Good news for the Columbus real estate market is coming your way, which is the source of many of our top 6 Columbus Real Estate predictions for 2015!
The Columbus Dispatch reports upcoming policy shifts at Fannie Mae and Freddie Mac that allow and encourage lenders to relax certain qualifying standards for mortgages. Lenders are being allowed greater leeway to approve mortgages to enable more people to purchase their own homes. There will be balancing factors, for instance some borrowers may be asked to attend financial counselling sessions before a loan is granted. Lenders and insurers hope that this compromise results in increased home sales with decreases in delinquencies and defaults.
Even without the changes in loan requirements, the National Association of Realtors reports that overall consumer confidence in the improving economy is up, and this has meant an uptick in consumer confidence in the realty market as well.
Here are our Top 6 Columbus Predictions for Real Estate in 2015:
- Lenders will soon begin accepting lower down payments, as low as 3% in some cases!
- Credit score requirements will ease slightly, allowing more potential homebuyers to qualify.
- We don’t expect the current market to change for condominiums, as the changes in loan restrictions won’t apply to condo loans.
- The increased pool of home buyers will lead to single family homes selling faster. The current national average is 63 days on the market, we are expecting to see that number fall.
- The average home price has risen slowly but steadily over the past year, we expect to see that trend continue.
- 2015 is the year to buy or sell a home! We predict that more sellers will be tempted to take advantage of improving sale times and prices and put their homes on the market, and we expect newly qualified buyers will be eager to purchase their dream homes!
The Columbus Team encourages anyone interested in purchasing a home this year to check with their local lender to see if they already qualify for a mortgage. If you aren’t quite there yet, your lender can suggest some things you can do to become qualified. With more borrowers able to qualify, and prices slowly but steadily improving for sellers, now may be the perfect time to buy or sell a home!
Contact The Columbus Team for more information on the knowledge, expertise, and services we provide for both buyers and sellers. We know Columbus Real Estate!