rates have been inching up the past 10 days now.  Most mortgage experts expect interest rates to return to the 6.00% range over the next few months to a year.

    In addition, the tax credits available for purchasing a home make now an incredible time to buy.  

    Real estate has either already hit the bottom, is about to or is already on its way up, we’ll know for certain sometime in the future.  If you want to buy at the bottom, buy now. Or wait until it’s too late, when you can look back and say, “If only I had bought then.”

    Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?

    Search the entire MLS here!

    Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio