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

Columbus Stands Among Top Real Estate Markets – Again!

RealSupport — Mon, 17 Apr 2023 22:58:58 +0000

When you’re hot, you’re hot! Columbus real estate is the 4^th hottest market in the country, and a journalist for Realtor.com reached out to us for our perspective. We’re going to share those insights with you here, and expand on them a bit.

Columbus has been named a “hot” market multiple times since 2017 or so! Prior to that, Columbus earned headlines as the “most stable housing market” during the Great Recession, along with repeated “Best Place to Live” rankings by various media sites. A number of Columbus suburbs have also been named as hot markets and best places to live.

What’s our secret? Why are so many people drawn to the Columbus area?

Our answer for the Realtor.com article was condensed for space:

“Although home prices here are modest at $375,000, local real estate agent Andrew Show of Buyer’s Resource Realty Service points to the “energy” in the area that comes from having several world-class universities, state government offices, and headquarters for L Brands, Nationwide Insurance, and more. Show also touts the city’s progressive leanings, and commitment to containing sprawl even as it redevelops older neighborhoods. As a result of all this, Show says, “We’re not experiencing any downturn.”

Now we’ll add a few things here! Columbus is a highly desirable place to live, having excellent public parks, museums, cultural arts and amenities, year-around hometown festivals and major events. Plus, a steady influx of bright, young adults entering the University of Ohio and other institutions. The promising job market encourages these students to remain in Columbus after graduation, which helps keep our city young, vibrant and growing!

As mentioned in a prior blog, Columbus is the only Midwestern city to add over 100,000 residents during the last decade. It is estimated that the region’s population will triple by 2050. It’s likely that Columbus will remain on the “hottest markets” list for years to come! (If you’re a home buyer, don’t wait for the market to slow down…it could take a while!)

We are proud to exclusively serve home buyers in the Columbus area, and protect their interests in this competitive market! Whether you are relocating to Central Ohio, or you are a resident looking for your next home, our Exclusive Buyer Representation will give you advantages you won’t find anywhere else.

Get our free e-book, “How to Buy a Home like a Pro!” for immediate strategies!

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 Area Homes Selling Like Hotcakes

RealSupport — Thu, 26 Nov 2020 09:34:44 +0000

The volume of Columbus home sales increased 19% on a year-over-year basis, according to October statistics from Columbus REALTORS®. The Columbus area remains very popular with home buyers, even as other areas of the country see an exodus. Our resilient economy, quality of life and affordable housing remains a draw for buyers.

At the same time, Central Ohio homeowners are happy to stay put. The inventory of homes for sale in Metro Columbus has been declining for years, and as of November 19, stood at just under 2,400 homes. This is about half the inventory of a year ago.

New home development is in progress in Metro Columbus, but it will take time for these homes to reach the market. Hilliard has approved zoning for 1,098 single-family homes and apartments, with construction slated to begin in 2022. Meanwhile, 252 homes are in the works for northwest Delaware, and residential units are proposed for the Shops at Worthington re-development.

While new construction is welcome, home prices will remain stubbornly high for the foreseeable future. Builders are facing rising costs for land, materials and labor, and these costs are passed on to buyers. Buyers considering new construction should get our free e-book, “How to Buy a Home like a Pro,” and obtain the representation of 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.

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Columbus Home Inventory Stays Low

RealSupport — Mon, 02 Nov 2020 09:40:26 +0000

The perfect storm for Columbus home buyers continued in September 2020, as the trifecta of low interest rates, strong home demand and low home inventory continued to drive the market. According to data from Columbus REALTORS®, the inventory of Columbus homes for sale in September was down 48.9% compared to September 2019. All in all, it has been a challenging year for home buyers.

