COVID-19 Resources

for Home Buyers and Sellers

 

The Columbus Housing Market is Booming

The COVID-19 pandemic has been extremely challenging for all, and we hope you and your families are staying safe and healthy. The real estate market has been booming despite of Covid. Home values have increased by double digits, and buyers are out in force competing for a very limited inventory of listings.

At RE/MAX 24/7 we are always available to assist you sell your most valuable asset or find the home of your dreams.

We have implemented procedures to keep you safe. We offer client consultations by video conference, and conduct both virtual and live showings. We practice social distancing and wear face coverings where required.

As the economy recovers from COVID-19, we wanted to highlight how we keep you safe during the home buying and selling process, and give you the resources you need to make smart decisions in this competitive market.

This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership.  This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.

Lawrence Yun

Chief Economist, National Association of Realtors

Final Weekly Market Update

We’ve been tracking the Columbus housing market since the Covid-19 pandemic began impacting Ohio in March 2020. At the end of May 2021 most health orders have been lifted and the economy is its way to a full recovery.

We are in the midst of an extreme inventory shortage. Buyer demand was substantially higher than in previous years throughout the pandemic. Competing purchase offers are common on most listings resulting in bidding wars and offers 10 – 15% above list price.

The inventory of active listings has dropped to 1,571 at the end of May 2021, a historic low.

Below you can see how the Columbus housing market has changed during the last week of May 2021 as compared to the same period in 2020.

FINAL Update: May 30, 2021

%

New Listings

%

Showing Requests

%

Pending Contracts

%

Closed Sales

New Listings

Homes listed in Central Ohio during the 7-day period before the date shown on the bottom. The orange bars show 2021 data, the blue bars the previous year. The red line represents the % change. The sharp increase of New Listings in mid March  was mostly due to Covid related lockdowns during the previous year.

Pending Contracts

Pending contracts during the 7-day period before the date at the bottom of the chart. The orange bars show 2021 data, the blue bars the previous year.  Pending contracts have surpassed the previous year as Ohio imposed a stay-at-home order in March 2020. Historically low inventories have limited the number of contracts written.

Closed Sales

Home Sales closed in Central Ohio during the 7-day period before the date at the bottom of the chart. The orange bars show 2021 data, the blue bars the previous year. Closings are ahead of 2020 despite of a lack of homes listed for sale. The impact of the pandemic can be seen by the sharp rise of closings in April 2021.

Showing Requests

This chart shows in-person showings requested by buyers on listings in the Columbus MLS. The orange line represents 2021, dark blue is 2020, and light blue 2019. House hunters have been back in force for a full year – since May 2020. Buyer demand is substantially higher in 2021 than in previous years.

How We Keep Buyers Safe

  • We offer virtual consultations via Zoom video conference or over the phone.
  • Before we schedule live showings we will review photos and virtual tours of listings.
  • I don’t recommend you attend open houses.
  • We won’t schedule overlapping showings.
  • We will drive in separate cars to showings. I will bring hand sanitizer and gloves. I will also advise you of special showing rules for each specific listing.
  • All contracts and offers will be submitted online with digital signatures.
  • Home inspectors may only allow 1 extra person to attend the inspection.
  • We will practice social distancing at closings, and not schedule round table closings where buyers and sellers sit around the same table. 

How We Protect Your House When You List

  • We will hire a professional photographers.
  • I will also create a 3D virtual model of your home.
  • We will not conduct open houses.
  • We won’t schedule overlapping showings.
  • We will ask potential buyers to wear gloves during the showing and minimize touching of door handles and light switches.
  • All listing documents and contracts will be submitted online with digital signatures.
  • We will practice social distancing at closings, and not schedule round table closings where buyers and sellers sit around the same table.

Find out what your home would sell for in today’s market:

Click for FREE Home Value

Answers to Your Questions

Should I list my home now or wait?

We strongly recommend you list now or at least get your house ready to list. The inventory is much lower than during the regular spring selling season, and more buyers are looking.

Don’t miss the spring and summer boom.

Demand for housing has never been higher. Many homes sell in a few days and receive multiple offers above list price.

Is now a good time to buy a home?

If your job has not been impacted by the pandemic you should certainly buy a home right now.

The inventory is at historic lows. You will face competition from other buyers, but we can show you how to win in this competitive market.

Your affordability is much higher this year due to interest rates as low as 3%.

When will the real estate market recover?

The real estate market is very hot, despite of Covid-19 and the general economic slow-down.

Unfortunately, fewer home owners are ready to sell, so the inventory is almost 50% lower than a year ago.

Since the beginning of 2020 we had a significant housing shortage. Most people who’ve been house hunting when the coronavirus pandemic started still need a place to live.

Are we going into a recession?

The economy has entered a recession in the second quarter of 2020. 

The housing market was less effected by the recession than other sectors of the economy. Real estate has become a strong force leading the economy out of the recession.

Most importantly, the recession is NOT caused by housing. There’s a severe housing shortage and interest rates are extremely low.

Is this going to be like 2008?

No, this recession is quite different than 2008.

It was caused by the coronavirus pandemic and not by an oversupply of housing and subprime mortgages.

Unlike 2008, the housing market of 2020/21 is extremely strong, foreclosure rates are at historic lows, we do NOT have an oversupply of houses, and most home owners have plenty of equity.

Home values have rapidly increased during the pandemic. In January 2021 the average sales price of a Columbus home was 15% higher than a year ago.

 

Resources to Help You Through the Crisis

Help for Homeowners

Find out what to do if you can’t pay your mortgage due to COVID-19.

Help for Small Business

Get access to government funds to help you during the crisis.

Ohio COVID-19 Response

Governor DeWine’s daily briefings and Ohio stay-at-home regulations.

Johns Hopkins COVID-19 Map

Map showing daily updates of coronavirus infections and death by country.

Find out what your home would sell for in today’s market:

Click for FREE Home Value

Articles from my Blog

4 Real Estate Trends to Watch in 2021

4 Real Estate Trends to Watch in 2021

Friday was a rather dreary start to the New Year with rain washing away the snow from a week ago. Let's hope that the rest of 2021 will be nice and sunny! The outlook for real estate is certainly...

read more
5 Ways Covid Has Changed Real Estate

5 Ways Covid Has Changed Real Estate

The Covid-19 pandemic has changed the way we do business as Realtors. We implemented new technologies for digital contracts and virtual showings, and we adopted procedures to comply with...

read more

As we work through the Covid-19 pandemic we ask that you please stay up-to-date on all safety procedures that will help reduce the spread of conronavirus. Please visit the CDC protocol webpage for the latest updates.