First, the good news. Franklin County foreclosure filings dropped during October 2016, with 346 foreclosures cases filed. This is down from 356 foreclosure filings during October 2015. Altogether, Franklin County foreclosures have declined in three out of the last four months.

Yet total foreclosure filings are up this year, with 3,357 cases filed during 2016, compared with 2,961 filed during 2015. Most of the 2016 spike is attributed to a surge in filings from February through June.

Not all of these cases will result in a completed foreclosure. Some homeowners may yet resolve their mortgage delinquencies, or they might successfully complete a lender-approved foreclosure alternative.

However, foreclosure may be unavoidable for homeowners who lack the ability to work out a resolution with their lender. As we discussed in a prior blog post, about 8% of Franklin County homeowners are behind on their mortgage payments. While this is an improvement over the Great Recession, the default ratio remains higher than historic norms.

Homeowners who bought their homes at the pre-recession market peak, with little money down, still have a ways to go before they escape negative equity. This is why foreclosures will remain part of our market for the foreseeable future.

Today, distressed properties account for 6.8% of total home inventory in Central Ohio. Just two years ago, during the 4^th quarter of 2014, distressed properties accounted for about 19% of all new listings on the market. This is strong progress! The resilience of the Metro Columbus real estate market is a reflection of our vibrant economy and steady job growth.

Yet pockets of distressed properties remain. Home buyers should keep in mind that all real estate is local. Some neighborhoods may not have a single distressed property on the market; others could have several. The presence of a distressed property can soften the market value of other homes in the immediate area.

This can be frustrating to traditional home sellers who must deal with market comparisons that include distressed homes. However, the presence of nearby distressed property cannot be ignored; bank appraisals will certainly factor them in. And when you are buying a Central Ohio home, you must pay attention to local market conditions that could impact home value. We help our Buyer-Clients with this, by providing unbiased, up-to-date market comparisons and pricing guidance!

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!

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 Fewer Distressed Homes for Sale in Central Ohio appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Home prices increased as well, rising to an average sales price of $184,789, up 5.9% from a year ago.

Looking at the numbers another way, the median home price reached $153,000, a rise of 9.3% from last year. “Median” means that half of home sales were for more than $153,000, and half of home sales were for less.

While a good number of homes hit the market in January 2016, Central Ohio home inventory remained lower than the same period last year, shrinking by 2.5%.

Please keep in mind that these statistics do not include new construction sales conducted by home builders, or sale-by-owner transactions that occurred outside of the Multiple Listing Service.

Overall, Metro Columbus continues to see tight home supply, while home demand remains strong. If home sales were to continue on January’s pace, the existing home supply would be absorbed in about 2.2 months. This is the lowest home inventory index on record.

Another signal of home demand is the length of time homes spend on the market. In January, Central Ohio homes averaged 60 days on market, speeding up from 68 days a year ago.

Again, please keep in mind that Realtor statistics do not tell the complete story, since we have home inventory and home sales outside of the MLS system. Even so, 2016 is shaping up to be a very competitive year for Columbus home buyers.

Prepare yourself for home buying by becoming our Buyer-Client! We provide you with exclusive buyer representation at no additional cost to you. To see an example of how we make a difference, read this first-time buyer success story!

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!

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 Robust Start for 2016 Central Ohio Home Sales appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.