The Ohio Housing Market Crumbles As Recession Sets In!

Nationally speaking, the housing market is crashing at record pace and Ohio is following suit. Inflation hit a 40-year record last month, with consumer prices increasing a whopping 9.1% over the last 12 months, the Labor Department said Monday. The price of consumer goods increased faster than any time in U.S. history other than November 1981, and well above what economists had expected. If this isn’t enough, the Fed is expected to impose a second consecutive three-quarter-point hike this coming Wednesday, elevating its key rate to a range of 2.25 percent to 2.5 percent. It will be its fourth rate hike since March of 2022, when it announced a quarter-point. The bottom line, home buyers have all but left the market and sellers are left wondering what happened. Yesterday, I heard a financial guru say, “if you buy a home right now, it should only be becasue you have to and not becasue you want to.” So, if you are looking to buy a house in 2022, it is my opinion that you should wait a year or two and reevaluate the housing market at that time. Whatever you do, please do not listen to the deep pocket agents out there that are saying buy, buy, buy!