buying a home in Columbus Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Homes See Higher Summer Prices, Faster Sales

RealSupport — Fri, 04 Sep 2020 07:11:54 +0000

Home sales in the Columbus Metro started out strong this spring and gained momentum through the summer. The latest home sale statistics from Columbus Realtors© show July 2020 transaction volumes up 6.1% over July 2019.

The unwavering demand for Central Ohio homes pushed price increases into the double digits. Average home prices in July increased 10.4% on a year-over-year basis, reaching $278,044. Calculated by median, home prices increased 11.4% year-over-year.

Despite higher prices, sales have been swift. Homes priced below $350,000 spent an average of 20 days on market. In the price range of $350,000 to $500,000, homes spent an average of 33 days on market. Back in May, these price ranges had days-on-market of 24 and 37, respectively.

While the Columbus Metro real estate market has been “hot” for some time, this summer brought a new first. During July, the average home sale price exceeded the average listing price. In other words, it became common for homes to sell for more than the asking price. This phenomenon was once was an exception, but it has practically become the norm.

Still, Columbus home buyers should not make blind decisions or rush judgments. Home inventory, while still constrained, is improving. And being the highest offer can mean offering $1,000 over the asking price, instead of $10,000. As our Buyer-Client, you’ll get expert home buying guidance to help you succeed, without breaking the bank!

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!

Andrew Show
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

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Columbus Area Housing Market Among Healthiest in U.S.

RealSupport — Wed, 18 Sep 2019 01:50:45 +0000

Columbus real estate has bubbled up on another media list! A report by SmartAsset, a financial technology company, named the Columbus area real estate market as one of the healthiest in the country, placing it #86 nationally and #2 in Ohio.

What exactly is a “healthy” real estate market? In the case of the SmartAsset analysis, a healthy real estate market has these four elements: sales price stability, low risk of future depreciation in values, ease of home sales and home affordability.

According to the study, Columbus Metro homes spend an average of 36.9 days on market. Home prices have been climbing on a year-over-year basis, but not at an unsustainable pace. Only about 9% of homes on the market have seen declining values, and 11.7% have negative equity. Meanwhile, the costs of owning a Columbus home are within reach of median incomes.

Statistically, the market is healthy for home sellers. But for Columbus home buyers, the market can be a challenge to break into! A lack of entry-level home inventory has made first-time home ownership a more expensive endeavor in recent years. There are still opportunities in the market, but the fast pace of home sales can be daunting for unprepared buyers.

To have a healthy home buying experience, become a Buyer-Client of Buyer’s Resource Realty Services!

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.

Andrew Show
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

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First-Time Home Buyer Survey Shows Common Regrets

RealSupport — Thu, 07 Mar 2019 02:18:32 +0000

Buyer’s remorse can affect any home buyer. This was shown in a 2018 survey conducted by Porch.com, which sampled three generations about their first-time home buyer regrets.

Before we go further, it should be noted that about half of the 1,000 first-time buyers surveyed were “mostly satisfied” with their first home. One must keep in mind that home buying dollars stretch further in some areas than others. High-cost markets can make it difficult for first-time buyers to buy the type of home they would prefer.

Here’s the percentage of “mostly satisfied” buyers by generation:

Boomers: 47%
Gen-X: 53%
Millennials: 49%

Those who were disappointed by their first home said their top regret was “buying too small of a home.” Surprisingly, the Baby Boomer generation held the most dissatisfaction with their square footage, with 22% of them rating home size as their main complaint.

Generation-X and Millennials also cited buying too small of a home as their prime complaint, at 20% and 15%, respectively.

Overall, most buyer regrets involved being under-prepared for the costs of home buying and home ownership. Among all cohorts, “not saving enough money before buying a home” and “underestimating home buying costs” ranked in the top three regrets.

These first-time buyers also expressed surprise with immediate out-of-pocket expenses. On average, the surveyed buyers reported exceeding their budget by $3,615 during their first year of ownership. Most of the money went towards items like new appliances, new heating and air conditioning systems, roof repairs and landscaping.

48% of all surveyed first-time buyers said they did not have enough money put aside for their first year of ownership.

What this survey does not tell us, is what kind of home buyer representation these first-time buyers obtained, but we can take a guess! Typical real estate agents represent the home seller, even if they “work with buyers” or are so-called “buyer agents.” If agents or their brokerages represent home sellers, or list homes for sale, they are dual agents; essentially, transaction handlers who cannot give specific advice. First-time buyers are especially vulnerable under the limitations of dual agency!

Discover the buyer protections offered by an Exclusive Buyer’s Broker! Start by downloading our free e-book, “How to Buy a Home like a Pro!” It’s yours without any strings attached.

