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Columbus Real Estate and the Central Ohio Economy

RealSupport — Mon, 05 Oct 2020 07:35:35 +0000

Columbus real estate has been on a tear in 2020, with higher home prices and faster sales. But as the pandemic drags on and the economy struggles, there’s some question about how long home sales can keep the pace.

The short answer: as long as home demand keeps outpacing supply, prices won’t be declining anytime soon. However, a sustained economic disruption could soften demand. Here’s a look at the Central Ohio economy as of August 2020, according to the U.S. Bureau of Labor Statistics:

Columbus area unemployment stood at 8.3%, just below the national average of 8.5%. Franklin County had the highest unemployment at 9.1%. Delaware County has the lowest at 6.1%.

The Central Ohio industries with the most job losses include:

Leisure and Hospitality services = 26.3% decline in employment
Other service-oriented industries = 15.5% decline in employment
Education and Health services = 7.9% decline in employment

The Central Ohio industries with the least job losses include:

Government = 1.3% decline in employment
Professional and business related services = 4.9% decline in employment
Manufacturing = 5.1% decline in employment

In the middle of the pack, financial services, information technology, and construction have employment declines between 6% and 7.6%.

It should be noted that these figures already represent some improvement from the state of the economy a few months ago. Still, the economy will need time to get back to the levels enjoyed prior to the pandemic.

So long as the Central Ohio economy continues its gradual recovery, and housing inventory remains limited while home demand remains strong, Columbus home buyers will continue to face a competitive market in the months ahead. However, it’s important not to overpay for a home in this environment! One should also avoid making an impulsive home purchase that will not suit your long-term needs.

Looking for home buying advice? 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!

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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Columbus Rents Climbing Higher in 2020

RealSupport — Fri, 04 Sep 2020 07:05:58 +0000

While Columbus Metro apartment rents aren’t as lofty as some cities, they have been rising sharply. An ApartmentGuide study shows double-digit rent increases on a year-over-year basis for Columbus apartments of all sizes.

The study compared average rents around the country from the second quarter of 2019 to the second quarter of 2020. Despite the pandemic and a spike in unemployment, average rents have increased in most U.S. states, especially for 2-bedroom apartments and studio units.

Columbus Rent Prices as of Summer 2020

Here’s how apartment rents in Columbus stack up, based on second-quarter 2020 data:

Studio average rent = $1,138.40, increase of 22.96%
1-bedroom average rent = $1,130.43, increase of 12.84%
2-bedroom average rent = $1,346.15, increase of 13.95%

When compared to other cities in the U.S., the rent jumps in Columbus rank as follows:

6^th highest in U.S. for studio apartment rent increases
10^th highest in U.S. for 1-bedroom apartment rent increases
9^th highest in U.S. for 2-bedroom apartment rent increases

Meanwhile, developers have been adding apartment supply to the Columbus Metro. About 1,000 new units are coming to market in Downtown Columbus this summer, with hundreds more in the works for the Short North, Brewery District, Franklinton and Italian Village areas. The added inventory should help balance demand, which in turn may slow future rent hikes.

Ready to say goodbye to your landlord? 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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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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Quarterly Market Statistics – Second Quarter 2018

RealSupport — Sat, 25 Aug 2018 16:46:56 +0000

Below you’ll find market statistics separated by school district, as well as last quarter’s closed sales and median sales price graphs.

Bexley	Pickerington (Corp.)
Columbus CSD	Reynoldsburg CSD
Dublin CSD	South-Western CSD (Grove City)
Gahanna Jefferson CSD	Sunbury (Corp.)
Grandview Heights (Corp.)	Upper Arlington CSD
Hilliard CSD	Westerville CSD
New Albany Plain LSD	Whitehall (Corp.)
Olentangy LSD	Worthington CSD

For the Entire Columbus MLS, in June, there were 3,338 homes that closed with a median sales price of $212,000.

For the Entire Columbus MLS, in May, there were 3,056 homes that closed with a median sales price of $204,000.

For the Entire Columbus MLS, in April, there were 2,590 homes that closed with a median sales price of $190,000.

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, e-PRO, PSA, CREM, ABR-M
Buyer’s Resource Realty Services
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
www.BuyersHome.com

Connect With Me:
Facebook
Twitter

Information provided by ColumbusRealtors.com

The post Quarterly Market Statistics – Second Quarter 2018 appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

8 Metro Columbus High Schools Make Ohio Top 20

RealSupport — Thu, 31 May 2018 11:58:16 +0000

Each year, U.S. News & World Report conducts a study of public high schools around the country. The analysis compares student academic performance, as well as graduation rates and college readiness. Out of the 1,245 public high schools in Ohio, 8 of Ohio’s top 20 high schools are located the Metro Columbus area! Here they are, according to their respective scores:

#4: Bexley High School, Bexley, Ohio. This school received a Gold ranking, with a 95% graduation rate and college readiness score of 74.5%.

#7: Dublin Jerome High School, Dublin, Ohio. This Gold-ranked school has a 98% graduation rate and a college readiness score of 67.1%.

