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Home Affordability: 4 Costs Central Ohio Home Buyers Should Know!

RealSupport — Wed, 05 Aug 2026 06:33:36 +0000

Your home buying budget in Central Ohio is affected by four main costs. Understanding these costs will help you plan wisely for home buying, and for long-term home ownership!

First, we should mention that your mortgage approval is based on your income, down payment, debt obligations, credit worthiness and financial resources. Lenders use this data to determine your ability to repay, and the risk you present as a borrower.

Some of these elements are within your means to adjust. You can pay off debts, you can increase your down payment, and you can improve your credit score. In turn, you could improve the mortgage offers you receive, and possibly qualify for a larger mortgage.

But your purchase power is also affected by real estate market changes and the costs of home ownership. You have little control in these areas. However, there is value in being informed and prepared! This allows you to make comparisons and find the best solutions for your home buying budget. Here are 4 costs every Central Ohio home buyer should know!

1. Mortgage interest rates. The lower the interest rate, the larger the mortgage you can afford. Rates for 30-year, fixed rate Conventional loans averaged 6.69% as of August 5, 2026. Lenders offer the best rates to borrowers with excellent credit and strong down payments.

You can’t do much about the direction of interest rates. But you can get your credit score in the best possible shape, and shop around for your home financing! Rates, fees and other financing costs will vary from one lender to another.

2. Home prices. According to Columbus Business First, median home prices in Central Ohio increased 39% between August 2020 and August 2025. The median price of a Columbus area home was $352,000 as of June 2026. When calculated as an average, the average home sales price was $410,933 as of June 2026. Buyers will face different market conditions from one Central Ohio community to another.

In recent months, home price growth has slowed. Higher interest rates have taken some steam out of the market. Home inventory has improved. Today’s market has better stability than it did a couple years ago, allowing buyers more selection and more time to make decisions.

Finding the ideal home for your needs is best accomplished with an Exclusive Buyer’s Broker! We can show you any home on the market – including homes for sale on the Columbus Regional MLS, homes For Sale by Owner (FSBO) and homes for sale directly by home builders. We also help you compare financing costs, home prices and more!

3. Property taxes. The median property tax bill in Franklin County, Ohio for 2025 is approximately $4,772, based on median home values and an effective tax rate of about 1.6%

As home values rise, tax bills go up, but this is not a dollar-for-dollar match. Your real estate tax bill is based on the local tax rate multiplied by the value of the property. Tax rates vary by community. Local levies and special assessments will impact your tax bill. You can get more information about how taxes are managed by visiting the Franklin County Treasurer website.

If you buy a home with less than 20% down, your lender may require an escrow account with your mortgage. This account is funded through your monthly mortgage payment. The mortgage servicer will pay your tax bill and insurance premium directly from the escrow account. But when taxes or insurance premiums increase, the escrow portion of your mortgage payment will increase too!

New construction presents its own tax bill issues. A newly-built home may not be fully assessed for years after construction has been completed. Buyers of new construction need to be well-prepared for future adjustments.

4. Homeowner’s insurance. The average cost of homeowners insurance in Ohio ranges from $1,265 to $1,752 per year (roughly $105 to $146 per month) for a standard policy with $300,000 in dwelling coverage. Your premium will vary depending on the age and condition of the home, the estimated costs of replacement/repairs and local risk factors.

Obtain your insurance quotes promptly once you have an accepted offer. Shop around for the best value in costs and coverage. Also review the reputation of the insurance company when it comes to paying claims.

To find the best value for your home buying budget, get the expert advice of an Exclusive Buyer’s Broker! Learn how we make a difference by reading our free e-book, “How to Buy a Home like a Pro.” There is no obligation.

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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Robust Demand Keeps Home Sales Humming in Central Ohio

RealSupport — Wed, 22 Jul 2026 04:31:37 +0000

It’s a busy summer for home buyers in Central Ohio! During June 2026, Central Ohio homes spent an average of 25 days on market before going under contract. According to data from the Columbus and Central Ohio Regional MLS, June home sale transactions were up 5% compared to last year.

Overall home supply remains below normal, however. As of June, Central Ohio had 2.2 months of home supply, which is well below the 4 to 6 month supply of historic norms. In other words, at the current pace of sales, all available homes would be sold in just over 2 months, if no new properties came to market.

