Good Economic Conditions for Columbus Home Buyers - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Good Economic Conditions for Columbus Home Buyers

Columbus economy The economic signals are positive for Columbus home buyers, with strong employment numbers and low interest rates signaling a green light for the real estate market. Here’s where the good news is coming from!

The Columbus Dispatch reports that Central Ohio’s jobless rate fell to 3.8% during May, with three counties in the region posting some of the lowest unemployment rates in the state. Here’s where the unemployment numbers stand around the area:

  • Franklin County 3.8%
  • Delaware County 3.3%
  • Madison County 3.5%
  • Union County 3.5%

The unemployment rate in the City of Columbus was slightly higher than these counties, at 3.9%. Overall, Metro Columbus area has the lowest unemployment rate among all of Ohio’s metropolitan areas.

Gains in employment were driven by hiring activity in the leisure and hospitality industries, along with hiring in business and professional services. Our diverse economy is helping Central Ohio make better employment gains than the rest of the state – and better gains than many areas of the country.

Meanwhile, the Federal Reserve indicates that its benchmark lending rate is unlikely to change much during the rest of 2016. Back in December, the Fed signaled intent to gradually raise rates in several increments this year. In turn, analysts expected that mortgage interest rates would eventually climb higher.

But mixed national employment figures, spotty economic growth, and geopolitical uncertainties have kept the Fed cautious. Now, economists predict that any future rate changes won’t happen until possibly September. Any rate changes that do occur are likely to be very modest.

What this means for the Columbus real estate market, is that home demand is likely to stay strong through the balance of the year. Confidence in the job market and the local economy, combined with attractive mortgage interest rates, will keep home buyers active in Central Ohio. The main challenges facing buyers include low home inventory and rising home prices.

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
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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