buying a house in Mason Archives -

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

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 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

Buying a House in a Sellers Market

January 24, 2016 by Eric Lowry

Buying a House in a Sellers Market

If you’re thinking about buying a house this year, it’s important to be educated about the current real estate market conditions.

There is a 3-4 months inventory of homes for sale on the market right now, which is very low. When inventory levels are between 6-7 months, it is considered a balanced or neutral market. Anything more is considered a buyers market, and anything less than 6 months is considered a sellers market.

What this means is that since there is a low supply, and still a lot of demand, the current real estate market favors home sellers. There is greater competition among buyers which means that homes are selling very quickly. When a new listing comes on the market that interests you, it’s important that you contact your Realtor right away so you can view the home as soon as possible. If you wait a few days to go see it, it likely will have already sold.

This sellers market also means that homes are selling very close to list price. On average, homes in our area are selling at 98% of list price. So if you really love the house and don’t want to lose out to another buyer, you must make a very strong offer. Trying to make a low ball offer in this market is not going to work.

In addition to making a strong offer price, you must also be prepared to provide a pre approval letter with your offer. A pre approval letter strengthens your offer because it shows the seller that you have the financial capability to purchase the home. So it’s imperative you choose the right lender and get pre approved before looking at homes.

Ready to start your home search? Contact The Lowry Team at 513-874-1830.

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?

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 do I choose the right lender?

January 24, 2016 by Eric Lowry

How do I choose the right lender?

When buying a home, the first step is to get pre approved. However, that can be easier said than done. Many home buyers aren’t sure how to pick the right lender for their home mortgage.

Some buyers just go with their bank where they have their checking and savings accounts. However, that’s not always the best choice. There are many reasons to at least speak with a second lender to see how they compare.

Some lenders might be able to save you a lot more money than your bank would. This can be for various reasons; sometimes they can offer a better interest rate on your mortgage, and some lenders will even waive or reduce fees to earn your business.

Most home buyers typically look at homes and write offers in the evenings or on the weekends when they are off work. But guess what, banks aren’t open at those times. It’s nearly impossible to get in touch with a typical bank lender in the evening or over the weekend.

Lenders who work for smaller companies are much easier to get in touch with late in the evening or over the weekend. They don’t set strict hours for themselves from 9-5 and will go the extra mile to make sure you are taken care of.

In this market, when you find a home you love, you have to move fast. The ability for you or your agent to easily get in touch with your lender can mean the difference between you getting or losing your dream home.

The Lowry Team has over 16 years of real estate experience and can confidently recommend a great mortgage lender to help you purchase your dream home. Contact The Lowry Team today to get started. 513-874-1830