Columbus home prices Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Area Home Prices Up 38% Since 2019

RealSupport — Tue, 23 May 2023 02:04:01 +0000

The price of a single-family home in the Columbus area has jumped 38% over the past four years, according to ATTOM data reported by Columbus Business First. Positive home price growth has stuck with Columbus for over a decade – and prices still have room to run!

This may come as a surprise to home buyers who expected a decline in Columbus home prices, due to higher interest rates, a softening national economy, or other market headwinds. But as detailed in our recent blogs, Central Ohio’s robust housing demand is supported by multiple fronts, including investor purchases, regional job growth, population growth and attractive amenities. It may take years for new home construction to catch up.

Meanwhile, current home owners who have low-rate mortgages have little incentive to pull up stakes and start over, given today’s higher home prices and interest rates.

Yet there are home owners capitalizing on their equity and selling for a profit. ATTOM sales data for the first quarter of 2023 shows that Columbus sellers held their property for an average of just 5.62 years. Since about 21% of all home purchases in Central Ohio this year have been all-cash deals, its likey some of those profits are being reinvested locally.

Is this a tough market for home buyers? Yes. But with expert information and guidance from an Exclusive Buyer’s Broker, you’ll be ready to succeed! You can learn home buying strategies right now with our free e-book, “How to Buy a Home like a Pro!”

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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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.

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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.

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.

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.

Columbus Named Among Top 10 “Hot” Real Estate Markets

RealSupport — Thu, 12 May 2016 00:34:40 +0000

Columbus area homes are in high demand, according to an analysis by Realtor.com. The analysis includes online home search activity, the inventory of homes for sale, and days-on-market for dozens of U.S. metros. Columbus placed #10 on the “hot” list, ranking ahead of Boston at #11, and just behind Ann Arbor in the state up North at #9!

Meanwhile, Central Ohio home inventory continues to hover at historic lows, while the pace of sales has accelerated. Home inventories are down 21% from a year ago.

Examining our home inventory in more detail, we see that the number of distressed properties have also been reduced. The Columbus Dispatch reports that foreclosures and short sales accounted for 13.8% of home sales during the first quarter of 2016. During the same period a year ago, distressed homes accounted for nearly 20% of sales. Four years ago it was half of all sales.

Not surprisingly, home prices continue to climb. As reported in the Dispatch, Metro Columbus home prices are averaging 7.2% higher than last year. Nationally, home sale prices increased by 6.3%, putting us ahead of the curve.

Industry analysts point to a stronger job market, pent-up demand, improved consumer confidence and low interest rates as home buying motivators. Additionally, real estate investors continue to be active home buyers, finding Columbus real estate more appealing than a tumultuous stock market or stagnant savings rate.

As always, please remember that home inventories in the Columbus Regional MLS do not include homes being sold by non-agents, such as home builders and For Sale by Owner properties. At Buyer’s Resource Realty Services, we can show you all homes on the market, no matter who is doing the selling!

Prepare for the market with our free e-book, “How to Buy a Home like a Pro” It’s yours without any obligation! When you become our Buyer-Client, you’ll receive our 125-page “Educated Buyer Notebook” that contains expert insights you won’t find anywhere else.

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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Metro Columbus Home Prices Post Early Gains in 2015

RealSupport — Wed, 25 Feb 2015 23:04:05 +0000

The Central Ohio housing market opened 2015 with rising home prices, according to the latest sales statistics from Columbus Realtors. In January, the average sales price for a Metro Columbus home was $175,692. This is an increase of 10.6% compared to the same period last year.

Please keep in mind that the “average” home priced is based on the total volume of sales, divided by the total number of homes sold. The median price of a Columbus home was $141,500 in January 2015. A “median” price means that half of the homes sold for more than this amount, and half of them sold for less.

When comparing median price trends, January 2015 home prices were up by nearly 12% from a year ago. Any way you slice it, prices are trending higher.

The statistical inventory of Columbus homes for sale also increased, with 4.8% more homes on the market in January 2015, than in January 2014. Ideally, an increase in home inventory will help temper price increases. The more balance we have in supply and demand, the more moderate the price increases should be.

An important point to remember about home inventory statistics, is that there are always more homes on the market than what Realtor statistics reveal. Put bluntly, not all homes are listed by a real estate agent, and home sales do occur without their involvement.

Homes that are for sale by owner, and for sale directly by home builders, “don’t count” in Realtor statistics. This is just one reason why industry statistics are a general guideline, but not an infallible metric.

Meanwhile, the industry’s 2015 spring market predictions are optimistic, pointing to improved economic conditions, low mortgage rates, and growing employment. We are bound to hear some real estate sales hype as we hit the market’s peak season. And while the market indicators look promising, Columbus home buyers need to remember that each home is unique, just as their own needs are unique.

No matter how exciting a headline may get, or how compelling statistics may sound, a home purchase is a big decision that requires careful deliberation. You must be armed with local market information, pre-approved financing, and professional representation by an Exclusive Buyer’s Broker.

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!

The post Metro Columbus Home Prices Post Early Gains in 2015 appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Are Columbus Home Prices a Budget-Buster for Buyers?

RealSupport — Wed, 24 Sep 2014 21:15:15 +0000

Columbus home prices continued to increase in August, while the inventory of homes for sale remained below normal, according to statistics by the Columbus Association of Realtors. The average Columbus home sale price was $194,879 in August, a 7.5% gain from August 2013.

The inventory of Central Ohio homes for sale is down 9.1% from a year ago. Until we see equilibrium between supply and demand, the pressure on home prices – and home buyers – will continue.

Please remember that real estate is very hyper-local. This means that home prices in a particular neighborhood, or even a particular price point in a specific school district, might be higher or lower than the broader market. Home prices can vary widely within a very small radius.

