Metro Columbus home buying tips Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Central Ohio Housing Market Shows “Good Health”

RealSupport — Fri, 19 Jan 2018 11:58:56 +0000

Home prices in Central Ohio are in line with the economic strength of the area, according to a report by Nationwide Insurance, published in Columbus Business First. The “Health of Housing Markets Report” examines the real estate conditions of 400 metropolitan statistical areas in the U.S., with a focus on home affordability.

In the report, Central Ohio home prices scored a “+1” rank out of a positive scale of 1 to 4. This basically means buyers are getting their money’s worth for the prevailing market conditions, but home prices are not a bargain. The report deems that our home prices are in line with the economic strengths driving demand, such as job opportunities and wage growth.

We took things a step further, and looked at the mortgage delinquency rates recently reported by the Ohio Bankers League. They show that 90-day residential mortgage delinquencies, or late payments, are currently at 1.2% statewide. This ratio stands near the current national average of 1.1%. To sum it up, there aren’t any signs of broad economic distress. (Some small level of mortgage default is normal in any economy, due to individual hardships and unforeseen events.)

While the foundation of the Central Ohio real estate market is currently solid, buyers should not blindly accept a home’s listing price! Every Metro Columbus community has its own market conditions, which vary by neighborhood, and even street-by-street! We provide our Buyer-Clients with relevant, hyper-local comparisons to help them make intelligent, compelling offers.

Home condition also plays a significant role in the market value of the property. Sellers are often quick to downplay a home’s flaws, or under-estimate the costs of their repair. This is true even in the case of new construction!

We protect our Buyer-Clients from over-paying for any home with buyer-centric contracts and contingencies that protect their interests – and their wallet! You can find out how we do this by downloading our free e-book, “How to Buy a Home like a Pro!” There is no charge, and no obligation.

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!

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

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Metro Columbus Home Prices Warm Up During Spring

RealSupport — Wed, 25 May 2016 20:46:14 +0000

Metro Columbus home prices are trending higher, according to a recent report published in Columbus Business First. As of April 2016, Central Ohio homes reached an average sales price of $202,393. This is 10% higher than the home price averages of April 2015.

If it feels like you’ve seen this movie before, you’re right. Home sale prices reached a high of $206,691 in July of 2015, before gradually tapering lower.

What’s different this season, is that Metro Columbus home inventory is lower than last year, and home sales are happening faster. During April, homes averaged 52 days-on-market, which is 10 days shorter than a year ago. Given the current sales momentum, higher price thresholds are likely for the next few months. Much depends on the amount of home inventory that comes on the market in upcoming weeks.

It’s important to remember that real estate statistics do not include non-agent listings. Homes that are for sale by home builders, and for sale by owner, are certainly available to Metro Columbus home buyers. But unless you work with an Exclusive Buyer’s Broker, you may never know of them. At Buyer’s Resource Realty Services, we can show you any home on the market!

Also, please keep in mind that no matter how competitive the market is, you should not overpay for a home. Home sellers typically are more optimistic about their home value than anyone else. And even if you “win” a bidding war, the bank appraisal may not support the higher sales price.

Home buyers who become our Buyer-Clients have distinct advantages that help them succeed in any market. For examples, read our first-time buyer success story, and see some of our client testimonials!

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, 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 Metro Columbus Home Prices Warm Up During Spring appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Metro Columbus Home Buyers and Bidding Wars

RealSupport — Fri, 13 Mar 2015 05:54:57 +0000

National media is once again beating the drum about tight housing inventories and bidding wars among home buyers. Columbus home buyers need to understand what drives bidding wars, and how to protect themselves when encountering one.

First, let’s look at what a bidding war is, and why they happen. A bidding war occurs when multiple buyers make an offer on the same house, and start to compete with one another by offering higher and higher prices to the home seller. The buyer who pays the most, gets their offer accepted, and “wins.” However, the home seller is the true winner!

Traditionally, bidding wars happen when there is a perception of insufficient home inventory on the market. An impression of scarcity motivates buyers to try and outbid each other. Bidding wars can happen in any market area, in any price range. Buyer competition can be fierce in highly-desirable locations.

What we are advising our Buyer-Clients is that there are “micro seller markets” that have their own dynamics. Meaning that in specific neighborhoods, in specific communities, in specific price ranges – there are a number of buyers who are looking to make a purchase. When a home first enters one of these micro seller markets, there is an immediate “rush to view” the very first day (or two) and IF it shows well and is priced well (remember – compared to the other “available inventory”) it will get an offer, and sometimes more than one!

We are seeing two extremes in these micro seller markets. We see homes that go under contract immediately. Or, when the homes don’t show well, and/or are over-priced, they sit and languish for weeks and months! You must know the difference, and that’s where we can be your best advisor.

Remember, the statistics you find about homes for sale are only counting homes available through the Multiple Listing Service, which are marketed by licensed real estate agents and brokers. This does not include homes that are for sale by owner, or new construction homes that are for sale by a builder. Therefore, you should treat “low inventory” headlines with some skepticism.

It is understandable that supply and demand can instigate a bidding war. However, there are bidding wars that are deliberately created when home sellers price their homes below fair market value. This too-good-to-be-true pricing creates a sense of urgency, and the resulting bidding wars push the final price well above fair market value.

Metro Columbus home buyers face many risks when getting involved in a bidding war. At the very least, you may overpay for the home. And if the final sales price exceeds fair market value, the bank appraisal isn’t likely to agree with it, which could spoil your financing. You might over-stretch your budget even if the mortgage goes through.

There are also emotional hazards, such as the stress of a bidding war’s fast-paced auction mentality, and the buyer’s regret you may feel once you look at the deal objectively.

Having exclusive buyer’s representation can protect you from the pitfalls of a bidding war. And because we can show you any home on the market, your home choices won’t be limited to the MLS!

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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