The short answer: as long as home demand keeps outpacing supply, prices won’t be declining anytime soon. However, a sustained economic disruption could soften demand. Here’s a look at the Central Ohio economy as of August 2020, according to the U.S. Bureau of Labor Statistics:

Columbus area unemployment stood at 8.3%, just below the national average of 8.5%. Franklin County had the highest unemployment at 9.1%. Delaware County has the lowest at 6.1%.

The Central Ohio industries with the most job losses include:

• Leisure and Hospitality services = 26.3% decline in employment
• Other service-oriented industries = 15.5% decline in employment
• Education and Health services = 7.9% decline in employment

The Central Ohio industries with the least job losses include:

• Government = 1.3% decline in employment
• Professional and business related services = 4.9% decline in employment
• Manufacturing = 5.1% decline in employment

In the middle of the pack, financial services, information technology, and construction have employment declines between 6% and 7.6%.

It should be noted that these figures already represent some improvement from the state of the economy a few months ago. Still, the economy will need time to get back to the levels enjoyed prior to the pandemic.

So long as the Central Ohio economy continues its gradual recovery, and housing inventory remains limited while home demand remains strong, Columbus home buyers will continue to face a competitive market in the months ahead. However, it’s important not to overpay for a home in this environment! One should also avoid making an impulsive home purchase that will not suit your long-term needs.

Looking for home buying advice? 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.

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

The post Columbus Real Estate and the Central Ohio Economy appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

In our prior blog post, we discussed Metro Columbus population growth, which places our area only second to Chicago in population size. We are the fastest-growing metro in the Midwest! And since 2010, Metro Columbus has lead the Midwest in employment growth and Gross Domestic Product (GDP.)

In fact, Metro Columbus in on track for the best decade of economic growth in its history. From January 2010 through November 2017, seasonally-adjusted net employment increased by 144,599 jobs. At the current pace, an estimated 184,000 jobs will be created by 2020.

Incomes are also on the rise. From 2010 through 2016, personal per capita income increased by 24.4%, and is projected to reach 40% by the year 2020. During the first six months of 2017 alone, regional wages grew by 4.7%.

A core element of our economic strength is our diversity of industry. Columbus is home to 14 Fortune 1000 companies, and 5 Fortune 500 companies. The largest private-sector employers in Metro Columbus include notable companies like JPMorgan Chase, Nationwide, Honda of America, Cardinal Health, Amazon, L Brands and Verizon, just to name a few!

In August 2017, Facebook announced it would build and operate a 900,000 square-foot, $750 million data center in New Albany, bringing 100 new jobs to the community. Metro Columbus is also among the final 20 cities under consideration for Amazon’s second headquarters, making the final round cut from 238 contenders!

The progress of our economy continues to draw new residents, who add momentum to our dynamic growth. If you are considering relocating to Metro Columbus, let Buyer’s Resource Realty Services be your guide! Our exclusive buyer representation, along with our depth of local experience in the Metro Columbus market, will be your advantage!

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.

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
Broker, CEBA-M, CNE, 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

The post Metro Columbus Job Growth Reflects Economic Strengths appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.