RealtyTrac placed Columbus among the 10 Best Markets for First-Time Home Buyers, based on an analysis of home sales and mortgage loans throughout 2014. The study shows that the average down payment of a Columbus home was 12.92% of the purchase price, coming in at about $16,536.00; lower than the national average. In comparison, higher-priced metros had down payments of 24%.
While buying a home is a better long-term deal than renting, Columbus rents are also more reasonable than comparable U.S. cities. According to RentJungle, the average Columbus apartment currently goes for $866 a month; the national average is $1,350 a month. Moderate rents help enable tenants to save for a down payment, which is another factor in Columbus’s favor.
Please keep in mind, however, that all Central Ohio real estate has local variety, whether it comes to home buying or renting. For example, the rent for a two-bedroom apartment in Dublin averages close to $1,200. According to ApartmentList, that puts rental costs in Dublin 24% higher than the national average, and a whopping 70% higher than the rest of Ohio.
Meanwhile, homes in Dublin have an average sales price of $310,875. The average sales price for a Metro Columbus home is $175,692. Location plays a huge role in home prices, and there are micro-markets within each neighborhood.
Overall, Columbus homes are affordable compared to many areas of the country, but home buyers need to be prepared for the market in order to succeed. As the peak home buying season approaches, buyers need to secure their mortgage financing, and have the guidance of 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
