The Central Ohio Real Estate Forecast
January 2007
Time to Move Up in Central Ohio
2006 was the third largest year on record for home sales according to the Columbus Board of Realtors, so it is hard to say home sales in
central Ohio are declining!!
Now is the best time to move up to a more expensive home
What we have seen is a decline in new home sales and an increase in the
number of homes available. This is precisely what I saw coming last year when I wrote the
article “No Housing Bubble In Columbus, Ohio.” We are in a
buyers market.
A buyers market occurs when their are a larger number of homes for sale relative to the number buyers. In a
buyers market the home prices do not go up as fast and may even remain at the same level or decrease, depending on
other factors such as the number of jobs and population growth in the area.
What effect does a buyers market have for those selling in the suburbs?
- A slower growth in home values
- It will take a longer time to sell a home
- Sellers will need to carefully consider an offer, being willing to lower the price or see the buyers go
elsewhere
It is time to move up! That is right. When you are in a buyers market,
it is the time when you want to move up to a more expensive home! Think of it this way, 10% off
on a $200,000 home is $20,000. Now move up to a $300,000 home and get 10% off, or $30,000 off. You
just earned $10,000 in value!!
Take less, get more is the idea here for sellers. While you may take
less for your home because we are in a buyers market, you get more when you move up to the more
expensive home. Focus on the value difference you are getting on your purchase and feel great
about that!
You can get a real deal too! We have seen incredible deals, above and
beyond the typical, in the central Ohio area. If you are thinking of buying, contact us today and
we will be pointing these deals out to you. We have been helping buyers purchase these and we are amazed
at the deals.
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