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.
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!
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