BOARDMAN, Ohio (WKBN) – Looking to buy a house? Maybe you’ve heard there are few homes available? Well, we found out today that’s not true. When houses hit the market, they’re moving fast!
Jeff Ryznar used to own a rental property in Youngstown and a house on Rosewood Drive in Boardman. In March, he sold them both at the same time and had no problem finding buyers.
“We sold both in a matter of 30 days. They both were on the market and had multiple bids within the first day. There was a bidding war for both homes and they both sold within 48 hours,” Ryznar said.
“The cost value of waiting, right? If prices continue to go up, then you don’t buy now. You’re going to be buying that same home, spending more money,” said Patrick Burgan, president of the Youngstown Columbiana Association of Realtors.
Burgan says there’s a misconception about the housing market, that there aren’t enough houses for sale. However, statistics prove that low inventory isn’t an issue — there are homes available but they’re quickly selling.
“There are plenty of homes out there, they are just selling really fast,” Burgan said.
Burgan provided statistics showing that the average days of a house on the market around Youngstown dropped from 78 to 57 over the past year. There has also been a 10 percent increase in total sales.
“The inventory is there, it’s just you have to be ready, willing and able. Maybe not sleep at night to find the house that pops up. But they’re there, you just have to act,” Burgan said.
“The biddings that happened and the interests that our house garnered. The first house that we sold was just off the charts. Before it even hit the market, people were asking our realtor about it,” Ryznar said.
Burgan says it is always a good time to buy, but especially now since interest rates are so low.
“Always a good time to buy. We are still experiencing record low interest rates. So I always tell people that if you are thinking, that you’re on the fence, ‘Should I buy now, should I not buy now?’ It’s always a good time to buy,” Burgan said.