Columbus home buyers who expected to find last year’s home prices in today’s market are finding out just how fast conditions can change! Steep discounts and ample home supply have been replaced by rising prices and shrinking home inventory. Should you buy a home now, before prices push higher? Or will prices level off as more homes reach the market? Here are some considerations for you!
Central Ohio Home Sales See Double-Digit Increase
Home sales activity and home prices are ahead of last year, according to the Columbus Board of Realtors. Home sales volumes in Columbus during February 2013 were 14.9% higher than February 2012. When you cast the net a little wider to include Central Ohio, the sales volume is up by 20%, compared to the same period last year.
Home prices are following demand, albeit at a slower pace. The median selling price of a Central Ohio home is up by 1.7% from a year ago, coming in at $122,000. “Median” means that half of the homes sold for more than this amount, and half of them sold for less.
Industry analysts point out that the peak home buying season will bring out more buyers, but home inventory is expected to remain low. This will enable home sellers to take advantage of the situation and seek higher prices. In short – we are heading into a seller’s market.
Columbus Home Buyers Face a Competitive Market
With more buyers chasing fewer homes, the pressure is on the buyer! Not only will home sellers test the price ceiling of the market, but home buyers may be bidding against each other. In such situations, you can find yourself giving up contingencies that you shouldn’t, and paying more for a home than you should!
What about the risk of further home price increases, and rising mortgage interest rates? Those are valid concerns. If you are just within the boundaries of qualifying for a mortgage today, you may not want to gamble by sitting on the fence. Even modest increases in home prices and interest rates can affect your debt-to-income ratios.
Fortunately, by using an Exclusive Buyer’s Agency, you can still find great home buying opportunities in Columbus! We will protect your interests and guide you through the home buying process. We also negotiate the best home price on your behalf! Best of all, our expert representation doesn’t cost you anything. Contact us today for help with your home buying goals!
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
www.BuyersHome.com
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