On a year-over-year basis, the volume of Central Ohio home sales increased by 8.9% during September. Conversely, home inventory was down on a year-over-year basis, with 5.6% fewer homes on the market. The imbalance of supply and demand continues to result in rising home prices and shorter days-on-market.

While lower-priced homes typically spend the least amount of time on the market, expensive homes are selling briskly as well. In Central Ohio, we have well-qualified buyers in virtually all price ranges. Here’s how the days-on-market break down by price range, based on September 2019 statistics:

• Homes priced $350,000 and less: average of 26 days on market
• Homes priced from $350,000 to $500,000: average of 42 days on market
• Homes priced from $500,000 to $700,000: average of 59 days on market
• Homes priced $700,000 and up: average of 86 days on market

We discussed the competitive conditions for Columbus home buyers in our prior blog post. But as we can see by the modest days on market for higher-priced homes, buyer demand extends beyond entry-level inventory.

No matter your home buying budget, the representation of an Exclusive Buyer’s Broker will help you obtain the best possible price and terms on your home purchase!

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 Home Sales Show Brisk Pace in Columbus Metro appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Meanwhile, the inventory of homes for sale is down by 25.3% from May 2015. Looking at it another way, our home inventory stands at 2.1 months of supply. This means that if no other homes came to market, the current pace of sales would clear all inventory in just over 2 months.

Please keep in mind that these figures are based on sales conducted through the Columbus Regional Multiple Listing Service. The statistics do not include homes for sale by owner, or homes for sale directly by home builders. Therefore, actual home inventory is always a bit higher than what you see reported in the media.

Low inventory has helped push home prices higher in Metro Columbus. As of May 2016, the average home sale price reached $211,974, representing a 6.3% increase from the same period last year.

One surprising trend in our market is an increase in foreclosure filings. RealtyTrac reports that Central Ohio foreclosure filings jumped by 22% during June. The Columbus Dispatch reports that lenders repossessed 801 Central Ohio homes during May alone.

However, the vast majority of these foreclosures are not the result of recent mortgage delinquencies. Instead, they represent long-delinquent mortgages that have exhausted all remedies, such as loan modifications and repayment plans.

It’s too soon to say what impact these foreclosures will have on the market; we are not looking at the distressed property volumes we saw during the Great Recession. It’s possible we may see a small bump in home inventory on a localized basis.

On a positive note, owner-occupant home buyers will have a fair chance at some of these foreclosures when they reach the market. This is due to Freddie Mac and Fannie Mae’s “First Look” program, which gives owner-occupant buyers priority over investors for a limited period.

The Metro Columbus real estate market is fast-moving and complex. When you are ready to buy a home, give yourself the advantage of dedicated buyer representation!

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, 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 Home Sales Speed Up in Metro Columbus appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.