If you've been trying to purchase a home within the past year, we understand that it has been a real challenge. Most homes never made it to the realtor's website, and if they did, it was sold within minutes. We were undoubtedly in a seller's world, and the market was red hot, but as data starts to roll in from the past thirty days, it is starting to cool off slowly. You'll notice that listings are rising, but so are the prices. In tail of this runaway train were historically low interest rates sitting at a neat 3.11% and, as of last week, nearly doubled to 5.27%. Still, the lack of available homes has created a build-up of buyers who are ready to pull the trigger and are patiently waiting to take a bite out of the home-ownership pie, even if that means paying the higher interest rate, in fear that they won't be able to own in the future. We're glad to see more homes on our website, especially in the Ashland, Mansfield, and Bucyrus areas; they are still coming in with over-asking price closings. We expect our mostly overpriced regional housing market to creep back down to a low boil by the winter of 2022/2023.
In essence, you may be wondering when is the best time to buy, or should I wait to see where the market goes, and the answer is, well, there's no clear answer. At Ark Realty, we are here to help guide you to finding the best home to meet your needs and your budget. If paying a little higher interest rate gets you into your dream home this year, well, then it's most certainly the best time to buy. If you're not ready to pay upwards of 30% above asking price for a home, sitting on the bench and observing is the right choice. Our goal is to ensure your decisions align with your lifestyle and visions.