Learn strategies for saving a down payment, applying for a mortgage, shopping for a house and more.

Like any big project, a successful homebuying experience is all about getting the details right from start to finish. These tips for first-time home buyers will help you navigate the process, save money and close the deal. We organized them into four categories:

• Preparing to buy tips.
• Mortgage selection tips.
• Home shopping tips.
• Home purchasing tips.

Preparing to buy tips

Start saving early

Here are the main costs to consider when saving for a home:

• Down payment: Your down payment requirement will depend on the type of mortgage you choose and the lender. Some conventional loans aimed at first-time home buyers with excellent credit allow as little as 3% down. But even a small down payment can be challenging to save. For example, a 3% down payment on a $300,000 home is $9,000. Use a down payment calculator to decide a goal, and then set up automatic transfers from checking to savings to get started.
• Closing costs: These are the fees and expenses you pay to finalize your mortgage, and they typically range from 2% to 5% of the loan amount. You can ask the seller to pay a portion of your closing costs, and you can save on some expenses, such as home inspections, by shopping around.
• Move-in expenses: You’ll need some cash after the home purchase. Set some money aside for immediate home repairs, upgrades and furnishings.

Decide how much home you can afford

Figure out how much you can safely spend on a house before starting to shop. NerdWallet’s home affordability calculator can help with setting a price range based on your income, debt, down payment, credit score and where you plan to live.

Check and strengthen your credit

Your credit score will determine whether you qualify for a mortgage and affect the interest rate lenders will offer. Take these steps to strengthen your credit score to buy a house:

• Get free copies of your credit reports from each of the three credit bureaus — Experian, Equifax and TransUnion — and dispute any errors that could hurt your score.
• Pay all your bills on time, and keep credit card balances as low as possible.
• Keep current credit cards open. Closing a card will increase the portion of available credit you use, which can lower your score.
• Track your credit score. NerdWallet offers a free credit score that updates weekly.

Mortgage selection tips

Explore mortgage options

A variety of mortgages are available with varying down payment and eligibility requirements. Here are the main categories:

• Conventional mortgages are not guaranteed by the government. Some conventional loans targeted at first-time buyers require as little as 3% down.
• FHA loans are insured by the Federal Housing Administration and allow down payments as low as 3.5%.
• USDA loans are guaranteed by the U.S. Department of Agriculture. They are for rural home buyers and usually require no down payment.
• VA loans are guaranteed by the Department of Veterans Affairs. They are for current and veteran military service members and usually require no down payment.

You also have options when it comes to the mortgage term. Most home buyers opt for a 30-year fixed-rate mortgage, which is paid off in 30 years and has an interest rate that stays the same. A 15-year loan typically has a lower interest rate than a 30-year mortgage, but the monthly payments are larger.

Research first-time home buyer assistance programs

Many states and some cities and counties offer first-time home buyer programs, which often combine low-interest-rate mortgages with down payment assistance and closing cost assistance. Tax credits are also available through some first-time home buyer programs.

Compare mortgage rates and fees

The Consumer Financial Protection Bureau recommends requesting loan estimates for the same type of mortgage from multiple lenders to compare the costs, including interest rates and possible origination fees.

Lenders may offer the opportunity to buy discount points, which are fees the borrower pays upfront to lower the interest rate. Buying points can make sense if you have the money on hand and plan to stay in the home for a long time. Use a discount points calculator to decide.

Get a pre-approval letter

A mortgage preapproval is a lender’s offer to loan you a certain amount under specific terms. Having a preapproval letter shows home sellers and real estate agents that you’re a serious buyer, and can give you an edge over home shoppers who haven’t taken this step yet.

Apply for preapproval when you’re ready to start home shopping. A lender will pull your credit and review documents to verify your income, assets and debt. Applying for preapproval from more than one lender to shop rates shouldn’t hurt your credit score as long as you apply for them within a limited time frame, such as 30 days.

Home shopping tips

Choose a real estate agent carefully

A good real estate agent will scour the market for homes that meet your needs and guide you through the negotiation and closing process. Get agent referrals from other recent home buyers. Interview at least a few agents, and request references. When speaking with potential agents, ask about their experience helping first-time home buyers in your market and how they plan to help you find a home.

