Metro Columbus real estate market conditions are varying widely, depending on the price range of the home. To give you some examples, we’re sharing highlights from a recent article in the Columbus Dispatch, along with our own insights!
Let’s begin by pointing out that all real estate is local. Each community, neighborhood and street can have unique market dynamics based on local supply and demand. This is why media headlines and broad statistics can be confusing, and often times misleading. You may use statistics as a general guideline, but turn to an Exclusive Buyer’s Broker for expert advice!
In fact, the “hot market” headlines have been frustrating to sellers of high-end homes, who are not enjoying the same buyer attention as sellers with homes priced under $300,000. Here’s a look at market activity in Central Ohio, and how it varies by price!
During the first six months of 2016, homes priced between $150,000 and $275,000 spent a median of 10 days on market before going under contract. “Median” means that half of the homes went under contract more quickly, and half of them took longer to sell.
Brisk market activity for homes priced under $300,000 has been the norm throughout much of Central Ohio, with areas such as Worthington, Westerville and Grandview Heights experiencing some of the fastest home sales.
Meanwhile, Central Ohio homes priced between $500,000 and $600,000 spent a median of 82 days on the market. Homes priced at $1 million or above spent a median of 100 days on market.
These time periods are not unreasonable when you consider the amount of home inventory in the upper price ranges. There is a six-month supply of homes priced from $500,000 to $750,000. This means that if no other homes came to market, it would take six months to sell all the homes in this price range, based on the current rate of sales.
When you look at the price bracket of $750,000 and above, home inventory stretches to over 12 months or more. Simply put, there aren’t as many qualified home buyers for properties priced at these levels, in comparison to the number of homes for sale.
This means that Columbus home buyers enjoy an advantageous position in the upper price ranges. However, buyers looking at homes priced at $300,000 or less, have fewer homes to choose from, and face more competition from other buyers.
Using the services of an Exclusive Buyer’s Broker is the best way to navigate the variety of market conditions we have in Central Ohio! Our Buyer-Clients enjoy an array of information and advice that is not offered by typical real estate brokerages.
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!
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