Posted on

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.
Posted on

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.