The "New Normal" for Ohio Real Estate
Jun 30th, 2021 - RE/MAX Allegiance
The market is STILL HOT but may be cooling ...
Emmy-nominated and Gracie Award-Winning Business Analyst for CBS News, Jill Schlesinger, stated that "...buyers are beginning to get sick of the endless search process, which often culminates in getting outbid. Both existing and new home sales are slowing down, mostly because there are still so few homes for sale. Unfortunately, low inventory levels have pushed up prices. However, those higher prices, combined with a tick-up in mortgage rates, have made home purchases less affordable. Those conditions argue for a slowdown in house price gains over the second half of the year". The consensus is that the Federal Reserve will not raise mortgage rates until early 2022, but, Schlesinger stated that she thinks that they are going to increase a bit sooner than that.
Trends due to the pandemic
Rural Living - compared to their current city home. Individuals have sparked a desire for a bigger yard after being "housebound" for 9+ months.
Home gyms - In a recent homebuyer study, 47% of individuals said they would like to have a room in their house dedicated to being a home gym.
Home office(s) - to no surprise, working from home has created a need to have a home office (or two!) to separate from spouses that are both working from home and answering zoom calls, phone calls, etc. all day long.
Rear Porch/Deck/Patio - room to spend time outdoors and get fresh air in the comfort of their own property.
The question is, will these trends still be here after the pandemic is 100% gone?