central Ohio homes Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Spring Market Update for Central Ohio Home Buyers

RealSupport — Tue, 23 Apr 2024 23:08:43 +0000

Central Ohio home buyers have more choices this spring, according to the latest data from Columbus REALTORS©. The inventory of Central Ohio homes for sale stood at 2,754 units during March 2024, an increase of 18.6% compared to March 2023. Inventory stood at 1.2 months of supply, which is about 2 weeks longer than last year.

Sales activity remains brisk. Central Ohio homes spent about 33 days on market before going under contract. Strong home demand moved prices higher on a year-over-year basis, with the average home sale price increasing 8.2% during March 2024, reaching $355,882.

Statistically, sellers are receiving 98.5% of their original list price. There have been some price adjustments, and in those cases, sellers received 100% of their last list price. The price corrections are modest and very localized, but it is a sign that home buyers are avoiding over-priced properties.

Meanwhile, mortgage rates are trending higher. As of April 18, the average rate for a 30-year fixed-rate Conventional mortgage was 7.10%. Rates above 7% may sideline some buyers, but well-qualified home buyers should not be discouraged. Mortgages can be refinanced, but the supply of Central Ohio homes for sale is limited!

Before you begin your home buying journey, give yourself the advantage of expert insights and strategies! Read our free e-book, “How to Buy a Home like a Pro!” There is no obligation, and the wealth of knowledge is yours to keep.

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!

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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Are Central Ohio Homes Still Affordable?

RealSupport — Tue, 18 Jul 2023 08:35:17 +0000

The Central Ohio real estate market set a new median high for home prices during May 2023, reaching $320,000. According to Ohio REALTORS©, this is the highest median home price posted during any month on record.

Central Ohio home buyers are feeling a double squeeze of higher home prices and higher mortgage interest rates. As of June 28, 2023, the average interest rate for a 30-year fixed rate mortgage was 6.71%, a full percent higher than the same period a year ago. So far, home demand in Central Ohio has not suffered from these increased costs, but not all home buyers are able to keep up.

A recent report from ATTOM Data shows that home affordability worsened nationwide during 2023. The portion of wages a typical home buyer must dedicate to a mortgage payment currently averages 33%. Ideally, mortgage lenders like to see a front-end debt-to-income ratio of 28%. ATTOM’s study included median home prices in 574 U.S. counties, and among those, 565 were deemed less affordable than they were in 2022.

Central Ohio homes are still generally considered affordable, especially compared to home prices in other major metros. ATTOM reports that Franklin County home buyers spend about 29.1% of their annualized income on a mortgage, based upon local median wages. On the index of home affordability, with 100 being historically affordable, ATTOM ranks Franklin County at 67. Central Ohio is not the most affordable housing market in the nation, but we are far from being the worst.

The question facing home buyers is where Central Ohio home prices and mortgage interest rates go from here. Odds are, both may increase in cost in the weeks ahead. A well-prepared home buying budget plan, along with a current mortgage pre-approval letter, should be in hand before entering the market – with an Exclusive Buyer’s Broker at your side!

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Central Ohio Housing Market Shows “Good Health”

RealSupport — Fri, 19 Jan 2018 11:58:56 +0000

Home prices in Central Ohio are in line with the economic strength of the area, according to a report by Nationwide Insurance, published in Columbus Business First. The “Health of Housing Markets Report” examines the real estate conditions of 400 metropolitan statistical areas in the U.S., with a focus on home affordability.

In the report, Central Ohio home prices scored a “+1” rank out of a positive scale of 1 to 4. This basically means buyers are getting their money’s worth for the prevailing market conditions, but home prices are not a bargain. The report deems that our home prices are in line with the economic strengths driving demand, such as job opportunities and wage growth.