Robust home demand is often followed by rising home prices. Fortunately for Central Ohio buyers, a 7% increase in year-over-year home inventory helped temper home price growth. The median sales price of a Central Ohio home was $352,000 during June, reflecting a modest gain of .06% compared to June 2025.

This is a broad overview, however. Home prices in each Central Ohio community have their own trends. For example:

Bexley median sales price: $665,000
Dublin (Corp.) median sales price: $675,000
Upper Arlington median sales price: $710,000
Downtown Columbus (43215) median sales price: $373,000

The Central Ohio markets showing the strongest sales growth year-over-year include:

South-Western City School District (Grove City): 181 closed sales, up 19.9%
Westerville City School District: 133 closed sales, up 23.1%
Big Walnut Local School District (Sunbury): 41 closed sales, up 46.4%

To find the best value for your home buying budget, get the expert advice of an Exclusive Buyer’s Broker! We never represent sellers, which means we can be frank about home prices, property condition and purchase negotiations. Learn how we make a difference by reading our free e-book, “How to Buy a Home like a Pro.” There is no obligation.

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2026 Home Buyers Motivated by Housing Stability

RealSupport — Thu, 09 Jul 2026 00:23:26 +0000

Higher home prices and elevated mortgage interest rates are not stopping motivated buyers, according to the newest Bank of America Homebuyer Insights Report. The annual report surveyed 2,000 U.S. renters and homeowners during the spring of 2026. Here are the highlights from the report, along with our own insights!

Home buyers are seeking stability and security. 94% of respondents said that home ownership provides a sense of stability. Having control over one’s own housing is a primary motive for many buyers. The majority of respondents recognize the long-term value of home ownership.

Buyers see home ownership as an investment. 90% of respondents say that a home is a valuable investment. In 2025, the average U.S. homeowner with a mortgage held approximately $295,000 to $299,000 in total accumulated home equity. While there are no guarantees that any specific home will increase in value, home ownership offers the opportunity to build equity.

Home ownership is emotionally fulfilling. 86% of respondents said owning a home brings a sense of accomplishment and is emotionally satisfying.

Home ownership beats renting. 53% of survey respondents say it’s better to buy a home than to rent. This is the first time home ownership has beaten renting in respondent opinion since 2023.

Home affordability remains an issue. 58% of respondents say that high home prices have prevented them from buying a home. This is up from 46% in 2025. The desire for home ownership is strong, but most respondents say that home buying is more expensive today than it was just a year ago.

Gen Z buyers are willing to adapt, rather than wait. About 28% of Gen Z respondents said they are willing to take on extra jobs to afford a home. 32% are willing to co-buy a home with friends or family. 31% planned to explore down payment assistance programs.

Most buyers still want a professional to help them during the home buying process. 54% of respondents said they prefer human expertise for managing the contracts and legal elements. 55% prefer having an agent at their side when touring homes for sale.

Exclusive Buyer Representation makes all the difference in your home buying experience! We help home buyers save money and avoid pitfalls at virtually every step of the home buying process. In fact, our buyer-centric purchase contracts give you protections that typical “dual” agents cannot offer. Learn how we make a difference by reading our free e-book, “How to Buy a Home like a Pro.” There is no obligation, and the information is yours to keep.

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Market Update for Central Ohio Home Buyers

RealSupport — Wed, 10 Jun 2026 10:21:13 +0000

Central Ohio real estate shows a moderate rise in home prices as inventory improves. Here’s the latest data from Columbus REALTORS©, along with our insights!

The median sales price of a Central Ohio home increased 4.3% on a year-over-year basis, reaching $350,000 during May 2026. Looking at it another way, the average sales price was $408,993, a gain of 5.2% year-over-year.

Home prices are growing, but they are tempered by an increasing number of homes for sale. The total inventory of homes for sale increased 8.2% from a year ago. The supply of homes for sale stands at 2 months, meaning that if no new listings came to market, it would take 2 months for buyers to purchase everything currently for sale.

We remain far from a balanced market, which is typically between 4 and 6 months of supply. But the pace of sales, while still quick, shows that inventory growth is gradually easing the pressure on buyers. Homes spent an average of 29 days on market before going under contract during May.