Pick the right type of house and neighborhood

Weigh the pros and cons of different types of homes, given your lifestyle and budget. A condominium or townhome may be more affordable than a single-family home, but shared walls with neighbors will mean less privacy. Don’t forget to budget for homeowners association fees when shopping for condos and townhomes, or houses in planned or gated communities.

Another option to consider is buying a fixer-upper — a single-family home in need of updates or repairs. Fixer-uppers usually sell for less per square foot than move-in ready homes. However, you may need to budget extra for repairs and remodeling. Renovation mortgages finance both the home price and the cost of improvements in one loan.

Think about your long-term needs and whether a starter home or forever home will meet them best. If you plan to start or expand your family, it may make sense to buy a home with extra room to grow.

Check out potential neighborhoods thoroughly. Choose one with amenities that are important to you, and test out the commute to work during rush hour.

Stick to your budget

A lender may offer to loan you more than what is comfortably affordable, or you may feel pressure to spend outside your comfort zone to beat another buyer’s offer. To avoid financial stress down the road, set a price range based on your budget, and then stick to it.

Look at properties below your price limit to give some wiggle room for bidding in a competitive market.

Make the most of open houses

Online 3D home tours have become more popular amid the COVID-19 pandemic. These tours let shoppers virtually walk through a home at any hour and observe details that regular photos don’t catch. They don’t supply all the information in-person visits do — like how the carpets smell — but they can help you narrow the list of properties to visit.

Open your senses when touring homes in person. Listen for noise, pay attention to any odors and look at the overall condition of the home inside and out. Ask about the type and age of the electrical and plumbing systems and the roof.

Home purchasing tips

Pay for a home inspection

A home inspection is a thorough assessment of the structure and mechanical systems. Professional inspectors look for potential problems, so you can make an informed decision about buying the property. Here are some things to keep in mind:

• Standard inspections don’t test for things like radon, mold or pests. Understand what’s included in the inspection and what other inspections you might need.
• Make sure the inspector can get to every part of the house, such as the roof and any crawl spaces.
• Traditionally the buyer attends the inspection. By following the inspector around you can get a better understanding of the home and ask questions on the spot. If you can’t attend the inspection, review the inspector’s report carefully and ask about anything that’s unclear.

Negotiate with the seller

You may be able to save money by asking the seller to pay for repairs in advance or lower the price to cover the cost of repairs you’ll have to make later. You may also ask the seller to pay some of the closing costs. But keep in mind that lenders may limit the portion of closing costs the seller can pay.

Your negotiating power will depend on the local market. It’s tougher to drive a hard bargain when there are more buyers than homes for sale. Work with your real estate agent to understand the local market and strategize accordingly.

Buy adequate home insurance

Your lender will require you to buy homeowners insurance before closing the deal. Home insurance covers the cost to repair or replace your home and belongings if they’re damaged by an incident covered in the policy. It also provides liability insurance if you’re held responsible for an injury or accident. Buy enough home insurance to cover the cost of rebuilding the home if it’s destroyed.

Read more at Nerd Wallet

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

New listing data has fallen for 7 straight weeks.

On Tuesday, the S&P CoreLogic Case Shiller Index reported that national home prices grew 18% year over year. While the growth rate is cooling monthly, we are still in a savagely unhhealthy housing market trying to get national inventory levels back to pre-COVID-19 levels.

From the index:

I know it seems strange, but existing home sales are falling, and the monthly supply of new homes is at 10.9 months even if the last existing home sales report showed home price growth of near 11% year over year. 

There is a simple explanation for this, but you’re going to have to believe that supply and demand economics still work and that the credit profiles of homeowners matter more than people think. This means all those men and women since 2012 who have been saying its housing 2008 all over again on their YouTube, Twitter, Facebook and other social media outlets simply don’t have the proper training to talk about housing economics. I have documented the history of these housing price crash addicts for a decade now.

Housing inventory issue with no booming demand

My observation post-2020 is that many people have never read the total housing inventory data because we still have people who say active listings aren’t low or that it’s fake news. I understand why anti-Central Bank people say this because they want to blame everything on the Federal Reserve and say it’s just been booming demand.

However, we haven’t had a credit sales boom like the one we saw from 2002-2005. Nor can we ever have a credit sales boom again with lending standards back to normal. Case in point, purchase application data is already below 2008 levels today. 

