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

Columbus Named Among Top 20 Metros for Household Growth

RealSupport — Wed, 29 Jan 2014 14:30:16 +0000

In one of our recent blog posts, we talked about the economic strength of Columbus, and how our area leads the way for Ohio’s growing economy. We have more good news – the financial opportunities in Columbus will also spur household growth, according to a study by Pitney Bowes!

Here are the highlights, along with what it means for homeowners and home buyers in Columbus!

The Pitney Bowes Metro Magnets Index looks at 384 metropolitan areas in the United States. It examines household growth patterns that were established in 2012 and projects the rate of growth through 2017.

A large part of this data set considers the current and future economic prospects for a given city. In a nutshell, plentiful, good-paying jobs result in new household formation.

Columbus, Ohio, ranked in the top 11 metros for projected household growth. Specifically, we’re expected to add 26,828 households by 2017, which estimates our annual household growth rate at 3.7%. Close behind us is Cincinnati at #13, with a projected growth rate of 2.3%. Cleveland is farther down the pack at #378, with a projected growth rate of 0.2%. All in all, Ohio is in a very respectable position.

Household growth is always good news for the Columbus real estate market. An increase in housing demand means that homeowners can reasonably expect to see their homes appreciate in value. For landlords, increased housing demand means lower vacancy rates – and higher rents!

For Columbus home buyers, it means that home prices can be expected to progressively increase in the upcoming years. The good news is, the price growth should be gradual. There is still plenty of opportunity for first-time buyers and move-up buyers in Columbus real estate, but you’ll need to be well-prepared, and well-represented!

We share the optimism about Columbus’s future. And while much is said about our economic prospects, our quality of life stems from the many fine neighborhoods and communities that make up our friendly city. As your Exclusive Buyer’s Broker, we provide you with home buying guidance that includes our expert knowledge of local markets!

Why not begin planning for the future? For excellent home buying tips and strategies, download our FREE e-book !

Contact us for help 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 Columbus Named Among Top 20 Metros for Household Growth appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

10 Reasons Why Columbus Leads Ohio’s Economy

RealSupport — Thu, 02 Jan 2014 23:25:02 +0000

Economic trends in Columbus lead the way for the rest of Ohio, according to a recent report by the Columbus Business Journal. The report examined a statewide analysis made by the Cleveland Federal Reserve. Here are the highlights, along with other facts you should know:

1. During 2013, the City of Columbus was rated “A” by Forbes Magazine, placing it among the Top U.S. Cities for Business in America.

2. In 2012, Columbus was ranked as one of the 50 Best Cities in America by BusinessWeek.

3. Columbus is home to many Fortune 500 companies, as well as the Battelle Memorial Institute, which is the world’s largest private research and development foundation. See our Columbus Facts webpage for more local information!

4. Companies in Columbus and Central Ohio are experiencing growth, and these large employers may be adding jobs in the future. A sampling of these companies include JPMorgan Chase, Ohio Health, Nationwide Mutual Insurance and Ohio State University.

5. Our colleges and universities supply a well-educated workforce, which in turn attracts high-caliber employers and good paying jobs. And because good jobs are available right here at home, Columbus students are more apt to remain in the area. With ample economic opportunities available for college graduates, our city also attracts young professionals from other regions.

6. Our economic output averages higher than the rest of the state, and higher than the rest of the nation.

7. The momentum of Columbus business helps keep Central Ohio unemployment lower than the rest of the state, and lower than the national average.

8. Our population growth averaged an 8% increase between 2009 and 2011, while the rest of the country only averaged population growth of 1.5%.

9. Overall household debt in Central Ohio is lower than the rest of the state. This includes mortgages, auto loans and credit card balances.

10. All of these elements help strengthen demand for Columbus housing! Columbus real estate has enjoyed growth in both home values and building permits. See our prior blog for Columbus 2014 real estate projections.

What does this all mean for Columbus home buyers? First of all, it means you can expect competition when buying a Columbus home! Columbus is a great place to live, and there are many fine neighborhoods and communities to choose from. Finding the right home for your needs is easier when you have an Exclusive Buyer’s Broker who represents you, and only you, in the home buying process!

For immediate home buying tips and strategies, download our FREE e-book !

Ready to get started? Contact us for help today! Remember, we are with you every step of the way…all the way home!

The post 10 Reasons Why Columbus Leads Ohio’s Economy appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

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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