Metro Columbus homes Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Central Ohio Homeowners are Happy to Stay Put

RealSupport — Mon, 14 Sep 2020 08:19:16 +0000

When it comes to putting down roots, homeowners in Central Ohio have carved out quite a niche. According to a 2020 study by SmartAsset, reported in Columbus Business First, Worthington homeowners have held their properties for an average of 24.8 years. The national average for home retention is 13 years.

Long-term home ownership is also found in Pickerington, where homeowners have stayed in their residences for an average of 23.7 years. Delaware homeowners have been sticking around for an average of 18 years.

These embedded homeowners are reaping the benefits of wise home purchases in the past. For example, Worthington residents are spending an average of just 18% of their income on home ownership costs.

Worthington’s low ratio of distressed property, home ownership length and home value appreciation earned it the title of “Most Stable Housing Market in Ohio” by SmartAsset.

Earlier this year, SmartAsset named Pickerington and Hilliard among the “Top 10 Housing Markets in Ohio” based on neighborhood stability, speed of home sales, and home prices relative to income.

While this is great news for Central Ohio homeowners, it’s also an example why Columbus area home buyers have limited inventory to choose from. Homeowners simply do not have much motivation to move. Many purchased their homes during a less expensive period, and have refinanced their mortgages as interest rates fell.

Still, opportunities can be found in the Central Ohio real estate market. Patient home buyers who work with an Exclusive Buyer’s Broker can access the widest possible array of homes for sale – including homes on the Columbus Regional MLS, new construction, and homes For Sale by Owner!

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
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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Columbus Homes See Higher Summer Prices, Faster Sales

RealSupport — Fri, 04 Sep 2020 07:11:54 +0000

Home sales in the Columbus Metro started out strong this spring and gained momentum through the summer. The latest home sale statistics from Columbus Realtors© show July 2020 transaction volumes up 6.1% over July 2019.

The unwavering demand for Central Ohio homes pushed price increases into the double digits. Average home prices in July increased 10.4% on a year-over-year basis, reaching $278,044. Calculated by median, home prices increased 11.4% year-over-year.

Despite higher prices, sales have been swift. Homes priced below $350,000 spent an average of 20 days on market. In the price range of $350,000 to $500,000, homes spent an average of 33 days on market. Back in May, these price ranges had days-on-market of 24 and 37, respectively.

While the Columbus Metro real estate market has been “hot” for some time, this summer brought a new first. During July, the average home sale price exceeded the average listing price. In other words, it became common for homes to sell for more than the asking price. This phenomenon was once was an exception, but it has practically become the norm.

Still, Columbus home buyers should not make blind decisions or rush judgments. Home inventory, while still constrained, is improving. And being the highest offer can mean offering $1,000 over the asking price, instead of $10,000. As our Buyer-Client, you’ll get expert home buying guidance to help you succeed, without breaking the bank!

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Columbus Real Estate Market Humming Along

RealSupport — Mon, 03 Aug 2020 09:07:25 +0000

Columbus home buyers have proven resilient against anything 2020 can throw at them, according to the latest market data reported by Columbus Business First. The number of homes under contract increased by 17% on a month-over-month basis from May to June. Ultra-low mortgage rates and limited home inventory keeps home buyers motivated, even while the ranks of home sellers remain thin.

Columbus area home demand continues to push prices higher. Average home sale prices in June 2020 increased 4.1% over June 2019, reaching $272,020. Looking at the math another way, the median home sale price increased 5.7% to $241,000. “Median” means that half of the homes sold for more than $241,000, and half sold for less.

In Ohio and throughout the country, the resilience of the real estate market is a bright spot in an otherwise troubled economy. Most economists expect that the broader economy will stay on a recovery path as long as home buyers continue to show confidence. Home sellers have proven more reluctant to take their chances the market, perhaps due to pandemic concerns, economic caution or limited housing options.

Meanwhile, as mentioned in our prior blog post, Columbus area mortgage defaults have been creeping up. This does not signal a paradigm shift in the market, however. Unlike the market decline during the Great Recession, home prices today are steadily rising. These days, most homeowners have more “skin in the game” due to appreciation in home value, which incentivizes them to avoid foreclosure if possible.

