Columbus home buyers had a challenging year in 2023. Fast-rising home prices, combined with the highest mortgage interest rates in over 20 years, made home buying an expensive prospect. Limited home inventory kept buyers under pressure.
The New Year may bring better opportunities for home buyers, based on the latest projections from the National Association of REALTORS. © Mortgage interest rates, which have already softened in recent days, are expected to stabilize below 7%. A rate environment between 6% and 6.75% is a possibility by summer.
That’s good news! But lower rates may draw more buyers to the market while the inventory of homes for sale remains low. We have seen modest improvement in year-over-year inventory levels during 2023, though it remains below normal. Low inventory is a recipe for higher home prices in 2024.
On the bright side, there is a chance that pent-up sellers could make a move this year. Columbus area homeowners are sitting on records levels of equity. Life events and changing household formation can motivate owners to become sellers, financial gains aside.
On the other hand, about 90% of homeowners with active mortgages have rates of 5% or less. They may not be in a hurry to sell, when replacing their current home would mean facing a more expensive mortgage. Roaring inflation further entrenched these homeowners, who found the cost of living rising on every other front.
If you are looking to buy a Columbus area home during 2024, don’t wait to react to market conditions. Instead, be well-prepared and ready to take action when the right opportunity comes along! Get ready for your home purchase by reading our free e-book, How to Buy a Home like a Pro!” Get your copy from our website today, there is no obligation.
As Exclusive Buyer’s Brokers, 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