The amount of time homes are spending on the market continues to drop for price levels below $500,000. Homes priced above $500,000 spent a few more days on market than they did in August, but it is not a significant enough change to call it a new trend. Here’s a look at the market times:

Homes priced under $350,000 = 15 days on market
Home priced over $350,000 to $500,000 = 25 days in market
Homes priced over $500,000 to $700,000 = 56 days on market
Homes priced over $700,000: 78 days on market

The average Central Ohio home sale price during September was $277,832, an increase of 16.0% from September 2019.

Please remember that these statistics do not include home sales that were transacted outside of the MLS, such as For-Sale-by-Owner properties, or sales that occurred directly through home builders without the aid of a listing agent. Even so, this low-inventory market remains a persistent issue, and one that doesn’t have an immediate end in sight.

Meanwhile, Columbus home buyers need to be well-prepared and patient. Do not be tempted to throw all caution to the wind and abandon the contractual protections you should have as the home buyer! Too often, this is the advice of typical agents who are more concerned with the seller’s position than your own.

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Columbus Residential Real Estate Worth $163 Billion

RealSupport — Tue, 21 Jul 2020 08:18:12 +0000

Don’t tell the tax assessor, but the sum total of Columbus residential real estate is worth about $163 billion! This figure comes from an analysis by LendingTree, which calculated the worth of 50 U.S. metros by their residential real estate value. The study is based on U.S. metro home values as of January 2020, along with proprietary company data.

Lending Tree names the “Most Valuable Cities in America” as New York City, Los Angeles, San Francisco, Chicago and Washington D.C. Out of the 50 metros in the list, Columbus placed at #36.

This is one of those times when placing lower isn’t a bad thing. Columbus median home prices reached $233,000 in May 2020. The median home price in Chicago was $308,000. The median NYC home sale price was $635,000!

Yet Central Ohio home prices have been climbing year-over-year. Rising prices and a dearth of entry-level home inventory are a persistent challenge for first-time home buyers.

Still, when it comes to home affordability, the Columbus Metro remains one of the best bangs for the buck. Last year, Attom Data Solutions found that Franklin County was among the limited markets where an average salary was enough to afford a median-priced home.

Warren Buffett said it best: “Price is what you pay – value is what you get.” We will help you make the most of your home buying opportunities, with purchase negotiations focused on your best interests, as the home buyer!

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Central Ohio Home Sales Undaunted in March

RealSupport — Thu, 30 Apr 2020 06:48:04 +0000

The Central Ohio real estate market was undaunted during March, even as Ohio began a lockdown against the spread of COVID-19. With real estate offices and related functions remaining open as essential businesses, Columbus area home buyers made the most of it.

According to statistics from Columbus REALTORS®, March 2020 home sales activity was 11.8% higher than March 2019, and up 1.5% from February 2020.

The average home sale price increased by 8.9% compared to March 2019, reaching $241,032. Measured another way, median home prices increased by 10.6%, reaching $210,000.

For the most part, homes sold quickly. The exception was in the price range of $700,000 and up. Here’s the average time homes spent on market during March:

Under $350,000 = 32 days on market
$350,000 to $500,000 = 64 days on market
$500,000 to $700,000 = 65 days on market
$700,000 and above = 138 days on market

Home inventory remains limited. Early reviews of April data indicate that new listings are measurably down from a year ago.

As always, please remember that statistics don’t tell the whole story! Home sales independent of the Columbus Regional MLS system are not counted in these figures, including For-Sale-By-Owner transactions and home builder sales. And because we only represent buyers, we can show you any of these homes, no matter the seller!

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Franklin County Approves New Conveyance Fee on Home Sales

RealSupport — Thu, 03 Oct 2019 06:11:59 +0000

Effective October 7, 2019, all home sales in Franklin County will be subject to higher conveyance fees. The conveyance fee has increased by $1.00 per every $1,000 in sales price, bringing the total conveyance fees to $3.00 per every $1,000 in sales price. For example, on a $300,000 home sale, the conveyance fees would amount to $900.00.

Franklin County homeowners can use an online calculator to estimate their conveyance fees at franklincountyauditor.com.

