Is the Columbus Real Estate Market Too Hot to Handle? - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Is the Columbus Real Estate Market Too Hot to Handle?

Columbus real estate market too hotHomes in the Columbus area are selling nearly as fast as they come to market. May 2021 data from Columbus REALTORS® indicates homes went under contract in an average of 14 days, the fastest pace on record. To put that in perspective, a “balanced” real estate market used to have homes selling in 6 months!

The pace of home sales has sped up for all price ranges. During May, Homes priced at $350,000 or less went under contract in about 11 days. Homes priced at $700,000 or more went under contract in an average of 27 days.

Home prices increased by 18% on a year-over-year basis, bringing the average home price to $315,127. The rise in prices and quick pace of sales happened despite an improvement in home inventory, which was 21% higher than a year ago, and 8% higher than the prior month. Overall, however, home inventory remains seriously below demand.

As I explained in a segment with NBC-4 News, some Columbus home buyers are giving up. It is difficult for a buyer with FHA or VA financing to compete in this market, unless they have substantial cash above and beyond the down payment. It is troubling to see the opportunity for home ownership move out of reach for first-time buyers and disadvantaged buyers.

Unfortunately there is little sign of the current demand slowing down. Columbus stands as the “hottest” market in the country these days. Our economic opportunities, quality of life, and moderate home prices (compared to other major metros) attracts buyers from near and far.

Still, buyers who step back for now should not throw in the towel forever. Do not be so discouraged that you spend your down payment on something else. You never know when a home in your price range will become available – and when your offer might win the day. As your Exclusive Buyer’s Broker, we will give you every possible avenue for success!

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
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
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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