Total Inventory had been growing from 2001-2005; total listings data in 2005 was at the higher historical range of 2.5 million listings. We broke to all-time lows post-2020, continuing the trend of lower inventory. Today, we stand at 1,310,000 active listings.

If we cut the timeline to the last time inventory grew, which was 2014, you can see this downtrend in inventory, unlike 2001-2005, when inventory grew from 2 million to 2.5 million. Inventory has been falling for years but people ignored the trend because some were always talking about the housing bubble 2.0 crash, especially from 2012-2019.

Then we can see a vicious break to all-time lows in 2020 when we didn’t have a seasonal push in inventory, and even today, with the weakness in home sales, we aren’t back to the range I believe would be ok, between 1.52-1.93 million. I don’t need to see total active listing get back to the historical range of 2-2.5 million to take the savagely unhealthy theme off, but I do need us to get into a range between 1.52-1.93 million, like I have talked about for some time now.

New listings are declining now

One of the issues with existing home inventory has been that, for the most part, a traditional seller is usually a buyer of a home. I am not talking about investors; I am talking about primary resident homeowners. Some sell to rent, of course. However, traditionally speaking, they buy a home.

One of the points of concern this year has been that when rates got toward 6%, this could potentially have new listings decline faster than normal because buying a home after selling might not be the best financial decision. Inventory is always seasonal, but the decline in new listings this year was not what I wanted to see. The decrease also happened when rates fell 1.25% from the recent highs of 6.25% back down to 5%. This is not encouraging news at all, in my view.

Read the full post on Housing Wire

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Eating in Columbus is like experiencing a microcosm of the U.S., a mid-size land of milk, honey, and Buckeyes. The city is home to immigrant traditions and rich culinary history, from the fine dining legend holding court among the cobblestone streets and red brick buildings in German Village, to the food truck parked on hustling, bustling High Street meting out birria tacos, to the hidden gem tucked away inside a strip mall serving Ghanaian classics to neighborhood aunties and uncles.

Many of these businesses take advantage of the city’s impressive, historic architecture, but plenty more restaurants have withstood the test of time in less auspicious homes. Take a look through the windows of a once rusty hundred-year-old gas station to see crowds Instagramming pancake balls powdered with sugar and served with an assortment of sweet sauces. Or seek out the small brick building off the highway, a post-Prohibition relic that’s become a go-to dive for regulars, newbies, and anyone getting off work in need of revival. Then check beneath the neon sign around the corner for a bedrock of Buckeye culture where alumni and new kids on the block meet over fresh, old-school doughnuts.

If Columbus is a microcosm of the nation, it has also experienced the difficulties of the COVID-19 pandemic that impacted all American food communities. Many of the city’s most notable restaurants, standby watering holes, and beloved businesses have closed their doors. The places that populate this list are not the only deserving ones, but you can see the trails of hard work and determination that allowed them to adapt to the new realities of pandemic dining.

You’ll sample a bit of history and a lot of global flavors as you eat your way around the city’s essential restaurants, but every meal is quintessentially Columbus. So come take a seat, grab a menu (or load it up from a QR code), and gear up for a feast. And as always, tip generously, mask up when asked, and indulge.

Speck Italian Eatery

Take the 40-minute trip north to the city of Delaware to visit Speck, where chef Josh Dalton serves playful twists on Italian dishes that are joyfully nontraditional (think: confit chicken wings and balsamic glazed Ibérico ribs). Start the meal off with sfincione (Sicilian pizza) with rich olive oil and flaky sea salt, or the humboldt fog toast layered with browned butter, radicchio, and sage. Then feast on octopus and grilled branzino, and end with the budino featuring amaretto and macadamia.

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Asterisk Supper Club

With all the dark wood, ornate chandeliers, and floor-to-ceiling bookshelves piled high with literary classics, stepping inside the Asterisk Supper Club is like being transported back in time. Succumb to the sultry yet sweet atmosphere and cozy up to one of the marble tables. Eclectic with a flair for sophistication, Asterisk stays true to its name as a supper club centered around a social dining experience, including a menu for high tea featuring tea sandwiches and sweet delicacies. Come back during supper time to try the pork chops and scallops.

