The state of our local real estate market as we head into summer.
It’s still spring, but we are rapidly moving into summer. What’s happening in the real estate market?
In Columbus, we are seeing a few more homes for sale, but inventory is still tight. Buyers are aggressive, so if you’re looking to win a home, you have to be pre-approved and ready to go. In most cases, you will need extra money; buyers are bidding above the list price and backing it up with cash.
Rates have jumped up, which has slowed demand slightly, but it is still pretty strong. Buyers are still showing up in force, and as the weather gets better, we will probably see more activity.
From the investing side of things, people aren’t rehabbing as many properties because the cost of materials has greatly increased. On top of that, there are fewer properties available at a discounted rate.
It’s an interesting market, but it is still a great time to buy or sell a home. We were at 5% interest rates back in 2019; the rates we have today are nothing new. People are worried about how our rates climbed from 2.5% to 4.5%, but we only had those low rates because of COVID in the first place.
The higher the interest rate, the lower your purchasing power. That 2.5% jump might have put you in a position where you’ll have to pay extra every month, but 4.5% is still not a crazy-high rate. We were spoiled with rates last year; the rates we have now are not that bad.
If you have any questions about our market or real estate in general, feel free to call or email us. We would love to help you.