Central Ohio home buyers had a very busy summer! According to data from Realtor.com, homes in Metro Columbus sold briskly, averaging 29 to 48 days on market. Columbus ranked among the Top 10 housing markets in August, based on days-on-market and real estate search activity.
Home buyers who were pressured by the pace of the summer market could find new opportunities in September. Our Central Ohio home inventory remains healthy, thanks to new listings that have arrived on the market in recent weeks. In fact, industry analysts predict that September will offer the best home selection of 2015. On the national level, home inventory has risen by 3% since July, and by a whopping 21% since January.
While home inventory is rising, home demand typically slows in autumn. Households are re-focusing on school routines, and the waning daylight slows weekend activity. September is usually an anxious time for home sellers who listed during the market’s peak, but have yet to receive (or accept) a compelling offer.
These sellers now face the prospect of receiving lower offers, closing late in the season, and the possibility of moving during inclement weather. Consequently, sellers might be more motivated now than they were just a month ago, and more likely to negotiate.
On the other hand, a warm autumn, a strong economy and the chance of rising interest rates will keep home buyers motivated as well! The Columbus real estate market is likely to show robust sales in September, with both home buyers and sellers feeling a sense of seasonal urgency.
Also of concern is the rumor of slower closings, thanks to new regulations effective October 3. In a nutshell, any transaction with a mortgage will involve new forms that integrate the Real Estate Settlement Procedures Act (RESPA) and the Truth-in-Lending Act (TILA). This means that a series consumer disclosures will be issued according to a set timetable, allowing buyers to examine their transaction prior to closing. Let us assure you that this is not a show-stopper, and that we will guide our Buyer-Clients through the closing process.
Columbus buyers who use an Exclusive Buyer’s Broker will be best equipped to capitalize on market opportunities! 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
