While home prices in Columbus are still rising, they are doing so at a slower pace than last year. The latest data from Columbus REALTORS© show the average price of a Franklin County home reaching $340,434 as of April 2023, a 2.5% increase from April 2022. This is a modest increase compared to the price gains of the prior year.
The slowing home price growth is attributed to rising mortgage interest rates, which averaged about 7% during April – nearly double from a year ago. Despite this, the pace of April home sales remained strong, averaging 24 days-on-market.
Home inventory remains low, and this keeps sellers in the driver’s seat. On average, homes are selling for about 1% more than the asking price.
In other words, the Central Ohio real estate market is still hot. It just isn’t as hot as it was last spring! This may be little comfort to home buyers, but it does, in fact, offer some potential relief. Modest increases in home prices are preferable to double-digit gains, if you’re a home buyer! And, it is likely we are nearing the end of interest rate hikes by the Federal Reserve. (Fingers crossed.)
Home buyers need to remain prepared for opportunities. You never know when the right home will become available at the right price – or when interest rates may fall. It is essential to keep your mortgage pre-approval current and stay in the market.
Another essential is to have the representation of an Exclusive Buyer’s Broker! We can show you any home on the market, including homes For Sale by Owner (FSBO), new construction for sale by home builders, and homes listed on the Columbus Regional MLS. And because we only represent buyers, and never sellers, we provide unbiased advice that you won’t find from typical agencies.
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!
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