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Kuya Ian’s Bistro

Located next to the Filipino grocery store Chuchay’s Supermarket, family-owned Kuya Ian’s serves flavorful renditions of Filipino classics like crispy yet tender whole fried bangsilog, beautifully butterflied longsilog, stir-fried pancit bihon redolent with soy sauce, and artfully topped halo-halo for dessert. After your meal, stop by next door to pick up some snacks (like ube pandesal, crispy chicharon, and dried mangoes), drinks (Mogu Mogu lychee or kalamansi juice), and more for your ride home.

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Wycliff’s Kitchen

Located in a strip mall, chef Wycliff Nduati’s restaurant offers a gateway to the sights, sounds, and aromas of Kenya. The karanga ng’ombe embodies the essence of beef stew, nyama choma is an ode to street food in the form of grilled goat, and the stewy karanga mbuzi is rich in flavor and tradition. If you don’t know what to order, just ask Nduati himself.

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Drelyse African Restaurant

Lisa Bannerman has served exciting Ghanaian food for more than 10 years, introducing plenty of locals to the colorful traditions and flavors of her home country. Dining in Drelyse feels like a big family reunion. Laughter fills the restaurant, mingling with the voices of aunties and uncles reminiscing and sharing news, as savory aromas waft from the kitchen in comforting clouds. Then your order hits the table: peanut butter goat soup with rice balls, fried fish and banku (made with a fermented mix of corn and cassava dough), waakye (rice and beans) with goat stew, and jollof rice (spiced long-grain rice made with tomatoes and onions) with turkey tail. For the full experience, get your hands dirty and forego the utensils. You’ll be licking your fingers and slurping from the bowl anyway.

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SGD Dubu

Taking its name from the Korean neighborhood of Sogong-Dong in Seoul, SGD makes classic, traditional Korean cuisine at locations across the Northeast and Midwest. Try the richly spiced soondubu jjigae that comes with tofu and your choice of protein; japchae marinated in a house-made sauce and tossed with vegetables and beef; and bibimbap served on a hot stone and paired with seasoned vegetables.

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Meshikou Ramen/Chikin

Strip mall hotspot Meshikou Ramen keeps customers coming back for creative appetizers and steaming hot bowls of slurpable noodles. Start with the K.F.C. wings in sweet garlic soy sauce and the Meshikou karaage dipped in spicy citrus sauce. Then explore the brothless mazemen and soup ramen sections, especially the fireball paitan ramen amped up with spicy garlic paste and the Meshikou black ramen slicked with black garlic oil. The restaurant’s fried chicken proved so popular they opened a spinoff next door, Meshikou Chikin, where the chicken is infused with mouth-watering flavors like Pacific dry rub, peppercorn teriyaki, and Indo-sambal. Come back again and again to try the whole menu.

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Huong Vietnamese Restaurant

Originally opened under the name Phuong Hoang (“phoenix”), this family-owned restaurant has served traditional Vietnamese cuisine in Columbus since 2005. Casual, welcoming, and homey, Huong feels more like a family gathering than a formal restaurant. The extensive menu includes bún bò huế with spicy and savory lemongrass soup; bánh bôt loc filled with pork, shrimp, and fried onions; and bánh xèo dò bién flavored with coconut milk and paired with fish sauce on the side. Since the start of COVID, Huong has gone above and beyond to customize carryout meals for different dining situations, packing meals to be reheated in the microwave or consumed immediately, and providing extensive directions on rehe

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Belle’s Bread

Tucked away in the Japanese marketplace located on Kenny Centre Mall, Belle’s Bread is a family-owned and -operated, French-inspired Japanese bakery. Takashi Takenaka opened the business after immigrating from Japan in 1972, and he pays homage to childhood treats with his red bean roll, frank roll, and curry and boiled egg doughnuts. The bear-shaped strawberry cream bun is all over social media, but the best-kept secret is the Mont Blanc roll with its layers of delicate, airy sweet cream and chestnuts.

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Xi Xia Western Chinese Cuisine

Xi Xia serves vibrant dishes from the hearths of the Hui people, a predominantly Muslim minority in the Ningxia region of Western China. Look out for dishes such as da pan ji stirred noodles fragrant with hot peppers, potatoes, and cilantro; dry pork intestines stir-fried with spices, chile, and hot sauce and served with warm rice; braised beef belly with yuba; and hong shao rou, soy-sauce braised pork belly paired with fried tofu and egg.

