Is Now a Good Time to Buy a Columbus Home? - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Is Now a Good Time to Buy a Columbus Home?

buy a columbus homeAfter two years of pandemic upheavals, consumers are now grappling with soaring inflation and geopolitical concerns. Drops in the stock market have weakened 401k balances, while the Federal Reserve has signaled higher interest rates in the days ahead. Some economists are predicting a recession in the not-so-distant future.

In light of all this, Columbus home buyers could be questioning whether to go through with their purchase plans. This is a personal decision that depends on one’s financial resources and risk tolerance, but here’s a few thoughts to consider!

  • During 1980, the U.S. inflation rate hit 14.5%. The median home value was $47,200.
  • In December 1982, U.S. unemployment reached 10.8%.
  • In 1985, mortgage interest rates were around 13%.
  • On October 19, 1987, the “Black Monday” crash erased 22% of value from the Dow Jones Industrial Average.
  • In 1990, the median home value reached $79,100.
  • Unemployment hit 7.8% during 1992.
  • By the year 2000, the median home value reached $119,600.
  • On October 4, 2002, the “dot-com bust” in the stock market erased 76.81% from NASDAQ valuations.
  • Beginning December 2007, The Great Recession would prove to be the longest U.S. economic downturn since WWII. The stock market dropped more than 50% in March 2009. Nationally, unemployment reached 10% by October 2009.
  • By 2017, the U.S. median home price was $235,000.
  • In 2021, despite the pandemic, the median home sales price reached $346,900.

There are no guarantees that home values will continue to rise, but they have performed well in the long run!

There is much in life that you cannot control. Yet in times of uncertainty, nothing beats owning the roof over your head. This seemed to be the motive of buyers during the pandemic, and the logic remains sound today.

Prepare well for home buying, and buy wisely with the help of an Exclusive Buyer’s Broker! You’ll thank yourself for years to come.

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
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

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