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.

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
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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Central Ohio Housing Market Shows “Good Health”