How are home buyers coping with higher prices? You might be surprised! A recent survey by BMO Harris revealed that 19% of home buyers are paying more to get what they want, rather than lowering their expectations. Of course, not all buyers are in a position to do this.

What’s more interesting, is that 20% of surveyed buyers didn’t follow a budget at all. This doesn’t mean they had deep pockets. Instead, they likely shopped by their maximum qualifying amount, without sweating the actual monthly payment.

On average, home buyers who went over-budget spent $31,587 more than they expected. Doing the math, that would add about $160.05 a month to a mortgage payment, assuming 4.5% interest on a 30-year loan.

While this isn’t a show-stopping amount, Columbus home buyers should be cautious about pushing their home buying budgets. Monthly home ownership costs can fluctuate, even if the principal and interest portion of your mortgage payment is fixed. And usually, these ancillary costs never go down in the long term – but rather continue to escalate due to a variety of factors.

Here are some of the moving targets to keep in mind:

Property tax bills
Homeowner’s insurance premiums
Homeowner association dues
Utility costs – these are often overlooked. Don’t ignore them!
Maintenance costs of property and yard
Maintenance of appliances and mechanical systems

Surprises do happen! Keeping control of your home buying budget is essential for long-term, successful home ownership.

Fortunately, you can defend your home buying budget by using an Exclusive buyer’s broker. Having professional representation on your side protects you in many ways; but first and foremost, we make sure you don’t pay more than you should! We provide you with market price comparisons, and we take condition issues into account. We negotiate on your behalf to secure the best possible sale price. Best of all, our service is free of charge to you!

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 Home Buyers Find Higher Prices in Popular Neighborhoods

RealSupport — Wed, 17 Sep 2014 19:46:38 +0000

Columbus home buyers found fewer homes for sale, and higher prices, during the summer months of 2014. The median home sales price in Columbus was $128,500 from mid-May to mid-August, representing an increase of 2.8% from the same time last year.

Currently, the median list price of homes for sale in Columbus is just over $156,000. Please keep in mind that list prices and final sales prices will vary widely from one neighborhood to another.

For example, the average list price of a home in German Village is currently $413,066. In contrast, homes in North Linden have an average list price of $60,574.00.

With declining inventory and a trend towards rising home prices, Central Ohio home buyers have been drawn to areas offering selection and value. Grove City has had a very active real estate market this summer, with 343 home sales, and a median list price of $207,524.

Home demand has also been strong in the following Columbus area communities:

Hilliard – current median list price of $252,940

Westerville – current median list price of $322,765

Gahanna – current median list price of $245,888

Dublin – current median list price of $448,101

Upper Arlington – current median list price of $584, 689

The trend towards higher home prices has been felt throughout Ohio. According to industry data by CoreLogic, Ohio home prices in July 2014 averaged 6.9% higher than the prior year. The surge in the statewide Home Price Index means that Ohio home values are marching steadily towards the market peaks seen during the housing boom. It may take another year or two to get there, but the gap in closing in many areas.

Meanwhile, there are early signs that the Columbus home market is moving towards its seasonal breather, with list prices beginning to soften. However, unless we see an increase in home inventory, any seasonal dip in home prices is likely to be modest. Being fully informed about local market conditions, and having dedicated professional representation, is your best strategy for Columbus home buying!

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!

The post Columbus Home Buyers Find Higher Prices in Popular Neighborhoods appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Have Columbus Home Prices Reached the Bottom?

RealSupport — Thu, 21 Feb 2013 00:56:35 +0000

After witnessing declines in Ohio home prices in recent years, it’s no surprise that first-time home buyers in Columbus are very cautious about entering the market. While we’ve had good economic news and we’ve seen the start of housing recovery, many home buyers want assurance that the worst is behind us.

We’ll be the first to tell you that there is no crystal ball for Columbus home prices. And by the time the media reports that housing prices have hit bottom, home prices will already be higher! To help clarify things, we’re going to share market information that will be helpful to you.

Columbus Board of REALTORS® Reports Fewer Foreclosures, Faster Market Activity

According to the Columbus Board of REALTORS®, the number of distressed properties on the market. including foreclosures and short sales, declined by 37.5% in the past year. Distressed property activity is down by 50% since 2010.

Columbus homes are also spending fewer days on market. In the fourth quarter of 2012, homes for sale averaged 83 days on market. During the same period a year ago, homes averaged 101 days on market.

Meanwhile, home prices in 2012 rose above 2011 levels. The year-over-year gains are being driven by shrinking housing supply, increased buyer demand and fewer foreclosures.

Central Ohio Foreclosure Prices Inching Higher

RealtyTrac reports that Central Ohio foreclosure sale prices increased by 7% during the third quarter of 2012. Throughout Ohio, foreclosure sale prices have increased by about 4%.

Overall, Ohio home sales activity was up by 13% during 2012, with sale prices rising as foreclosure inventory declined.

However, industry analysts expect that more foreclosures could hit the market in the first and second quarter of 2013, as banks release long-held foreclosure inventory. Depending on the absorption rate and volume, this could influence home values in the upcoming months.

Get Professional Guidance for Columbus Home Buying

All real estate is hyper-local. Some areas of Columbus have more foreclosures in the pipeline than others, so there will be variety in home values neighborhood by neighborhood. Looking at the big picture, Columbus is adding jobs and returning to a stronger economy. In turn, this will help prevent new mortgage defaults, which mean fewer foreclosures and healthier home prices.

Let us help you with your home ownership goals! As your Exclusive Buyer’s Brokerage, we focus on helping Columbus home buyers! We will provide you with the latest home sales data and the expert guidance you need for home buying success. Please download our free e-book for immediate access to home buying tips and strategies!

Contact us for help with all of your home buying questions!

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
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