Local realtor Altobelli Real Estate gives advice to potential home buyers

BOARDMAN, Ohio (WKBN)- Interest in buying homes came from historically low interest rates.

However, according to Redfin, median home-sale prices reached $365,000, a record high in January.
That’s a 16% increase from January 2020 and a 28% increase from January of 2019.

Starter home construction is also dwindling that’s a property of 1400 square feet or less. Starter homes accounted for just 7% of construction in 2019, compared to 40% in 1980.

Jason Altobelli of Altobelli Real Estate said the difficulties in home buying come down to another problem many are experiencing in other industries.

“Supply and demand I think. There’s a significant shortage in supply, and homes that hit the market sell so quick that there’s very limited time to take action on the houses that are for sale,” Altobelli said.

Altobelli said that this housing market is unlike anything he’s experienced before. He said navigating the current housing market is a waiting game.

“The best advice I could probably give in this current market is patience. I know interest rates are the thing that’s kind of the unknown, but I think patience is really where you have to find yourself in this market,” Altobelli said.

Altobelli also says making a game plan and outlining wants and needs for home buying can also help.