Columbus Ohio like the rest of the country has experienced it’s share of economic decline in the real estate market. The number of homes on the market in Columbus has been on the increase since the real estate “bubble” burst in 2005. This created a supply and demand problem where there were many homes for sale and fewer buyers to purchase. When supply is higher than demand what follows is always a drop in prices.
Some point the finger at the government for telling lenders to make high risk mortgages. Some blame local builders who gave out low teaser rates. Some blame the buyers themselves for biting off more than they could chew. Blame can be pointed in many different directions but most blame the cause of the decline in home prices was teaser rate mortgages and and loans that didn't conform to standard lending practices that basically set buyers up for failure in their newly purchased home. Regardless of who or what started properties to decrease in value we need to look at the facts. Property values are much lower than they were about 5 years ago. This is not good news for sellers but could be the perfect time for buyers to make their move.
We have new market data showing us a possible increase in home prices. Economic advisors have been scouring recent real estate data and have seen an up tick in home prices over the past 7 months. The average number of days homes are staying on the market has been steadily decreasing. Some economist believe property values will go up as high as 11% in 2010. Home inventories have been quickly running out of supply. The day of the good deal is nearing an end. Buyer beware used to mean buyer take caution when buying a home but now it means beware of waiting too long or you will miss this chance of a life time.
What we clearly hold in our hands is an opportunity that will not likely be seen again in our lifetime.
What does this mean for Columbus Ohio real estate? What this means for buyers is it’s a ideal time to get moving. There is substantial data and clear indications that we have reached the bottom and are in the process of rebounding. Buyer's who have been waiting for the best time to buy have now found it in the current real estate market. Columbus Real Estate will probably not see a better time to buy.
The Time Is Now
If you want the best real estate deal you are going to need access to real time data. The MLS searches you find online do not provide real time data on listings. At Search The Columbus MLS you get the ability to be part of my V.I.P. buyer system where you get live data on all Central Ohio real estate. You will have access to all homes for sale including bank owned properties and foreclosures.
This is the key to finding the best buy. The really good deals are almost always off the market within a few days from listing. When you have immediate access you will find the homes first before other people and be able to secure the best buying opportunity. My clients have saved thousands of dollars on their home purchase using this exact system.
If you are a buyer in central Ohio and you want the best buy on a home then visit my links in this article where you will find the Free V.I.P. service and other resources to help you in your purchase.
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