#9: Orange High School, Lewis Center, Ohio. Gold-ranked school with a 98% graduation rate and a college readiness score of 66.9%.

#12: Olentangy Liberty High School, Powell, Ohio. Gold-ranked school with a 98% graduation rate and college readiness score of 64.2%.

#14: Dublin Coffman High School, Dublin, Ohio. Gold-ranked school with a 98% graduation rate and college readiness score of 62.7%.

#15: Olentangy High School, Lewis Center, Ohio. Gold-ranked school with a 98% graduation rate and college readiness score of 61.8%.

#17: New Albany High School, New Albany, Ohio. Gold-ranked school with a 98% graduation rate and college readiness score of 61.6%.

#19: Upper Arlington High School, Upper Arlington, Ohio. Gold-ranked school with a 98% graduation rate and college readiness score of 57.9%.

Please keep in mind that this list is the opinion of U.S. News & World Report, which uses criteria and methodologies that differ from other “best schools” lists and websites. Plus, there are other Central Ohio schools that have achieved Gold, Silver or Bronze rankings that did not place in the state’s top 20, but still rank very highly! Click here for all Ohio high schools ranked in the U.S. News study.

One more thing… it is always the parents of a child that have the most impact on their positive development, from before birth, to adulthood!

Ready to learn more about Metro Columbus communities? Let us be your guide! Our local expertise and exclusive buyer representation is your advantage!

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.

Andrew Show
Broker, CEBA-M, CNE, 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

The post 8 Metro Columbus High Schools Make Ohio Top 20 appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

“Quarterly Market Statistics – 1st Quarter – 2018

RealSupport — Tue, 15 May 2018 16:25:56 +0000

Untitled Document

Below you’ll find market statistics separated by school district, as well as last quarter’s closed sales and median sales price graphs.

Bexley	Pickerington (Corp.)
Columbus CSD	Reynoldsburg CSD
Dublin CSD	South-Western CSD (Grove City)
Gahanna Jefferson CSD	Sunbury (Corp.)
Grandview Heights (Corp.)	Upper Arlington CSD
Hilliard CSD	Westerville CSD
New Albany Plain LSD	Whitehall (Corp.)
Olentangy LSD	Worthington CSD

For the Entire Columbus MLS, in March, there were 2,381 homes that closed with a median sales price of $185,000.

For the Entire Columbus MLS, in February, there were 1,681 homes that closed with a median sales price of $177,000.

For the Entire Columbus MLS, in January, there were 1,635 homes that closed with a median sales price of $172,500.

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
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
www.BuyersHome.com

Connect With Me:
Facebook
Twitter

Information provided by ColumbusRealtors.com

The post “Quarterly Market Statistics – 1st Quarter – 2018 appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Metro Columbus Job Growth Reflects Economic Strengths

RealSupport — Sat, 10 Feb 2018 05:21:15 +0000

The Metro Columbus real estate market is driven by employment, and employment is driven by our economic climate. Here are some reasons why the economic forecast is “sunny” for Central Ohio!

In our prior blog post, we discussed Metro Columbus population growth, which places our area only second to Chicago in population size. We are the fastest-growing metro in the Midwest! And since 2010, Metro Columbus has lead the Midwest in employment growth and Gross Domestic Product (GDP.)

In fact, Metro Columbus in on track for the best decade of economic growth in its history. From January 2010 through November 2017, seasonally-adjusted net employment increased by 144,599 jobs. At the current pace, an estimated 184,000 jobs will be created by 2020.

Incomes are also on the rise. From 2010 through 2016, personal per capita income increased by 24.4%, and is projected to reach 40% by the year 2020. During the first six months of 2017 alone, regional wages grew by 4.7%.

A core element of our economic strength is our diversity of industry. Columbus is home to 14 Fortune 1000 companies, and 5 Fortune 500 companies. The largest private-sector employers in Metro Columbus include notable companies like JPMorgan Chase, Nationwide, Honda of America, Cardinal Health, Amazon, L Brands and Verizon, just to name a few!

In August 2017, Facebook announced it would build and operate a 900,000 square-foot, $750 million data center in New Albany, bringing 100 new jobs to the community. Metro Columbus is also among the final 20 cities under consideration for Amazon’s second headquarters, making the final round cut from 238 contenders!

The progress of our economy continues to draw new residents, who add momentum to our dynamic growth. If you are considering relocating to Metro Columbus, let Buyer’s Resource Realty Services be your guide! Our exclusive buyer representation, along with our depth of local experience in the Metro Columbus market, will be your advantage!

The post Metro Columbus Job Growth Reflects Economic Strengths appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Named Hottest “Hipster” Real Estate Market

RealSupport — Fri, 13 Oct 2017 03:47:17 +0000

A new study by Yelp and Realtor.com named Columbus’s 43202 zip code as the “Hottest Hipster Market in America.” This designation is based on an unusual combination of factors:

Yelp reviews for local independent businesses
Number of online page views for homes for sale
Proximity to theaters, museums, art and entertainment venues

In case you’re unfamiliar with the term, a “hipster” is a person who is “unusually aware of, and interested in, new and unconventional patterns.” In other words, hipsters dig eclectic music and contemporary design, and are front-runners in culture, fashion and cuisine. They frequent independent coffee shops, boutiques, craft beer pubs and farm-to-table restaurants.