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Los Agavez Taqueria

Parked on a corner of High Street, Los Agavez Taqueria offers a range of Mexican street food. There are a bunch of different tacos, tortas, and huaraches, but most people come by the food truck for Columbus’s take on the social media birria sensation. The birria tacos at Los Agavez have crispy stew-battered tortillas, stuffed with sweet, tangy beef stew and thick with cheese.

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The Crest

Chef Jon Gruseck and pastry chef Aaron Clouse continue to impress with their interpretation of modern Appalachian cuisine at this farm-to-table, chef-driven restaurant in the Clintonville neighborhood. The kitchen focuses on local, seasonal Ohio flavors and classy twists on comfort foods, with dishes like goat cheese balls; walleye fish fry with tartar and cured lemon; duck served on a bed of beet puree, dill, and parsley; and brown beans served with roasted Freedom Ranger and gritbread. Finish off your meal with the fruits of the forest dessert: spiced sponge cake topped with fig leaf syrup and candied ginger. If you feel like ordering pizza instead, visit the Crust, the quirky pizza kitchen operating out of the Crest, and try the pesto or traditional pepperoni pies.

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Buckeye Donuts

A cornerstone of Ohio State Buckeye culture, 24-hour Buckeye Donuts has catered to students around the clock since 1969. Menu classics include vanilla and chocolate Long Johns, apple fritters, and cake doughnuts — though it’s worth considering the red velvet cake doughnut with cream cheese and the Buckeye doughnut, covered in rich chocolate and stuffed with peanut butter. The gyros deserve an honorable mention as well. Whether you stop in after an early morning run or for a late night snack, Buckeye Donuts will be there for your carbohydrate needs.

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Si Señor Peruvian Sandwiches

Located in the heart of Grandview, Si Señor turns out Peruvian sandwiches like tender chicharron peruano paired with pickled red onions and sweet potato mayo, fried criollo fish topped with rocoto mayo, and pasta salad tossed with red peppers and onions in cilantro cream. Due to COVID, Si Señor is only open during lunch hours, but the fan-favorite sandwich menu remains, and you can end your midday meal with a slice of the satisfyingly moist tres leches cake.

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Mazah Mediterranean Eatery

Operating as a family business since 2009, Mazah remains a Grandview staple for eats and sweets of the Mediterranean. Chef and owner Maggie Ailabouni impresses with her baba ghanoush served with fresh pita and extra virgin olive oil; creamy tzatziki mixed with garlic and mint; shish tawook soaked in a garlic lemon marinade and served with a side of garlic sauce; and char-grilled kefta kebaba topped with tomatoes. For dessert, get the kenafi, syrupy sweet and layered with cheese, or the baklava, which is flaky, crispy, and flavored with honey in all the right ways.

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CRMD

CRMD challenges Columbus with wild, unconventional, and unapologetic takes on ice cream. The menu is packed with nostalgic flavor combinations like Fruity Pebbles and cereal milk, plus twists on classics such as cookies and CRMD (cookies and cream — but purple). Pro tip: Order your scoops in an egg waffle cone, aka a puffle cone.

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Katalina’s

Katalina’s is housed in a 100-year-old gas station in the middle of the Harrison West neighborhood. The restaurant is known to many as the home of the Pancake Balls (bite-sized pieces of fluffy pancakes stuffed with your choice of Nutella, dulce de leche, or pumpkin-apple butter) and the Sweet ‘N’ Spicy Bacon (thick cut and bursting with savory-sweet flavor). The rest of the menu includes a Breakfast Chick ’Wich featuring Southern-fried chicken coated with corn chips; okonomiyaki topped with eggs, bacon, piri-piri, and citrus aioli; and a Mazatlan slow-roasted pork and egg sandwich made with thick old-world bread and Katalina’s secret sauce (licking your fingers won’t help you figure out the secret behind the sauce, but you should do it anyway).

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The Alibi Bourbon & Cocktail Lounge

Located in the Short North Arts District, Alibi is a self-described Prohibition-style bar, but the drinks are anything but staid and the decorations anything but dreary. The bar prides itself on its ability to concoct cocktails catered to every visitor, and the menu is organized visually to direct patrons to the perfect drink based on alcohol level and flavor. If you prefer something approachable and sweet, go for the Cuffing Season, with its combination of coffee liqueur and cinnamon-infused sugar. But if your tastes lean toward spirited and bitter, try the Mile High Club with Angel’s Envy whiskey and Amaro Montenegro.