We took things a step further, and looked at the mortgage delinquency rates recently reported by the Ohio Bankers League. They show that 90-day residential mortgage delinquencies, or late payments, are currently at 1.2% statewide. This ratio stands near the current national average of 1.1%. To sum it up, there aren’t any signs of broad economic distress. (Some small level of mortgage default is normal in any economy, due to individual hardships and unforeseen events.)

While the foundation of the Central Ohio real estate market is currently solid, buyers should not blindly accept a home’s listing price! Every Metro Columbus community has its own market conditions, which vary by neighborhood, and even street-by-street! We provide our Buyer-Clients with relevant, hyper-local comparisons to help them make intelligent, compelling offers.

Home condition also plays a significant role in the market value of the property. Sellers are often quick to downplay a home’s flaws, or under-estimate the costs of their repair. This is true even in the case of new construction!

We protect our Buyer-Clients from over-paying for any home with buyer-centric contracts and contingencies that protect their interests – and their wallet! You can find out how we do this by downloading our free e-book, “How to Buy a Home like a Pro!” There is no charge, and no obligation.

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
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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Where is the Central Ohio Home Inventory?

RealSupport — Thu, 23 Feb 2017 20:45:07 +0000

Central Ohio home buyers have been out in force in recent weeks, many of them motivated by rising interest rates and a sense of urgency. Columbus Business First reports that home inventory during January 2017 was 2.2% lower than the same period a year ago.

Despite this, home sales have been robust. January 2017 home sales volumes were 1.3% higher than January 2016. Overall, 4.4% more homes went under contract during January 2017 compared to January 2016. Home sales also enjoyed a brisk pace, with homes averaging 50 days on market, representing a 10-day decline from a year ago.

Of course, the real estate industry news omits home sales that occur outside of the Columbus Regional Multiple Listing Service; namely, homes For Sale by Owner (FSBO) and homes for sale directly by home builders. In essence, any home sale that doesn’t involve a typical listing agent isn’t counted!

This means that home inventory is always a bit larger than what statistics reveal. In our own recent review of FSBO and home builder offerings in Central Ohio, we found several hundred properties available outside of the MLS! These are homes that we can show you when you become a Buyer-Client of Buyer’s Resource Realty Services!

And because we only represent home buyers, FSBO-sellers and home builders are happy to talk to us. This means you receive the benefits of our fiduciary representation, with no conflict of interests, and no extra costs!

Another reason for lean home inventory is the growing practice of “pocket listings” by seller agencies. Sometimes these are private listings withheld from the MLS by request of the home seller, who wishes to maintain confidentiality. But more often than not, pocket listings are becoming a way for agents to double-dip commissions while providing virtually no marketing to the home seller.

It works like this. The agent gets a signed listing contract, and before it’s published to the MLS, the agent announces it to other agents in the same brokerage, who may have anxious, pressured buyers. This “coming soon” announcement or “broker preview” can result in offers coming in before the property is officially on the market!

This is great for the brokerage, because they get both sides of the sales commission without having to share any of it with an outside agency. And, they collect it without spending a dime on all the marketing they promised the seller! Imagine a 6% commission for two days word-of-mouth “work!”

This is a tremendous disservice to both home sellers and home buyers. Home sellers would enjoy more offers, and likely higher offers, if the home was publically marketed to a wider pool of buyers! Selling agents aren’t too concerned about this, because the fast turnover means less work for them, less expense, higher commission income, and look-how-fast-it-sold statistics.

Because there’s no official tracking of “pocket listings” it’s impossible to say just how rampant this practice is, or how much it may be affecting home inventory numbers, home sale prices and therefore appraisal values. Dual-agency brokerages who are benefiting by in-house sales and double-dip commissions have no incentive to provide transparency on the matter.

Taken from their own words, the National Association of Realtors® doesn’t define what constitutes a pocket listing, nor do they have an official policy regarding the practice. This is just another reason why Exclusive Buyer Brokers are needed to protect buyers’ best interests throughout the home search and home buying process!

