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

Columbus Real Estate Market Humming Along

RealSupport — Mon, 03 Aug 2020 09:07:25 +0000

Columbus home buyers have proven resilient against anything 2020 can throw at them, according to the latest market data reported by Columbus Business First. The number of homes under contract increased by 17% on a month-over-month basis from May to June. Ultra-low mortgage rates and limited home inventory keeps home buyers motivated, even while the ranks of home sellers remain thin.

Columbus area home demand continues to push prices higher. Average home sale prices in June 2020 increased 4.1% over June 2019, reaching $272,020. Looking at the math another way, the median home sale price increased 5.7% to $241,000. “Median” means that half of the homes sold for more than $241,000, and half sold for less.

In Ohio and throughout the country, the resilience of the real estate market is a bright spot in an otherwise troubled economy. Most economists expect that the broader economy will stay on a recovery path as long as home buyers continue to show confidence. Home sellers have proven more reluctant to take their chances the market, perhaps due to pandemic concerns, economic caution or limited housing options.

Meanwhile, as mentioned in our prior blog post, Columbus area mortgage defaults have been creeping up. This does not signal a paradigm shift in the market, however. Unlike the market decline during the Great Recession, home prices today are steadily rising. These days, most homeowners have more “skin in the game” due to appreciation in home value, which incentivizes them to avoid foreclosure if possible.

Unless we see an abrupt glut of homes on the market, home buyers shouldn’t expect sudden bargains. Still, market conditions from one neighborhood to another will always vary, and Columbus home buyers should have their own exclusive representation for expert advice!

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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Columbus Real Estate Market Tough for Home Buyers

RealSupport — Tue, 03 Mar 2020 07:50:53 +0000

Home buyers in the Columbus Metro face a difficult market in 2020. The situation is such that Columbus was recently named one of the “Hardest Cities to Buy a Home” by Realtor.com. The ranking compared the number of homes available for sale per every 1,000 households in the largest U.S. metros.

We’ll cut to the chase: Columbus was named as the 5^th-hardest city to buy a home. Cities topping the list were San Jose, Buffalo, Seattle and Milwaukee. Notoriously-tough cities for home buying like Salt Lake City, Boston and Washington D.C were “easier” markets than Columbus.

Columbus home inventory has lagged behind demand for several years. As we explained in a recent article published by the Columbus Dispatch, this is the toughest market we’ve seen for home buyers in our 28 years of business. While buyers are buoyed by a strong regional economy and low mortgage interest rates, there aren’t enough homes for sale in the price range of $250,000 or less.

There are several reasons why affordable home inventory is scarce. During the recession, a multitude of single-family homes were acquired by investors and converted to rental properties. Home builders, with rare exception, cannot build profitable homes under $300,000. Meanwhile, current homeowners may feel locked down by the same market dynamics vexing other buyers. With few homes to choose from, there’s practical caution about listing the roof over your head.

The Columbus real estate market is likely to stay competitive in the months to come. Working with an Exclusive Buyer’s Broker gives you the best chance of home buying success! Unlike typical brokerages, we are willing and able to show you any home on the market, including homes for sale on the Columbus Regional Multiple Listing Service, homes For Sale by Owner, and homes for sale directly by home builders.

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Columbus Stands Among Best Cities for First-Time Home Buyers

RealSupport — Thu, 28 Feb 2019 04:41:59 +0000

A new study by LendingTree places Columbus in the top ten cities for first-time home buyers, ranking us #7 out of 50 major metros. Here’s what the study says about Columbus home buying opportunities!

The study is based on LendingTree’s own opinions of what makes a city “friendly” to first-time buyers, backed by their own in-house statistics. The study evaluated mortgage types, down payments and consumer home buying power, using the following criteria:

Share of buyers using an FHA mortgage
Percentage of buyers with credit scores below 680
Average down payment amount/percentage
Housing Opportunity Index score

About 38% of Columbus home buyers used an FHA mortgage for their home purchase. While FHA mortgages are not limited to first-time home buyers, this loan type is more forgiving when it comes to less-than-perfect credit. Since Columbus also had one of the highest shares of mortgage applicants with credit scores under 680, this ratio isn’t surprising.

Despite some lower credit scores, the data set used in this study shows healthy down payments. Columbus home buyers averaged a down payment of 14% of the home purchase price, or computed another way, $34,400.

