If you are interested in buying a Columbus home, you might find yourself up against some common barriers to home ownership. According to a recent survey by mortgage marketer HSH.com, prospective home buyers around the country reported several similar reasons why they could not enter the real estate market. They are as follows:
- Home prices too high
- Property taxes too high
- Insufficient down payment
- Insufficient credit score
- Inability to qualify for desired interest rate and terms
The survey doesn’t reveal any huge surprises; home affordability, while still good, continues to recede in the wake of rising home prices. There are also home buyers who find themselves unable to qualify for the most advantageous mortgage rates, due to past credit problems, insufficient credit history or lack of a down payment. Barriers to affordable home ownership, once unearthed, seem to compound one another.
Columbus Home Inventory Remains Tight
The Columbus real estate market presents another challenge to home buyers: a lack of home inventory. This keeps upward pressure on home values, and creates a competitive purchase environment that sidelines less-prepared home buyers. As we stated in a prior blog, Columbus home inventories remain lean from a combination of factors:
- Upside-down homeowners who lack sufficient equity or financial resources to sell
- Reduction in the number of foreclosures and short sales on the market
New home construction also remains down from its peak. Increasing material costs, the rising price of buildable land, and a shortage of skilled laborers prevents a return to the speculative development of the boom years.
Your Columbus Home Buying Advantage
The result is a Columbus real estate market that is poised to keep home prices heading north at a steady pace. Home buyers can overcome some of the barriers to ownership by educating themselves about the buying process and the local market. For starters, help yourself to my free e-book, “How to Buy a Home Like a Pro!”
You can also remove barriers to ownership by having dedicated, professional representation on your side! 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 Columbus home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
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
