The upwards trend of the Columbus real estate market continues. And, the Board of Realtors has the data to prove it.
In a previous article I predicted that we were heading towards a sellers market. I had a strong suspicion that home sales in Columbus would continue to improve, after a stellar January. And the latest housing report confirms this suspicion.
In February 2012 a total of 1,215 homes were sold in Central Ohio. That’s a 5% improvement as compared to a year ago, and a gain of 8% over January.
There is no end in sight. The number of pending purchase contracts more than doubled from last year (up by 57.4%). This will result in a huge bump in closings and home sales in March and April.
But there’s more good news for sellers!
The average price of Columbus OH homes for sale jumped by 7.3% to $151,072 – that’s compared to last year. I believe this is due to the fact that the number of HUD homes, REOs and other distress sales have steadily decreased over the past 12 months.
How will this affect you as a Home Buyer?
Unfortunately, for buyers the good times may be over soon. With increasing home values and the shrinkage of the bank and government owned inventory, there are less deals available. It is not that easy to get a property at a huge discount these days. More and more buyers are competing for the remaining inventory. Often we see bidding wars, even on Columbus homes for sale that are not in perfect shape.
The overall inventory of homes for sale is very low. Only 11,000 homes are currently listed in Central Ohio. That’s 30% less than last February. The last time we had such a low inventory was 2002.
With the choice of Columbus real estate limited, you have to move quickly, if you want to buy a home in 2012. Take advantage of the historically low interest rates while they still last.
All the indications are that we will see another sellers market soon.
An Alternative for Home Buyers
As a home buyer you have one alternative, if the selection of existing homes does not meet your expectations. You can go to a developer and get a new home built.
This may actually be your best choice. Builders are still struggling. They offer excellent bonuses for new homes. I had a really good experience with some local developers. My customers are excited about all the upgrades I was able to negotiate for them.
Your new house can be ready in less than 6 months, just in time when school starts.
Should Your Sell Your House Now?
If you want to sell your house in 2012, right now is the perfect time to put it on the market. The sales cycle (days on market) is coming down. This means you can sell your house faster.
As home prices rebound, there’s a good chance it will fetch a higher price. You may also get multiple offers, because there’s only a limited number of homes on the market.
I have listed and personally sold more than 200 residential properties in Columbus last year. Call me at (614) 975-9650, if you want to take advantage of the turn-around of the Columbus housing market. I would love to sell your house!