The Columbus housing market has quickly adjusted to social distancing and stay-at-home orders. Realtors are conducting virtual home tours and take extra precautions before showing a listing.
Buyers are looking and homes are selling.
A week ago, most buyers and sellers did not know how to proceed in this uncertain environment. I had zero showings on my listings.
This weekend every single one had at least one live showing. Three of my agents had listings go into contract or purchase offers accepted on Saturday.
Recession Does Not Mean Housing Crisis
With the massive spike in COVID-19 related unemployment we are certainly heading into a recession. Although the drop in GDP will be significant in the second quarter, experts predict a quick recovery for the third and fourth quarter.
This chart shows Morgan Stanley’s economic forecast (GDP growth) by quarter.
“The temporary softening of the real estate market will likely be followed by a strong rebound once the economic quarantine is lifted, and it’s critical that supply is sufficient to meet pent-up demand.”
Lawrence Yun, Chief Economist of the National Association of Realtors.
Homeowners Have No Reason to Panic
Despite of the pending economic recession the Columbus Housing Market exceeded all expectations in Q1.
In 2020, we sold 570 more homes during the first quarter than in 2019, that’s a 9.6% increase. And home values are up by almost 10%, too.
Why You Should Prepare to List Your Home Now
Due to the recent decline in new listings the inventory has dropped to only 3,216 homes for sale in Central Ohio. That’s 410 fewer listings than a year ago.
The inventory is very tight to say the least, but homeowners shouldn’t worry just yet.
If you want to sell your home for top dollar when the economy recovers this summer, you need to get ready NOW. Take advantage of the extra time you spend at home and do simple upgrades yourself, paint, and get your house ready to sell.
Call me for tips on improvements that have the biggest return on investment.
I’d be glad to meet for a free consultation – over the phone, with a live video conference on zoom, or in person.
Call or text me at (614) 975-9650 for showings in person or video consultations!
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.