The Columbus Business Journal recently published an article about the “hottest buyer’s markets” in Central Ohio, based on data compiled by RealtyTrac. The methodology was based on a price-to-value calculation, using the average sales price of homes in a given ZIP code area, divided by the average estimated full market value in the same area.
In other words, home buyers in these areas have an opportunity to come out a little bit ahead in the deal. We’re going to share a few examples from the article, with the following caveat: each home is unique, and all real estate markets are highly localized. Also, home values are continually changing in accordance with market activity.
While some markets may present good opportunities to buyers, depending on the inventory of homes for sale and localized factors, your best bet is to use the guidance of an Exclusive Buyer’s Broker, who can objectively evaluate the market value and appropriate offer amount for any home on the market.
Here are some examples of the top “buyer’s markets” in the Columbus Metro, with the most advantageous listed first:
Granville (43023)
Average sale price: $218,254
Market value at sale: $249,303
Price-to-Value ratio: 88%
Dublin (43017)
Average sale price: $290,972
Market value at sale: $305,934
Price-to-Value ratio: 95%
Powell (43065)
Average sale price: $306,639
Market value at sale: $323,368
Price-to-Value ratio: 95%
Grove City (43123)
Average sale price: $166,695
Market value at sale $173,463
Price-to-Value ratio: 96%
Dublin (43016)
Average sale price: $240,768
Market value at sale: $251,263
Price-to-Value ratio: 96%
Westerville (43082)
Average sale price: $289,455
Market value at sale: $301,751
Price-to-Value ratio: 96%
Gahanna (43230)
Average sale price: $171,531
Market value at sale: $176,328
Price-to-Value ratio: 97%
Pickerington (43147)
Average sale price $187,564
Market value at sale: $190,857
Price-to-Value ratio: 98%
Other Columbus Metro markets scoring well for home buyers included Hilliard (43026), Southeast Columbus (43232) and Canal Winchester (43110). The data used in RealtyTrac’s analysis was based on average home sale prices and market values as of the second quarter of 2015.
You can do well in virtually any Central Ohio market, when you work with an Exclusive Buyer’s Broker! 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