Unless we see an abrupt glut of homes on the market, home buyers shouldn’t expect sudden bargains. Still, market conditions from one neighborhood to another will always vary, and Columbus home buyers should have their own exclusive representation for expert 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.

The post Columbus Real Estate Market Humming Along appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Area Housing Market Among Healthiest in U.S.

RealSupport — Wed, 18 Sep 2019 01:50:45 +0000

Columbus real estate has bubbled up on another media list! A report by SmartAsset, a financial technology company, named the Columbus area real estate market as one of the healthiest in the country, placing it #86 nationally and #2 in Ohio.

What exactly is a “healthy” real estate market? In the case of the SmartAsset analysis, a healthy real estate market has these four elements: sales price stability, low risk of future depreciation in values, ease of home sales and home affordability.

According to the study, Columbus Metro homes spend an average of 36.9 days on market. Home prices have been climbing on a year-over-year basis, but not at an unsustainable pace. Only about 9% of homes on the market have seen declining values, and 11.7% have negative equity. Meanwhile, the costs of owning a Columbus home are within reach of median incomes.

Statistically, the market is healthy for home sellers. But for Columbus home buyers, the market can be a challenge to break into! A lack of entry-level home inventory has made first-time home ownership a more expensive endeavor in recent years. There are still opportunities in the market, but the fast pace of home sales can be daunting for unprepared buyers.

To have a healthy home buying experience, become a Buyer-Client of Buyer’s Resource Realty Services!

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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For Millennial Home Buyers, the Struggle is Real

RealSupport — Fri, 09 Aug 2019 05:14:16 +0000

Home ownership has begun later in life for this generation of young adults. For years the media assumption was that Millennials were unmotivated by home buying and unready for the financial responsibility that went along with it. But when a study by Business Insider crunched the numbers, it demonstrated that economic headwinds, more than personal choice, delayed Millennial home ownership.

For example, about 70% of recent college graduates have approximately $30,000 in student loans outstanding, not counting interest. Millennials with advanced degrees may have over $75,000 in student debt. Monthly student loan payments can be enough to rival a car payment or a mortgage. The burden of student debt is much greater today than it was for prior generations.

Even as the cost of education increased, the price of single-family homes marched upward. Home prices are now 40% higher than what prior generations faced. The average price of a home reached $300,000 in the spring of 2019.

Millennials have also had to grapple with rising rent costs. Nationally, apartment rents have increased by 50% during the past three decades. At the same time, wages were largely stagnant.

This is all without the impact of the Great Recession itself, which arguably had an effect on Millennial earning power and economic opportunity.

Now for the good news: Millennials are among the most technically astute and financially adept of Columbus home buyers. They are now the largest home buying generation in America, accounting for the lion’s share of home purchases. They may not have rushed into the housing market as quickly as prior generations, but they have approached it with the lessons of the Great Recession in mind.

The market share of Millennial buyers is expected to grow for the next several years! And no matter what generation you are from, using an Exclusive Buyer’s Broker can help you prepare for a successful home purchase.

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Mistakes to Avoid When Buying a Columbus Home

RealSupport — Fri, 09 Aug 2019 04:57:45 +0000

A new home buyer survey reported by CNBC shows that buyer’s remorse has been on the upswing. One reason is the limited inventory of affordable homes facing buyers around the country. With little to choose from for the money, some buyers purchased homes that they quickly outgrew. Others purchased homes that needed more repairs than expected.

Yet there is simple, significant reason for home buyer remorse: uninformed decisions.

For example, the survey found that 40% of buyers accepted the first mortgage offer they received, because they had no idea what options were available to them. This means they likely overpaid for mortgage fees, and could have possibly received a better interest rate elsewhere.

About two-thirds of surveyed buyers said they regretted not having a larger down payment. While it’s possible to obtain a mortgage with only 3% down, the resulting mortgage insurance premiums can be a pricey addition to the mortgage payment.

Not surprisingly, 52% of respondents said their total mortgage payment was too high for their budget.

Despite these issues, home ownership was still seen as a positive achievement by 59% of respondents, who identify home ownership as part of the “American dream.”

