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Preparing for Buying a Home in 2025

Financial Preparation

  1. Review Your Credit Score: Check your credit score and address any discrepancies or issues.
  2. Reduce Debt: Pay down credit card balances, car loans, or other outstanding debts.
  3. Save for a Down Payment: Aim for at least 5-20% of the home price, depending on the loan type. We have preferred lenders to get you in touch with to help determine the best type of loan for your situation. 
  4. Save for Closing Costs: Budget for 2-5% of the home’s purchase price for closing costs.
  5. Build an Emergency Fund: Have three to six months’ worth of expenses saved. Please reach out to us so we can help direct you to our lender referral partners. 
  6. Get Pre-Approved: Meet with lenders to determine your budget and get a pre-approval letter.
  7. Understand Loan Options: Research loan types like FHA, VA, USDA, or conventional mortgages.
  8. Check for Assistance Programs: Look into first-time buyer grants or down payment assistance programs.Working with the right lender can help get you information on different types of programs available. 
  9. Set a Budget: Determine how much you’re comfortable spending monthly, including mortgage, taxes, insurance, and utilities.
  10. Avoid New Debt: Hold off on major purchases, like cars or furniture, before buying a home.

Research and Planning

  1. Research Local Markets: Study neighborhood trends, school ratings, and amenities.
  2. Define Priorities: List your must-haves (e.g., number of bedrooms, yard size) and nice-to-haves.
  3. Decide on Location: Narrow down your preferred areas based on commute, lifestyle, and affordability.
  4. Understand Market Conditions: Learn whether it’s a buyer’s or seller’s market and how that affects negotiations. This is what we are here for! Having an agent that is knowledgeable about the market will come in handy when you want to begin to view properties and write an offer. 
  5. Attend Open Houses: Visit open houses to get a feel for homes in your price range and what features you like. We are happy to go with you to the open houses as well as schedule private tours. 
  6. Consider Seasonal Trends: Understand that spring typically has more inventory, while winter may offer better deals.

Building a Team

  1. Hire a Real Estate Agent: Find a knowledgeable agent who knows your target market.
  2. Consult a Financial Advisor: Get advice if you’re unsure about how buying a home fits into your financial plan.
  3. Choose a Mortgage Lender: Shop around for competitive rates and terms. We have multiple lenders we recommend with different products to offer. 

Preparation and Organization

  1. Organize Financial Documents: Gather tax returns, W-2s, pay stubs, bank statements, and proof of assets.
  2. Understand the Homebuying Process: Familiarize yourself with steps like making an offer, inspections, and closing. 
  3. Plan for Moving Costs: Include expenses for movers, packing, and utility setup in your budget.
  4. Get Home Insurance Quotes: Research home insurance providers and costs.
  5. Prepare for Maintenance Costs: Set aside funds for ongoing repairs and homeownership expenses.
  6. Prepare for Emotional Ups and Downs: Homebuying can be stressful—be ready for setbacks, like losing out on bids.
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25 Ways to Enjoy Columbus in 2025

Want to make the most out of living in Columbus? Take a look at these tips from our guide:

