Baby, it’s cold outside! But don’t let the weather delay your Columbus home search! Winter can be an advantageous for home buyers, because there is less competition for desirable homes, and sellers are motivated. Here are 5 more reasons why Columbus home buyers should stay in the market this winter!
1. Central Ohio home inventory has improved. During October 2018, about 3,059 homes were added to the Columbus Regional Multiple Listing Service. Overall home inventories are up 5.3% compared to the same month a year ago. Keep in mind that these figures do not include homes For Sale by Owner, or new construction for sale by home builders. Remember, we can show you any home on the market, by any seller!
2. Homes are spending more time on the market. As of October 2018, Columbus area homes spent about 14% longer on the market than they did a year ago. The pace of the market remains brisk for entry-level homes, but it isn’t the frenzy of spring and summer.
3. Home sellers are negotiating. In reaction to rising inventories this fall, more home sellers have been willing to negotiate price. About 44.43% of sellers reduced their asking prices during the month of October.
4. Industry professionals are less harried. The seasonal dip in buyer activity typically frees up mortgage lenders, home inspectors, appraisers, contractors and title companies. This means a shorter timeframe to expedite your home purchase.
5. Buying now is likely cheaper than buying later. While some industry analysts expect home price growth to slow during 2019, this doesn’t mean Columbus home prices will go into reverse. In recent years, the Columbus real estate market has been strong in the early months of the New Year, resulting in higher year-over-year home prices. This is especially true for affordable homes in popular Central Ohio neighborhoods.
As we said in a prior blog post, we’re not yet seeing a “buyer’s market” in Central Ohio. Still, the final weeks of 2018 could be the most attractive market conditions buyers have seen all year.
You can have a home buying advantage in any market by working with an Exclusive Buyer Broker! As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax