Double Dip Recession or Slow Growth Ahead?

While just about every crystal ball is a little cloudy right now, there are several things we know for sure about the central Ohio real estate market: 

1. Interest rates are the lowest in 30 years!  Rates are available in the 4% range, which saves you $100/month on a $200,000 mortgage or $250/month on a $400,000 mortgage compared to the 5.5% rate common just 24 months ago. And that was a great rate then!

2. Home Affordability is excellent. Housing affordability is near an all-time record. Mortgage interest rates are almost half of what they were ten years ago and they’re about one-and-a-half points lower than the peak of the housing boom in 2005.
At the same time, home prices have declined since their 2007 peak. The Columbus area inventory has dropped 20% since the 2011 and 40% since 2010 indicating the market has probably bottomed out and is starting to swing more in favor of sellers.

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The opportunity is now

If you have been putting off your dream home purchase, you won’t find a better time to buy. Compared to the daily gyrations in the stock market, the Columbus housing market is the rock of Gibraltar. If you’re looking for a place to put your money, the housing market is offering the best opportunity in the past ten years!

Ask yourself these questions: 

  •  Will I expect to pay more for a house 2 years from now?
  •  Do I think interest rates will go up next year to pay for the bailout?
  •  Do I want to “buy low and sell high”?

If you said Yes to all three questions, this may be the time to look at moving. Here's an example of one of the promotions we recently offered:

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From information on local communities such as Dublin, Hilliard, Powell or Upper Arlington, to advice about finding a mortgage or preparing your home to sell, it's all available here on our web site.

 

Wondering what your home is worth? Click here to see what houses have sold for in your neighborhood or select the Market Snapshot at the left.

Search for your ideal home by viewing current listings.

Thinking of building a new home or remodeling? Check out our partnership with Corinthian Fine Homes. 

Be sure to visit our Blog to add your comments on the housing market.

Buyers

Whether you're looking for your first home, your dream home or an investment property, we're committed to providing you with the highest quality buyer service. When making the type of investment that buying a home requires, you deserve to have all the latest market information and the very best advice, both of which we can provide you with. Read more.

Sellers

The decision to sell a home is dependent on many factors. Whatever your reasons are for selling, our proven effective marketing strategies will ensure that you get the highest possible price for your home. We guarantee to provide you with professional, ethical and confidential service and keep you fully informed every step of the way. Read more.