What the survey does not address is the quality – or lack thereof – in the home buyer’s representation! When you become a Buyer-Client of Buyer’s Resource Realty Services, you receive true fiduciary representation. This means we can help you screen your mortgage offers for the most advantageous financing. We also negotiate exclusively on your behalf for the best possible price and terms for your home purchase.

Typical real estate agents do not provide the level of home buying guidance and protections that we deliver. In short, the easiest way to avoid buyer’s remorse is to use an Exclusive Buyer’s Broker!

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Popular May Events in Central Ohio!

RealSupport — Mon, 29 Apr 2019 17:08:43 +0000

There’s plenty to do in Central Ohio during the beautiful month of May! Here’s a sampling of the special events taking place around the Metro Columbus area.

Blooms & Butterflies, Franklin Park Conservatory – Columbus. May 1 – May 31. 10:00 a.m. – 5:00 p.m. daily. See hundreds of butterflies milling amongst the flowers in the Pacific Island Water Garden. New butterflies released daily. Special Mother’s Day craft activities on May 11. See website for full details!

Herb Day – Gahana. May 11. 9 a.m. – 2 p.m. Over 100 varieties of fresh herbs for sale, plus live demos, speakers, arts and crafts, vendors and more. Free admission! Located at the Ohio Herb Education Center, 110 Mill St.

Dragon Boat Races – Westbank Park, Columbus. May 19. 8:00 a.m. – 4:00 p.m. Show up early for the Lion Dance at 8:15 a.m, then enjoy a full day of entertainment with dragon boat races, drum and dance performances, food, music, children’s activities and vendor market.

Spring Fling – Upper Arlington. May 18. 11 a.m. – 2:00 p.m. Enjoy a variety of family activities, including a touch-a-truck, fishing derby, falconry exhibition, arts and crafts, games and more.

Grove City Farmer’s Market. Opens for the season May 18. 8:00 a.m. – 12:00 p.m. Not just another farmer’s market! Live chef demonstration each Saturday, using locally-produced food sourced at the market. Nibble on food samples and try your luck at the weekly raffle.

Family Fun Day – Columbus Commons. May 25. 4 p.m. – 8 p.m. Free admission! Carousel rides, games, crafts and activities for the kids. $5 wristband for access to all inflatables. Free movie at 8:15 p.m.; Ralph Breaks the Internet.

Asian Festival – Franklin Park, Columbus. May 25-26. A cultural celebration of traditional dances, food, exhibits, games, entertainment and more. Explore the marketplace for unique gifts, décor and fashion. Free admission!

Midwest Holiday Antiques Show. May 26. Ohio Expo Center, 9:00 a.m. to 3:00 p.m. One of the largest shows of its kind! Browse and buy antique holiday decorations and figurines.

Memorial Day Parade – Worthington. May 27. Parade steps off at 10:00 a.m. Route begins at East Dublin-Granville Road and proceeds south on High Street to Cemetery Drive. Memorial ceremony follows at Walnut Grove Cemetery.

Memorial Golf Tournament – Dublin. May 27 – June 2. Muirfield Village Golf Club. The tournament is a major PGA Tour event featuring the best golfers in the world!

FORE Fest – Dublin. May 30 – June 1. 6:00 p.m. – 11:00 p.m. Thursday and Friday, 6:00 p.m. – 10:00 p.m. Saturday. Enjoy live music at this free street festival, open to the public. Food and beverage vendors on site. Located at Bridge Park.

When you’re ready to explore Central Ohio homes for sale, we’ll be happy to help you! 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.

Columbus Home Construction Falling Short of Projected Demand

RealSupport — Fri, 04 Jan 2019 21:09:40 +0000

If you moved to Metro Columbus in recent years, you’re in good company! The population of Columbus grew by more than 10% from 2010 to 2017. The Columbus Dispatch reports that seven of the fastest-growing cities in Ohio are located in or near Franklin County. With a current growth rate of 1.8%, the number of residents calling Columbus home is projected to keep rising.

At the same time, a study by the Building Industry Association of Central Ohio shows that new construction is falling well short of housing demand. According an article published in the Columbus Dispatch, only about 8,400 new residences were added to the Columbus Metro during 2018. But to keep pace with demand, builders should be adding between 14,000 and 21,000 new residential units each year.

