The price of a single-family home in the Columbus area has jumped 38% over the past four years, according to ATTOM data reported by Columbus Business First. Positive home price growth has stuck with Columbus for over a decade – and prices still have room to run!
This may come as a surprise to home buyers who expected a decline in Columbus home prices, due to higher interest rates, a softening national economy, or other market headwinds. But as detailed in our recent blogs, Central Ohio’s robust housing demand is supported by multiple fronts, including investor purchases, regional job growth, population growth and attractive amenities. It may take years for new home construction to catch up.
Meanwhile, current home owners who have low-rate mortgages have little incentive to pull up stakes and start over, given today’s higher home prices and interest rates.
Yet there are home owners capitalizing on their equity and selling for a profit. ATTOM sales data for the first quarter of 2023 shows that Columbus sellers held their property for an average of just 5.62 years. Since about 21% of all home purchases in Central Ohio this year have been all-cash deals, its likey some of those profits are being reinvested locally.
Is this a tough market for home buyers? Yes. But with expert information and guidance from an Exclusive Buyer’s Broker, you’ll be ready to succeed! You can learn home buying strategies right now with our free e-book, “How to Buy a Home like a Pro!”
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!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
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
