Is the Market Turning for Columbus Home Buyers?

Columbus Real Estate Andrew Show Exclusive Buyer BrokerThe inventory of Columbus homes for sale nudged higher as of September 2018, increasing 2.6% from a year ago. During September, Columbus home sales also dropped by –11.4%. Given these indicators of increased supply and softening demand, one might expect home prices to lose some air.

Nope! Columbus home prices increased 9.8% in September, reaching an average sales price of $232,228. (These statistics do not include sales occurring outside of the Columbus Regional Multiple Listing Service, such as homes for sale by owner, or new homes sold directly by home builders.)

A similar trend has played out nationwide. Some media outlets have signaled that a shift to a “buyer’s market” has begun. Such projections might be ahead of themselves. Home supply has yet to significantly improve, particularly in entry-level price ranges where home demand is the strongest.

Still, home buyers had valid reasons to come up for air in September. Mortgage interest rates began to climb in earnest. Uncertainties seeped into buyer confidence as home prices gained altitude and affordability declined. Some buyers have been sidelined as a result.

If home inventories keep rising, home sellers may become more conservative in their asking prices. But thanks to a robust local economy and solid job market, this would probably translate into slower home price growth, rather than an abrupt pullback in prices. Meanwhile, seasonal price adjustments by motivated sellers shouldn’t be taken out of context.

Columbus home buyers need to remain well-prepared and well-represented! Being a Buyer-Client of an Exclusive Buyer Broker gives you representation when looking at any home on the market! This includes homes for-sale-by-owner, new construction and homes offered through the Columbus Regional MLS. We’ll also provide you with market comparisons and other insights to protect you from over-paying for a home!

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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