Inventory, Prices on the Rise for Columbus Home Buyers

The housing recovery has been categorized by low inventory for months, but may now finally be showing signs of improvement in the Columbus market. Inventories of homes for sale increased by 4 percent last month, although still remain lower than last year’s inventory levels according to a Realtor.com recent report.

Stronger Employment Fuels Buyer Interest
Home buyer interest has been strong in selected new listing inventory during the housing recovery, often spurring bidding wars as Columbus home buyers battle for the homes of their choice when they first appear on the market (of course how it’s actually priced is a huge factor too!). With the economy also returning to normal, steady job creation continues to fuel buyer interest and demand in the local real estate markets.

Credit Scores Returning to Normal
Credit score requirements are also scaling back, with the average credit score needed for a conventional mortgage at 720 and 660 for a government-backed FHA loan. After 2009, the average score needed for a home loan boosted to 770. Now with the low mortgage rates available, all signs point to a strong summer home buying season.

Low inventories often contribute to few home sales and bar Ohio home buyers from purchasing the homes of their choice. Yet now that inventory is on the rise and buyer demand remains as strong as ever, the housing recovery is set to experience even more home sales during the summer season.

Contact us and learn more about home buying in Central Ohio! Also, download our free e-book for immediate tips that you can use today.