New Home Construction Metro ColumbusIf you moved to Metro Columbus in recent years, you’re in good company! The population of Columbus grew by more than 10% from 2010 to 2017. The Columbus Dispatch reports that seven of the fastest-growing cities in Ohio are located in or near Franklin County. With a current growth rate of 1.8%, the number of residents calling Columbus home is projected to keep rising.

At the same time, a study by the Building Industry Association of Central Ohio shows that new construction is falling well short of housing demand. According an article published in the Columbus Dispatch, only about 8,400 new residences were added to the Columbus Metro during 2018. But to keep pace with demand, builders should be adding between 14,000 and 21,000 new residential units each year.

The dearth in new construction isn’t unique to Columbus. Nationwide, home builders who survived the Great Recession have struggled with a combination of industry challenges, including a shortage of skilled laborers, a high cost of land acquisition, rising material prices, and complex regulations. The end result is limited production and higher-priced homes.

The situation doesn’t have a quick remedy. Proposed projects in Central Ohio, such as a 175-home development in Canal Winchester, and a mixed-use plan with apartments and commercial space near Powell are still in discussion. Other projects, like the European Village development proposed in Dublin, are small in scale and exclusive in price. No matter the plans or price points, it can take years for a development to achieve local approval and break ground.

This is one of the reasons why home prices in Central Ohio are likely to keep rising in the months and years ahead. The strength of our regional economy will continue to draw new residents, and the imbalance of home supply and demand will keep upward pressure on the market.

Columbus area home buyers need to be well-prepared and well-represented! 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, MCNE, 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

Columbus home buyer tips and new years resolutionsIf owning a home is among your goals for 2019, you can start today by making several home buying resolutions! A wise home buying journey requires a sound financial plan, a good home buying education, and expert guidance from an Exclusive Buyer Broker! These steps will help you put a plan together.

1. Resolve to take control of your finances. If you are saddled with myriad financial obligations, begin with turning your budget around. Credit counseling services can help. If you’re in pretty good shape, it’s still smart to check your credit history and make sure it’s free of errors. You can check your credit score at MyFico.com.

2. Resolve to save money for a down payment. Ideally, you’ll want to keep an emergency fund set aside, in addition to having a savings plan for your down payment. Down payments can be as low as 3% for a Conventional mortgage, or 3.5% for an FHA mortgage.

If you wish to avoid paying mortgage insurance, you usually need a down payment of 20%. However, we know of an excellent local lender who offers no-PMI mortgages with 15% down, and no rate bump – contact us for a referral!

Remember too, that cash gifts can be used towards your down payment! If you are counting on gift funds for your down payment, see these important tips!

3. Resolve to get pre-approved for your mortgage. Before starting your home search, you need a realistic idea of your buying power. We can refer you to reputable lenders in Central Ohio who will explain all of your mortgage options. Contact us for a referral!

4. Resolve to learn about home buying from a reliable source. There’s tons of home buying “advice” on the Internet, but typical real estate websites stop short of giving buyers the complete truth – because they’re trying to attract sellers, too. Our free e-book, “How to Buy a Home like a Pro” gives you valuable insights to the home buying process, all without charge or obligation.

5. Resolve to work with an Exclusive Buyer Broker! We provide our Buyer-Clients with true fiduciary representation. We protect you throughout the home buying process, negotiating exclusively on your behalf to get the best possible price and terms. We can also show you any home on the market, including homes for sale on the Columbus Regional MLS, homes For Sale by Owner, and new construction for sale by home builders!

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, MCNE, 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

5 Reasons Why Columbus Home Buyers Should Stay in the Market

December 3, 2018

Baby, it’s cold outside! But don’t let the weather delay your Columbus home search! Winter can be an advantageous for home buyers, because there is less competition for desirable homes, and sellers are motivated. Here are 5 more reasons why Columbus home buyers should stay in the market this winter! 1. Central Ohio home inventory […]

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Mortgage Strategies for Columbus Home Buyers

November 24, 2018

Making wise mortgage decisions can save you money as a Columbus home buyer! While you can’t control the direction of interest rates, you can put yourself in a position to receive the best possible mortgage offers. Here are mortgage tips and strategies every home buyer should know! Strengthen your credit. Your credit score, loan-to-value ratio, […]

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Is the Market Turning for Columbus Home Buyers?

November 20, 2018

The 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 […]

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Welcome the Holiday Season in Metro Columbus!

November 17, 2018

There are numerous ways to kick off the holiday season in Metro Columbus! If you’re ready for some warmth, cheer and family fun, make plans to attend these special events! November 16 through January 6. Wildlights – Columbus Zoo & Aquarium. Be amazed by over 3 million LED lights in a dazzling display of color!  […]

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Why Columbus Home Buyers Shouldn’t Fudge the Mortgage Application

October 12, 2018

Mortgage fraud is on the rise. But this time, it isn’t part of a bigger scheme orchestrated by white-collar thieves. Instead, there’s an uptick in home buyers who are attempting to cheat their way into a mortgage approval. There are two main patterns: mortgage applicants who claim a higher income than what they report to […]

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Columbus Home Buyers Should Prepare for Higher Interest Rates

October 7, 2018

The Federal Reserve increased its benchmark lending rate by .025 in September, the third such increase so far in 2018. Analysts predict another possible rate hike in December. What does it mean for Columbus home buyers? Most notably, mortgage interest rates are rising. As of September 27, the average interest rate on a new, 30-year […]

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Home Buyers Should Be Prepared for Lender Questions

August 27, 2018

Home buyers should be prepared for follow-up questions from their mortgage lender, according to a recent article by the Wall Street Journal. It is increasingly common for lenders to require a “letter of explanation” to address questions that arise during the mortgage underwriting process. Despite good credit quality and a strong housing recovery, lenders are […]

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Quarterly Market Statistics – Second Quarter 2018

August 25, 2018

    Below you’ll find market statistics separated by school district, as well as last quarter’s closed sales and median sales price graphs. Bexley Pickerington (Corp.) Columbus CSD Reynoldsburg CSD Dublin CSD South-Western CSD (Grove City) Gahanna Jefferson CSD Sunbury (Corp.) Grandview Heights (Corp.) Upper Arlington CSD Hilliard CSD Westerville CSD New Albany Plain LSD […]

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