Optimism Abound: Lower Unemployment Creates More Opportunities for Columbus Homebuyers | Columbus Ohio Real Estate | Buyer's Resource Realty Services

Optimism Abound: Lower Unemployment Creates More Opportunities for Columbus Homebuyers

Over the past few years, with the economy being the way it has been, many in the Central Ohio area have been hesitant to buy a home. Since less people had jobs and more were struggling financially, there were far more individuals worried about losing their home, not focused on finding a new one. The consumer culture became much more pessimistic during this period, particularly when it came to housing. Lately, however, the tune has been changing. Consumer confidence is on the rise and more are regaining their interest in finding a home. There are a number of factors that contribute to this, but one of the biggest ones is that the unemployment rate has gone down significantly in Columbus and its surrounding communities.

While the unemployment rate for the entire state of Ohio was 7.3%, in Central Ohio, it was only 6%. In the Columbus area specifically, the rate was 6.2%, over one full percentage point lower than the rest of the state. Delaware County saw the state’s lowest unemployment rate at 4.9%. In the entire state of Ohio, the jobless rates fell in 85 of the 88 counties.

So, what exactly does this mean for the housing market? Well, for one, it’s a sign that the economy is slowly and steadily improving. A 6.2% unemployment rate may not be the lowest on record, but it’s been steadily decreasing over the past several months. An improving economy means that more people are getting jobs and starting to put their faith and trust back into the market. They feel more comfortable, financially, buying a home. Since home prices are also still affordable, they are more likely to find a nice home and make the monthly payments on time.

I don’t want to create an illusion that everything is A-Okay for today’s homebuyer. There are still many obstacles that today’s buyer has to overcome when they start their home search. Lending restrictions are still pretty tight in the Columbus area. There is no denying, however, that conditions are improving for home buyers and that if you’re going to start your home search, the time is now. The real estate climate may not be paradise just yet, but there is room to be optimistic that we will, eventually, get there.

As always, if you ever need help with your home-buying needs, don’t hesitate to contact me and ask! As your Exclusive Buyer’s Broker, it’s my pleasure to help you.

Andrew Show
Buyer’s Resource Realty Services
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