Columbus ranks highly in home affordability in this study. The Housing Opportunity Index measures the share of home sales that are affordable to households with median incomes. Columbus comes in at 74.7%, meaning that most home sale prices were in reach of local median incomes.

We must keep in mind that the LendingTree study only involves mortgage applications processed through their company. While the findings are encouraging, this isn’t a comprehensive view of Columbus market conditions. The biggest challenge facing Columbus first-time home buyers often involves finding homes for sale in their desired price range and neighborhood!

There are myriad pitfalls in the home buying process, and buyers who are under-represented are at a serious disadvantage. If you are a first-time Columbus home buyer, start by reading our free e-book, “How to Buy a Home like a Pro!” There’s no obligation, and you’ll obtain valuable advice about mortgage financing, the home buying process, how to handle condition issues, and more! Click here to download your free copy of “How to Buy a Home like a Pro” today.

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 Among Best Cities for College Graduates

RealSupport — Fri, 16 Jun 2017 07:46:25 +0000

According to Columbus Business First, new college graduates can make their best start in Ohio! A study by financial website SmartAsset reviewed economic and demographic data for 108 large cities around the U.S., comparing job opportunities, housing affordability and recreation. Cincinnati and Columbus took top honors in the rankings, with Columbus placing number 2 out of 108!

Columbus earned its position due to a robust job market and a comparatively low cost of living. The cost of living in Columbus is about 2% below the national average, ranking as the 12^th least-expensive metro among the 108 cities studied.

Demographically, Columbus has a youthful population, with about 20% of adult residents being younger than 30 years old. Columbus also scored well when it came to quality of life, due to its diverse range of recreational and cultural opportunities.

Meanwhile, the Columbus real estate market still offers a good housing value, despite upticks in home prices overall. According to CoreLogic, Columbus median home prices are generally within reach of median household incomes. When all market conditions are considered, including homes with negative equity, and the time it takes to sell a home, the Columbus real estate market ranked number 31 out of CoreLogic’s 100 “Healthy Markets.”

A Realtor.com “Hotness Index Survey” for May 2017 shows Columbus real estate ranked at number 7 nationally, with a 36-day median age of homes in inventory.

As always, please keep in mind that the Columbus real estate market is highly localized and ever-changing! Apartment rents and home prices vary widely by community, neighborhood and street! When you are ready to find your new Columbus home, give yourself the advantage of an Exclusive Buyer Broker!

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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Optimism Abound: Lower Unemployment Creates More Opportunities for Columbus Homebuyers

RealSupport — Wed, 27 Jun 2012 19:54:59 +0000

Over the past few years, with the economy being the way it has been, many in the Central Ohio area have been hesitant to buy a home. Since less people had jobs and more were struggling financially, there were far more individuals worried about losing their home, not focused on finding a new one. The consumer culture became much more pessimistic during this period, particularly when it came to housing. Lately, however, the tune has been changing. Consumer confidence is on the rise and more are regaining their interest in finding a home. There are a number of factors that contribute to this, but one of the biggest ones is that the unemployment rate has gone down significantly in Columbus and its surrounding communities.

While the unemployment rate for the entire state of Ohio was 7.3%, in Central Ohio, it was only 6%. In the Columbus area specifically, the rate was 6.2%, over one full percentage point lower than the rest of the state. Delaware County saw the state’s lowest unemployment rate at 4.9%. In the entire state of Ohio, the jobless rates fell in 85 of the 88 counties.

So, what exactly does this mean for the housing market? Well, for one, it’s a sign that the economy is slowly and steadily improving. A 6.2% unemployment rate may not be the lowest on record, but it’s been steadily decreasing over the past several months. An improving economy means that more people are getting jobs and starting to put their faith and trust back into the market. They feel more comfortable, financially, buying a home. Since home prices are also still affordable, they are more likely to find a nice home and make the monthly payments on time.

I don’t want to create an illusion that everything is A-Okay for today’s homebuyer. There are still many obstacles that today’s buyer has to overcome when they start their home search. Lending restrictions are still pretty tight in the Columbus area. There is no denying, however, that conditions are improving for home buyers and that if you’re going to start your home search, the time is now. The real estate climate may not be paradise just yet, but there is room to be optimistic that we will, eventually, get there.

As always, if you ever need help with your home-buying needs, don’t hesitate to contact me and ask! As your Exclusive Buyer’s Broker, it’s my pleasure to help you.

Andrew Show
Buyer’s Resource Realty Services
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