Moving Up
Many homebuyers in the past, especially before the subdued housing recovery began, did not have much of an opportunity for buying a bigger, better house in the Columbus area. In fact, many of them were underwater in their mortgages— a factor that is now beginning to subside as more gain back positive equity in their homes. Why’s that? According to MSN Real Estate and the latest Case-Shiller Home Price Indices, “prices in the first seven months of this year increased faster than in any year since 2004.”

Now these Columbus area homebuyers are able to get back into the housing market and start looking for their next dream home— and for many that means a bigger, better house in a great location. First-time homebuyers are still a major part of the housing market, but these move-up buyers are becoming just as important.

Buyers Taking Note
Move-up buyers are noticing that the prices on the Columbus metro area homes they want to purchase are somewhat higher, but so is the price of their own home that they will be moving from. As a result, they will have more to put down on their next home and can afford to shop around for the best home for them and continue their home search until the right property comes along.

The Market and the Buyer
What do these homebuyers mean to the local real estate market? It seems the housing market is actually benefitting from the presence of these homebuyers and despite a limited inventory, sales of existing homes are fairly strong. Because these buyers are moving out of homes they purchased before the recovery, they are bringing many great starter homes to the market for first-time homebuyers to snag for themselves. The presence of these move-up or trade-up buyers is proving a sign of a more stable and positive market headed for a smoother recovery.

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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