A real estate reporter's story of buying first home
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New house, new neighborhood. Photo: Courtesy of Tyler Buchanan
After years living in dorms and apartments, I'm proud to have finally purchased my very first home.
Why it matters: It's one thing to write about the local real estate scene and another to experience it firsthand.
The big picture: I've moved 15 times in 15 years, thanks to college, job changes and greedy landlords.
- Between high student loan payments, ballooning real estate interest rates and low housing supply, homeownership long felt out of reach.
Yes, but: Renting isn't sustainable, either.
- I ditched my first Columbus apartment after rent suddenly spiked by 55%.
- The next place tried to illegally raise the rent in the middle of my lease.
State of play: With my student loans paid off and a growing toddler at home, our family took a calculated risk to start looking at houses in January to beat the anticipated jump in demand this summer.
The intrigue: As my search started, our newsletter published these 2024 real estate predictions from Columbus Realtors president Scott Hrabcak:
💵 It will remain a sellers' market.
- My take: No doubt. Our house racked up hundreds of Zillow views within hours of hitting the market and many other prospective buyers lined up to tour it.
- We had to make concessions to provide a competitive offer, but thankfully the deal didn't fall through as happens often in this market.
🔥 Falling interest rates will stoke the fire.
- Mostly true. Rates peaked at 8% last year, and have dipped only slightly since then.
- We're crossing our fingers for a chance to refinance in the coming years.
â• Columbus' outer ring will expand.
- Yep. I've lived on Columbus' west side near Hilliard and hoped to stay there.
- But there were few properties in my price range, so we looked beyond the outerbelt in places like West Jefferson and Canal Winchester.
In the end, we settled on an old house with good bones in Newark.
- Our neighborhood has a quiet, small-town feel, but we're just minutes from every store, restaurant and public resource we could ask for.
- And we're anxious to see how the area might grow, being just down the highway from the new Intel project.
📬 What was your first homebuying experience like?
- Email [email protected] with your story.