  1. Festivals: Columbus has so many festivals and a lot are free! Check out this guide for details on how to plan your year!
  2. Metro Parks: Columbus and Franklin County Metro Parks features 20 outstanding natural area parks with more than 230 miles of trails and over 28,700 acres of land in seven central Ohio counties. Click here for locations and information.
  3. Libraries: Columbus Metropolitan Library includes 23 locations in Franklin County. Free tools and resources, author talks, career fairs, meeting rooms, digital content, and book events are at your fingertips.
  4. Food Scene: This is an obvious one, but our food scene is incredible and diverse. If you want the latest on what’s happening with new restaurants and where to go, we have resources linked here: Tasting Columbus, Experience Columbus, and Columbus Underground.
  5. Theatre: We have Broadway shows come to us here in the city! How cool is that? For 2025’s schedule, click here!
  6. Sports: We have so many sports to support right here in the city. Not only do we have Ohio State sports (36 Division I teams), but we have an NHL team- Columbus Blue Jackets, a PVF team that had its first season in 2024- Columbus Fury, an MLS team- Columbus Crew, and an MiLB team- Columbus Clippers.
  7. Plant Shops and Nurseries: Columbus has a green thumb! We have so many places to get plants as well as visit lush green environments. Greenhouses, nurseries, and gift centers- our city is abundant in nature you can keep in your very own home. Check out this guide for some of the top-rated shops around!
  8. Antique Stores: We have so many shops to add character to our home and wardrobe. Columbus is FULL of vintage and antique shopping. Click here for a list of Columbus and Central Ohio’s greatest shops.
  9. Housing Market: You didn’t think we would forget to include our real estate market, did you? Columbus’ Housing Market is strong and healthy! It offers an ideal balance for both buyers and sellers and continues to increase in value! Want a neighborhood guide or home estimate? Click here.
  10. Malls and Shopping Scene: We are spoiled with abundant shopping options- from outlets to traditional malls to local boutiques. We have quite the shopping scene here in Columbus. Just to name a few we have Tanger Outlets, Polaris Fashion Place, Easton Town Center, and Short North shops.
  11. Museums: Art, science, and natural history are just a fraction of what museums Columbus provides its residents. There are plenty of options that are free, but all are well worth your time and money. For a current list of what museums are available in Columbus, click here.
  12. Rooftop Bars/Restaurants: Experiencing a city is experiencing amazing atmospheres and beverages with skyline views. When you travel, don’t you look for the most magical spots? Why not look in your backyard? View a list of rooftop wonders here.
  13. Suburb Community Culture: Whether it’s First Friday or Fourth Friday or anything in between, each suburb in the Columbus area finds ways to congregate and celebrate community. To find out what your area does, check out their Main Street page and participate in the fruit of the labor our public servants put forth every month!
  14. Recreational Sports: Our Parks and Rec department is phenomenal with the league options they provide for people of all ages to enter the sports world. We also have places like Flannigan’s, Woodlands, YMCAs, and sports clubs that can offer even more programs! We are surrounded by opportunity to be active and fall in love with sports, classes, and trying something new!
  15. The Columbus Zoo and Aquarium: Our outstanding zoo has been around since 1927, and is “a destination inspiring the appreciation and conservation of many of the earth’s most amazing animals”. Our zoo is accredited by 4 different organizations and certified by American Humane. When you visit, not only do you support a fantastic mission, but you get to see wildlife, ride rides, go on tours and interactive experiences, and enjoy a waterpark at the connected Zoombezi Bay!
  16. Book Loft and Local Bookstores: If you haven’t gone, this is the year you go visit the bookstore with 32 rooms, and all the other local bookstores while you’re at it! The Book Loft is something to be experienced. It’s lower than sticker price, has a wonderful merch and gift selection, and is full of whimsy.
  17. Conventions at the Greater Columbus Convention Center: There’s so many conventions and events held here. From Comic-Cons to Tournaments and Competitions, there’s a lot scheduled for 2025 at our convention center!
  18. Volunteering Opportunities: Living in a city also provides ample experiences for volunteers! Especially if giving back to your community is on your 2025 resolution list, there’s plenty of ways to support local causes. For a great list of ideas on how to contribute and where to spend your time, click here.
  19. Cooking Classes: Looking to make your 2025 more delicious? Columbus boasts many cooking classes available at different locations. Whether it’s to learn for yourself, serve as a date night, or getting a group together for an activity, cooking classes in the Columbus area are in stock and highly recommended.
  20. Candle-Making Workshops: Candle-making is another experience Columbus offers- and at multiple local shops. Some top shops include: Worthington Candle Works, The Candle Booth, Vella & Co. Candle Studio, Studio 614, Penn & Beech Candle Co., Blend Candle Co., and The Chandler.
  21. Farmers Markets: Not every city or town gets a Farmer’s Market, but there are SEVERAL in the Columbus-area. We have so many options every Saturday from roughly May through October to visit our choice of Farmers Market.
  22. Ohio State Fair: Attracting people far and wide is our Ohio State Fair. We have all the makings of any fair, just grander. Live music, attractions, rides, animals, art exhibits, fair food, and more!
  23. Canoeing and Kayaking: One of the many wonderful things about Columbus is how it balances nature and city. With our accessibility to rivers, we have a refreshing water activity with incredible views. Click this guide for the best places to go kayaking and canoeing in the area.
  24. Columbus Ale Trail: One of the best ways to explore your own city is a trail. The Columbus Ale Trail consists of dozens of unique craft breweries. Pick up your FREE Columbus Ale Trail passport at any participating Franklin County brewery and collect brewery stamps to earn merch.
  25. Coffee Trail: If malty brews aren’t your thing, maybe coffee brews are more your speed. The Columbus Coffee Trail features over 25+ stops and you can earn things like t-shirts, insulated mugs, and a coffee press! What a fantastic way to get to know your hometown and find your perfect cup of coffee.

