Since a few weeks into the pandemic back in 2020, the real estate market has been crazy. A whole host of factors contributed to this. Some people decided they did not want to live in an apartment anymore, where access to green spaces was unavailable or inadequate. Many people realized that they did not have to live next to their place of employment anymore. Others just saw home prices skyrocketing and decided to sell to take advantage of the instant equity. Now, things are changing a bit. Interest rates are rising, which is putting a strain on a lot of first time buyers. The market is shifting, but it is still pretty tough. So, is now a good time to buy? That depends a lot on your circumstances. I am a home inspector, so economics is a more than a little outside my area of expertise. Still, I can provide my limited perspective. In the past couple of months, more buyers seem to be getting inspections before they close. This is great news for the buyers, because it can save them tens of thousands of dollars in unexpected repairs. It is good for the sellers, because it can put legal space between the buyer and seller and reduce the likelihood of being dragged into court over something stupid. But it is also a sign that the market is slowing, even if only slightly. Less competition means that more buyers can get the inspections that they NEED before they move into the home. I performed an inspection for a client a few months ago, while the market was still utterly insane where I found some pretty serious issues. Thanks to my report, my client was able to negotiate the sales price down by about $15,000. More recently, an inspection that I performed for a client enabled her to negotiate the sales price down by $25,000. Obviously, if the sellers had hired me to perform a pre-listing inspection, they could have avoided these negotiations because they would have known what they were selling before they got too far into the transaction. As things start to shift, buyers have a little more space to discuss their options with the sellers.
If you are thinking about buying a home, you might be happy to learn that things are changing just enough to give you a little more wiggle room. The market is still crazy in Central Ohio, but you might find that you have a better chance now than you did before. Especially if you have a good real estate agent on your side. If you are buying in the Central Ohio area and would like a recommendation for a good real estate agent, feel free to contact Hane Home Inspections at 380-867-3213. I do not receive any kickbacks from any company or agent that I recommend.