Increasing mortgage rates are not the only factors Columbus homebuyers are taking into consideration this Springtime buying season. In fact, the rising cost of rent may soon spark a second home buying “frenzy” as more renters jump off of the sidelines and into real estate to avoid missing out on some great deals, especially when rents are costing as much or more than owning! If you are paying $900 or more a month in rent you should at least talk with us as to your options and for planning purposes! Getting nervous that both home prices and mortgage rates will continue to rise, renters are trying to catch the curve before it’s too late.

Mortgage rates have seen a rise in recent weeks, much higher compared to last year’s levels, and mortgage applications for home purchases are also on the uptick. And now with the noted cost of housing increasing, homebuyers making the switch from renting are convinced now is the time to buy before the market makes a complete shift to a seller’s market— categorized by limited quality inventory, multiple offers, and bidding price wars. What’s worse, East and West coast buyers are still overpaying for homes using traditional “buyer” agents that work for seller’s listing brokers!

It seems Ohio area renters are aware of that, armed with the knowledge that the current low mortgage rates won’t last forever. But it’s these first-time  homebuyers that may be hit hardest by the rising rates, just as they were beginning to make a comeback into the market. A hesitation to buy their future homes will ultimately cost them in monthly mortgage payments— assuming 30-year mortgage rates will rise to 4% or more and home prices will appreciate ever so slightly. Just remember that Fannie Mae, Freddie Mac, HUD and  many bank owned properties are now being priced extremely aggressively to continue to flush the shadow inventory – so we do see multiple offers IN CERTAIN CASES depending on how it’s priced compared to the competition! 

Want to learn how to buy a home like a pro? Download our free e-book for immediate tips that you can use today.

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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