Columbus OH real estate Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Home Sales Wrapped 2023 on Strong Note

RealSupport — Thu, 25 Jan 2024 08:20:47 +0000

Columbus area home buyers persevered against higher interest rates, inflation and rising home prices during 2023. According to the year-end figures by Columbus REALTORS©, the median sales price of a Columbus area home was $295,000 during December 2023, marking a 7.3% price increase compared to the December 2022.

When measured over a 12-month period of sales activity, the 2023 median home price in the Columbus Metro was $302,000, representing a 4.1% increase in prices compared to the 12-month period of 2022.

Sales price gains were particularly strong in communities like Pickerington, which saw a December median sales price of $449,900. This is an eye-popping increase of 45% over December 2022. The nearby village of Obetz saw a 33.8% increase in year-over-year home sale prices, with a median price of $356,425 recorded in December.

There is a bit of good news for Columbus home buyers. While the median sales price increased in our area, the speed of home price increases slowed down during 2023. By December, homes were spending an average of 30 days on the market. This isn’t exactly a “slow” market, but it held more breathing room than the summer months, when homes spent about 17 days on market.

Inventory remains a challenge for home buyers, but there was some improvement. The current supply of homes for sale stands at 1.4 months, which is a 27% increase from where things stood a year ago. However, new listings in December 2023 were down about 1% from December last year. Overall home inventory remains well below normal.

Looking ahead, inflation pressures and mortgage interest rates are expected to soften during 2024. There is some hope that pent-up sellers will bring more properties to market this year. Meanwhile, a measurable decline in mortgage interest rates is likely to bring more buyers to the market, meaning that home prices will continue to push higher.

As a home buyer, you need to do all you can to level the playing field! Start with our free e-book, our free e-book, “How to Buy a Home like a Pro!” Download your copy from our website today, there is no cost and no obligation.

As Exclusive Buyer’s Brokers, 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!

Andrew Show
Exclusive Buyer’s 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

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Intel Development Will Bring Housing Boom to Central Ohio

RealSupport — Tue, 31 Jan 2023 00:00:35 +0000

Central Ohio home buyers will soon be competing with thousands of new residents. The development of the Intel manufacturing complex in New Albany is expected to be completed in 2025. It will open with 3,000 jobs paying an average salary of $135,000. Eventually, the Intel campus will have up to 10,000 workers.

With a projected total investment of $100 billion, the Intel development is the largest economic event in Ohio’s history. While this is terrific news, the windfall of well-paying jobs will create unprecedented demand for Columbus area housing.

According to data from the Building Industry of Central Ohio, as published in Columbus Business First, Licking County will potentially need over 6,500 new homes and over 3,000 new apartment units over the next 10 years. But housing demand will not be limited to Licking County. A study by the Mid-Ohio Regional Planning Commission predicts that Central Ohio communities within an hour’s drive of the Intel campus will be fair game for new residents who are willing to commute.

The Intel housing boom could spread over 13 counties in Central Ohio. There is already a need for more housing to accommodate the thousands of construction workers involved in various phases of the Intel development. Then, there is the need for workers to build new homes, apartments, infrastructure and the amenities that will follow.

Considering the challenges home builders have faced with labor and material shortages in recent years, housing starts in Central Ohio could play “catch-up” with demand for years to come. If population growth exceeds housing availability, home prices in Central Ohio are likely to rise.

If you are a Central Ohio home buyer, it’s time to get serious about your home search! Using an Exclusive Buyer’s Broker will enable you to see any home on the market with expert buyer representation, including homes on the Columbus Regional MLS, homes For-Sale-by-Owner (FSBO) and new construction for sale by builders.

As Exclusive Buyer’s Brokers, 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.

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Columbus Area Foreclosures Rise – Should Buyers Worry?

RealSupport — Mon, 30 Jan 2023 23:29:42 +0000

At any time, there are always some foreclosures taking place. Unforeseen events, such as an illness, job loss, divorce, or a death can cause mortgage payments to fall behind. On average, foreclosures affect about 3 percent of all outstanding mortgages.

