It’s a hard time to be a prospective homebuyer in Ohio and across the country. Home prices have barely declined in the last year, as interest rates have stayed steady.
On top of that, a recent report from the Federal Reserve Bank of Cleveland shows that buyers are increasingly competing to buy single family homes with large investment companies – sometimes out-of-state LLCs, far from the homes they own.
“We keep hearing comments about investor-owned properties impacting housing affordability, investors purchasing homes that are in competition with families buying homes because they have cash … I wanted to take a look at those questions,” Matt Klesta with the Federal Reserve Bank of Cleveland said in an interview with The Ohio Newsroom last week…