Most real estate agents that you work with will try to sell you on a direct “yes” or “no” answer to this question, however the answer is never really black or white. My years of experience as an Exclusive Buyer’s Broker in the Columbus area have taught me that economic conditions are rarely completely favorable for all buyers universally. In order to answer this question, you need to look at the economic factors AND your particular situation.
Let’s start with the positives. Home prices are still incredibly low, meaning that for many in the first time home buyer market, now would seem to be an appealing time to start your search. There’s the added benefit of record-low mortgage rates to consider, as well. As of right now, if you can obtain financing, (and for many, that’s still a big “IF”), you can become a home owner with an affordable monthly payment. Given these factors, you can imagine that many home buyers in Columbus would think that right now is the ideal time to buy a home.
As is common, however, there are some economic factors that continue to make buying a home difficult. The first is lending restrictions. Sure, banks have started to loosen their iron-clad qualifications, but not enough to make it easy for people to obtain a home loan. Many are still struggling to actually get the loan that they need, and so regardless of low mortgage rates, they are unable to really continue with their home search. Those who have been dealing with financial struggles over the past few years have to be careful when it comes to applying for financing.
There’s also the problem with inventory. Today’s home buyers have fewer properties to choose from during their home search. Increasing buyer activity and decreasing inventory have one major effect: and that is a bidding war. If you’re a seller, that’s great, but if you’re a buyer, then you could end up paying well above the asking price. As you can imagine, this negates some of the benefits that come from low home prices.
Based upon the current housing conditions, it’s impossible to give a black or white answer regarding whether or not now is the right time to buy a home. Instead, you need to consider these factors and examine your own personal needs and make the decision that’s best for your family. If anything, knowing the positive and negative factors in today’s market will give you an idea of what you’re getting yourself into and force you to face the realities of buying a home in today’s real estate climate.
The difficulties will be there throughout your transaction, but using an Exclusive Buyer’s agent will help make things much less stressful. Our team will guide you the entire way. Feel free to download our free eBook about being a smart home buyer or watch some of our informational videos. I hope to hear from you soon!!
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
www.BuyersHome.com
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