Good things come to those who wait, but if you are buying a Columbus home you may want to act sooner than later! Here’s a few reasons why Columbus real estate is still a good value for home buyers!
According to a May 6 article in the Columbus Business Journal, Columbus ranks among the Top 10 most affordable metro areas in the United States. This study applies to cities with a population of 1 million residents or more. The affordability is based on the median Columbus home price of $142,800 compared to the Columbus median household income of $54,628.
This creates a home price to income ratio is 2.6; meaning that a home in Columbus would cost just over two and a half times the annual median income.
However, home prices in Columbus are likely to increase. There are fewer foreclosures on the market, which not only reduces our home inventory, but also shores up home prices since fewer appraisals are based on these discounted sales. Distressed properties once accounted for nearly half of all Central Ohio home sales in 2011. Today, distressed properties account for about 27% of home sales, and the number continues to fall.
The challenge of our real estate market rests with the fact that limited inventory is keeping some homeowners from selling, because there are fewer homes available for them to choose from. Other homeowners remain challenged by insufficient equity. A continued lack of home inventory will keep pressure on prices.
This has not dampened optimism among home buyers. According to Fannie Mae’s April 2014 National Housing Survey, 69% of all respondents say that now is a good time to buy a home. A share of this optimism comes from a strengthening economy and job market, which has improved home buyer confidence.
While home inventory is limited, our Columbus real estate market holds good opportunities for buyers who are financially prepared and have sound professional guidance. 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
