A Guide for First Time Home Buyer
featuring Guidance from Carly Sablotny
Welcome to Northeast Ohio
Northeastern Ohio rises from Lake Erie’s shoreline and is home to ethnic neighbourhoods, the Pro Football and Rock and Roll Halls of Fame, and Cuyahoga Valley National Park. It extends into rolling hills beyond the suburbs, where highways give place to rural roads, vineyards, and horse-and-buggy traffic. In its broadest sense, the Northeast Ohio region of the US state of Ohio includes eight micropolitan statistical areas in addition to six metropolitan regions.
Valuable Guidance For Home Buyers
Trends in the Northeast Ohio Real Estate Market*
The market has definitely shifted over the last few months. A rise in interest rates has made for less buyers and more inventory. Historically, we are still in an inventory shortage but buyers have more negotiating power.
Tips for First Time Home Buyers in Northeast Ohio
- Make sure to talk with a lender or tow about all of your options and make sure you do not just look for what you are approved for. You need to make sure the monthly payment range including taxes are comfortable. Your approved amount may be more than you want to spend.
- Do a buyer consultation with your agent before looking for homes. I know it is an extra step when you want to start looking right away, but that extra 30-40 minutes will leave you so well prepared to house hunt and ready to extend offers. You will have a great overview of the process and the next steps.
- Pay attention to interest rates. They may be higher now than they were, but we have way to bring them down. A discount on a property can also help bring your payment as low as possible. A good agent can help you weigh your options and game plan for some discounts.
- Don’t skip the home inspections. The inspection is not only an important step, but a learning opportunity for you as well as a new home owner. This is a due diligence item, so an inspection is not necessarily a punch list but you may be able to negotiate some repairs or credit with the seller. Keep an open mind and try not to get too overwhelmed at the inspection, your agent and inspector will help you understand. Remember, just because it came up in inspection does not automatically mean it is a dealbreaker or needs fixed. The inspector is there to uncover anything they can- big or small.
- As a first time buyer you may have a lot of people/ friends family, coworkers, etc giving you advice. They mean well, but too much input can negatively impact your search and add confusion. Oftentimes the advice while well meaning, can be wrong. Make sure you find an agent that you can trust and ask them any hard questions. Don’t forget, this is your home not anyone else!