Home sellers still hold the advantage in most Central Ohio markets. On average, sellers are receiving about 98.4% of their original asking price. There are list price adjustments taking place in some situations, however, showing that buyers aren’t jumping at every “For Sale” sign.

The Central Ohio market still holds more demand than supply. Fortunately, home buyers have it better today than they did during the pandemic! But there is limited time to make decisions. The most desirable homes in popular neighborhoods sell very quickly, and bidding wars can happen on any reasonably-priced property.

Being prepared for home buying makes all the difference! Start with our free e-book, “How to Buy a Home Like a Pro!” We share money-saving tips and purchase strategies you won’t find anywhere else.

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Payments can Change on a Fixed-Rate Mortgage: Here’s What Ohio Home Buyers Should Know

RealSupport — Wed, 29 Apr 2026 05:10:28 +0000

Having a fixed-rate mortgage offers protection against future increases in mortgage interest rates. Specifically, a fixed-rate mortgage means that the principal and interest portion of your monthly payment will remain the same, though the allocation between them will adjust as the loan matures. (You can see how this works on mortgage calculators, as found on Bankrate and other financial websites.)

But this doesn’t mean your overall monthly payment can’t go up. If you have an FHA, VA or USDA mortgage, an escrow account for the payment of property taxes and homeowner’s insurance is required. If your property tax bill goes up, and/or your homeowner’s insurance premium rises, the escrow portion of your monthly mortgage payment will increase. If these expenses rise year-over-year, the escrow portion of your mortgage payment will be rising to catch up.

Ohio homebuyers and homeowners need to know that escrow accounts can also require a “reserve.” Mortgage servicers are allowed by law to hold 2 months worth of escrow deposits as a cushion against future increases in taxes and insurance. However, since the 2-month reserve also has to be maintained, increases in taxes and insurance can mean 14-months worth of escrow deposit catch-up.

For example: If you have annual property taxes of $4,800 and an annual homeowner’s insurance premium of $950, These two items would total $5,750 per year. Your monthly escrow would be based on $5,750 divided by 12 months = $479.16 per month. This $479.16 would be added to your principal and interest payment, to create your total monthly mortgage payment.

But if your tax bill comes in at $5,100 and your insurance premium changed to $1,200, your mortgage servicer will pay these bills anyway – but then collect the difference from you. This is a one-two punch, because they need to make up the shortfall for the current year, and collect at least these amounts for next year. Also, if there is an escrow reserve, it needs to be increased to match the new monthly deposits.

It would look something like this:

Taxes: $4,800 collected, $5,100 paid = $300 shortage

Insurance: $950 collected, $1,200 paid = $250 shortage

New escrow payment:

Total annual tax and insurance payments: $6,300 per year = $525.00 new monthly escrow deposit

Total shortage $550. Divided by 12 = $45.83 per month shortage recovery

Total new monthly escrow payment $570.83.

If an escrow reserve is held, your servicer will also collect 2 months of the difference between the old escrow deposit ($479.16) and your new base escrow deposit ($525.00), which is $45.84.

So, $45.84 x 2 = $91.68. This would be divided by 12, to collect over 12 months with the rest of the escrow deposits, becoming another $7.64 on your monthly escrow payment. The grand total for your monthly escrow deposit would now be $578.43.

As an option, you can elect to pay off an escrow shortage in a lump sum, rather than have it prorated over a 12-month period.

Mortgage servicers analyze, or reconcile, your escrow account each year. Escrow overages can happen too, and if your tax and insurance payments come in lower than expected, you may receive an escrow refund for the difference.

Always check your mortgage statements, and watch your tax and insurance bills, too! If you have questions about the handling of your escrow account, reach out to your servicer promptly.

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Finding a Starter Home in Central Ohio: Tips for First-Time Home Buyers

RealSupport — Sun, 30 Nov 2025 22:57:13 +0000

Starter homes are an entry point in the market for first-time home buyers. The ideal Central Ohio starter home should be affordable, practical, well-built, well-maintained, and be located in an area with access to public amenities and daily necessities. When you choose your starter home wisely, it should appreciate in value over time. This helps you build equity, and gives you the chance to “trade up” to a larger or newer home in the future!

Starter homes are being rediscovered by today’s first-time buyers, after years of buyers purchasing large, newer homes right out of the gate. But the days of 3% interest rates are over, and years of rising home prices have put starter homes back in discussion. Here are tips for finding a good starter home in Central Ohio!