This dramatically changed during the Great Recession. The abnormally high foreclosure rate caused a downward spiral in home values. Foreclosure statistics became closely watched by analysts and the media ever since. Any change in foreclosure activity can prompt a headline, which is where we are today.

In mid-January, the Columbus Dispatch reported, “Foreclosures shoot up in Columbus.” Technically, yes, foreclosures increased in 2022, but there are good reasons why the 74 completed foreclosures in Central Ohio are not cause for alarm.

1. The Columbus real estate market has been strong for several years. Low inventories of homes for sale pushed up prices and increased homeowner equity. When distressed homeowners have equity, they can sell the property to pay off the mortgage, avoiding foreclosure and possibly netting some cash in the process.

2. Most everyone who obtained a mortgage in the past 10 years did so with well-documented income, savings, good credit and a down payment. Those who passed the high bar set by lenders present a lower risk of mortgage default.

3. Investors own a number of single-family homes. Wall Street entered the housing market during the Great Recession, scooping up foreclosed homes in bulk transactions. Single-family homes became an asset class, and investment activity evolved beyond foreclosures. Investors typically pay in cash, meaning fewer mortgages are active in the residential market.

4. Central Ohio has one of the best economies of any metro in the United States at present. A robust economy helps reduce the odds of job losses that could potentially lead to mortgage defaults. Also, our strong economy keeps home demand positive, which takes us back to point #1.

This doesn’t mean foreclosures won’t happen. But the perfect storm that led to the foreclosure surge during the Great Recession is unlikely to repeat.

You can give yourself the best home buying protections in the industry by working with an Exclusive Buyer’s Broker! As Exclusive Buyer’s Brokers, 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.

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7 Reasons Columbus Home Buying is Tough in 2021

RealSupport — Thu, 28 Jan 2021 08:56:39 +0000

Recently, we had the opportunity discuss Central Ohio home buying conditions with the Columbus Dispatch. As we said in the article, the Columbus real estate market is, bluntly speaking, insane! The current market frenzy is unlike anything we’ve seen in our nearly 3 decades in the business.

With a market this fast, buyers are making quick decisions about the largest transaction of their lives. Buyers are digging into their financial reserves to accomplish a home purchase – and then digging deeper to win a bidding war!

Here are 7 reasons why Columbus home buying is tough in 2021:

1. Pandemic-driven lifestyle changes, making homes a place to live, work, attend school, exercise and enjoy recreation, driving a need for more housing space.

2. Lowest mortgage rates in modern history, averaging below 3% for a 30-year fixed rate mortgage.

3. A mobile workforce that can work remotely while living virtually anywhere, swelling the ranks of out-of-town buyers.

4. A soaring stock market and rising home prices, which have empowered buyers who hold financial assets and/or equity in a prior home.

5. Home owners with little desire to sell because of the pandemic, or because of scant home supply to choose from, or because they recently refinanced their mortgage.

6. An improving Central Ohio economy, with one of the lowest pandemic-era unemployment rates in the country.

7. Chronically-low home inventory that cannot keep pace with demand.

The deck is stacked against buyers. This is exactly why you must not throw caution to the wind right now. Home ownership is a long-term endeavor, and the “fear of missing out” could cause short-sighted decisions!

Of course, we do have guidance for this market, and we share it with our Buyer-Clients! When you become our Buyer-Client, we will work hard to find you opportunities and help you succeed in these competitive conditions. We also “tell it like it is” so you are prepared for what you’ll be getting into.

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.

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Best Home Improvements for Future Value in Columbus

RealSupport — Thu, 31 Dec 2020 13:31:14 +0000

Columbus home buyers often intend to make updates to their new property to improve its functionality, aesthetics and future resale value. However, very few home improvements provide a dollar-for-dollar return when it’s time to sell!

For this reason, buyers should avoiding purchasing a home that is too small or too outdated to serve their needs. It may be feasible to remodel your way to your dream home, but this could prove more expensive than what the property will be worth in the end.

Yet there are times when home improvements are desirable or necessary. Before you begin a project, you should understand the return on investment you can expect. For example, here are comparisons by the 2020 Cost vs. Value Report, produced by Hanley Wood Media, Inc. (Complete data from the Remodeling 2020 Cost vs. Value report can be downloaded free at www.costvsvalue.com.)

