Home Values Rising
Did you see the latest housing data? Home values and the number of homes sold have increased by double digits.
“Low inventory has been a serious concern this year, but with rising prices and fewer underwater homeowners, we’re starting to see more homes come on the market, resulting in inventory levels that are turning around. Mortgage rates remain at historic lows, and home affordability is very attractive compared to historic levels.” Margaret Kelly, CEO of RE/MAX, LLC
The RE/MAX National Housing Report for July 2013 shows details on the year long upswing of the real estate market. Cities better known as hotbeds of foreclosures, such as Detroit, MI and Phoenix, AZ, are now leading the recovery.
Watch the video below for a short overview.
How Does Central Ohio Stack Up?
Here are the latest Columbus housing data.
The number of homes sold in July 2013 was 28% higher than a year ago. The average home price (now $160,000) is up by 4.1% and days on market is down to 59 days.
The data are even better in the suburbs. Take Dublin OH for instance, where the average single family home sells in just 50 days and the average sales price exceeds $350,000.
You can find detailed housing stats for your area at the Columbus Area Housing Market Update page. Click on the name of your City or County for a 2 page report.
What’s Next?
You are probably wondering, if the growth will continue, or if the market will slump as interest rates increase.
Dave Liniger, the Chairman and co-founder of the RE/MAX organization, has been very accurate in forecasting the housing market in the past.
His prediction for next year: a Boom in New Home Sales.
There’s still a huge demand for housing that simply can’t be met by existing home sales. The low inventory forces many home buyers to turn to new construction. In the past 2 years builders have been slowly recovering from the great recession. Now they are re-hiring contractors, buying back lots and building new homes.
If you are considering a new build, give me a call. Builders will work with real estate agents. It never hurts to have an experienced, trusted Realtor on your side when you negotiate the contract.
I have worked with many Columbus builders, and I am sure I can save you money when you work with me! Call me at (614) 975-9650 !