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

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2016 Robust Year for Central Ohio Home Sales

RealSupport — Thu, 26 Jan 2017 16:00:38 +0000

Central Ohio home buyers had a busy year in 2016! According to recent articles in Columbus Business First, Franklin County saw a post-recession record in property transactions last year, with 23,290 home sales completed. This is a gain of 12% from 2015.

Franklin County’s median home price increased to $166,669 during 2016, up from $157,625 in 2015. “Median” means that half of the homes sold for more than this amount, and half of them sold for less.

Looking at things regionally, Central Ohio saw 31,532 home sales during 2016, which is a respectable gain of 6.8% from 2015. The regional median home sale price reached $170,000, while the average home sale price reached a high of $202,224. Altogether, Central Ohio home prices were up approximately 6% from 2015.

Not surprisingly, Central Ohio homes sold at a brisk pace throughout 2016. Homes spent an average of 43 days on the market before going under contract. Homes priced between $120,001 and $160,000 sold the quickest, averaging only 32 days on market. Homes priced between $160,001 and $250,000 spent only 33 days on market.

As always, please remember that statistics are a broad overview of market conditions, and do not take homes sold by builders or homes for-sale-by-owner into account.

As long as our regional economy remains healthy, we are likely to see similar market conditions through much of 2017. Home buyers who have their financing in order, and who are Buyer-Clients of an Exclusive Buyer’s Broker, can succeed no matter how “hot” the market might be!

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

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Top Ranked School Districts in Central Ohio

RealSupport — Thu, 29 Sep 2016 08:21:46 +0000

Each year, the Ohio Department of Education rates the performance of schools and districts according to six components: Achievement, Gap Closing, K-3 Literacy, Progress, Graduation Rate and Prepared for Success. Districts and schools receive an overall A through F grade for each category. The results are then published in a “report card” that summarizes the findings.

The methods of evaluation are not without contention. Findings have been criticized by some school officials, who say the process lacks consistency year to year.

Therefore, while we are sharing these top rankings as published in Columbus Business First, we encourage you to do your own research!

Granville Exempted Village

Component Grade: B
Performance Index: B
Indicators met: A

Olentangy Local School District

Component Grade: B
Performance Index: B
Indicators met: A

Grandview Heights Schools

Component Grade: B
Performance Index: B
Indicators met: A

Upper Arlington Schools

Component Grade: B
Performance Index: B
Indicators met: A

Dublin City Schools

Component Grade: B
Performance Index: B
Indicators met: B

Bexley City School District

Component Grade: B
Performance Index: B
Indicators met: B

New Albany/Plain Local Schools

Component Grade: B
Performance Index: B
Indicators Met: B

You can learn more about Central Ohio schools by looking at rankings on U.S. News & World Report, and by visiting GreatSchools.org.

Looking for information about Central Ohio homes and neighborhoods? We’re here to help you! 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.

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

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Columbus Area Community Spotlight: Powell and Lewis Center

RealSupport — Fri, 31 Oct 2014 21:35:42 +0000

Powell is a historic city located about 16 miles north of Columbus via OH-315, in southern Delaware County. The city is home to about 11,500 residents. The Powell area generally includes the City of Powell, as well as the adjoining Liberty and Orange townships.

Despite seeing rapid growth in the past 30 years, Powell retains its small-town charm. Residents of Powell place importance on supporting local merchants, and have worked to preserve green space, historic buildings, and the city’s indigenous characteristics.

Powell’s civic pride is one reason it was named in Money magazine’s “100 Best Places to Live” rankings in 2005, placing at #18. Powell offers amenities that exceed expectations for its size, such as a Parks & Recreation district with over 200 year-around recreational and educational programs. Residents enjoy 8 well-appointed parks spanning 85 acres, including a 17,000 square-foot skate park. Powell also has 13 miles of interconnected trails for bicycling and pedestrian use.