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Columbus Stands Among Best Cities for First-Time Home Buyers

RealSupport — Thu, 28 Feb 2019 04:41:59 +0000

A new study by LendingTree places Columbus in the top ten cities for first-time home buyers, ranking us #7 out of 50 major metros. Here’s what the study says about Columbus home buying opportunities!

The study is based on LendingTree’s own opinions of what makes a city “friendly” to first-time buyers, backed by their own in-house statistics. The study evaluated mortgage types, down payments and consumer home buying power, using the following criteria:

Share of buyers using an FHA mortgage
Percentage of buyers with credit scores below 680
Average down payment amount/percentage
Housing Opportunity Index score

About 38% of Columbus home buyers used an FHA mortgage for their home purchase. While FHA mortgages are not limited to first-time home buyers, this loan type is more forgiving when it comes to less-than-perfect credit. Since Columbus also had one of the highest shares of mortgage applicants with credit scores under 680, this ratio isn’t surprising.

Despite some lower credit scores, the data set used in this study shows healthy down payments. Columbus home buyers averaged a down payment of 14% of the home purchase price, or computed another way, $34,400.

Columbus ranks highly in home affordability in this study. The Housing Opportunity Index measures the share of home sales that are affordable to households with median incomes. Columbus comes in at 74.7%, meaning that most home sale prices were in reach of local median incomes.

We must keep in mind that the LendingTree study only involves mortgage applications processed through their company. While the findings are encouraging, this isn’t a comprehensive view of Columbus market conditions. The biggest challenge facing Columbus first-time home buyers often involves finding homes for sale in their desired price range and neighborhood!

There are myriad pitfalls in the home buying process, and buyers who are under-represented are at a serious disadvantage. If you are a first-time Columbus home buyer, start by reading our free e-book, “How to Buy a Home like a Pro!” There’s no obligation, and you’ll obtain valuable advice about mortgage financing, the home buying process, how to handle condition issues, and more! Click here to download your free copy of “How to Buy a Home like a Pro” today.

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As Columbus Home Inventory Tightens Up, Buyers Should Buckle Down

RealSupport — Sat, 24 Feb 2018 00:38:20 +0000

If you’re planning to buy a Columbus home this year, you’ll probably have some competition! Here’s a look at the latest home inventory figures from Columbus Business First, along with some advice from all of us at Buyer’s Resource Realty Services!

We’ll start with the silver lining. Out of the 7,519 homes sold in the fourth quarter of 2017, only 361 of them were foreclosure sales. Distressed home sales at the end of 2017 represented only 5.3% of inventory, down from 8.9% in 2016.

Distressed inventories were abnormally high for years following the Great Recession, but are steadily closing in on historical norms. This benefits home values, but it means home buying bargains will be harder to find!

Looking at the market as a whole, January 2018 home inventory is down 21.2% from a year ago. Homes spent an average of 44 days on market, compared to 50 days in January 2017. Average home prices pressed higher, increasing by 5.8% to $205,779.

Fear not, the sky isn’t falling for Columbus home buyers! Remember that statistics never tell the whole story, since they are driven by Multiple Listing Service data. In short, if a listing agent isn’t involved, the property is “off the books” of the MLS. This means that homes For Sale by Owner, and new construction for sale by builders, isn’t included in the inventory figures.

And while some homeowners may not be in a hurry to sell today, there are many reasons a home can end up on the market. Here’s just some of them:

Income loss or other personal hardship
Death of homeowner – estate sale
Job transfer
Military transfer
Divorce
Changes in household formation
Retirement/downsizing
Moving closer to family

Listing agents would have you believe that profit is the sole motivation behind a home sale! It isn’t. Certainly, home sellers want to make profit whenever possible, but life changes are often the real impetus behind a sale.

Some homeowners may be feeling held back, despite the market conditions. Some may remain upside-down in equity, if they purchased at the peak of the market and were over-leveraged. Others may have purchased at an advantageous price and have an enviable interest rate, making for a low housing payment they couldn’t duplicate today.

All that aside, the Columbus real estate market is always changing, and every community has market conditions that vary by neighborhood, and even street by street. If you’ve been conducting online home searches on your own, you may never be able to “catch up!”

Plus, you are unlikely to find the FSBO and builder homes for sale that we can locate for you, and show to you! Because we only represent Buyer-Clients, and don’t harass these sellers to market their listing, they welcome us with open arms.

And because we have broker-level access to the Columbus Regional Multiple Listing Service, we can conduct a more through, effective home search than the public. This can save you time and an enormous amount of frustration, because we can find information that isn’t available to the public – such as adverse conditions, contract status, and price change history.

