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First Time Homebuyers Frequently Asked Questions

January 4, 2016 by Eric Lowry

First Time Homebuyers Frequently Asked Questions

first time homebuyers frequently asked questions

What is pre approval, and why do I need it first?

Pre approval is essentially a dry run of the loan process. A mortgage lender looks at information about your income, debts, assets, etc to estimate how much home you can afford to buy. You absolutely need to get pre approved before going out to look at homes for several reasons. You will save yourself from wasting your time, gas, and getting your heart broken. Read more about pre approval here.

How do I search homes for sale? What if I want to go see them?

Search all homes currently listed for sale in the Cincinnati area at www.LowryTeam.com This is an official listing website with a direct feed from the Multiple Listing Service (MLS), and is updated every 5 minutes. You will be able to view all home photos and full listing details. You can also easily request showings, save favorite properties, and sign up for a customized listing alert so you’ll never miss a new listing again!

How do we make an offer on a home we like?

Let your Realtor know right away that you want to make an offer on a home. Current market conditions are an extreme seller’s market since inventory is so low. That means you want to make your offer as strong as possible, and submit it to the seller as soon as possible. If you wait too long you run the risk of losing out to other buyers who jumped right on it. This is another great reason why you need to get pre approved before going out to look at homes.

Your Realtor will run a Comparative Market Analysis (CMA) to determine the best offer price with you, then write up the offer for you to sign, and will present it to the Listing Agent on your behalf.

How does a home inspection work?

The home inspection is a contingency in the contract which means the home inspections must be successfully completed and negotiated in order for the contract to become legally binding. If a home inspector finds an issue with the home that is a deal breaker for you, you can get out of the contract and get your earnest money back. A home inspection is paid for out of pocket by the buyer. It’s very important to use a great home inspector, and your Realtor can help you with a referral.

Do I really need a home warranty?

The short answer is yes. It’s always a good idea to get a home warranty. In fact, some home owners even offer a one year home warranty with the purchase of their home. A home warranty protects home owners from costly repairs and/or replacements of major home components such as the hot water heater, furnace, AC system, etc. Ask your Realtor to help you get one set up.

How long until we get to close? What happens at a closing?

Due to current lending requirements, it takes an average of 45-50 days to be able to close on your new home. At closing you will sign all your mortgage and title paperwork. If the contract stipulates occupancy at closing, you will get the keys to your new home and you can celebrate!

Contact us today to evaluate your ability to purchase your dream home, and set up a free home buying consultation. 513-874-1830

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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

A Complete Guide to Buying a Home

Where Interest Rates Are Headed

What credit score is needed to buy a home?

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

Common Real Estate Terms You Should Know

Buy a Home With a Low Down Payment

Buying a Home Step 1: Get Pre Approved

Connect with us on Facebook

Connect with us on YouTube

Connect with us on Twitter

Filed Under: Buyers, Eric Lowry's Articles, First-time Homebuyer Tagged With: buying a first home in Mason OH, buying my first home in West Chester OH, Eric Lowry, First Time Home Buyer, first time home buyer homes for sale, First Time homebuyers, First Time Homebuyers Frequently Asked Questions, Keller Williams West Chester Ohio, LowryTeam.com, starter homes in Mason OH, starter homes in West Chester OH, The Lowry Team, Top Real Estate Agent, Top Selling Realtor, West Chester Ohio Homes For Sale, what is a home inspection, what is a home warranty, what is a pre approval

Increase Your Family’s Net Worth in the New Year

December 30, 2015 by Eric Lowry

Increase Your Family’s Net Worth

FamilyAs 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.net worth gap

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:

HPES-Equity-Earned-KCM

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!

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

A Complete Guide to Buying a Home

Where Interest Rates Are Headed

What credit score is needed to buy a home?

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

Common Real Estate Terms You Should Know

Buy a Home With a Low Down Payment

Buying a Home Step 1: Get Pre Approved

Connect with us on Facebook

Connect with us on YouTube

Connect with us on Twitter

Filed Under: Buyers, Eric Lowry's Articles, First-time Homebuyer Tagged With: advantages of buying a home, buying a home in Liberty Township Ohio, buying a home in mason ohio, buying a home in west chester ohio, buying your first home, First Time homebuyers, increase family wealth, increase family's net worth, Increase net worth, Keller Williams Realty West Chester, Liberty Township Ohio Homes For Sale, The Lowry Team, West Chester Ohio Homes For Sale

Common Real Estate Terms You Should Know

December 29, 2015 by Eric Lowry

Home For SaleWhether 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!

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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

A Complete Guide to Buying a Home

Where Interest Rates Are Headed

What credit score is needed to buy 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

Connect with us on Facebook

Connect with us on YouTube

Connect with us on Twitter

Filed Under: Buyers, Eric Lowry's Articles, First-time Homebuyer, Sellers Tagged With: Common Real Estate Terms, Common Real Estate Terms You Should Know, First Time homebuyers, Keller Williams West Chester, Moving to Liberty Township Ohio, Moving to Mason Ohio, Moving to West Chester Ohio, Relocating To Cincinnati, The Lowry Team, West Chester Ohio Homes For Sale, West Chester Ohio Real Estate, What are closing costs, What is appraisal, What is earnest money

A Complete Guide to Buying a Home

December 3, 2015 by Eric Lowry

guide to buying a homeFinding the perfect home for you and your family can be an overwhelming task whether it’s your first purchase or your fifth purchase. Buying a home involves a lot of different aspects ranging from getting pre approved and touring homes, to making an offer and getting through inspections. The best way to navigate the process of buying a home is to hire a Buyer Specialist who will be your consultant and adviser.