Look for a home that is:

Smaller in size (often 2–3 bedrooms)

Priced lower than the broader market average

Located in an established, stable neighborhood with local amenities – grocery stores, medical services, parks, good schools, etc.

Located on a street that is not too busy or noisy

Older, but well-built and maintained. No problems with the foundation, mechanical systems, etc. Be sure to write your offer with home inspection contingencies, and if condition issues are found, call in a contractor for estimates. How you write your offer is extremely important; see our free e-book, “How to Buy a Home like a Pro,” for examples!

Needs some updating, but doesn’t require immediate, big-ticket repairs. This is in the eye of the beholder. If you are willing to replace the roof, or install new windows, consider your budget and the return on investment when looking at a diamond in the rough. (Make sure it’s a diamond, first!)

Note: lead-based paint wasn’t abolished until about 1978. Homes that were built before 1978 may contain lead-based paint, and the older the home is, the more likely it has it. Lead plumbing pipes are also a concern. When you are considering an unrenovated, pre-1980 home, use contingencies to cover any specific testing or specialized inspections.

This is a broad guideline. For expert guidance and unbiased home buying advice, turn to an Exclusive Buyer’s Broker! 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.

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Exclusive Buyer Brokers put Home Buyers First!

RealSupport — Wed, 10 Sep 2025 14:25:20 +0000

No matter where you live in Central Ohio, you see marketing by local real estate agents. Typically, these agents work for home sellers, but they advertise “services” to home buyers in the same breath. Home buyers seldom realize that when they use an agent who represents both buyers and sellers, they are placing themselves at a serious disadvantage.

Most real estate brokerages practice “dual agency,” meaning they are transaction focused. When an agent works for a brokerage that has listings to sell, their #1 job is to sell those listings – for the highest possible price! As a home buyer, your objective is to purchase a home for the lowest possible price. These conflicting goals create agents who are transaction facilitators. By the nature of dual agency, they are unable to provide specific advice to buyers that could compromise the seller’s interests.

Yet this same type of agent can pass along information about the buyer to the home seller, which weakens the buyer’s negotiating power. And because traditional agents are motivated to sell their own brokerage’s listings, you may have less exposure to other properties on the market. You could also end up overpaying for a home, and/or buying a home that isn’t a good fit for your needs.

There is such a significant difference between traditional agents and Exclusive Buyer Brokers and Agents that we wrote an e-book about it: “How to Buy a Home Like a Pro.” You can download it free from our website, without any obligation. It provides expert home buying insights that you won’t find anywhere else!

In the meantime, here’s a quick way to understand what makes Exclusive Buyer Brokers different: we provide a fiduciary level of service to home buyers, 100% of the time, with no conflict of interests. We never represent sellers or accept listings. We focus exclusively on your needs as the home buyer, getting you the best possible price and terms.

We can also show you any home on the market – including For Sale by Owner (FSBO) or for sale by home builder, or for sale by an agency through the Columbus Regional Multiple Listing Service. Since we do not hold listings of our own, we have no vested interest in any particular home on the market.

We also help you evaluate your mortgage offers, helping you find the best financing for your needs. And when you tour homes with us, we will give you honest, objective advice about the price and quality of the home. When you’re ready to make an offer, we will walk you through the contractual language and the protections we provide.

As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, Exclusive Buyer’s Brokers only represent you, the buyer, getting you the best price and terms with no conflict of interest, at all times.

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Real Estate Investors Love Columbus Homes

RealSupport — Wed, 09 Jul 2025 08:39:51 +0000

Institutional real estate investors currently own about 7,000 Columbus area homes. As reported previously in the Columbus Dispatch, approximately 7% of all homes sold during the first quarter of 2025 were purchased by investors.

To understand how we’ve arrived at Wall Street ownership of single-family homes, we must recall the Great Recession of 2007-2009 and its aftermath. An estimated 9 million U.S. homes went into foreclosure, creating a backlog of bank-owned real estate. These properties were usually in poor condition. The longer they stood vacant, the more they lost value. It was detrimental to the banks – and to the communities where these homes were located.

To solve the problem, banks welcomed institutional investors. Instead of selling homes one and two at a time, banks sold properties by the dozens, or even the hundreds, to investment companies who purchased them sight-unseen. It was a win-win; banks cut their losses quickly, and investors found profit in repairing, renting and reselling the foreclosed homes.