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Homebuying During the Holidays

BY CONNIE QUTUB
The holidays months might be quieter in the real estate world, but they bring unique advantages to home buyers:

  • Less Competition: With fewer buyers in the market, you’ll find it easier to discover your perfect home without the usual rush
  • Motivated sellers: this can translate into better negotiating power for you, making it possible to secure a great deal
  • Tax advantages: completing a purchase before the year ends might offer tax benefits, such as potential deductions.

If a new home is at the top of your holiday wish list, now could be a strategic time to explore your options

For Buyers:

Leverage with Contingencies: Buyers may have more room to negotiate on contingencies, inspections, or repairs compared to the busier summer season.
Potential Price Adjustments: With the possibility of fewer active buyers, homes that have been on the market for a while may see price reductions, making it an attractive time to purchase.

For Sellers:

Serious Buyers: Fall often brings out motivated buyers who are serious about purchasing, as casual shoppers have typically left the market.
Seasonal Curb Appeal: Columbus’s autumn scenery can enhance curb appeal, with colorful trees and mild weather creating an inviting atmosphere for home showings, though we are starting to lose some leaves as we head into December.
Reduced Inventory Competition: The number of homes on the market often declines after summer, so sellers who list now may face less competition and stand out to motivated buyers.
Favorable Market Conditions: If interest rates remain stable, the Columbus market may still favor sellers, as demand from buyers remains strong, especially in sought-after neighborhoods.
Move Before the Holidays: October is a great time for sellers aiming to close before the end of the year, offering a smoother transition before the busy holiday season and winter weather.

Both buyers and sellers can leverage these seasonal trends to negotiate better terms, making November and December advantageous months for real estate activity in Columbus.

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Is the Fire of the Market Burning Out?!

Phew…. This market is crazy! Having been in real estate for 17+ years this is the craziest market I’ve seen, so I went to talk to my colleagues for 40+ years and asked, “Have you ever seen anything like this? ” The answer has consistently been a resounding, “NO!”. As you can guess, the market hasn’t slowed down. Have we had some more much needed listings come on the market? Yes we have. Has that solved our inventory issue? NO!

As you can see above, the new listings rose by 22.5% compared to the first 2 weeks of June 2020. That was followed by an increase of 27% increase in the pending listings. So we should continue to expect the sold homes to increase year over year. This is all happening in addition to an explosion of new build sales that typically don’t show up in these numbers.

Overall, my long term outlook is very strong for Columbus. With an increasing population (the forecast is for that trend to continue), a group of young people who have rented longer than average and are now wanting to buy and what I like to call the “divorce effect” there is no end in site to increasing demand here in Central Ohio. Next month I will explain the divorce effect as well as one of the reasons why we are so tight on inventory here in Central Ohio.

Thank you for reading! We are so grateful for you! I’m always happy to jump on a call or do a quick loom video to update you on the value of your home or what is happening in your neighborhood. If you aren’t already receiving my monthly market update for your neighborhood, let me know and I will get you set up!

Troy