If you are serious about buying a Columbus home, begin by becoming our Buyer-Client! We will help you with your home search, and provide you with fiduciary representation throughout the home buying process. This protects you from over-paying for a home, and from contractual missteps and pitfalls.

Andrew Show
Broker, CEBA-M, CNE, 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

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Prices Rise for New Construction Homes in Central Ohio

RealSupport — Wed, 10 May 2017 13:31:33 +0000

Central Ohio home builders see plenty of opportunity in today’s housing market. Home demand is high, home prices are rising, and mortgage interest rates are still low. But while market conditions are in their favor, home builders are finding it difficult to meet demand in affordable price ranges.

Here are some examples why from the Columbus Dispatch, along with advice from our own experience!

Land costs are rising. Five years ago, the average cost for a Central Ohio lot was $65,000. In 2016, the average cost for a lot increased to $83,000. Builders say that restrictive zoning is part of the problem.

Labor costs are rising. The construction industry lost thousands of skilled laborers during the Great Recession, and many of them haven’t returned to the career. Nor are young adults flocking to the trade. Labor wages have increased, but there’s only so high a home can be priced to cover them.

High-end materials are in demand. Builders say that today’s buyers expect high-end touches like granite countertops, hardwood flooring and stainless steel appliances. These add expense.

Other costs of doing business are rising. Fees, permits, utility costs and insurance costs have marched steadily upward.

Consequently, the average price of a new construction home in Central Ohio reached $334,000 in 2016. Meanwhile, new homes accounted for just 7.9% of all Central Ohio home sales during the same year. In the pre-recession boom years, new homes accounted for about 25% of all home sales. It isn’t that new homes aren’t selling these days; builders have been producing fewer homes.

These are just some of the reasons why new home construction won’t be a solution to lean home inventories by itself. And with prices rising, newly-built homes could be out of reach for many first-time buyers.

If you are interested in buying new construction, be sure to contact us first and have the representation of Buyer’s Resource Realty Services! We will negotiate lot selection, price and upgrades on your behalf, and protect you with contingencies that allow for two independent home inspections. And because new homes are not without defect, we ensure your purchase contract covers remedies and repairs.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
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

The post Prices Rise for New Construction Homes in Central Ohio appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Find Holiday Fun in Columbus, Ohio!

RealSupport — Wed, 27 Nov 2013 09:31:00 +0000

The holidays are a wonderful time of the year in the Columbus area, with plenty to see and do! Experience the holidays in Columbus with these special events!

Columbus Commons Holiday Fair

December 6 & 7, 4:00 p.m. to 9:00 p.m. Columbus welcomes the holidays with an extravaganza of lights, music and fireworks! Plenty of activities for the kids. Food and beverages will be available for purchase. Admission is free to the public. Children’s rides require a $5 wristband for unlimited rides.

Dickens of a Christmas – Ohio Village, Columbus

December 13, 14, 20, 21, 6:00 p.m. to 9:00 p.m. December 22, noon to 5:00 p.m. Travel back in time for the splendor of a Victorian-era Christmas at the historic Ohio Village. Enjoy 19th-century decorations, crafts, cooking decorations and fashions inspired by Charles Dickens’ classic vision of the season. Admission is $12 for adults, $9 for children. This is an indoor/outdoor tour, dress for the weather!

Wildlights – Columbus Zoo

November 22 through January 4, light display from 5:00 p.m. until 9:00 p.m. What’s better than a day at the Columbus Zoo? A night at the zoo with over 3 million LED lights! Celebrate the 25th anniversary of Wildlights with an animated musical light show, live reindeer, special guests from the North Pole, and more. Admission cost varies by age and group size; see admission rates on the website.

Holiday Carriage Rides – Easton Town Center, North District

Weekends, November 22 through December 22. Fridays and Saturdays 6:00 p.m. to 10:00 p.m., Sundays 3:00 p.m. to 7:00 p.m. Take in the sights and sounds of the season with an elegant horse-drawn carriage ride. Relax and unwind as you experience the city at a slower pace. Rides begin on Gramercy Street outside of Eddie Bauer. $10 per person; children under 15 are free when riding with a paying adult.

Holiday Pops – Columbus Symphony

December 6 through 8, performances at 8:00 p.m., Sunday performance 3:00 p.m. The Columbus Symphony and Chorus combine their musical gifts to present a spirited celebration of popular holiday songs. Guest star: Santa Claus! Ticket prices vary according to seat selection, see the website for details.

Dreaming of a Columbus Home for the Holidays?

