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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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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.

Other Articles You May Be Interested In:

Find Out The Current Market Value Of Your Home

Where Interest Rates Are Headed

A Complete Guide to Buying a Home

What does it take to buy a home in today’s market?

Buy a Home With a Low Down Payment

Buying a Home Step 1: Get Pre Approved

The Value of Being Pre Approved

Buying a Home Step 1: Get Pre Approved

August 10, 2015 by Eric Lowry

Buying a Home Step 1: Get Pre Approved

Thinking of buying your first home? Your first step should be to get pre approved. Not quite sure what a pre approval really is? Read on and find out why it’s SO important…

A pre approval is a dry run of the loan process. A mortgage lender gathers information from you regarding your income, debts, assets, etc. to determine how much home you can afford. The lender will be able to give you a hard number that you are pre approved up to, and will be able to give you a run down of what your monthly payment would look like at each price point. There may also be several different loan types available to you depending on your situation. You may qualify for FHA, VA, USDA or Conventional. A lender will be able to talk you through your options and help you determine which would be the best fit for you.

Getting pre approved not only builds a great foundation of knowledge for starting your home search, but it also provides a great amount of comfort. How are you ever going to feel comfortable making the biggest purchase of your life if you’re not familiar with and comfortable with the numbers first?

Another very important aspect of getting pre approved before going out to look at homes is that it saves you from heartbreak. Imagine you’re out looking at some homes on the weekend with your Realtor and you walk inside one that is just perfect for you. It’s got an awesome kitchen, a finished basement, a great backyard, and whatever else might be on your wish list. You will likely be so excited and thrilled at the possibility of getting this home that you want to get an offer in right away. Sorry, I have some bad news for you. You can’t submit an offer without sending a copy of your pre approval letter with it. You can try to get in touch with a lender to get pre approved, but most likely you won’t be able to until Monday rolls around. And if you have to wait, in today’s market, you won’t get the home. Trust me, that can be absolutely heart breaking and you don’t want that. So when I say it’s in your best interest to get pre approved first, I really mean it.

Stay tuned to find out about step 2!

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’s culture is that of a fun, high energy group who prides themselves on providing personal, professional real estate service.

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 at 513-874-1830.

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Mason Ohio Real Estate: Rosemont Subdivision And Homes For Sale

January 12, 2015 by Eric Lowry Leave a Comment

Rosemont Subdivision And Homes For Sale in Mason Ohio

The Rosemont Subdivision is located in the 45040 zip code of Mason, Ohio. Rosemont real estate features a variety of styles and sizes of homes for sale. Homes currently for sale in Rosemont range in price from $314,900 – $439,000.

There are over 300 single family homes in Rosemont. Single family homes for sale have 4-5 bedrooms and 2-4 full baths. You will find mostly two story homes with two or three car garages in the Rosemont subdivision.

John Henry Homes is preparing to build a new phase of homes in the Rosemont neighborhood. Homes in The Woods of Rosemont will be built on large, private, wooded sites. New home prices will start in the $360’s.

The Rosemont neighborhood is regulated by a homeowner’s association. The association was created to enhance and protect the value of the property owned by the members.

Rosemont has a pool, two playgrounds and a basketball court. There are streetlights, sidewalks, walking paths and ponds throughout the neighborhood.

The Rosemont subdivision is served by the top rated Mason City School District. Mason schools are known for their excellence in academics, athletics and music programs. Students living in Rosemont will attend the following schools: The Early Childhood Center for Pre-K through 2nd grade, Western Row Elementary for grades 2 and 3, Mason Intermediate School for 4th – 6th grade, Mason Middle School for grades 7 and 8 and Mason High School for 9th – 12 grades. There are also plenty of private school optins to choose from as well.

Rosemont has been a family friendly neighborhood for many people who work in the Tri-State area. The Rosemont subdivision is conveniently situated between the cities of Cincinnati and Dayton. It is located just minutes from I-75, I-71 and I-275. It is near many shopping, dining and entertainment options such as Deerfield Towne Center, Voice of America and Kings Island.

The neighborhood is also near parks, golf courses and the Mason Community Center. There are more than a half a dozen parks in Mason, Ohio. Rosemont is adjacent to Voice Of America Park. Voice of America Park is 435 acres of greenspace featuring a stocked lake for fishing and boating, athletic fields, a dog park, hiking and paved trails.

There are more than half a dozen golf courses within the Mason Ohio city limits. Western Row Golf Course and The Golf Center at Kings Island are both 18 hole public golf courses. The Heritage Club is a private 18 hole golf course located in Mason.

The Mason Community Center is located at 6050 Mason Montgomery Road. It is also home to the Mason Senior Center. This state of the art facility has fitness and aquatic classes, organized sports, senior activities, health classes and screenings, enrichment programs and more.

It is no wonder Money Magazine named Mason Ohio “One of the Best Places to Live” in 2013!

Find out more about The Rosemont neighborhood and Mason, Ohio. Contact The Lowry Team today to get in touch with a Rosemont Real Estate Agent.

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’s culture is that of a fun, high energy group who prides themselves on providing personal, professional real estate service.

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.

Thinking of selling your Rosemont home? Contact Eric Lowry, Rosemont real estate agent.

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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