It worked so well for investors that single-family home acquisitions became a permanent business strategy. Today, the Columbus area remains a sweet spot for institutional investors, who purchased over 600 homes in a recent 3-month period.

Columbus home buyers will be competing with investors for the foreseeable future. The good news: a well-written, well-presented offer can still beat an investor’s cash offer. Investors seek to purchase homes using below-market offers, with a “fast closing” as the incentive to sellers. Not every seller finds this trade-off acceptable. Those who do may have homes requiring significant repairs.

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Home Buyers are Waiting Longer as Home Affordability Falls

RealSupport — Wed, 18 Jun 2025 05:20:16 +0000

If you’re a home buyer in your late 30’s or more, you’re in good company. According to the National Association of REALTORS© Profile of Home Buyers and Sellers, the median age of a first-time home buyer in 2024 was 38. As recently as 2023, the median age of a first-time buyer was 35. Back in 2015, the median age of a first-time buyer was 31.

First-time buyers also hold a shrinking share of the real estate market. During 2024, first-time home buyers accounted for 24% of all home purchases. This is the lowest percentage of market share since NAR began tracking this data in 1981.

On the other hand, repeat home buyers aren’t getting any younger. The median age of a repeat buyer was 61 in 2024. In 2023, the median age of a repeat buyer was 58.

The aging of home buyers isn’t a surprise to economists. Home prices have been rising since the end of the Great Recession, but they spiked after the pandemic. The median sales price of a U.S. home was $317,100 during the 2^nd quarter of 2020. By the 2^nd quarter of 2022, the median sales price of a U.S. home was $437,700.

According to the NAR survey, last year’s buyers had to save money for a longer period of time before entering the market. About 57% of buyers reported using personal savings to help finance their home purchase. Only 12% of buyers relied on cash gifts or loans from family to facilitate their home purchase.

In a certain sense, the housing market hasn’t been “balanced” in decades. Residential single-family homes, for better or worse, are now a Wall Street asset class, with investors holding thousands of homes as rentals. And years before the Great Recession’s housing bust, the real estate market was juiced by easy-money mortgages, which created speculative home buying and speculative home building.

One would have to return to the 1990’s to get an idea of how a balanced real estate market used to behave, when home inventory stood around 6 months of supply, and mortgage interest rates were between 7% and 9%. The U.S. median home price in 1995 was $114,600. It was a very different market, but it wasn’t a rose garden for home buyers. The Internet was in its cradle days, without the buyer resources that are now commonplace online. Listing agents controlled real estate market information, and buyers were at a serious disadvantage.

In short, what a “normal” real estate market used to be, may look very different from the normal market of the future! The best advantage you can give yourself as a home buyer is the representation of an Exclusive Buyer’s Broker. We explain how we save you money and protect your best interests in our free e-book, “How to Buy a Home like a Pro!” You can download it today without any cost or obligation by visiting our website.

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Columbus Falls from “Hottest” Market List

RealSupport — Wed, 04 Jun 2025 05:33:29 +0000

The Columbus real estate market is no longer in the “hottest” market category, according to the Spring 2025 Wall Street Journal/Realtor.com Housing Market Ranking. Columbus fell out of the top 20 hottest markets during Spring 2025, falling to #28. However, other Ohio markets made the top 20, including Toledo, Canton-Massillon, Akron and Dayton.

The ranking weighed home affordability in the data, and this is where Columbus lost statistical ground. The average sale price of a Columbus home was $369,625 during March 2025, an increase of 3.9% from March 2024.

Meanwhile, markets like Toledo, Akron and Dayton had average sale prices in the range of $225,000 to $250,000. Listings in these price ranges drew a high number of online views, with about 43% percent of those views originating from outside of Ohio.

In other words, rising home prices in Columbus have caused some buyers to browse less expensive Ohio markets. This isn’t a bad thing, as it potentially reduces buyer competition in the Columbus area.

By the numbers, Central Ohio home inventory increased by 45% during April 2025, compared to April 2024. The improvement in home inventory is a welcome change for home buyers! Yet homes are selling quickly, spending just 32 days on market before going under contract. Buyers are still feeling pressure in Central Ohio, and being prepared for the market is a must. We can help!

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