Call Today 330-783-0055
Burgan Real Estate Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Awards | 2 Posts
New Agents | 48 Posts
News | 92 Posts
YCAR | 15 Posts
August
15

There are few things in my life that I can say, without certain, that I know what I'm talking about.  Racing cars? Most definitely.  What my wife is thinking?  Not so much.  Real estate?  One hundred and ten thousand percent yes.  

Do you remember back in March the article I published here called, "The Waiting Game?"  It talked about the pitfalls you may run into by waiting to purchase or sell your home now instead of acting now and taking advantage of where the market is?  Yeah, that one!  

Well, told ya so.

The housing market has continued to sprout like an adolescent teenager going through a growth spurt.  One minute they aren't tall enough to ride "Fireball" at the Canfield Fair, and the next minute they are the starting Center on their AAU basketball team.  

The fact of the matter is the housing market is not slowing down.  The low interest rates continue to put buyers in an aggressive position to be able to purchase more homes for less money than they have ever been able to do in decades.  This is not only a good thing for buyers but sellers as well.  Homes are staying on the market shorter than at any point I have ever seen in my (mumble) years of being in this business.  This is causing bidding wars leaving sellers with an average of 13% more for their home than they could have gotten in January, according to data from YCAR on of homes sold in July 2021 vs. January 2021.  

According to the NAHB/Wells Fargo Housing Opportunity Index (HOI) released early this month, soaring building material costs, high demand, and the short amount of time homes that are listed last on the market have added tens of thousands of dollars to the price of a new home and caused housing affordability to fall to its lowest level in nearly a decade during the second quarter of 2021.

The report stated that 56.6% of new and existing homes sold between the beginning of April and the end of June were affordable to families earning the U.S. median income of $79,900. Compare this to the 63.1% of homes sold in the first quarter of 2021.  But this shouldn't discourage you from either buying or selling your home because you are in a great market even with the housing boom we are watching unfold.  

Did you know that the Mahoning Valley is the third most affordable major housing market in the entire country?!?!?! While Pittsburgh, PA, leads the nation as its most affordable major housing market, Youngstown-Warren-Columbiana is not too far behind with over 80% of people being able to afford a home in the area.  So what are you waiting for?

I am not an "I told you so" person.  OK, well, I guess I am if I'm putting it out there in this article, but it is not done with malice or for my own self-interest or reward.  It is to show you that The Waiting Game we talked about in March is not one that leaves you, the buyer, victorious.  I don't know much, but I know the conditions in the market are still right for you to find the home of your dreams or to reap the rewards of selling your home.  The next time I tell you just might be too late. But you should know this…buy now.

Login to My Homefinder

Login to My Homefinder
GET PRE-APPROVED!