Condo Sales Higher in Central Ohio
In the month of July 2019, 3,334 homes and condos were sold. That’s a up 3.3% from last month and up nearly 4% from June of last year.
More than 500 of those sales were condos.
“The new condo guidelines released by HUD last week could help would-be buyers become eligible for an FHA-backed mortgage,” said John Myers, 2019 President of Columbus REALTORS®. “Condos are often the most affordable, attractive option for first time home buyers.”
“These new rules have the potential to transform our housing market and regional economy, easing affordability constraints, maximizing first-time homebuyer assistance programs and putting homeownership in reach for countless families that would have continued to be denied this critical wealth-building opportunity.”
Inventory Down – Home Prices Up
According to the latest report from Columbus Realtors® 3,868 homes and condos were listed in July 2019. This is down slightly month over month and year over year.
Despite fewer new listings, total inventory last month was up to 5,009, that’s the highest so far this year, but it’s still down 3.4% compared to last year.
“Even though homes are selling for higher prices due to the lack of inventory and strong demand, sellers need to be realistic when pricing their home,” added Myers. “Homes priced too high over their competition will usually sit on the market longer which can be a deterrent to would-be buyers.”
“That’s why it’s critical that sellers consult with a REALTOR® when marketing their home.”
In other words, you could shoot yourself in the foot by overpricing your home in Columbus.
It’s Still A Good Time To Buy
Though this is a sellers market in Columbus, people thinking about buying a home shouldn’t wait.
First, interest rates are down, making homes more affordable now than the recent past.
Second, home values are predicted to rise. Zillow predicts a 4% increase in home values in Columbus over the next year.
Third, the market is HOT in Columbus! In fact, Columbus recently moved up to the 3rd hottest market from the 7th, according to a recent report from Realtor.com.
While big coastal city markets are slowing down, people are moving to Columbus for the career opportunities and lower cost of living. Plus, it’s just a great place to live, so of course lots of people are relocating to Columbus.
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