If you’re dreaming of buying a new home, stop dreaming and start planning! Start with our free e-book and help yourself to a wealth of home buying information. Browse homes for sale on our website. Most of all, give yourself the advantage of having an Exclusive Buyer’s Broker on your side!

When it’s time to buy a home, let us help you! Contact us for expert home buying guidance. We are with you every step of the way…all the way home!

Wishing you all the best this holiday season,

Andrew Show
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

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Exclusive Buyer’s Brokers Needed More in Columbus Real Estate

RealSupport — Sat, 09 Nov 2013 01:04:05 +0000

The internet, more than ever before, is helping homebuyers find the homes they ultimately purchase. On our own Buyer’s Resource Realty Services website, www.BuyersHome.com homebuyers can sign up for a free 28 page eBook, “Tips and Traps When Buying A Home” and view listings in “real time” (not outdated “scraped” or “syndicated” stale data) info like other national sites), research Columbus area communities, and learn why an Exclusive Buyer’s Broker is always the superior choice BEFORE you actually look at homes!

So with the wealth of information, why are so many homebuyers turning to us? The amount of information available online can be overwhelming, and taking all the online data and distilling it down to be understandable and interpret the results to get you the best price and terms as you find the RIGHT home is critical.

Ready to begin your journey to homeownership? You can start your home search for properties in metro Columbus here on our website and contact your Exclusive Buyer’s Broker to set those plans in motion. Get started today— the Fall and Winter time is a fantastic time to get even better values! Contact Buyer’s Resource Realty Services and remember, we’re with you every step of the way… all the way home!

Andrew Show
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

www.BuyersHome.com
Connect With Me:
Facebook
Twitter

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The Real Columbus, OH Real Estate Market

RealSupport — Fri, 01 Nov 2013 14:37:14 +0000

When it comes to the Columbus metro area real estate market, take it from us, your Exclusive Buyer’s Broker. The way real estate is portrayed on reality TV shows is not always the truth that happens in local markets, especially ours! This interesting infographic from KCM breaks it down, facts versus myths, based on what is shown on TV and how the process goes with buying homes in Columbus, OH.

Take a look at some of the important de-bunked myths here:

Buyers DO NOT Only Look at Three Homes
Often in real estate reality TV, it seems the homebuyers only look at three homes or less before making a decision. That is not the case. In fact, limiting yourself to that few of homes before deciding to buy a home in Columbus is not in your best interests. You’ll want to explore the many metro Columbus homes for sale that fit your criteria on the private custom website we build for you and look at all of the options online first. before deciding which is the best pick for you and your family.

The Homebuying Process DOES NOT Take One Day
Reality TV shows based on real estate are not able to show the entire homebuying process. They often choose homebuyers who are further along in the process in order to simply it for viewers. While the real estate process is not always a difficult one, it will take longer than the few hours it seems to on TV. You can be assured your Exclusive Buyer’s Broker will make the process as simple and efficient as possible for your situation.

Buyers SHOULD NOT Only Consider the Purchase Price
Homebuyers should take into account other elements of the sale like taxes, utilities, necessary repairs, and insurance in addition to the purchase price of the home. Homebuyers on reality TV shows tend to bypass these factors— but when factored into the sale of the Columbus area home, you will be better prepared to take on homeownership when you’ve covered all of the bases.

Your Exclusive Buyer’s Broker has all of the details you need to complete a successful home sale. Need more facts about homebuying in the Columbus metro area? Contact Buyer’s Resource Realty today to start off in the right direction.

Remember: we’re with you every step of the way… all the way home!

Andrew Show
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

www.BuyersHome.com
Connect With Me:
Facebook
Twitter

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September Columbus OH Real Estate Market Stats

RealSupport — Thu, 24 Oct 2013 03:40:25 +0000

Below you’ll find market statistics separated by school district, as well as last quarter’s closed sales and median sales price graphs.

Bexley	Pickerington (Corp.)
Columbus CSD	Reynoldsburg CSD
Dublin CSD	South-Western CSD (Grove City)
Gahanna Jefferson CSD	Sunbury (Corp.)
Grandview Heights (Corp.)	Upper Arlington CSD
Hilliard CSD	Westerville CSD
New Albany Plain LSD	Whitehall (Corp.)
Olentangy LSD	Worthington CSD

For the Entire Columbus MLS, in September, there were 2,226 homes that closed with a median sales price of $147,000.

Last month’s market stats should help you get an idea of the activity in our area. Ready to start looking for Columbus real estate or beginning the search for homes for sale in the Columbus metro area? Contact us today for a free consultation or download our FREE e-book!

Remember: we’re with you every step of the way… all the way home!

Andrew Show
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

www.BuyersHome.com
Connect With Me:
Facebook
Twitter

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