Ohio Real Estate Trends 2022

The 2021 real estate market was full of turns, twists, and upside-down loops, just like a rollercoaster. This crazy and wild ride is not over yet – there is so much going on in the real estate market in 2022 as well. Whether you are thinking of buying or selling your home in Ohio in the near future, here are the real estate trends 2022 that you should know about. If you do decide to sell, give We Buy Houses Cincinnati a call today.

What Are the Ohio Real Estate Trends 2022?

Here is a list of trends in real estate 2022 that might carry over in 2023:

• The home value is increasing. Home prices continue going up in 2022, and it is expected that it is also going to continue like this in 2023. In August 2022, the median home price in Ohio increased by 11.8% and became $216,875. This is good for sellers who can sell their homes for a really good price and have extra money for buying a new property. Thus, if you are selling your home, it is recommended to work with an experienced real estate agent who knows the market and your area.
• Higher mortgage interest rates. In 2021, mortgage interest rates were lower. The average rate for a 15-year fixed-rate mortgage increased from 2.66% to 4.56% in the period from January to August 2022. The average rate for a 30-year fixed-rate mortgage rate was 5.22% in August 2022. Therefore, 15-year fixed-rate mortgages are more preferable. They have lower rates, and they end sooner, meaning that you will pay less interest.
• Popularity of certain real estate services. There are real estate services helping you buy and sell houses, and they became more popular in 2022. One of these services is selling your home with the help of third-party buyers. Instead of selling your house directly to a buyer, you can sell it to a third-party company (like Opendoor for example).They invest a certain amount of money into your money to resell it for a higher price and handle repairs, inspections, and showings. Selling a house to a third-party company means less stress and hassle for homeowners because they do not have to deal with all the aspects of the home-selling process.
• Trending buying options. There is an option that became very trendy in 2022 among home buyers who cannot afford a home yet – a rent-to-own option. It is an agreement, according to which a home buyer agrees to rent a desirable home for a while – for several months or years – before becoming a homeowner. The main benefit of this option is that you can get into a house fast. However, your rent will be much higher because you will have to pay toward future homeownership.
• Selling a home to a cash buyer. Another popular option among homeowners that allows them to make the home-selling process more convenient and less stressful is selling property to cash buyers. A cash buyer is someone who purchases a home with cash. It can be an individual or a business entity. This option is becoming more and more popular because it is convenient for home sellers. The process is quick, and they do not have to deal with such stressful things as repairs, inspections, realtors, and others.

Sell Your Home Fast and Conveniently to We Buy Houses Cincinnati

Are you a lucky owner of a home in the state of Ohio? Are you thinking of selling it, but you want to do it as quickly as possible? We Buy Houses Cincinnati is ready to help you. Our company purchases homes all over the state, in any condition, under any circumstances, and pays cash. Working with us is one of the best and easiest ways to sell your house with no stress or headache. We have already helped over one million homeowners, and you can be next. Feel free to visit our website to get more information or give us a call. We will be glad to answer your questions and provide you with the information you need.