Haven't Bought a House in 10+ Years? Here's What's Different Now

A lot of the buyers I talk to aren't first-timers. They bought their last house in 2012 or 2015, raised a family in it, and now they're ready for something different: smaller, bigger, closer to the grandkids, one floor instead of three. And almost all of them say some version of the same thing: "I feel like I don't know how any of this works anymore."

That's fair. Quite a bit has changed. Here are the big ones.

1. You'll sign an agreement with your agent before touring

This is the newest change, and it surprises nearly everyone. Since August 2024, buyers working with an agent sign a written agreement before going out to see homes. It spells out what the agent will do for you and how they get paid.

It's not a trap, and it's not meant to lock you in. It just puts the relationship in writing up front. A good agent will walk you through it line by line and answer every question before you sign anything. If someone hands it to you and says "just sign here," that's a red flag.

2. How your agent gets paid is more of a conversation

Sellers used to almost always cover both agents' commissions. Now it's more open. Many sellers still offer to help, but it can be negotiated as part of your offer. Your agent should be upfront with you about this from day one, so there are no surprises at the closing table.

3. Prices have more than doubled, and that cuts both ways

Back in 2016, the median sale price in the Dayton area was about $126,000. This August it was $271,450. If you're buying, that's a big jump to wrap your head around.

But if you own your current home, you've been riding that same wave. A lot of people I talk to are sitting on far more equity than they realize, and that equity can turn into a bigger down payment and a smaller loan.

4. Rates are higher than what you probably have

If you locked in around 3% or 4% years ago, rates around 7% can sting. I won't pretend otherwise. But between the equity in your current home and shopping more than one lender, the real monthly number is often better than people expect. Run it before you decide a move doesn't make sense.

5. Almost everything happens on your phone

Offers, disclosures, and most of the closing paperwork are signed electronically now. Listings come with 40 photos, virtual tours, and sometimes video. It's faster and a lot more convenient. Just know the photos are carefully chosen, so seeing the house in person still matters.

6. Inspections matter just as much, maybe more

When the market was crazy a few years ago, some buyers waived inspections to win. I don't recommend it, and things have cooled enough here that you usually don't have to. In Ohio, sellers also fill out a Residential Property Disclosure form telling you what they know about the home. Read it carefully, then let a good inspector confirm it.

7. Get pre-approved before you fall in love

This one isn't new, but it matters more than ever. Talk to a lender first. Know your payment, not just your price. And if you're buying and selling at the same time, ask about the timing: sell first, buy first, or close both on the same day. There are options for each.

The part that hasn't changed

Buying a home is still about finding the place that fits your life. There's more paperwork and a few new rules, but the goal is the same as it was last time.

If it's been a while and you're starting to think about a move, I'd love to sit down and walk you through it. No pressure, and no paperwork at the first meeting. It's a lot less overwhelming when someone explains it in plain English.