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Tasi Cafe

If you blink too fast you’ll miss the charming Tasi Cafe. Hidden on a small corner between two side streets in the Short North Arts District neighborhood, the quaint cafe serves fun twists on breakfast, lunch, elevenses, snack time, and supper. Check out the challah French toast topped with sweet caramelized bananas, the open-faced smoked salmon sandwich with capers and cream cheese on focaccia, or the steak skillet paired with tomatoes, runny egg, and freshly toasted bread that is designed for dipping. Must-trys on the drink menu include the caipirinha, Irish coffee, hot chocolate toddy, or cold brew.

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Momo Ghar

Momo Ghar is a casual spot to enjoy the tastes of Nepal and Tibet. Originally tucked inside international grocery store Saraga, during the pandemic the restaurant found a new home among the bustling sights and sounds of the historic North Market. Diners squeeze in for juicy, well-stuffed momos served with a house-made savory spiced red sauce. Chef and owner Phuntso Lama has also earned a massive following for her Kathmandu-style jhol momo served in a bath of spicy broth, juicy pan-fried kothey, and Newari Kathmandu-style chicken choila served with roasted beaten rice.

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Wolf’s Ridge Brewing

At Wolf’s Ridge Brewing, fine dining meets craft brewing. Located in downtown Columbus, the microbrewery and restaurant serves items like baked Bankston paired with candied pecan and pomegranate gastrique; smoked mussels served with smoked butter, bratwurst, and grilled baguette; and duck pot pie stuffed with root vegetables and fingerling potatoes. The drinks menu is equally ambitious, with coffee coconut stouts and smoked wheat ales with names like Taco Ninja and Dire Wolf Coffee Joy. Be sure to also check out Understory, the team’s winter 2022 expansion, which is housed in the historic Open Air School building in Clintonville.

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Ray Ray’s Hog Pit

Originating as a humble food truck located in Franklinton, Ray Ray’s has made a name for itself as one of Columbus’s top destinations for soulful, old-fashioned barbecue. The team has expanded into a brick and mortar location in Granville where they offer meat-and-three-style meals, and also has several additional trucks around the city. But head for the original location and order the meat sampler — which includes smoked brisket, pulled pork, jerk chicken, dry rubbed ribs, and hot links — to see everything Ray Ray’s has to offer. Get ready for the meat sweats.

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Mikey’s Late Night Slice

Mikey’s maintains an iron grip on Columbus’s late night pizza scene with slices as big as your head and unique pies in flavors like the Spicy-Ass Pepperoni seasoned with Sriracha and chile flakes. Look out for pizza-of-the-week flavors, like the collaboration with Hot Chicken Takeover featuring Nashville hot chicken and pickles. Dip your slice into their (secret recipe) Unicorn Sauce and admire the decorations featuring the shop’s wild mascot, Pizzaface. If you visit the High Street location, be on the lookout for the speakeasy hidden inside the restaurant.

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El Lugar

Small, quaint, and cozy, this Spanish bar serves up tapas and pinchos inspired by the streets of Barcelona. The go-to is the jamon Ibérico, sliced thin and draped over crispy potato chips, which pairs beautifully with a tall glass of red wine. Don’t sleep on El Lugar’s wide selection of Espinaler canned seafood either. If the light bites don’t fill you up, walk on over to El Lugar’s sister restaurant, Alpine, and try the raclette fladen (cheese-stuffed bread) and traditional käsespätzle (an overflowing pot of egg noodles, onions, and cheese).

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Pistacia Vera

The sweetheart of German Village, Pistacia Vera is home to a vast selection of pastries, sweets, and drinks reminiscent of a French-leaning European cafe. The delicate macarons, croissants, and pan au chocolat are fan favorites, but the real treat is the chocolate bombe: rich, smooth, and covered in chocolate. Order up a warm Valrhona mocha or pistachio latte to go with your treats, and grab a seat by the window to enjoy the moment.

