Central Ohio Real Estate Market News

Buying a home is an exciting time … a celebratory occasion. You can make it an easy process if you follow certain steps to achieving your goal. It’s important to keep in mind that certain steps must occur prior to others in order to make the process flow effortlessly. So follow these steps and you’ll be on your way to home ownership:

1. Select a Realtor® first. Set up an appointment to discuss your wants/needs, your financial situation, your timeline and any other goals.
2. Meet with a mortgage lender. Your Realtor® can provide you with a list of lenders you can contact to compare rates, APR and programs that best fit your financial situation. Your lender will tell you how much mortgage and home you will qualify to purchase.
3. Meet with your Realtor® again after you know your Pre-Qualification mortgage amount to search for and review the MLS for homes that meet your needs. Select the homes you want to view.
4. View selected homes and be mentally prepared to write an offer when you find one you like. Your agent will prepare a comparative market analysis to guide you in determining a purchase price.
5. Write a Purchase Offer on your favorite home. Be prepared to have the seller counter offer, but you can also counter the seller’s counter. These negotiations may go back and forth several times. Don’t worry, it’s just part of the process.
6. Enter into a Contract with the Seller. It’s not a Contract until “both parties sign on the same piece of paper”.
7. Become Pre-Approved with your lender. This step should be ongoing immediately after Step 2, as you’ll need to produce the Pre-Approval letter within a few days after going into contract on the home.
8. Set up home inspectors. Your agent can provide you a list of qualified home, pest, radon, etc. inspectors to meet the timeline stated in the Contract.
9. Obtain home insurance. Contact your favorite home insurance agent as soon as you go into contract. Insurers have toughened their restrictions and since you’ll need insurance in order to have your mortgage approved, you’ll want to ensure that the home can/will be insured at a price you can afford.
10. Prepare for Closing. This is the happy day when you become a new homeowner. Your mortgage has been funded; you have homeowner’s insurance; you’ve obtained a cashier’s check for your down payment; and you’re all packed ready to move. Congratulations!

If you have to sell property in order to buy new property and are unsure as to how to do this, read “Should I Buy or Sell First“.

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