Description
Homeownership might feel out of reach for a lot of people hoping to buy a home, but are watching prices continue to rise.
The Homebuyer Resource Fair aimed to help people make their homeownership dreams come true.
The event was a partnership between Fifth Third Bank, Columbus Metropolitan Housing Authority (CMHA) and COCIC-Franklin County Land Bank.
Visitors could sit down with financial planners and gather resources they need to help feel more prepared to begin the process of finding and buying a home. Fifth Third brought out its Financial Empowerment Mobile, or eBus, that helped provide onsite financial access, education and social services to those who attended.
“Find who their advisor is going to be, whether it's their current bank or another local bank, anyone that can help guide them in that process because they need to set some goals on what's realistic for them and they need an adviser to lean ideas on,” said Mary Propes, a financial wellness manager for Fifth Third.
She said, for example, a lot of people aren’t quite ready to buy a home. Instead, they will focus on saving and planning for the next one to five years.
“I don't think that they need to have as much saved as some people think they do, but I do think that a lot of us across the U.S. don't have as much in savings as we would need to buy a home,” she said.
Justina Brown is someone who’s starting the homebuying process. For her, the resource fair was all about learning as much as she could before making a move.
“You have to understand the ins and outs. You have to understand credit. A lot of us don't,” she said. “Sometimes we don't know where to get the resources from, but as you see here, we have a lot of resources, so you have to utilize it.”
Homeownership hasn’t always been a dream for her, but it has become one in recent years after watching some of her friends purchase homes.
The Ohio Housing Finance Agency released its 2025 Homebuyer Guide that outlines a path to homeownership by providing the steps and tips needed to help achieve the goal.
The first thing it recommends is sitting down with a lender or advisor to find out if you’re ready and how much you can afford.
Then, consider hiring a real estate agent to help you find a home and represent you in the buying process.
Finally, make the offer. However, don’t forget the cost and time for a home inspection, the cost of homeowner’s insurance and other extra costs associated with owning a home.
Propes said one thing to keep in mind: don’t take out the full amount that you’re approved for when buying a home.
“You shouldn't, no. When you get that max number, that's that max number not including considerations for all the other bills that you might have to pay. You probably have some sort of entertainment in your life, like a streaming service, you probably have a cell phone bill, all those other things.”
There are a number of other stops the Fifth Third eBus is making this week to provide similar services:
Wednesday, June 25- Lower Lights Healthy Center from 10 a.m.-4 p.m.
Thursday, June 26- Student Success Block Party @ Clarence Lumpkin Point of Pride from 4 p.m.-7 p.m.
Friday, June 27- IMPACT Community Action from 9 a.m.-4 p.m.