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Lindey’s

A walk down the historic cobblestoned streets of German Village leads you to the front doors of Lindey’s, a classy piece of culinary history. Envisioned by Sue Doody back in 1981, Lindey’s has remained a Columbus landmark for 40 years by serving up elegance on a platter. Classic dishes include the Georges Bank cod layered with sweet corn puree paired with marbled potatoes, brined duroc pork topped with caramelized pear and apple chutney, and tournedos of beef dressed in bearnaise. Whether you’re visiting for a first date, your 50th anniversary, or a quiet dinner out, you’ll leave Lindey’s telling friends and colleagues about the restaurant in hushed, reverent tones.

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Plank’s Cafe & Pizzeria

Plank’s Cafe and Pizzeria is a down-to-earth watering hole, which has been serving locals (and curious visitors) since 1939. Throughout the years, the restaurant has built an integral place for itself in the community. Venture in during the wee hours of the morning and you’ll find yourself surrounded by local health care workers getting off their shifts, but visit mid-afternoon and you’ll find a more lively crowd of regulars and sports fans cheering for the next goal, homerun, or touchdown. The pizzas arrive on slightly sweetened crusts, covered in generous layers of sweet tomato sauce.

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Kolache Republic

Bringing a bit of the Czech Republic to the hearts and stomachs of Ohioans, Kolache Republic is a neighborhood staple in German Village for sweet dough pastries. Somewhere between a classic yeast doughnut and a Danish, the kolaches are filled with ingredients like blueberry cheese, sweet cheese, and sausage with egg and cheese, among others. Visit in November for their popular Thanksgiving kolache filled with juicy roasted turkey and house-made stuffing, served with a side of cranberry sauce and gravy.

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Read more at Eater

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Mortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the housing market. As a result, the market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales.

But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current housing market is still strong.

Higher Mortgage Rates Are Moderating the Housing Market 

The ShowingTime Showing Index tracks the traffic of home showings according to agents and brokers. It’s also a good indication of buyer demand over time. Here’s a look at their data going back to 2017 (see graph below):

Here’s a breakdown of the story this data tells:

• The 2017 through early 2020 numbers (shown in gray) give a good baseline of pre-pandemic demand. The steady up and down trends seen in each of these years show typical seasonality in the market.
• The blue on the graph represents the pandemic years. The height of those blue bars indicates home showings skyrocketed during the pandemic.
• The most recent data (shown in green), indicates buyer demand is moderating back toward more pre-pandemic levels.

This shows that buyer demand is coming down from levels seen over the past two years, and the frenzy in real estate is easing because of higher mortgage rates. For you, that means buying your next home should be less challenging than it would’ve been during the pandemic because there is more inventory available.

Higher Mortgage Rates Slow the Once Frenzied Pace of Home Sales

As mortgage rates started to rise this year, other shifts began to occur too. One additional example is the slowing pace of home sales. Using data from the National Association of Realtors (NAR), here’s a look at existing home sales going all the way back to 2017. Much like the previous graph, a similar trend emerges (see graph below):

Again, the data paints a picture of the shift:

• The pre-pandemic years (shown in gray) establish a baseline of the number of existing home sales in more typical years.
• The pandemic years (shown in blue) exceeded the level of sales seen in previous years. That’s largely because low mortgage rates during that time spurred buyer demand and home sales to new heights.
• This year (shown in green), the market is feeling the impact of higher mortgage rates and that’s moderating buyer demand (and by extension home sales). That’s why the expectation for home sales this year is closer to what the market saw in 2018-2019.

Why Is All of This Good News for You?

Both of those factors have opened up a window of opportunity for homeowners looking to move and for buyers looking to purchase a home. As demand moderates and the pace of home sales slows, housing inventory is able to grow – and that gives you more options for your home search.

So don’t let the headlines about the market cooling or moderating scare you. The housing market is still strong; it’s just easing off from the unsustainable frenzy it saw during the height of the pandemic – and that’s a good thing. It opens up new opportunities for you to find a home that meets your needs.

Bottom Line

The housing market is undergoing a shift because of higher mortgage rates, but the market is still strong. If you’ve been looking to buy a home over the last couple of years and it felt impossible to do, now may be your opportunity. Buying a home right now isn’t easy, but there is more opportunity for those who are looking.

Learn more on Keeping Current Matters.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.