Now that the holidays have passed, the real estate market typically picks up during the first couple weeks of January and then slows again until the weather turns more favorable.
I believe this year will be much the same. The deep freeze in early January definitely caused a slowdown and with the warming trend we’ve seen more recently, I am already seeing the signs that the market is picking up.
In terms of the economy this year, I am expecting interest rates to continue to rise with the Fed adjusting the Federal Funds Rate up 3 times during the year. This will in turn raise mortgage interest rates, causing the borrowing power of buyers to be weakened. Even so, I expect the shortage of homes available on the market in Central Ohio to continue and that will continue to pressure prices up. Just for the record, I don’t see this as a bubble but as a normal part of the economic recovery.
How does all of this apply to you? Fortunately, my team and I study the market daily and can tell you what you need to do to take advantage of today’s real estate market given your specific situation. If you or anyone that you know are thinking of buying, selling, or investing in real estate this year, call us, we can help!
Helping YOU is what we’re here to do!