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Will there EVER be a Better Moment to Buy a Home in Columbus than Right Now

November 10th, 2008 categories: For Home Buyers, For Home Sellers, German Village

Is this the best time to find a home for sale in Columbus, Ohio Buying opportunities come and buying opportunities go. The one sure thing is that if you’re waiting to try to time the market, Waiting for it to hit the absolute bottom and anticipate mortgage rate drops, then you’ll fail.

There are a lot of great homes on the market right now.  Many of them are priced very, very well and come attached to Sellers who want to move on and are highly motivated to sell you their home. That doesn’t mean they’ll give it away, but you’ll likely find a better buying opportunity right now then you will have found in the last five years. I think some neighborhoods have seen the worst and are past rock bottom and recovering nicely. Other area neighborhoods were hardly effected at all.

What am I basing this crazy market conjecture on Experience, Real Figures, and Know-How. There are 11,858 properties for sale in Franklin County this afternoon.  10,038 of those are priced at or below $300,000 – about 85%.  Surely Columbus looks like a bargain relative to most any other top 20 city.

Of the 3,579 listings that sold in Franklin County in the last 3 months, the average sales price was $152,475 and they’d been on the market, on average, only 92 days.  The same three month time period five years ago, as the market was really getting going, 4,983 listings sold with an average sales price of $158,793 and only 68 days on the market. Is the market really down 28% in terms of total sold listings and 4% on price Buyers are oddly scarce, though I’ve run in to multiple offers twice in a few weeks and yes, prices do seem very good. 

I could spout numbers and make them appear however you’d like, but the fact is that today is a great time to look for a home in Central Ohio.   

 

This entry was posted on Monday, November 10th, 2008 at 12:10 pm and is filed under For Home Buyers, For Home Sellers, German Village. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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