Columbus home buyers are casting their nets wider to find affordable properties, according to a recent article in the Columbus Dispatch. At the same time, home price growth has slowed in some high-end markets, while other communities are experiencing a run-up in home prices. Here’s a summary of the trends, along with our own insights!
Median home prices in Metro Columbus have increased by 5.6% during the first four months of 2017. During the month of April, the median list price of a central Ohio home reached $199,950. This is an 8.1% increase over April 2016, setting a new record high for year-over-year listing price increases.
However, the highly-localized nature of the Central Ohio real estate market is evidenced by the wide variety in price trends. More modestly priced areas such as Whitehall, Obetz and Blacklick are experiencing double-digit growth in home prices. At the same time, home price growth in higher priced communities such as Bexley, Worthington, Grandview Heights and Upper Arlington has slowed.
This isn’t saying that Upper Arlington is the new bargain market. Instead, it’s a reflection of the fact that home sales activity and sale price increases are most pronounced in certain price ranges, namely those below $500,000, where buyer demand is the strongest.
Simply put, there are fewer qualified home buyers for the upper strata of the market, which is why a $850,000 home in Upper Arlington can take longer to sell than a $200,000 home in Whitehall.
There is no easy answer to the challenge of low inventory in certain price ranges. As we pointed out in a prior blog post, the economics of new home construction make it difficult for builders to capitalize on entry-level home demand. And while home prices have rebounded well from the Great Recession, some homeowners still lack sufficient equity to sell. Over 8% of Franklin County residential mortgages are still behind on their payments. Other homeowners have proven reluctant to sell and trade up, since they are also challenged by low inventory conditions.
The best way to succeed as a home buyer is to use the services of an Exclusive Buyer Broker! Becoming a Buyer-Client of Buyer’s Resource Realty Services gives you access to every home for sale on the market, whether it’s listed through the Columbus Regional Multiple Listing Service, for sale by home builder, or for sale by owner! We’ll also protect you from over-paying from a home, and from other pitfalls that pressured home buyers typically fall into.
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.
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, 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
