BOARDMAN, Ohio (WKBN) – The housing market has been up and down since the pandemic began.
Prices are now quite high if you’re looking to buy a home. Will this trend continue in 2023?
Since 2020, 30 mortgage rates have doubled from 3.7% to around 6.5%. This has turned what was a buyer’s market into a seller’s market.
WKBN talked to local realtor Jason Altobelli. He said a recent struggle in the housing market is a lack of homes to sell.
This is not just affecting home buying and selling. He said it’s also affecting rental properties.
Altobelli said that things are beginning to even out.
“Prices have probably stabilized, so, you know, it’s not as crazy as it was, you know, the last 12 to 18 months with… extremely high bids over asking and things like that. There’s still competitive bidding on homes taking place,” said Altobelli.
Altobelli is calling this a transitional period. He said more inventory could become available through means other buying and selling homes, like foreclosures.
“Until you have competitive growth where people can kind of compete for that growth for new housing… it’s very hard to get those costs to be, you know, less scary,” said Altobelli.
Altobelli also says public utility extensions could help bring more housing inventory. Also, creating more opportunities to expand housing in the area is needed.
However, he says it would take a collective effort to make these things happen over time.