As the New Year begins, home buyers have already started speculating on how the Ohio Real Estate Market would be like in 2019. The two main questions which keep popping up amongst the home buyers with each coming year are: Will home prices keep rising, drop or level off? Will it be a buyers’ or sellers’ market?
However, the answer to the above questions depends upon many factors such as; the political situation in the country, state of country’s economy, property prices, demand and supply, mortgage rates, wage rates, disruption due to technology etc. Here we have compiled few factors that we think will influence the Ohio real estate market in 2019.
One of the biggest concerns among buyers since the last couple of years has been the shortage of supply in the Ohio real estate market. However, experts predict that this supply shortage is expected to ease off in 2019. However, this will be more tilted towards mid to high end of the market. This is indeed good news for real estate investors. However, a first-time buyer may still feel a mismatch between demand and supply.
Having said that, a first-time buyer will still have options, even if a single family home is out of the affordability range, there are other types of homes to consider such as a starter home or a townhouse.
The mortgage rates keep fluctuating as they are influenced by economic growth, inflation, the Federal Reserve’s monetary policy, and the state of housing markets. According to the experts, the mortgage rates are expected to rise in 2019. This might create a ripple effect throughout the market. Homeowners who carry low mortgage rates might feel the pinch to sell. With the rise in both property prices and mortgage rates, they may have to keep their dream of buying a larger home at bay.
However, at the same time, there are still a large number of home buyers who will not be deterred by the rising mortgage rates in 2019. The bottom line is that this will not affect the demand from homebuyers and tenants. This means that for an investor, having desirable housing for such people will give you a solid investment for near future.
The rise of industry-specific technology
The New Year will see the increasing influence of new technologies in the Ohio real estate market. The increasing inroads by tech firms, startups, and services seek to consolidate the fragmented market. New platforms for home selling are coming up and changing the way the traditional transaction used to work.
Technologies such as Big Data and cloud have already created an impact in the real estate industry. The realtors are creating more personalized interactions with buyers which in turn affecting the total number of sales. Besides that, smart home technology has taken a step further and investors are looking for tech-ready properties so that they can install devices of their choice.
Artificial Intelligence, machine learning, and other emerging technologies will play a key role in building management, organization, and design of the real estate industry.
Invest In The Ohio Real Estate Market In 2019
There are other factors such as tax laws, affordability, rising property prices which will reveal their effect once the year unfolds. The bottom line is that if you are seller then price your property realistically and be mindful of competition and if you are a buyer then take some time to find a house that fits in your budget.