We know the real estate market has its cycle and was supposed to be a downturn during the pandemic for its 10 years cycle yet it did not happen. The interest rate increase finally put a break into it and we're seeing its effect in our Central Ohio market clearly over the last 2 weeks. The number of showings for listings are significantly lower. A good house in a good neighborhood still sells quickly, at a good price and sometimes with multiple offers, but with a much lower number of offers. We're seeing sellers paying the buyer's closing cost. We're seeing price reductions. We're seeing signs of a buyer’s market.
What does this mean to you?
If you have been renting to stay away from the crazy market, it's time to be in touch with a lender again for a preapproval and to start home shopping. Use the Lender List on our website as a start: https://www.powerhousecolumbus.com/buyer-resources/. Ask them about mortgage discount points to see if it's worth it to bring your interest rate down.
If you're thinking of selling your home it's important to know, more than ever, how to come up with the pricing strategy that works. This is not the time when you can throw out a number to see what sticks. This is the time you need to use a Realtor who breathes real estate everyday and has hands-on experience of what exactly is going on in the market and come up with that pricing strategy with you. Let us sit down with you and go through what that looks like. If you're planning to move into another house, this is your unique opportunity to sell when we’re still seeing early signs of a buyer’s market to capture the sales profit yet can also buy at more friendly terms.
For specific questions about your situation, feel free to reach out at 614-949-4270.
