How to Buy a House in Ohio in 2025: 9 Easy Steps

26.4% of homes are selling below the asking price in the Buckeye State. You can save up to $14,000 on a median home price of $407K if you buy a house in Ohio NOW! Plus, inventory has also increased 21.4%.

With more homes available, the average time spent on the market has increased to 69 days. This gives you more room to negotiate and secure a competitive deal. With the market in your favor, it’s the perfect time to buy your dream Ohio property.

9 Steps to Buying a House in Ohio

Buying a home in Ohio doesn’t have to be complicated. From finding a property to closing on the deal, these 9 steps will guide you through the process:

Step 1: Decide Your Homebuying Purpose

Before you start your home search, you need to be sure what kind of home to purchase in Ohio. Are you looking for a permanent residence, an investment property, or a vacation home? This will help you decide on an ideal location and property type.

»💲Can you afford the Buckeye State?
Calculate the cost of living in Ohio to estimate expenses like housing, utilities, and transportation. Get a detailed cost breakdown across cities for FREE today. 🏡

Step 2: Assess Your Financial Readiness

Before you buy a home in Ohio, take these steps to get your finances in order:

• Review Your Credit Score: Your credit score determines how much you can borrow and the interest rates you qualify for. A minimum credit score to buy a house in Ohio is 580 for an FHA loan and 620 for a conventional loan.
• Calculate Your DTI Ratio: Lenders use the debt-to-income ratio to determine your eligible mortgage amount. Ideally, your monthly debt payments should not exceed 36% of your gross monthly income.
• Determine Your Monthly Mortgage Budget: Decide how much you can afford for your monthly mortgage, including the loan, taxes, and insurance. A good rule of thumb is to keep housing costs under 28% of your gross monthly income.

» Ohio Mortgage Calculator: Find how much house you can afford in the Buckeye State now. 🏡

Step 3: Explore Home-Financing Options

In Ohio, the average down payment on a home ranges from 10% to 20%. However, there are several financing options to help you cover the costs:

1. Home Loans

Loan Type	Down Payment	Key Benefit	Ideal For
FHA Loans	3.5%	Low down payment, flexible credit score	First-time buyers
VA Loans	0%	No down payment, lower interest rate	Veterans
USDA Loans	0%	No down payment, lower interest rate	Rural homebuyers

2. Assistance Programs

• First-Time Homebuyer Programs: If you’re buying a house for the first time in Ohio, you should consider the GSFA Platinum Program. This program offers financial assistance up to 5.5% of the loan amount.
• Down Payment Assistance (DPA) Programs: Explore programs like the Ohio Dream For All Program and the MyHome Assistance Program. They can cover 20% (up to $150K) for a down payment.

Step 4: Research the Ohio Housing Market

In November 2024, homes sold for 99.9% of their list price. The time spent on the market has increased by 8 days Y-O-Y. This shows that the CA housing market is balanced.

• Track Mortgage Rates: As of January 9, 2025, the 30-year fixed mortgage rate is 6.66%. Experts predict rates to stay in the mid-6% range throughout 2025 and 2026. So, now is a great time to lock in a competitive rate.
• Home Inventory Levels: In 2025, single-family home inventory is expected to grow to 304,400 units, up 10.5% from last year. This gives you more options when house-hunting.
• Local housing trends: You can negotiate a better price if you understand local housing trends. For e.g., homes for sale in San Francisco have seen prices drop due to tech layoffs. Single-family homes have also seen a 15.4% price drop.

Step 5: Get Pre-Approved for a Mortgage

86% of sellers favor buyers with a pre-approval. So, get pre-approved before house hunting in Ohio to show you’re serious about the purchase and financially capable.

Pre-approval also speeds up the buying process, helps you negotiate better, and reduces delays in the transaction.

Step 6: Start Your Ohio Home Search

Traditionally, home buyers rely on Ohio real estate agents to find a house, but this comes with hefty commissions. Instead, you can also:

• Search for Listings Online: Use online platforms to explore homes for sale in Ohio. Look for neighborhoods that cater to your needs.
• Consider FSBO Homes: You can also search for Ohio homes For Sale By Owner. It will allow you to bypass realtor commissions and directly negotiate with sellers.

Browse Homes For Sale in Ohio by Price and Type

Price	Homes For Sale in Ohio under $200K	Homes For Sale in Ohio under $300K	Homes For Sale in Ohio under $400K
Type	Cabins for sale in Ohio	Farms for sale in Ohio	Tiny Homes for sale in Ohio

» 💡 What is the nicest and cheapest place to live in Ohio?
Sacramento is one of the cheapest places to live in Ohio. Its cost of living is 14% lower than the state average.

Step 7: Make a Competitive Offer

Once you’ve found a home you like, it’s time to make an offer! Here’s what your home offer should include:

• Seller’s Name and Address: Include the seller’s legal name and property address.
• Offer Price: Offer an amount based on the Fair Market Value (FMV) and comparable sales.
• Down Payment: The portion of the purchase price that you pay upfront.
• Earnest Money: A deposit to show you’re serious, often 1%-2% of the offer price, credited toward the purchase.
• Contingencies: Conditions such as home inspection, appraisal, or financing that must be met for the deal to close.
• Concessions: Requests for the seller to cover some costs, like closing fees or repairs.
• Closing and Move-in Dates: Specify when you aim to close the deal and move in, based on your and the seller’s needs.
• Offer Deadline: Specify the date by which the seller must respond to the offer.

Step 8: Conduct Inspections and Appraisals

A home inspection ensures the property is in good condition and there are no hidden issues. An inspection can help you save up to $14,000 on the sale price.

You should prioritize a home inspection in Ohio that focuses on 5 key points:

1. HVAC: Checks the heating and cooling systems for proper operation.
2. Plumbing: Inspects pipes and fixtures for leaks or damage.
3. Electrical: Evaluates the electrical system for safety and functionality.
4. Roofing: Assesses the roof for damage or wear.
5. Foundation: Examines for cracks or issues with the home’s foundation.

Once the inspection is complete, your lender will arrange for a home appraisal to ensure the property’s value matches the loan amount.

Step 9: Close on Your Ohio Home

Before closing, do a final walkthrough. Check if the home’s condition and repairs are in the agreed-upon condition. It can take 30 to 45 days to close on your Ohio home after signing the purchase agreement.

You’ll also need to pay closing costs for buyers in Ohio, which are usually 2% to 5% of the home’s purchase price. Once everything is finalized, escrow will record the deed and hand you the keys to your new Ohio home!

Should You Buy a House in Ohio?

Absolutely! With more and more homes being sold below the list price, now is the best time to buy a house in Ohio. But you need to plan properly.

Assess your financial situation to ensure your credit score is ready for quick pre-approval. Also, calculate your down payment and closing costs well in advance.

Frequently Asked Questions