Ohio's real estate market has not been hit with the recession as hard as some states like Nevada, Florida and Arizona. But we have taken our blows and homesellers, homebuyers and Realtors are reveling in the turn around, so far this 2012 spring.
Mortgage money is still at record low interest rates, despite the tightening of requirements to obtain a first mortgage loan. In the last two years, buyers have benefitted from the Home Buyer Tax Credit and last year's record affordability. The home buying rate during the last two years dropped with the expiration of the Home Buyer Credit. This year, the first time home buyers are becoming the leaders in buying, and also, some homebuyers are paying cash for their new properties!
The majority of home buyers and sellers, are using real estate professionals to assist them in their transactions. The real estate market is largely based on word of mouth from successful clients passing information to friends and family, building referrals for real estate professionals. An indicator of client satisfaction is that a majority of both buyers and sellers report thay they would use the same real estate agent again, or recommend that agent to others, reported in the spring issue of Realtor Ohio 2012.
The first step in the home buying process was searching online for properties. Real estate agents were seen as the most useful information source by the majority of home buyers. The buyers usually only interviewed one real estate agent before choosing to have that agent help them in their buying journey. Over 90% of buyers in Ohio financed their home purchase, and many buyers report making some sacrifices in their other spending to be able to afford their dream home!
Home selling and buying is still one of the most important segments of our local and national economies, revitalizing all the industries related to home ownership. Buyers are trading up and down and relocating, all with the help of historically low interest rates and an increasing inventory. It may even become a seller's marketplace again, with multiple offers on a well-priced and maintained homes.
There are still the home ownership benefits of tax deductions for interest and property taxes. Home ownership strengthens neighborhoods, encourages involvement in community activities, increases voting priviledges, and creates pride in neighborhoods.
Real estate is hopping now, and we want to take the opportunity to offer our training and experience to make home selling and buying a 2012 adventure.