Will the Columbus, Ohio Housing Market Slow Down?

Will the Columbus, Ohio Housing Market Slow Down?

In the first half of last year Columbus was the hottest residential housing market in the entire country.  In July the city dropped from first place to fifth indicating a possible slowdown, with the number of days on the market rising slightly from 32 days to 37.  It wasn’t just Columbus that was experiencing a hot housing market it continued through the Midwest with other cities like Detroit, Racine and Fort Wayne all having a real estate boom.

Prices still on the Rise

Prices in Columbus are still rising because there isn’t enough inventory.  The demand in housing also fuels the residential construction industry, which is great for driving the local economy.  However with the average home price hitting record highs can make housing unaffordable to locals.  Many of the Midwestern markets appeal to buyers because of their affordability when comparing to the more expensive markets along both coasts.

A Changing Market

One indicator of how the housing market is faring is how often the price of listed homes gets reduced.  The number of homes that lowered the asking price was 15% and that is up from 12% from the previous year.  That may not mean much to Columbus specifically as that is a trend in all of the bigger housing markets around the country.  These reductions in price tend to follow very high priced listings more so than the average home.  Here is a look at the January housing market

Still a Seller’s Market

Over the past couple of years due to the lack of inventory, the market very much favored the seller.  That may be slowly changing, while it may still be far too early to call it a buyer’s market just yet the trend may be shifting that way.  Home prices are still rising and that is expected to continue over the next year at least but the pace is definitely slowing down.  The increase in the number of price cuts may indicate a return to a more balanced market.

Home prices are still rising all across the country and the median home value now sits at $217,000 with Columbus still significantly below the national average at $182,000.  While it may be below the national average it is still up almost 10% above the previous year.  There are still deals to be had in Columbus but you will need patience to find them.  Working with a local realtor can help you find the home you’re looking for that much quicker

Why You Should Be Working with a Realtor

Why You Should Be Working with a Realtor

If you look online there are dozens of different sites that tell you the steps you should take to sell your house.  All of this information may lead you to believe that you don’t need to be working with a real estate agent that you can do all of it on your own.  For some people this works well, but for most it can end in disaster.  There are compelling reasons why you should be working with a Realtor, let’s have a look at them.

You Have No Experience

Unless you flip houses for a living then you don’t have the experience or the education to get your house sold for the best price.  A realtor does this for a living, they have a proven track record of negotiating deals that you may lack.  Buying a home or selling one, the goal is still to get the best price and a realtor can help with that.

Negative Feedback

When you have an open house or start the sales process there is going to be a fair amount of criticism of your home.  That’s part of the process, when you use a realtor you don’t have to deal with any of that they will weed out the “tire kickers” and work with those that are serious about making an offer.

Knowledge of the Neighborhood and Price

Real estate agents generally specialize in a particular area and they know that neighborhood inside and out.  They know where the best restaurants are, how good the schools are and the crime statistics.  All of that information ties into how to price your home.  They take into consideration all of that combined with the condition and size of your home along with what other comparable homes are selling for in order to come up with the right listing price.

The Market

The market is affected by a number of things, the inventory of available homes and the number of buyers.  Those are the biggest factors in determining how much and how fast your home will sell.  They keep up to date on the market conditions and are aware of average home prices and number of days a house sits on the market.

Their Network

Real estate agents spend a great deal of time networking and making connections.  They know everyone from mortgage brokers to contractors, while they are legally forbidden from recommending one service over another they are aware of prices and reputation.

Working with an agent is the fastest way to get your house on the market and in front of potential buyers, they have connections that the average person just doesn’t have that can be used to sell your house.