Recently, we had the opportunity discuss Central Ohio home buying conditions with the Columbus Dispatch. As we said in the article, the Columbus real estate market is, bluntly speaking, insane! The current market frenzy is unlike anything we’ve seen in our nearly 3 decades in the business.
With a market this fast, buyers are making quick decisions about the largest transaction of their lives. Buyers are digging into their financial reserves to accomplish a home purchase – and then digging deeper to win a bidding war!
Here are 7 reasons why Columbus home buying is tough in 2021:
1. Pandemic-driven lifestyle changes, making homes a place to live, work, attend school, exercise and enjoy recreation, driving a need for more housing space.
2. Lowest mortgage rates in modern history, averaging below 3% for a 30-year fixed rate mortgage.
3. A mobile workforce that can work remotely while living virtually anywhere, swelling the ranks of out-of-town buyers.
4. A soaring stock market and rising home prices, which have empowered buyers who hold financial assets and/or equity in a prior home.
5. Home owners with little desire to sell because of the pandemic, or because of scant home supply to choose from, or because they recently refinanced their mortgage.
6. An improving Central Ohio economy, with one of the lowest pandemic-era unemployment rates in the country.
7. Chronically-low home inventory that cannot keep pace with demand.
The deck is stacked against buyers. This is exactly why you must not throw caution to the wind right now. Home ownership is a long-term endeavor, and the “fear of missing out” could cause short-sighted decisions!
Of course, we do have guidance for this market, and we share it with our Buyer-Clients! When you become our Buyer-Client, we will work hard to find you opportunities and help you succeed in these competitive conditions. We also “tell it like it is” so you are prepared for what you’ll be getting into.
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
