Buying a home in Dublin, Ohio No housing bubble in sight
If you're thinking about buying a home in Dublin Ohio, the talk of a housing bubble will no doubt be part of the conversation between you and your agent. Buyers are, rightly so, concerned they're jumping in at the peak of the market and are going to be left holding the bag when the housing boom settles. I can tell you from having lived through and sold homes in the bubble a decade ago, that there are key factors in this market that point to a much more stable market today. No one can predict the future. We're not going there either. But the key is to buy a house in a great area and have your agent do their job and make sure you don't overpay. Housing is on a roll. Year-to-date home sales are up 6.3 percent and prices in May were 7.9 percent higher than a year earlier. The trends are expected to stay positive and are likely to boost overall sales volume by 15% in 2015. We've been helping people buy and sell homes in Dublin, Ohio for 14 years and we can tell you there are key differences between the market today, and the big bubble a decade ago. Back then, credit was easy to get and it seemed, sadly, that if you could fog a mirror, you could find a lender to give you money to buy a house. Often more than what you should have been given or could really afford. Today, credit is very tight and even our best buyers looking for homes in Dublin, Ohio and surrounding neighborhoods of Upper Arlington, Powell, Grandview, Grandview Heights, Worthington and New Albany tell me they're being put through the ringer by lenders who check, double check and than triple check every single detail of their financials. Banks simply aren't just lending to anyone anymore. And that's a GOOD thing for the future of real estate! Another factor working in your favor is the fact that more people are saving for homes, there are more cash sales, and total mortgage balances are dropping. All great signs that point to the fact that homeowners are paying their mortgages on time and fewer are trying to refinance. Another positive factor is that fewer homes are coming on the market. During the housing bubble, more than 8.5 million homes sold. By comparison, home sales today are just over 5 milllion. So, fewer people are moving signaling greater stability in neighborhoods, interest rates remain relatively low, and lenders are being stingy, which in the end, will force many of today's buyers to buy within their means.
Real estate, like life, has few guarantees. The best thing you can do as a buyer is to team up with a great agent who specializes in the area you want to live in. Ask the agent to do a market looking at what homes are selling for in the last 2 years. A key factor is price per square foot. There are great homes to buy right now, but price is always key. Talk with your agent and follow the data. Questions? Call us! We love our jobs and are happy to help in any way we can.