Columbus Real Estate NewsColumbus home sales moved at a rapid pace during May 2017, according to statistics published by Columbus Business First and the Columbus Dispatch. Metro Columbus homes spent an average of 33 days on market, which is a new record low. The inventory of homes for sale during May was 18% lower than a year ago, despite more properties coming to market.

Home inventory stands at a 1.7 month supply at the current rate of sales. What this means, is that if no new listings came to market, all available homes would be sold in less than 60 days. In a balanced real estate market, home supply would stand at 6 months.

Please keep in mind that these statistics do not include homes For-Sale-By-Owner, or other home sales conducted outside of the Columbus Regional Multiple Listing Service.

With home demand outpacing supply, sales prices are moving higher. The average sales price of a Columbus home reached $227,783 during May 2017, an 8% increase from a year ago.

Meanwhile, distressed home inventory, representing short sales and foreclosures, has also fallen. During the first quarter of 2017, about 7% of Central Ohio home inventory was distressed, down from 10.9% a year ago. This is good news for homeowners, as fewer distressed homes mean higher property values. But for home buyers, it means fewer bargains on the market.

However, there are some localized pockets of distressed properties and lower prices. According to the Columbus Dispatch, about 18% of Whitehall home sales during the first quarter of 2017 were distressed properties. Some of these homes might escape buyer attention because they’re priced lower than the search parameters buyers enter online. Yes, these types of homes will need some work, but one should consider the opportunities.

The key to success in this highly-competitive and fast-moving market is to have an Exclusive Buyer Broker on your side! Because we only represent home buyers, and never sellers, we can show you any home on the market – FSBO, new construction, and homes on the Columbus Regional MLS. We present you with the most choice and the best advice, all without bias!

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

Columbus_RealEstateAccording to Columbus Business First, new college graduates can make their best start in Ohio! A study by financial website SmartAsset reviewed economic and demographic data for 108 large cities around the U.S., comparing job opportunities, housing affordability and recreation. Cincinnati and Columbus took top honors in the rankings, with Columbus placing number 2 out of 108!

Columbus earned its position due to a robust job market and a comparatively low cost of living. The cost of living in Columbus is about 2% below the national average, ranking as the 12th least-expensive metro among the 108 cities studied.

Demographically, Columbus has a youthful population, with about 20% of adult residents being younger than 30 years old. Columbus also scored well when it came to quality of life, due to its diverse range of recreational and cultural opportunities.

Meanwhile, the Columbus real estate market still offers a good housing value, despite upticks in home prices overall. According to CoreLogic, Columbus median home prices are generally within reach of median household incomes. When all market conditions are considered, including homes with negative equity, and the time it takes to sell a home, the Columbus real estate market ranked number 31 out of CoreLogic’s 100 “Healthy Markets.”

A Realtor.com “Hotness Index Survey” for May 2017 shows Columbus real estate ranked at number 7 nationally, with a 36-day median age of homes in inventory.

As always, please keep in mind that the Columbus real estate market is highly localized and ever-changing! Apartment rents and home prices vary widely by community, neighborhood and street! When you are ready to find your new Columbus home, give yourself the advantage of an Exclusive Buyer Broker!

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

Mortgage Market News Encouraging for Columbus Home Buyers

June 9, 2017

If you’re buying a Columbus home this summer, there’s good news: mortgage interest rates are behaving themselves. In fact, according to Freddie Mac’s weekly mortgage survey as of June 8, 2017, rates on 30-year fixed rate mortgages are at a seven-month low! Volatility in the financial markets has kept mortgage rates in check, even though […]

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Enjoy These June Events in Central Ohio!

June 2, 2017

Living in Central Ohio gives you a world of recreation and entertainment close to home. Give your summer a great start by enjoying some of these special events! Columbus Commons – Downtown Columbus. Free events, concerts and family fun take place every week, all through the spring and summer! See the event calendar for the […]

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Metro Columbus Home Prices are Highly Localized

June 2, 2017

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! […]

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Prices Rise for New Construction Homes in Central Ohio

May 10, 2017

Central Ohio home builders see plenty of opportunity in today’s housing market. Home demand is high, home prices are rising, and mortgage interest rates are still low. But while market conditions are in their favor, home builders are finding it difficult to meet demand in affordable price ranges. Here are some examples why from the […]

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Central Ohio Cities Recognized for Quality of Life

May 3, 2017

Move over, Columbus – the suburbs in Central Ohio are great places to live, too! A new study by Niche.com named several Metro Columbus communities among the 2017 Best Suburbs to Live. Columbus Business First published the highlights, and we’re sharing those with you, along with more information! Niche.com developed its findings using data from […]

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Enjoy May Events in Central Ohio!

April 26, 2017

May is a beautiful month in Central Ohio, and our special events make it even more enjoyable! Whether you’re a lifetime resident or new to the area, there are plenty of reasons to get out and explore our fine communities. Here’s a list of Central Ohio events to get you started! Columbus Commons – Downtown […]

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How Much Earnest Money Should Columbus Home Buyers Offer?

April 21, 2017

First, you should know that we handle Earnest Money Deposits differently than traditional “buyer agents.” If you’re planning to buy a Columbus home, you should be prepared to include an Earnest Money Deposit (EMD) when you make a purchase offer. While earnest money isn’t required, it’s traditionally included with your purchase offer to show your […]

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In a Seller’s Market, Shouldn’t You Have a True Buyer’s Agent?

April 13, 2017

Much has been said about Central Ohio’s fast-paced real estate market, and the challenge facing home buyers as they compete for limited inventory. Unfortunately, the so-called advice buyers are getting for these market conditions can be detrimental to their interests! This is because most real estate agents are dual agents who “work with both buyers […]

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