When you combine a “hipster” with a house flipper, you get a “flipster.” According to Columbus Business First and the Los Angeles Times, Millennial real estate investors are finding success by purchasing older properties and updating them to reflect their own Generation Y tastes. Then, they sell the updated homes to like-minded hipsters who can appreciate the coolness.

The features of a “flipster” home include horizontal lines, which may be used in yard fencing and interior accents. Interiors are modern and stylish, with light-colored walls and natural wood elements. Smart-home features such as app-controlled thermostats and lighting are usually present.

By giving older homes fresh appeal, flipsters are helping attract young adults to established Columbus neighborhoods. This contributes to the economic vitality of our communities and helps draw additional investment to the area.

It should be remembered that location and local amenities have much to do with how “hip” any home might be! Home buyers who are looking for trendy neighborhoods in Central Ohio have numerous communities to choose from. Let us be your guide!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

The post Columbus Named Hottest “Hipster” Real Estate Market appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Why Millennials Become Homeowners in Metro Columbus

RealSupport — Wed, 20 Sep 2017 20:10:49 +0000

If you’ve heard rumors that millennials are uninterested in becoming homeowners in the Metro Columbus area, don’t believe them! Millennials make up the biggest group of first-time buyers, and they believe homeownership is an integral part of the American Dream! As your Exclusive Buyer’s Agency, we are here to fill you in on why millennials choose to buy.

The 2017 State of the American Dream report found that more millennials believe homeownership is part of the American Dream than baby boomers! Millennials are 77 percent more likely than baby boomers to see a home primarily as a way to build wealth, and they are 29 percent more likely to see a home as an achievement that reflects hard work.

Millennials are portrayed as fickle and transient, but the report found that they are seeking the stability of homeownership even more than their parents. Two-thirds of millennial renters view homeownership as part of the American Dream.

Why does this group of young Americans want to own their own home? Aside from building wealth, here are the top five reasons, according to NerdWallet’s Millennials & Homebuying Study:

1. They want control over their living space. A whopping 93 percent of young renters want to own so they can paint and renovate however they wish. They also want the freedom to grow their family or own pets and to have the space for doing so.

2. They want a sense of privacy and security. These go hand-in-hand in homeownership, and 90 percent of millennials want this from homeownership. When you own, you have more control over who has access to your space and how you choose to secure it.

3. They want to live in a nicer home. With rent prices skyrocketing, many young renters are living in outdated spaces to save money. This is why 81 percent of millennials want to live in a nicer space, which they can do by renovating or by buying a home that is newer and upgraded.

4. They want to feel engaged in their community. Owning a home in a community can make you more involved, as 75 percent of millennials reported. When you stay put and get to know your neighbors, and when your home value depends partly on your surroundings, you care more!

5. They want to have flexibility in future decisions. Owning a home is like forced savings, which gives your future more options. This is why 53 percent of millennials find it important to have financial options for the future in case of unforeseen circumstances.

As you can see, there are plenty of great reasons why owning a Metro Columbus home is the way to go!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

The post Why Millennials Become Homeowners in Metro Columbus appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Why to Buy a Central Ohio Home This Fall

RealSupport — Wed, 13 Sep 2017 17:12:20 +0000

If you are considering a Central Ohio home purchase, this fall is the time to buy! As your Exclusive Buyer’s Agency, allow us to explain why you may want to buy now rather than waiting.

Home Prices – CoreLogic’s latest Home Price Index shows that home prices have increased 6.7 percent over the last 10 months and are expected to continue increasing at a rate of 5.0 percent over the next year. This means that the sooner you buy a Central Ohio home, the more you could save.

Mortgage Rates – Same is true of mortgage rates! Freddie Mac’s Primary Mortgage Market Survey shows that while mortgage interest rates have remained around 4 percent for a while now, most experts predict that they will increase over the next 12 months. No one knows for sure when rates will go up, but if you buy now, you know you’re historically getting a low rate!

Mortgage – If you’re renting right now, you’re still paying a mortgage. You’re paying your landlord’s mortgage! However, when you purchase a Central Ohio home, you’re paying your own mortgage, and investing in your future. With rent, you never see that money again. With homeownership, you can someday sell and get most, all or more of that money back! It’s like forced savings.

Freedom – Many people become homeowners not only for the financial benefits, but also for the freedom of decorating their home as they see fit! This means that you can paint and design the home however you wish. You can have pets, you can have a yard, and you can get involved with the community, knowing that you’ll be around to grow roots. There are many perks!

Time – If you are thinking about buying a home, it’s because you’re ready to move on with your life. Do you want to grow a family? Do you want the freedom to design and decorate as you wish? Do you want to be closer to work, or to family and friends? Why wait? The sooner you buy, the more you could save, and you deserve to accomplish this milestone!

When ready to buy a Central Ohio home this fall, contact us. Pretty soon, we will be in holiday season, and your schedule may become hectic. This time before the holidays is the perfect time to get started.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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