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

10 Credit Protection Tips for Columbus Area Home Buyers

RealSupport — Thu, 25 Jan 2024 08:39:04 +0000

As cybercrime techniques become more sophisticated, about 1 in 3 Americans can expect to have their identity or financial data compromised. If you plan to buy a Columbus area home in the future, protecting your credit is a must!

Here are 10 ways to protect your credit and your identity, courtesy of the Consumer Financial Protection Bureau and other sources:

1. Check your credit reports. You can order a free credit report from the major bureaus through annualcreditreport.com. These show your personal identifying info and your credit accounts and loans. If anything looks incorrect, contact the reporting bureau right away.

2. Use strong, complex passwords to protect your online activity. Never use the same password on all your accounts.

3. Update the password on your home internet router periodically.

4. Never answer phone calls or texts from numbers you do not recognize.

5. If you answer an unknown caller, do not confirm your identity with the caller. Instead, ask them, “Who is calling?” If you do not recognize the person and/or company, hang up! They could be trying to record your voice to impersonate you for account access.

6. Check your credit card and bank statements thoroughly. Thieves may test access to an account with small transactions. If you don’t recognize a transaction, investigate it, no matter the amount.

7. Avoid inserting your credit or debit card into a card reader whenever possible, especially at gas station pumps and self-checkouts. Use the touchless option and “wave” your card over the reader.

8. If you receive a text or call claiming to be from law enforcement, or any government agency or legal department, it is a scam. Use the “block” option on your phone to prevent additional attempts.

9. Never use a public wi-fi connection to check your bank account balance or to conduct online shopping.

10. Never respond to an email, text, or social media message asking you for money. Emails and texts can be spoofed, and social media accounts can be impersonated and hacked.

This is not a comprehensive list, but you get the idea! Thieves often capitalize on complacency. Paying attention to your communication and to your account activity is worth the effort.

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!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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 Housing Market Forecast: Hot!

RealSupport — Thu, 25 Jan 2024 08:31:17 +0000

It didn’t take long for Columbus to be named one of the “hottest” housing markets once again! The latest projection comes from Zillow, which expects Columbus to be the third-hottest real estate market in the U.S. during 2024, second only to Buffalo and Cincinnati.

Zillow ranked U.S. housing markets according to expected gains in home values, along with the projected speed of home sales, and new construction activity. Job growth and the ratio of owner-occupied vs. renter-occupied homes were also factored in.

Columbus has been dubbed a “hot” housing market on many occasions. The latest title comes as no surprise to Columbus home buyers who have seen home prices steadily increase year-over-year. According to Rocket Homes, the median sold price of a Columbus home was $274,842 during December 2023, which is a 7.8% increase over the median sold price of December 2022.

A hot housing market is beneficial to current homeowners, who are seeing their equity rise by leaps and bounds. But a too-hot market can potentially stifle economic growth. This is a point raised in a recent article by Columbus Business First, which said that a lack of affordable housing – or a lack of housing, period – can prevent new residents from moving in, and filling job openings. As older residents retire, we need an influx of working-age residents to keep businesses operating and our economy humming. However, that new workforce needs somewhere to live.

So far, most real estate economists expect housing inventory to improve during 2024. What must be acknowledged is that inventory levels have been below normal for years. It will take year-over-year improvements in home inventory levels to ease the pressure on home prices. In the meantime, Columbus home buyers need to be ready for another competitive market in 2024.

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.

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 Sales Wrapped 2023 on Strong Note

RealSupport — Thu, 25 Jan 2024 08:20:47 +0000

Columbus area home buyers persevered against higher interest rates, inflation and rising home prices during 2023. According to the year-end figures by Columbus REALTORS©, the median sales price of a Columbus area home was $295,000 during December 2023, marking a 7.3% price increase compared to the December 2022.

When measured over a 12-month period of sales activity, the 2023 median home price in the Columbus Metro was $302,000, representing a 4.1% increase in prices compared to the 12-month period of 2022.

Sales price gains were particularly strong in communities like Pickerington, which saw a December median sales price of $449,900. This is an eye-popping increase of 45% over December 2022. The nearby village of Obetz saw a 33.8% increase in year-over-year home sale prices, with a median price of $356,425 recorded in December.

There is a bit of good news for Columbus home buyers. While the median sales price increased in our area, the speed of home price increases slowed down during 2023. By December, homes were spending an average of 30 days on the market. This isn’t exactly a “slow” market, but it held more breathing room than the summer months, when homes spent about 17 days on market.