The dearth in new construction isn’t unique to Columbus. Nationwide, home builders who survived the Great Recession have struggled with a combination of industry challenges, including a shortage of skilled laborers, a high cost of land acquisition, rising material prices, and complex regulations. The end result is limited production and higher-priced homes.

The situation doesn’t have a quick remedy. Proposed projects in Central Ohio, such as a 175-home development in Canal Winchester, and a mixed-use plan with apartments and commercial space near Powell are still in discussion. Other projects, like the European Village development proposed in Dublin, are small in scale and exclusive in price. No matter the plans or price points, it can take years for a development to achieve local approval and break ground.

This is one of the reasons why home prices in Central Ohio are likely to keep rising in the months and years ahead. The strength of our regional economy will continue to draw new residents, and the imbalance of home supply and demand will keep upward pressure on the market.

Columbus area home buyers need to be well-prepared and well-represented! 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.

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Columbus Housing Costs on the Rise

RealSupport — Fri, 29 Jun 2018 05:57:16 +0000

Whether you rent or buy a Metro Columbus home, the cost of housing is going up. According to Zumper.com, the median rent for a 1-bedroom Columbus apartment increased by 2.8% on a year-over-year basis, reaching $730 as of June 2018. During the same period, the cost of a 2-bedroom Columbus apartment increased 7.1%, reaching $1,050.

Metro Columbus home sale prices are climbing as well. As of May 2018, the average sales price of a Central Ohio home reached $235,133, marking a 3.8% rise from May 2017. Homes spent an average of 27 days on market before going under contract.

Columbus remains one of the hottest markets in the country. Realtor.com placed Columbus at #4 in market activity during April and May. We are on track to place in the top 5 for June. You can read the details in our prior blog post, which includes our view from the trenches.

Despite the increases, Central Ohio is still among the better housing values! There are vast home price differences among Columbus neighborhoods and school districts. Certain price points are seeing a softer market, such as homes priced at $450,000 and above. Luxury condominiums are also moving slower.

Those who are looking for bargains at the lower end of the market can still find them, too – it’s all in knowing where to look! Buyers who work with an Exclusive Buyer Agent have an advantage, because we can show you any home on the market, including for-sale-by-owner and for sale buy home builder, as well as the Columbus Regional Multiple Listing Service!

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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Columbus Real Estate Strength to Continue in 2018

RealSupport — Sat, 16 Dec 2017 08:35:26 +0000

The demand for Columbus homes isn’t likely to slow down in the New Year, according to projections by Trulia. They recently named Columbus #8 among the top 10 cities poised for growth in 2018! The study compared 100 major cities in the U.S., using metrics such as job growth, home affordability, apartment vacancies, median age of households, and online home search activity.

This is just the latest study showing how popular the Columbus area has become! In prior blog posts, we talked about Hilliard being a hotspot for Millennial home buyers, and Columbus being the hottest “hipster” real estate market. Then came the study by WalletHub naming Dublin, Hilliard and Upper Arlington among 2017’s “Best Small Cities in America.”

The strength of the Columbus real estate market is more than media hype. October 2017 home sales increased 4.4% compared to October 2016, with 2,760 homes sold. This marks the highest October sales volumes on record.

Home prices also reached new highs. The median sales price for a Central Ohio home reached $183,000 in October, an increase of 8.9% from a year ago. Doing the math another way, the average sales price reached $215,296.

Please keep in mind that while statistics provide a benchmark, they do not include sales transacted outside of the MLS – namely, homes sold directly by builders, or homes sold by owner with no listing agent involved.

Still, the direction of the market suggests that 2018 will feature the same home buying challenges we’ve seen throughout 2017. Namely, persistently-low home inventory, buyer competition, rising interest rates and higher home prices.

Fortunately, there is one home buying advantage that remains consistent, too: Exclusive Buyer Brokers! We help you avoid overpaying for a home – even in multiple-offer situations. And because our only loyalty is to you, we don’t pull any punches when it comes to pointing out home defects or other material facts that could affect you. Plus, our reputation for integrity, along with our history of representing qualified, well-prepared home buyers, works in your favor.

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

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