If you’re not quite ready to speak with a Realtor just yet, you can start with reading our complete guide to buying a home, then start searching homes in the Multiple Listing Service (MLS) where you will find all homes that are currently listed for sale. The information is updated every 5 minutes so you will never miss a new listing!

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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.

Other articles that may interest you:

Search the entire Cincinnati MLS for homes for sale

Find out the Current Market Value of your 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

Connect with us on Facebook

Connect with us Twitter

Connect with us Youtube

Filed Under: Buyers, Eric Lowry's Articles, First-time Homebuyer Tagged With: A Complete Guide to Buying a Home, First Time homebuyers, Guide to Buying a Home, Home Buying Guide, how to buy a home, Keller Williams Realty West Chester, Liberty Township Ohio Homes For Sale, Mason Ohio Homes For Sale, Search Homes For Sale, The Lowry Team, West Chester Ohio Homes For Sale

8419 Edgeview Drive West Chester OH 45069 – Official Listing Page

March 2, 2015 by Eric Lowry

West Chester OH: New Listing For Sale

8419 Edgeview Drive West Chester OH 45069 –  Perfect For A First Time Homebuyer

8419 Edgeview Drive West Chester Ohio 45069

Perfect For 1st Time Home Buyer! Updated Kitchen Features Maple Cabinets & Stainless Steel Appls, Vaulted Great Room w/ Stone Fireplace & Wood Floor. Large Master w/Adjoin Bath & Walk-In Closet. Large Rear Patio Overlooks Flat Yard. Perfect For Entertaining. Don’t Wait To See This Terrific West Chester Oh  Home For Sale

8419 Edgeview Drive West Chester OH 45069 –  Perfect For A First Time Home Buyer

Property Details – 8419 Edgeview Drive West Chester OH 45069


[property_details details=”1″]

Property Photos – 8419 Edgeview Drive West Chester OH 45069

 

 


8419 Edgeview Drive West Chester Ohio 45069
Kitchen 8419 Edgeview Drive West Chester Ohio 45069
Family Room 8419 Edgeview Drive West Chester Ohio 45069
Family Room 8419 Edgeview Drive West Chester Ohio 45069
Dining Room 8419 Edgeview Drive West Chester Ohio 45069
Dining Room 8419 Edgeview Drive West Chester Ohio 45069
View from Above 8419 Edgeview Drive West Chester Ohio 45069
Master Bedroom 8419 Edgeview Drive West Chester Ohio 45069
Rear Yard 8419 Edgeview Drive West Chester Ohio 45069
Patio 8419 Edgeview Drive West Chester Ohio 45069

Property Map – 8419 Edgeview Drive West Chester OH 45069


For more information about this home or to schedule a time to see it, please Contact The Lowry Team and we will get back to you as quickly as we can. You may also reach us by phone at 513-874-1830.

View Condos For Sale In West Chester OH Here

View Ranch Homes For Sale In West Chester OH Here

View Single Family Homes For Sale In West Chester OH Here

Home Prices Are Rising. Find The Value of Your West Chester Home Here!

Filed Under: New Listings, West Chester Ohio Homes For Sale Tagged With: 1st time homebuyers, 8419 Edgeview Drive West Chester OH 45069, First Time homebuyers, Moving To West Chester, New Listings, Search The MLS, The Lowry Team, West Chester Ohio Homes For Sale

The Lowry Team Welcomes Mark Fast as New Buyer Specialist

January 25, 2015 by Eric Lowry Leave a Comment

The Lowry Team Welcomes Mark Fast as New Buyer Specialist

Mark FastThe Lowry Team at Keller Williams Realty is excited to announce that Mark Fast has joined the team as a Buyer Specialist. Mark Fast is a full-time real estate professional, specializing in working with home buyers to find single family homes and condos in the Cincinnati area. The Lowry Team specializes in the Northern Cincinnati suburbs such as West Chester, Liberty Township, Mason, Fairfield, Monroe, and the surrounding areas.

Originally from Versailles, OH, Mark now resides in Madeira with his wife and daughter. He graduated in 2004 from Heidelberg University with a BA in Theatre and Communications. Prior to getting his real estate license, he worked at Playhouse in the Park and the Ensemble Theatre of Cincinnati. His hobbies include acting, watching sports, and antiquing.

If you are interested in learning more about the communities and the housing in the Cincinnati area, contact Mark Fast at 513-874-1830.

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.

Filed Under: Buyers, Eric Lowry's Articles Tagged With: Buying A Home, First Time homebuyers, Keller Williams Realty West Chester, Mason Ohio Real Estate, The Lowry Team, West Chester Ohio Homes For Sale

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