Best home improvement projects for return on investment in Columbus

Mid-range bathroom remodel: average job cost $20,643, average return = 81.7%, or $16,871.
Minor kitchen remodel: average job cost $22,602, average return = 80.4%, or $18,169.
Exterior wood deck addition: average cost $13,222, average return = 75.8% or $10,027.
Vinyl window replacements: average cost $17,346, average return = 75.1% or $13,029.
Roof replacement with asphalt shingles: average cost $23,999, average return = 72.9%, or $17,501.

In general, practical upgrades that improve functionality and protect your home are a better idea than following quick-changing trends. Contact us to find out what features remain timeless in the eyes of Columbus home buyers!

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Columbus Home Inventory Stays Low

RealSupport — Mon, 02 Nov 2020 09:40:26 +0000

The perfect storm for Columbus home buyers continued in September 2020, as the trifecta of low interest rates, strong home demand and low home inventory continued to drive the market. According to data from Columbus REALTORS®, the inventory of Columbus homes for sale in September was down 48.9% compared to September 2019. All in all, it has been a challenging year for home buyers.

The amount of time homes are spending on the market continues to drop for price levels below $500,000. Homes priced above $500,000 spent a few more days on market than they did in August, but it is not a significant enough change to call it a new trend. Here’s a look at the market times:

Homes priced under $350,000 = 15 days on market
Home priced over $350,000 to $500,000 = 25 days in market
Homes priced over $500,000 to $700,000 = 56 days on market
Homes priced over $700,000: 78 days on market

The average Central Ohio home sale price during September was $277,832, an increase of 16.0% from September 2019.

Please remember that these statistics do not include home sales that were transacted outside of the MLS, such as For-Sale-by-Owner properties, or sales that occurred directly through home builders without the aid of a listing agent. Even so, this low-inventory market remains a persistent issue, and one that doesn’t have an immediate end in sight.

Meanwhile, Columbus home buyers need to be well-prepared and patient. Do not be tempted to throw all caution to the wind and abandon the contractual protections you should have as the home buyer! Too often, this is the advice of typical agents who are more concerned with the seller’s position than your own.

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Central Ohio Homeowners are Happy to Stay Put

RealSupport — Mon, 14 Sep 2020 08:19:16 +0000

When it comes to putting down roots, homeowners in Central Ohio have carved out quite a niche. According to a 2020 study by SmartAsset, reported in Columbus Business First, Worthington homeowners have held their properties for an average of 24.8 years. The national average for home retention is 13 years.

Long-term home ownership is also found in Pickerington, where homeowners have stayed in their residences for an average of 23.7 years. Delaware homeowners have been sticking around for an average of 18 years.

These embedded homeowners are reaping the benefits of wise home purchases in the past. For example, Worthington residents are spending an average of just 18% of their income on home ownership costs.

Worthington’s low ratio of distressed property, home ownership length and home value appreciation earned it the title of “Most Stable Housing Market in Ohio” by SmartAsset.

Earlier this year, SmartAsset named Pickerington and Hilliard among the “Top 10 Housing Markets in Ohio” based on neighborhood stability, speed of home sales, and home prices relative to income.

While this is great news for Central Ohio homeowners, it’s also an example why Columbus area home buyers have limited inventory to choose from. Homeowners simply do not have much motivation to move. Many purchased their homes during a less expensive period, and have refinanced their mortgages as interest rates fell.

Still, opportunities can be found in the Central Ohio real estate market. Patient home buyers who work with an Exclusive Buyer’s Broker can access the widest possible array of homes for sale – including homes on the Columbus Regional MLS, new construction, and homes For Sale by Owner!

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.

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Columbus Homes See Higher Summer Prices, Faster Sales

RealSupport — Fri, 04 Sep 2020 07:11:54 +0000

Home sales in the Columbus Metro started out strong this spring and gained momentum through the summer. The latest home sale statistics from Columbus Realtors© show July 2020 transaction volumes up 6.1% over July 2019.

The unwavering demand for Central Ohio homes pushed price increases into the double digits. Average home prices in July increased 10.4% on a year-over-year basis, reaching $278,044. Calculated by median, home prices increased 11.4% year-over-year.

