How hot is the Columbus real estate market? According to an industry association’s April study, Columbus is the 4th hottest real estate market in the country. The analytics were based on online home search activity by area, as well as the speed of home sales.
This places Columbus right behind red-hot markets like San Francisco and Boston. Midland, TX, came in as the “hottest” market in the country.
Buyers priced out of other cities are pressing towards more affordable regions with good job markets, such as Central Ohio. Investors are following suit. All real estate is local; but today’s home buyers are global.
Meanwhile, Columbus Business First reports that nearly 80% of Franklin County homes are selling well above the assessed tax value. Homes that sold for more than assessed value did so by a median of $38,000. About a third of them sold for a median of $50,000 above value.
Why the home buying frenzy? The consensus among buyers is that home prices are not likely to get cheaper, while mortgage interest rates are only likely to go higher. At the same time, the inventory of Columbus homes for sale has progressively declined on a year-over-year basis.
Here’s what we’ve seen for ourselves on the front lines of the Columbus Metro real estate market! Most of our Buyer-Clients are having to make offers at or above list price if the home is newly-listed on the market. A home that remains on the market for 2 weeks or more without any active offers, and without any price changes, might go for less than the asking price.
Home condition and list price are key determinants. The critical decision is whether or not the home is worth the money. Sometimes, a home will be deliberately listed for less than full market value, in order to draw multiple buyers and trigger a bidding war. Beware of simply “bidding to win” when you should be bidding in accordance with the home value!
Sometimes, our Buyer-Clients will lose out on a home, even after making an offer well above list price. In our current market, it’s not uncommon for a buyer to be unsuccessful on their first few purchase efforts. But planning and perseverance pay off! The market keeps evolving, and new homes come to the market daily. You might write three offers before having one accepted; you might write five, or eight! Stick to your plan, stay within your means, and be patient.
Every local market is unique, and sales trends change day-by-day. Your best strategy in a hot market is to use the guidance of an Exclusive Buyer Broker! We can help you craft winning purchase offers, without compromising important buyer protections!
And because we only represent buyers, we have no vested interest in the home you choose. This means we can show you any home on the market, including for-sale-by-owner, new construction by builders, and homes on the Columbus Regional Multiple Listing Service.
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-M, CNE, CSP, PSA, e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
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