Downtown Powell is a picturesque image of yesteryear. Well-preserved historic homes and commercial buildings line the streets, with welcoming porches and old-fashioned street lamps. The central business district features independent merchants, restaurants, antique shops, and the Powell Village Winery. Another popular downtown destination is the Beehive Bread Company. While most businesses in Powell are locally-based, there is also a Kroger grocery.

If you’re looking for national retailers and chain stores, you don’t have to go far. The Lewis Center area along U.S. Route 23 is home to shopping centers and national brands. Lewis Center is located on the east side of the Olentangy River, and west of Alum Creek State Park.

If you’re looking for a “wild” time, The Columbus Zoo and Aquarium is just a few miles west of downtown Powell. You’re also not far from the Olentangy Indian Caverns, which are north of Powell, and just south of the City of Delaware.

Powell contains many desirable neighborhoods, including developments like The Retreat, The Chase, Loch Lomand, Chambers Glenn, Canterbury Estates, Golf Village, The Lakes of Silverleaf, Woods on Seldom Seen and Sherbourne Mews. Powell home prices range anywhere from the upper $100,000’s to well over one million dollars. There are many luxury homes to choose from, and each neighborhood offers its own amenities.

Public education in Powell is provided by the Olentangy Local School District, which is one of the largest school districts in Ohio. It is also one of the most desirable. It received an “Excellent” rating by the Ohio Department of Education, and was named as “Best School District” by a Columbus CEO magazine reader poll in 2014.

Olentangy Liberty High School, located in Powell, received a Gold ranking by U.S. News & World Report. Olentangy Liberty High School was also named as one of “America’s Most Challenging Schools” by the Washington Post.

Let us be your guide to Powell and Lewis Center! 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.

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

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Can You Buy Another Columbus Home After Experiencing Foreclosure or Bankruptcy?

RealSupport — Wed, 21 Nov 2012 20:49:27 +0000

In a word – YES. Let me tell you about the conditions. The Wall Street Journal recently talked about this, and I have thoughts to add on the matter.

Much depends on how long ago you experienced a foreclosure, short sale or bankruptcy filing. The type of mortgage you had before, along with the type of mortgage you are seeking today, has a bearing on the timelines.

Another critical factor is your track record post-foreclosure. If you’ve obtained new credit and handled it responsibly, you have a pretty good chance of owning a Columbus home again.

If you’re still in the process of recovering from a past event, keep the following tips in mind!

Chapter 13 Bankruptcy: You could be eligible for a new FHA mortgage in one to two years after the completion of your bankruptcy. FHA loans only require a 3.5% down payment, but your lender might look for more, depending on your current credit score and work history.

FHA foreclosure or short sale: FHA is more forgiving than most types of mortgages. Even if you had a foreclosure or short sale with them in the past, they’ll consider you again after a three-year waiting period. The biggest challenge for repeat home buyers is rebuilding a credit score to meet today’s underwriting requirements. Establishing new lines of credit and handling your payments like clockwork, while keeping your outstanding balances low, will help you accomplish this.

Freddie Mac/Fannie Mae: These 900-lb gorillas of the mortgage market are tougher on repeat home buyers. If they lost money on you before through a foreclosure or short sale, they will keep you in the “penalty box” for 7 years. These entities are dominant in the current mortgage market, and they have the memory of an elephant. But with good credit, and at least a 5% down payment and stable work history, you can be back in the game after enough time has passed.

As your Exclusive Buyer’s Broker in the Columbus area, I can refer you to reputable mortgage lenders who can look at your situation in detail, and give you advice on your mortgage eligibility.

Owning your own home in Central Ohio is far preferable to long-term renting, and by making your plans now, you’ll be ready to take advantage of new opportunities in the future! Whenever you have questions about buying a home in Columbus, OH or the surrounding area, feel welcome to contact me! I’ll be here to help you. In the meantime, download our free e-book , packed with home-buying pointers to get you started!

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