Housing market in 2023

[Colby Zeller]

Ive recently been hearing a-lot of buzz around on the housing market going into a so called "recession" in 2023 and its got me a little worried. I plan on buying my first rental property somewhere in Qtr 3 or 4 of 2023. Ive been doing my dueldillengence and trying to studying up on market trends, but everyone is saying different things and it hard to block out the noise. Would be nice if some experienced investors could give me their insights in the comments thanks !!!!

[Marc Rice]

Columbus, Ohio as a market is very diverse and not concentrated to one or two economic drivers. Also relative to other cities, Columbus is extremely affordable with an increasing population. The city still has a housing shortage as well.

Having seen the market since 2018, it's hard to really "time the market". I would recommend to write offers at price points that make sense for you with current interest rates and current rates. If rates go down in the future and rents go up, you will be very happy you didn't delay. 

Another reason to "buy now" is because people are scared right now and will give you price discounts. An additional reason is that you can do a house hack loan every 12 months. If you start with a first time home buyer 1-2 unit loan first (First Financial, First Merchants, etc), do a 5% down conventional home possible loan on 2-4 units (or another local portfolio product on a 2-4 unit like what CF Bank offers) your second year, and then do a FHA loan your third year then you will have built up a nice sized portfolio in a very short time doing only low money down house hacking loans.