columbus real estate market news Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Central Ohio Home Sales Surge in February

RealSupport — Fri, 27 Mar 2020 06:36:49 +0000

Spring came early to the Central Ohio real estate market as buyers flocked to available homes. According to Columbus REALTORS®, home inventory in February 2020 fell 9.9% compared to the same month a year ago.

Lean supply contributed to decisive buyer behavior and a record-setting level of February sales. Sales activity was 13.3% higher than February 2019, signaling a robust start to the 2020 spring and summer market.

The average sales price of a Central Ohio home increased 6.7% compared to last year, reaching $235,371. Homes priced below $350,000 are selling the fastest, averaging 41 days on market.

The average days on market increase as you go up the price ladder:

$350,000 to $500,000 = 78 days on market
$500,000 to $700,000 = 84 days on market
$700,000 and above = 111 days on market

However, statistics only count home sales occurring through the Columbus Regional Multiple Listing Service, and omit sales conducted directly by home builders or for-sale-by-owner. Real estate market conditions are highly localized and subject to change! Always seek the unbiased guidance of an Exclusive Buyer’s Broker before beginning your home search.

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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Good Economic Conditions for Columbus Home Buyers

RealSupport — Fri, 24 Jun 2016 03:35:59 +0000

The economic signals are positive for Columbus home buyers, with strong employment numbers and low interest rates signaling a green light for the real estate market. Here’s where the good news is coming from!

The Columbus Dispatch reports that Central Ohio’s jobless rate fell to 3.8% during May, with three counties in the region posting some of the lowest unemployment rates in the state. Here’s where the unemployment numbers stand around the area:

Franklin County 3.8%
Delaware County 3.3%
Madison County 3.5%
Union County 3.5%

The unemployment rate in the City of Columbus was slightly higher than these counties, at 3.9%. Overall, Metro Columbus area has the lowest unemployment rate among all of Ohio’s metropolitan areas.

Gains in employment were driven by hiring activity in the leisure and hospitality industries, along with hiring in business and professional services. Our diverse economy is helping Central Ohio make better employment gains than the rest of the state – and better gains than many areas of the country.

Meanwhile, the Federal Reserve indicates that its benchmark lending rate is unlikely to change much during the rest of 2016. Back in December, the Fed signaled intent to gradually raise rates in several increments this year. In turn, analysts expected that mortgage interest rates would eventually climb higher.

But mixed national employment figures, spotty economic growth, and geopolitical uncertainties have kept the Fed cautious. Now, economists predict that any future rate changes won’t happen until possibly September. Any rate changes that do occur are likely to be very modest.

What this means for the Columbus real estate market, is that home demand is likely to stay strong through the balance of the year. Confidence in the job market and the local economy, combined with attractive mortgage interest rates, will keep home buyers active in Central Ohio. The main challenges facing buyers include low home inventory and rising home prices.

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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Metro Columbus Sees Sharp Reduction in Foreclosures, Short Sales

RealSupport — Thu, 05 Feb 2015 05:54:11 +0000

The Central Ohio housing market continues to show improving signs of recovery, according to recent industry data. During the 4^th quarter of 2014, there were 33.7% fewer distressed home sales in Central Ohio than the same period in 2013.

Meanwhile, we also have fewer foreclosures and short sales sitting in the real estate inventory. During the 4^th quarter of 2014, distressed property inventory was down by almost 50% when compared to the same period in 2013.

To illustrate how dramatic of a change this is, in a relatively short period, consider this: in 2011, nearly half of all home sales in Central Ohio involved distressed properties.

This isn’t to say that the challenges of distressed homes are completely behind us. During the 4^th quarter of 2014, distressed properties accounted for about 19% of all new listings on the market, which is almost 1 in 5 homes. Please keep in mind that not all distressed property listings will make it to final sale; lenders continually seek delinquency solutions for troubled homeowners. Foreclosures occur only after all homeowner retention options have been exhausted.

The shrinking presence of distressed property helps support stability in market values. This is important to Metro Columbus home buyers because stable home values mean less discrepancy in bank appraisal results.

When the bank appraisal comes in lower than the seller’s asking price, there are headaches with loan approval – because the lender requires the difference to be made up. And if the seller won’t lower their price to match the lender appraisal, then our Buyer-Clients have the contractual right to walk away from the sale!

During the height of the housing crisis, it was not unusual for a number of appraisers to base their market comparisons on some distressed sales, since they were nearly half the market. Discrepancies between sale price and lender appraisal value became a leading cause of canceled home sales.

Understanding the correct market value of a Columbus home is just one of the reasons to use an Exclusive Buyer’s Broker. Without the use of current, and accurate, market comparisons, your purchase offer would largely be a guess as to what the seller might take. There is no reason to pay thousands of dollars more for a home than you should.

Remember that paying “fair market value” for a home where the market has lower than normal quality inventory is okay! If we can pay even less than fair market value, that’s even better! But we certainly don’t want you to overpay – regardless of what the seller “thinks” or “needs”!

As we often tell our Buyer-Clients, “You make your money in real estate on the “buy side” of the transaction”!

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 Sees Sharp Reduction in Foreclosures, Short Sales appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.