Inventory remains a challenge for home buyers, but there was some improvement. The current supply of homes for sale stands at 1.4 months, which is a 27% increase from where things stood a year ago. However, new listings in December 2023 were down about 1% from December last year. Overall home inventory remains well below normal.

Looking ahead, inflation pressures and mortgage interest rates are expected to soften during 2024. There is some hope that pent-up sellers will bring more properties to market this year. Meanwhile, a measurable decline in mortgage interest rates is likely to bring more buyers to the market, meaning that home prices will continue to push higher.

As a home buyer, you need to do all you can to level the playing field! Start with our free e-book, our free e-book, “How to Buy a Home like a Pro!” Download your copy from our website today, there is no cost and no obligation.

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Condos: Overlooked Opportunity for Columbus Home Buyers

RealSupport — Tue, 16 Jan 2024 09:49:38 +0000

Columbus home buyers may automatically think of a single-family home when beginning their home search. But for those who want a low-maintenance lifestyle in proximity to amenities and major employers, condominiums have a lot offer – often at a lower purchase price than single-family homes in the same community.

According to Columbus REALTORS©, the median sales price of a Columbus condo was $210,000 as of October 2023. This is a 9.4% increase in price from the prior year. However, it’s still considerably lower than the median single-family home price of $305,000.

There is a big caveat to purchasing a condo, namely the association fees. When you buy a condo, you become a member of the association, with all owners sharing the expenses of maintaining the building and common areas. Monthly association fees can range from $250 to over $1,000, depending on the building and the amenities. In general, the more amenities a building has, the more expensive the association fees.

For some buyers, the trade-offs of avoiding lawn care, snow removal and ongoing maintenance tasks is well worth the monthly association fee. Add in perks like pools, gyms, recreation areas and heated garages, and you have a lot of lifestyle for the money.

But not all condo associations budget wisely for normal operating costs and repairs. Some associations are more livable than others when it comes to the rules of occupancy.

It is essential to review the rules, by-laws and financial statements of the condo association before a purchase. A home inspection of the unit itself should also be performed to ensure all fixtures and included appliances are in good working order. You’ll find more information about this in our free e-book, “How to Buy a Home like a Pro!” Download your copy from our website today, there is no cost and no obligation.

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Columbus Home Buyers, Get Ready for 2024!

RealSupport — Tue, 16 Jan 2024 09:39:55 +0000

Columbus home buyers had a challenging year in 2023. Fast-rising home prices, combined with the highest mortgage interest rates in over 20 years, made home buying an expensive prospect. Limited home inventory kept buyers under pressure.

The New Year may bring better opportunities for home buyers, based on the latest projections from the National Association of REALTORS.^© Mortgage interest rates, which have already softened in recent days, are expected to stabilize below 7%. A rate environment between 6% and 6.75% is a possibility by summer.

That’s good news! But lower rates may draw more buyers to the market while the inventory of homes for sale remains low. We have seen modest improvement in year-over-year inventory levels during 2023, though it remains below normal. Low inventory is a recipe for higher home prices in 2024.

On the bright side, there is a chance that pent-up sellers could make a move this year. Columbus area homeowners are sitting on records levels of equity. Life events and changing household formation can motivate owners to become sellers, financial gains aside.

On the other hand, about 90% of homeowners with active mortgages have rates of 5% or less. They may not be in a hurry to sell, when replacing their current home would mean facing a more expensive mortgage. Roaring inflation further entrenched these homeowners, who found the cost of living rising on every other front.

If you are looking to buy a Columbus area home during 2024, don’t wait to react to market conditions. Instead, be well-prepared and ready to take action when the right opportunity comes along! Get ready for your home purchase by reading our free e-book, How to Buy a Home like a Pro!” Get your copy from our website today, there is no obligation.

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First-Time Home Buyers Gain Market Share

RealSupport — Wed, 06 Dec 2023 09:26:23 +0000

First-time home buyers made a comeback in 2023, gaining market share even as higher mortgage rates and rising home prices made purchases less affordable. According to the 2023 Profile of Home Buyers and Sellers conducted by the National Association of REALTORS©, first-time buyers accounted for 32% of all home purchases. This is a substantial improvement over the 26% of market share held in 2022.

However, successful first-time buyers are still fewer in number than in years past, when they typically claimed 38% of the market. The high point for first-time buyers was back in 2010, when they accounted for 50% of all home purchases.

The 2023 gain in market share came at a price. The survey shows a median annual household income of $107,000 for first-time buyers, a nearly 20k increase over income thresholds shown in the 2022 survey.

First-time buyers made an average down payment of 9%. About 24% of survey respondents tapped their retirement savings or investment accounts to generate their down payment. 11% of first-time buyers sold stocks or bonds. 11% used funds from a 401k, IRA or pension. 2% reported selling cryptocurrency.

