Thinking of buying a big home in the Midwest but not exactly sure where? If so, then you should check out Dayton and the surrounding areas in Ohio. Known as the home of aviation and dubbed the “Gem City,” Dayton combines affordability, a rich culture, and lots of growth opportunities into one, making it one of the best places to live in Ohio. But considering the current state of real estate in the country right now, should you buy a home now or wait for big home prices to drop?
3 Reasons You Shouldn’t Wait for Big Home Prices to Drop
The huge windows, spacious rooms, expansive lush green lawns, and all that come with a big home in Ohio’s popular cities like Dayton, Miami Valley, Centerville, or Bellbrook are far too enticing to resist. If you’re waiting for the right time to buy, it’s best to do it now. Here’s why.
1. The Real Estate Market is Unpredictable
When the Great Financial Crisis of 2008 struck, real estate gurus were quick to predict an impending crash. However, what happened in 2009 was contrary to the expected, as there was an increase in real estate value in markets like Australia for the first few months. Sure, the crash finally occurred, but the point is that the market first took a turn for the better.
If history is anything to go by, it’s safe to say you may put your plans on hold, only for prices to go up. For instance, early this year, in the wake of COVID-19, market gurus predicted a market crash. It seemed true, as things were pretty slow during the first quarter of the year. However, in May, buyers began home hunting again, and sellers became confident listing their homes. The result? Home prices have remained relatively stable since then.
Real estate is a market that defies the odds. Besides, if the prices drop, this is usually not evident until six to nine months later. So, if you can afford to buy a big home now, don’t wait for big home prices to drop because you never know when that will be. Maybe right now, they’re as low as they’ll ever be for the next few years. Maybe a pandemic-inspired real estate crash will happen; maybe it won’t. Whatever the case, take advantage of the stable real estate prices now, so you don’t end up saying, “I wish I knew” because the truth is, nobody ever knows with real estate.
2. There’s Less Competition
Due to COVID-19, the demand and supply for homes are currently at equilibrium, and the prices have remained relatively stable. But besides the coronavirus aspect, we’re now heading into the slowest quarter of the year for real estate: winter. Most buyers often halt their home-buying plans during this season due to the festivities ahead and the cold weather. This makes the competition for big homes less stiff, making it easy for buyers to land incredible offers.
3. Great Interest Rates
A slow real estate market means lower interest rates on mortgage loans, and right now, we’re heading into a slow season. This means it’ll cost you less to buy a big home on loan right now than it will cost you six months down the line when the market begins to recover from winter.
Tips for Buying a Home in a Seller’s Market
As noted, it’s not wise to wait for big home prices to drop. The best time to get that home is now. Here are some tips that will help you make the most bang for your bucks:
Put Your Money Where Your Mouth Is
Cash is king in a seller’s market. So, if you want your offer to stand out, you need to be ready. If you don’t have ready cash to buy a big home, work on financing before you venture into the market. Get pre-approved for a mortgage.
Sellers appreciate a buyer who gives them a chance to move out leisurely and are usually open to giving them discounts.
Get a Great Real Estate Agent
A good real estate agent has the experience to negotiate with the seller to a price that works for both parties. Ensure you get yourself one.
Let Oberer Homes Help
Buying a big home is a significant investment. The timing might not feel right, especially with everything happening right now. However, there’s no telling what will happen a week, a year, or a decade from now.
Maximize the opportunity you have now and work with an experienced company like Oberer Homes to start building your own home.
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