Despite higher prices, sales have been swift. Homes priced below $350,000 spent an average of 20 days on market. In the price range of $350,000 to $500,000, homes spent an average of 33 days on market. Back in May, these price ranges had days-on-market of 24 and 37, respectively.

While the Columbus Metro real estate market has been “hot” for some time, this summer brought a new first. During July, the average home sale price exceeded the average listing price. In other words, it became common for homes to sell for more than the asking price. This phenomenon was once was an exception, but it has practically become the norm.

Still, Columbus home buyers should not make blind decisions or rush judgments. Home inventory, while still constrained, is improving. And being the highest offer can mean offering $1,000 over the asking price, instead of $10,000. As our Buyer-Client, you’ll get expert home buying guidance to help you succeed, without breaking the bank!

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New Franklin County Property Appraisals Issued

RealSupport — Wed, 26 Aug 2020 01:40:17 +0000

The Franklin County Auditor’s office released new property appraisals August 22, 2020. If you agree with the tentative property value, no action is necessary. If you disagree with it, you can speak with an appraiser to discuss your property value.

Speaking with an appraiser occurs during a “review session” and they can be performed virtually or in-person. Scheduling is open as of August 24 – don’t delay!

August 21: Tentative Value Letters Mailed
August 24: Scheduling Opens
September 1 through October 3: Informal Review Sessions
October 9: Deadline to Submit Documents for Review
December: Final Values Determined
March 31, 2021: Board of Revision Deadline

The updated valuation is meant to keep pace with the market. It is not intended to increase or decrease anyone’s property taxes in particular. Of course, an increase in property valuation means you could see a future increase in your property tax bill. You can learn more about the relationship between home value and property taxes at apps.franklincountyauditor.com.

If you dispute the valuation, you should present supportive documentation. Examples:

A professional opinion of value
Evidence of detrimental property conditions
Sale comparisons supporting your opinion of value. The Franklin County auditor does not allow Short Sales, Foreclosures or distressed transactions as market comparisons.
Evidence of your current home asking price, if listed for sale, and/or proof of offers
If your home is a recent purchase, a copy of your final purchase agreement
If your property is rented out, proof of current rental amount

If you were a Buyer-Client of ours in the past, and believe that the new assessed value of your property is too high, feel free to contact your Exclusive Buyer’s Agent or Broker! We can perform a quick comparison of recent sales to see if a lower valuation can be supported.

If you might be selling or refinancing your home in the near future, think carefully before presenting a valuation dispute. There are times when the higher assessed value can work in your favor!

The Franklin County Auditor website has more information. Please review it, and reach out to the Auditor’s office if you have any questions!

We hope this information has been useful! 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.

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Is Now a Good Time to Buy a Columbus Home?

RealSupport — Fri, 10 Jul 2020 05:46:15 +0000

Metro Columbus home buyers might be feeling uncertain about the market. On one hand, we have very low mortgage interest rates. On the other, there is economic uncertainty and a limited amount of affordable home inventory. Toss in an election year and a volatile stock market, and things could look a bit murky.

Essentially, buying a home is about owning the roof over your head! If you use an Exclusive Buyer’s Broker, and buy wisely, you should do well. Historically, home values tend to rise over time, especially for well-built, well-maintained homes located in desirable areas. Quality counts! With all this in mind, the right time to buy a home is whenever the timing is right for you and your financial situation.

If you need the reassurance of popular opinion, the June 2020 Home Purchase Sentiment Index published by Fannie Mae shows that 61% of Americans believe now is a good time to buy a home. Home buying sentiment dipped with the emergence of the pandemic, but it has been steadily rising for several weeks.

One concern among survey respondents is employment security. The majority, at about 74%, said they felt secure in their job. About 26% of respondents expressed concern about losing their job.

In Ohio, jobless claims have been slowing in recent weeks, and our employment situation has been better than the national average. Our local “home purchase sentiment” has been strong this summer, as evidenced by rising home prices and fewer days-on-market for Central Ohio homes.

Is now a good time for you to buy a Columbus area home? Let’s talk about it, and find out! 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.

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