Columbus home buyers have proven resilient against anything 2020 can throw at them, according to the latest market data reported by Columbus Business First. The number of homes under contract increased by 17% on a month-over-month basis from May to June. Ultra-low mortgage rates and limited home inventory keeps home buyers motivated, even while the ranks of home sellers remain thin.
Columbus area home demand continues to push prices higher. Average home sale prices in June 2020 increased 4.1% over June 2019, reaching $272,020. Looking at the math another way, the median home sale price increased 5.7% to $241,000. “Median” means that half of the homes sold for more than $241,000, and half sold for less.
In Ohio and throughout the country, the resilience of the real estate market is a bright spot in an otherwise troubled economy. Most economists expect that the broader economy will stay on a recovery path as long as home buyers continue to show confidence. Home sellers have proven more reluctant to take their chances the market, perhaps due to pandemic concerns, economic caution or limited housing options.
Meanwhile, as mentioned in our prior blog post, Columbus area mortgage defaults have been creeping up. This does not signal a paradigm shift in the market, however. Unlike the market decline during the Great Recession, home prices today are steadily rising. These days, most homeowners have more “skin in the game” due to appreciation in home value, which incentivizes them to avoid foreclosure if possible.
Unless we see an abrupt glut of homes on the market, home buyers shouldn’t expect sudden bargains. Still, market conditions from one neighborhood to another will always vary, and Columbus home buyers should have their own exclusive representation for expert 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!
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