Columbus home buyers can expect rising home prices in 2015, according to Clear Capital’s Home Data Index Market Report. In fact, Clear Capital expects Ohio home prices to rise in several metros throughout the state. The cities of Columbus, Cleveland, Cincinnati and Dayton are expected to see home price gains from 2.2% to 4.5% during the course of the year.
These projections echo the market opinions expressed by the Ohio Association of Realtors®. According to the latest Housing Market Confidence Index, 80% percent of Central Ohio Realtors® describe the current housing market as healthy, and 93% expect home prices to rise during 2015.
Tight home inventories are expected to pressure home prices in Central Ohio. New home construction starts, while improving, remain below pre-recession levels. A report by John Burns Real Estate Consulting states that homebuilders are constrained by financing restrictions, which have dampened large-scale developments and discouraged building on speculation.
Meanwhile, homeowners who bought at the peak of the market are still in recovery mode, unable to sell until they achieve sufficient equity. Homeowners who have equity and who wish to “trade up” may find a limited selection of homes for sale in their desired price range and location – which may cause them to stay put.
Yet there are an abundance of homes for sale in some areas. Currently there are over 8,500 residential listings for sale in the Columbus Regional MLS. The selection is there, but buyers must be astute to home condition in relation to price and local market factors. There is no need to overpay for a home, no matter how competitive the market might be.
Central Ohio home buyers can find excellent choices with the help of an Exclusive Buyer’s Broker who will expedite the home search and provide complete buying guidance. Home buyers must also have their mortgage financing in order. Well-prepared home buyers who have professional representation can succeed in virtually any market!
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, 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
