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Columbus real estate market hummingColumbus home buyers have proven resilient against anything 2020 can throw at them, according to the latest market data reported by Columbus Business First. The number of homes under contract increased by 17% on a month-over-month basis from May to June. Ultra-low mortgage rates and limited home inventory keeps home buyers motivated, even while the ranks of home sellers remain thin.

Columbus area home demand continues to push prices higher. Average home sale prices in June 2020 increased 4.1% over June 2019, reaching $272,020. Looking at the math another way, the median home sale price increased 5.7% to $241,000. “Median” means that half of the homes sold for more than $241,000, and half sold for less.

In Ohio and throughout the country, the resilience of the real estate market is a bright spot in an otherwise troubled economy. Most economists expect that the broader economy will stay on a recovery path as long as home buyers continue to show confidence. Home sellers have proven more reluctant to take their chances the market, perhaps due to pandemic concerns, economic caution or limited housing options.

Meanwhile, as mentioned in our prior blog post, Columbus area mortgage defaults have been creeping up. This does not signal a paradigm shift in the market, however. Unlike the market decline during the Great Recession, home prices today are steadily rising. These days, most homeowners have more “skin in the game” due to appreciation in home value, which incentivizes them to avoid foreclosure if possible.

Unless we see an abrupt glut of homes on the market, home buyers shouldn’t expect sudden bargains. Still, market conditions from one neighborhood to another will always vary, and Columbus home buyers should have their own exclusive representation for expert advice!

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
Exclusive Buyer’s 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 mortgage real estate Andrew ShowRecent data from CoreLogic shows mortgage defaults on the rise. Here are highlights from the report published in the Columbus Dispatch, along with our insights!

First, we should mention that some level of mortgage default is normal, due to unforeseen hardships befalling borrowers. Prior to the Great Recession, defaults averaged between 2% and 3%.

In the early months of 2020, new mortgage defaults were fueled by pandemic disruptions. During April, 6.1% of borrowers nationwide fell behind on their mortgages. Some metros saw default rates swell to 10%. In Ohio, 5.6% of all residential mortgages were in default.

During March 2020, Columbus area mortgage defaults were averaging 3.6%. As shutdowns took hold in April, Columbus mortgage defaults reached 5.2%.

Default rates are likely to stay above norm until unemployment levels simmer down. The U.S. Bureau of Labor Statistics reported an Ohio unemployment rate of 13.9% during May. This improved to 10.9% in June, based on preliminary data. It will be a long walk back to normal employment levels, but there is hope that the worst is behind.

Our local economy, while affected by the pandemic, has been more resilient than other areas of the country. Steady demand exists for Central Ohio homes, and the limited supply of homes for sale has kept home prices climbing. Columbus home buyers should stay alert to changing conditions, and use an Exclusive Buyer’s Broker to ensure a wise purchase!

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
Exclusive Buyer’s 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 Residential Real Estate Worth $163 Billion

July 21, 2020

Don’t tell the tax assessor, but the sum total of Columbus residential real estate is worth about $163 billion! This figure comes from an analysis by LendingTree, which calculated the worth of 50 U.S. metros by their residential real estate value. The study is based on U.S. metro home values as of January 2020, along […]

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Is Now a Good Time to Buy a Columbus Home?

July 10, 2020

Metro Columbus home buyers might be feeling uncertain about the market. On one hand, we have very low mortgage interest rates. On the other, there is economic uncertainty and a limited amount of affordable home inventory. Toss in an election year and a volatile stock market, and things could look a bit murky. Essentially, buying […]

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Buyers Should Consider Flex-Space in Their Columbus Home Search

July 10, 2020

After experiencing a lockdown at home this spring, many Columbus home buyers are looking for homes with more storage capacity, plus room for family recreation, and space for home office and study areas. The open floor plan, which has been the modern residential standard, doesn’t always fit the bill. One budget-friendly solution could be found […]

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Columbus Home Sales Pick Up Speed

June 26, 2020

Record-low mortgage interest rates are adding fuel to Central Ohio home demand. Buyers have been practically racing to available homes, causing May 2020 home sales to speed up in all price ranges. Interestingly, homes priced at $500,000 saw the greatest reduction in days-on-market. Here’s a look at the pace of May home sales by price […]

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4 Key Benefits of Fiduciary Representation for Columbus Home Buyers

June 26, 2020

Columbus home buyers have information at their fingertips, but buying a home involves more than browsing real estate websites. The truth is, without having your own Exclusive Buyer’s Broker representing you in the home buying process, you are at a disadvantage! By the nature of the industry, most agents represent the seller when showing homes […]

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Columbus Real Estate Summer Forecast: HOT.

June 10, 2020

Central Ohio home demand stayed strong during April 2020, even as pandemic worries brought much of the state to a halt. Columbus home buyers have remained motivated as mortgage interest rates set new record lows. With signs of economic resilience in the news, it seems little can stop the momentum of home sales. Except, of […]

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Columbus Home Buyers and Renters, Beware of Scams!

June 10, 2020

Columbus home buyers and renters can feel pressured in fast-moving markets. When property inventories are lean and housing costs are rising, the quest to find a new home has a certain urgency. When you add in today’s social distancing and remote transaction practices, it creates a perfect stage for real estate scammers. Real estate scams […]

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Should Columbus Home Buyers Use a “COVID” Contingency?

May 22, 2020

While the pandemic hasn’t stopped Columbus home buyers, some are questioning if COVID-19 contingencies should be in the purchase offer. As Exclusive Buyer’s Brokers, we’re happy to share our thoughts on the matter! First, when you become our Buyer-Client, you get the benefit of our buyer-centric contracts. Our purchase contracts are designed to protect home […]

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