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What you need to know about buying a house this Spring

February 23, 2016 by Eric Lowry

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

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Blank_search_barWhat you need to know about buying a house this Spring
What you need to know about buying a house this Spring

Spring is house hunting season. The months of April, May, and June are generally the busiest in real estate, and account for around 40% of all home sales for the year. And this Spring, sellers definitely have the advantage.

Inventory is Low

Currently, housing inventory is extremely low. There is a 2.5 month inventory of homes for sale. A 6 month inventory level is considered a balanced market. Anything under 6 months worth of inventory is considered to be an undersupply, favoring home sellers as opposed to favoring home buyers.

Home Prices Are Rising 

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years.

Home prices in our area have risen over the last year by 3.06%. Home prices are on a steady rise; and are expected to continue to increase.

In addition, the homes in our area are selling at 97.95% of list price. This means that homes are selling very close to 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.

Homes Are Selling Fast

Not only is there a very low supply of houses for sale, but buyer demand is high. You will have a lot of competition for just a few houses, which means the houses are selling very fast. Homes that are in good condition and are priced right, are selling in just days. Sometimes even within just hours! So be prepared to act fast!

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.

Mortgage Rates Are At Historic Lows

This month the average 30-year fixed rate conventional mortgage fell from 3.72% to 3.65% which is its lowest point in the last 10 months. The average on a 15-year fixed rate also slid to 2.95%.

The interest rate on an FHA loan currently sits at 3.38%. A VA loan interest rate right now is 3.5%.

While these are fantastic interest rates, it’s important to realize that they won’t last. In fact, experts predict that interest rates will rise over the next four quarters by an average of 0.5%. That increase may not seem like much, but it will significantly affect the amount of home you can afford to buy.

What You Need To Do

Get Competitive – You need to prepare yourself to be competitive in the housing market. That means you must be prepared to make a strong offer when you find the right house, and get it submitted quickly.

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.

Educate Yourself –

Get your copy of this Complete Home Buying Guide. No registration, no solicitation, you just call us when you’re ready.

Schedule a Personal Home Buying Consultation. If you’re ready to discuss your real estate goals, learn about the market, and meet with a local expert to help guide you through the process, call or text us at 513-368-3751

Start your search here – View full details and photos of all available homes for sale. Our Homes For Sale information is a direct feed from the Multiple Listing Service (MLS) and is updated every 5 minutes so you will never miss a new listing!

Questions about buying a house in the Spring market?
Contact The Lowry Team today!

Call or text 513-368-3751

Find Your Home's Value Now!

Filed Under: Buyers, Eric Lowry's Articles Tagged With: buying a house in Cincinnati, buying a house in the Spring, buying a house in West Chester Ohio, buying a house this Spring, Cincinnati Real Estate Market in the Spring, Eric Lowry, houses for sale in Liberty Township Ohio, Houses for sale in Mason Ohio, Houses for sale in West Chester Ohio, Keller Williams Realty West Chester, LowryTeam.com, Real Estate Market Mason Ohio Spring 2016, Real Estate Market West Chester Ohio Spring 2016, The Lowry Team, Top Real Estate Agents in Cincinnati, What you need to know about buying a house this Spring

Most Expensive Homes for Sale in West Chester

February 17, 2016 by Eric Lowry

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

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

Most Expensive Homes for Sale in West ChesterMost Expensive Homes for Sale in West Chester Ohio 45069

Thinking of buying a house West Chester OH? Or just curious about the luxury homes? Either way, you can view all listing photos and details of the most expensive homes in West Chester right here!

Most expensive homes for sale in West Chester Ohio

About West Chester OH

The West Chester community is a Northern suburb of Cincinnati, located in Butler County. TIME Magazine named West Chester Ohio as one of “The Best Places to Live” in 2014. West Chester has a population of approximately 61,000. The average home price is $340,394. View a detailed West Chester Real Estate Market Report here.

West Chester is served by the Lakota Local School District. Lakota Schools are known for their excellence in academics, athletics, and music program.

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Buying or selling in West Chester? Contact The Lowry Team!
Call or text 513-368-3751

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Filed Under: Buyers, Eric Lowry's Articles, West Chester Ohio Homes For Sale Tagged With: buying a house in West Chester Ohio, Eric Lowry, Houses for sale in West Chester Ohio, Keller Williams Realty West Chester, LowryTeam.com, Luxury Homes In West Chester Ohio, million dollar homes in West Chester Ohio, most expensive homes in West Chester Ohio, The Lowry Team, Top Real Estate Agents in Cincinnati, Top Real Estate Agents in West Chester Ohio, West Chester Realtor

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 debtCan 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 ratiosbuy a house with student loan debt 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

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5 Hidden Costs of Buying a House

Filed Under: Buyers, Eric Lowry's Articles, First-time Homebuyer Tagged With: buying a house in Cincinnati, buying a house in Liberty Township Ohio, buying a house in Mason Ohio, buying a house in West Chester Ohio, Can I buy a house with student loan debt, Can you buy a house if you have student loan debt?, Eric Lowry, Keller Williams Realty West Chester, Liberty Township Ohio Homes For Sale, LowryTeam.com, Mason Ohio Homes For Sale, The Lowry Team, West Chester Ohio Homes For Sale

5 Hidden Costs of Buying a House

February 10, 2016 by Eric Lowry

5 Hidden Costs of Buying a HouseThere is more to buying a house than just a down payment and a monthly mortgage payment. It’s important to keep in mind all the different costs of buying a house so that you don’t end up in a stressful financial situation. The following are several costs that some potential buyers aren’t aware of before starting a home search.

Home Inspection – You really should never even consider buying a house without having a professional home inspector do a thorough examination of the property. Depending on the type of inspection package you get, the cost can range from around $500 – $850.

Closing Costs – These include appraisal fees, title insurance, attorney fees, property transfer taxes, lender fees, etc. These typically add up to a couple thousand dollars.

Home Insurance – Homeowners insurance is another common cost that most people don’t think about when starting their home search. Cost depends on where you live and what insurance company you use.

Mortgage insurance – Many loan programs where a buyer puts down less than 20%, require mortgage insurance which protects the lender if a buyer defaults on their mortgage.

Moving costs – The actual process of moving can be costly as well. When moving you’ll have to purchase packing materials and rent a truck or hire professional movers, the costs of which can add up quickly.

Bottom Line: Make sure you are financially well prepared to face all the extra costs involved in purchasing a home.

Questions about the costs of buying a house? Contact us 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:

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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?

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Filed Under: Buyers, Eric Lowry's Articles Tagged With: 5 Hidden Costs of Buying a House, Beckett Ridge Homes For Sale, buying a house in Fairfield Ohio, buying a house in Liberty Township Ohio, buying a house in Mason Ohio, buying a house in West Chester Ohio, costs of buying a house, Eric Lowry, Keller Williams Realty West Chester, Liberty Township Ohio Homes For Sale, LowryTeam.com, Mason Ohio Homes For Sale, The Lowry Team, West Chester Ohio Homes For Sale

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