When looking at demographics, most first-time buyers were Millennials with a typical age of 35. This is similar to 2022’s findings, where the typical first-time buyer was 36. 59% were married couples. 70% of them did not have children under 18 years old.

What is unspoken, but evident in the survey, is a widening wealth gap among first-time buyers. Unrelenting home price increases, paired with interest rate levels that are double from two years ago, have pushed home ownership out of reach for a growing number of people.

This is easy to overlook while home inventory is low, and homes are selling quickly. However, there are not enough affordable homes for buyers with the national median income of $74,580, or for those earning less. This is one possible reason why the number of successful first-time buyers are below historical norms.

Now the good news: you don’t have to be rich to buy a Columbus area home, but you do need to be well-informed! Not all homes are priced correctly for their condition or for the prevailing market trends. We show you how to identify value and create a compelling purchase offer in our free e-book, “How to Buy a Home like a Pro!” Get your copy now at the link, there is no charge and no obligation.

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Ohio Sees Drop in Home Building Permits

RealSupport — Sat, 04 Nov 2023 05:51:04 +0000

Columbus home buyers have been dealing with below-normal home inventory for several years. Homeowners have been affected by low inventory as well, having little to choose from if they were to sell their current home. More recently, rising interest rates have made homeowners reluctant to sell and give up the low-rate mortgages they currently enjoy.

This leaves new construction as the best hope for improving Central Ohio’s home inventory. Unfortunately, home builder confidence took a hit as quick-rising rates impacted buyers and raised financing costs for builders themselves.

This is evidenced in the decline of single-family home building permit activity in Ohio. Data released by the National Association of Home Builders shows a 14% drop in Columbus home building permits year-to-date as of August 2023, compared to the same period a year ago.

Most of Ohio saw a reduction in single-family home building permits. Dayton Ohio permits fell 21%. Cincinnati permits fell 18%. Canton permits fell 17%, Cleveland fell 16%, and so on. The only area to see an increase in building permits was Toledo, which lined up 143 more permits this year compared to last year. Overall, Ohio has seen a double-digit decline in building permit activity statewide for 2023.

The National Association of Home Builders has been vocal about the impact of interest rate hikes on the industry. In a joint letter issued with the Mortgage Bankers Association and the National Association of REALTORS© to Chairman Powell on October 9, there is an excellent point: increases in housing costs are a leading source of inflation. Higher interest rates make housing costs more expensive and worsen the problem. This is a very simplified summary: you can read the exact wording at this link.

While the trade associations have found some sympathy among the Federal Reserve Board of Governors, many economists expect that interest rates may rise a bit further before leveling off. There is an expectation that rates may stay elevated well through 2024, unless an economic disruption forces the Fed to pivot.

In the meantime, waiting for lower rates, more home inventory, or an “easier” real estate market may not be realistic for Columbus home buyers. You cannot predict the future. But you can find opportunities today with the help of an Exclusive Buyer’s Broker!

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Columbus Home Price Growth Moderates, Sales Remain Brisk

RealSupport — Tue, 23 May 2023 04:53:21 +0000

While home prices in Columbus are still rising, they are doing so at a slower pace than last year. The latest data from Columbus REALTORS© show the average price of a Franklin County home reaching $340,434 as of April 2023, a 2.5% increase from April 2022. This is a modest increase compared to the price gains of the prior year.

The slowing home price growth is attributed to rising mortgage interest rates, which averaged about 7% during April – nearly double from a year ago. Despite this, the pace of April home sales remained strong, averaging 24 days-on-market.

Home inventory remains low, and this keeps sellers in the driver’s seat. On average, homes are selling for about 1% more than the asking price.

In other words, the Central Ohio real estate market is still hot. It just isn’t as hot as it was last spring! This may be little comfort to home buyers, but it does, in fact, offer some potential relief. Modest increases in home prices are preferable to double-digit gains, if you’re a home buyer! And, it is likely we are nearing the end of interest rate hikes by the Federal Reserve. (Fingers crossed.)

Home buyers need to remain prepared for opportunities. You never know when the right home will become available at the right price – or when interest rates may fall. It is essential to keep your mortgage pre-approval current and stay in the market.

Another essential is to have the representation of an Exclusive Buyer’s Broker! We can show you any home on the market, including homes For Sale by Owner (FSBO), new construction for sale by home builders, and homes listed on the Columbus Regional MLS. And because we only represent buyers, and never sellers, we provide unbiased advice that you won’t find from typical agencies.

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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!”

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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!

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