The new conveyance fee will be used to boost funding for the development of affordable housing units in Franklin County. While Franklin County already directs a portion of conveyance fees to affordable housing, it’s estimated that the county will see a 50% increase in population by 2050. The fee increase is intended to meet the future housing needs of a growing population amid ever-rising real estate costs.

With the increase, Franklin County’s conveyance fee is on par with Delaware, Licking, Madison and Pickaway counties.

Conveyance fees are part of the home seller’s closing costs, and do not directly affect home buyers, per se. But whenever the cost of a home sale goes up, it can mean that home sellers will be less generous when negotiating with buyers.

But don’t worry – we know how to put purchase offers in the best possible light, and how to successfully negotiate the best price and terms for our Buyer-Clients!

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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High Demand has Columbus Homes Selling Quickly

RealSupport — Sat, 24 Jun 2017 07:00:32 +0000

Columbus home sales moved at a rapid pace during May 2017, according to statistics published by Columbus Business First and the Columbus Dispatch. Metro Columbus homes spent an average of 33 days on market, which is a new record low. The inventory of homes for sale during May was 18% lower than a year ago, despite more properties coming to market.

Home inventory stands at a 1.7 month supply at the current rate of sales. What this means, is that if no new listings came to market, all available homes would be sold in less than 60 days. In a balanced real estate market, home supply would stand at 6 months.

Please keep in mind that these statistics do not include homes For-Sale-By-Owner, or other home sales conducted outside of the Columbus Regional Multiple Listing Service.

With home demand outpacing supply, sales prices are moving higher. The average sales price of a Columbus home reached $227,783 during May 2017, an 8% increase from a year ago.

Meanwhile, distressed home inventory, representing short sales and foreclosures, has also fallen. During the first quarter of 2017, about 7% of Central Ohio home inventory was distressed, down from 10.9% a year ago. This is good news for homeowners, as fewer distressed homes mean higher property values. But for home buyers, it means fewer bargains on the market.

However, there are some localized pockets of distressed properties and lower prices. According to the Columbus Dispatch, about 18% of Whitehall home sales during the first quarter of 2017 were distressed properties. Some of these homes might escape buyer attention because they’re priced lower than the search parameters buyers enter online. Yes, these types of homes will need some work, but one should consider the opportunities.

The key to success in this highly-competitive and fast-moving market is to have an Exclusive Buyer Broker on your side! Because we only represent home buyers, and never sellers, we can show you any home on the market – FSBO, new construction, and homes on the Columbus Regional MLS. We present you with the most choice and the best advice, all without bias!

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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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!

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Columbus Named as Top Real Estate Market to Watch

RealSupport — Thu, 03 Nov 2016 03:54:09 +0000

More good news about Columbus! Recently, we shared Money magazine’s rating of Columbus as the Best Big City in the Midwest. Word must have traveled fast, because now Columbus is named as the top city to watch for real estate growth, nationwide! Here’s some details from the Columbus Dispatch, along with our own insights.

Each year, PricewaterhouseCoopers and the Urban Land Institute publish the “Emerging Trends in Real Estate” report. This includes a list of top cities to watch for real estate growth. The list is compiled from interviews with 500 real estate professionals around the country.

The list is subjective, and the “top cities” are a matter of professional opinion. However, the report has been reliably produced for 38 years, and has proven fairly accurate at naming up-and-coming markets.

The advantages attributed to the Columbus real estate market include strong job growth, abundant educational opportunities, and perhaps most interesting of all, a “hip” factor. Namely, there’s a vitality in our city’s economy and culture that attracts Millennials, entrepreneurs, artisans and corporate headquarters.

At the same time, Columbus offers affordable homes, a low cost of doing business, and a reasonable cost of living. The excellent combination of opportunity, diversity and affordability puts Columbus at the top of the rankings.

Here are the Top 5 Real Estate Markets to Watch:

Columbus
Richmond
Pittsburgh
Charleston
Salt Lake City

We’re always watching the Columbus real estate market! And 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!

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