It Takes A Team To Successfully Buy 0ne
By Kerrick Jackson
Whether in search of purchasing a duplex, townhouse or single family home, keep in mind one very important truth: surround yourself with a home buying team, people whom you trust and believe in.
For 10 years, I have been teaching homebuyer education classes at Homeport. And whether it is a buyers’ or sellers’ market – as it is now – I communicate that “you need a quality team to close on a home you are happy with. Don’t ‘settle’ on the biggest purchase of your life.”
To begin with, a lender is critical. Being pre-approved for a mortgage can be instrumental in closing a deal versus someone else who might be interested in the same property. It shows the seller a level of seriousness.
Find an experienced Realtor or real estate agent with the knowledge and understanding of the industry, including down payment assistance programs.
Act wisely in picking a home inspector to evaluate potential problems with the property you are eyeing, from roofs to electrical to plumbing to termites.
Personal finances are also a major contributor to the process. The banks don’t want to see you or leave you with an empty bank account after you close.
Before any of that, you need to determine your readiness to buy a home.
Homeport offers readiness classes, homebuyer education classes and personal counseling that can help you determine your status.
We at Homeport can review your credit report, with scores, evaluate your monthly spending and income, and, together, develop an action plan to become successful in purchasing a home. In 2016, 310 individuals called on Homeport for credit and budget counseling. Through August 31 of this year, 530 individuals came for that counseling.
We also offer a wide range of pre-and post-purchase home owner courses: financial coaching, financial fitness and home repair maintenance.
Interest rates are creeping up. We are seeing loans of 5 percent or more. At this time last year, interest rates were 4.5 and below. Now we are seeing interest rates of 5.1 and 5.2, especially if they are trying to receive down payment assistance.
Inventory is a key driver for individuals looking to buy in Central Ohio. Well maintained homes are the first to go. But we are also seeing homes that need to be rehabbed (repaired) are also selling quickly. Sellers of homes in need of major repair are contributing more to help close the deal. Either way it is a sellers' market because of lack of inventory.
Homeport can assist potential home buyers on what to look for in purchasing a home, especially first time homebuyers.
Remember, there is no "i" in "home." Get a home buying team together. But before you do that, see the team already in place to serve you: Homeport.
Call 614 221-8889 to make an appointment. Or visit our Housing Advisory web pages to learn more how our team can be part of your team of experts.
(Kerrick Jackson is a housing advisor at Homeport.)