If you are buying a Columbus home for the first time, it’s important to prepare for the market and have a plan for success. Home inventory continues to be tight in entry-level price ranges, which has kept upward pressure on home prices.
The challenges facing first-time home buyers in Central Ohio are shared among buyers nationwide. Statistics show that first-time buyers currently represent about 28% of the buyer market, which is considerably lower than the historical average of 40%. However, entry-level home purchases remain robust due to investor activity.
Home builders have also seen a decline in first-time home buyers. A recent report from the National Association of Home Builders notes that first-time buyers are challenged by stagnant wages, despite an improving economy. Stringent credit requirements, coupled with declining home affordability, remain concerns for Columbus home buyers across the board.
Fortunately, there is help available for first-time Columbus home buyers:
The Ohio Housing Finance Agency offers down payment assistance, closing cost assistance, and special grants to first-time home buyers throughout Ohio.
Closer to home, the City of Columbus “American Dream Downpayment Initiative Program” offers forgivable loans to low and moderate-income home buyers.
Franklin County offers financial assistance to qualifying first-time buyers, and to buyers who have not owned a home during the past 3 years.
There are home buying strategies you can employ:
- Know your mortgage options. In addition to exploring home buying assistance programs, do smart comparisons between FHA-backed mortgages and conventional loans. The cost of mortgage insurance can affect your home affordability. See our blog post about down payment thresholds and mortgage insurance for more details.
- Use professional buyer representation. An Exclusive Buyer’s Broker provides you with critical advantages – and there is no charge to you.
- Be flexible about your requirements. While a 4-bedroom home may be ideal, a 3-bedroom home could prove more affordable. Sort out the must-haves from the wish list.
- Be willing to cast your net wider. Location is a crucial decision when buying a home; however, you may find that your money buys more in an adjacent community.
Columbus Home Buying Guidance
At Buyer’s Resource Realty Services, we provide each of our buyer-clients with a 119-page Educated Buyer Notebook. This comprehensive guide contains valuable facts and advice on a variety of home buying topics. It’s yours free of charge when you select us as your professional representatives.
As your Exclusive Buyer’s Broker, we serve your best interests at all times. Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your Columbus home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
