Columbus Ohio Real Estate has certainly seen some changes since 2006. The market has been unforgiving to most homeowners and has caused many sellers to realize losses. Newer property owners who found their homes with negative equity have have met face to face with financial chaos and have lost their homes due to foreclosure. As a real estate agent in this market I have seen some horrible circumstances where property owners really had no option but to let their home go into foreclosure. Many folks are able to do a short sale in these bad times but there are others that the bank just doesn't care about. If you are not accustomed to this industry you will have a hard time see the evil side of mortgage companies. They pride themselves on customer service when they are taking your money but when they are on the losing end the fangs come out. There have been many situations where the bank could have done a short sale and saved a homeowners credit and instead the banks foreclosed and over a few thousand dollars. When it come down to the almighty dollar the banks lose their respect for humanity and don't seem to care if they plow under someone's financial situation.
So is there any good news? Yes, good news is on its way as we are beginning to see evidence of a turn around. Homes sales around Columbus are beginning to see small increases in home vales. In fact home sales over the last 4 months of 2009 were up 24.3 percent compared to the same quarter in 2008 according to the Columbus Board of Realtors. There is abounding evidence that property values are on the rise and the number of homes selling is also increasing. Dave Liniger co-founder of R/EMAX International wrote in a recent article that we will experince increases in real estate values over the next 3 years. While this will be a bumpy ride with lots of ups and downs the general shift will be in the up direction.
Columbus Ohio real estate is in quite a unique position. Fortunately during the big real estate boom years Columbus OH properties did not see the gianormous increases that much of the country experienced. Columbus has always had steady growth. The home values in Columbus did not double like other places. When the bubble finally burst Columbus real estate took its share of drops in value but it didn't have the same fall off that other areas had. What this means is we have a more conservative market here in Ohio. With that being said combined with recent conditions this really is an excellent time for buyers in the Columbus Ohio real estate market.
Attention buyers this is a perfect time to buy! Lenders have tightened reins on lending. If you don't have good credit and some cash you are going to have a difficult time financing a home. On a good note lending rates are some of the lowest in history. Low rates combined with low real estate prices combined with and increase in home values equals you better buy now or you're going to miss the best buying opportunity you may see in your life time. If your credit is no good you better fix it fast and if you don't have any money you had better find some and in a hurry. Also don't forget the tax advantages to owning a home. This means more money back at the end of the year. Currently the US government is giving you $8,000 tax credit as an incentive to buy a home.
Columbus Ohio Real Estate is positioned in an almost perfect buying market. This is good news for would be buyers and it also shines a light at the end of the tunnel for sellers. The outlook is encouraging and even through all the housing turmoil I am proud to say I have been able to help lot's of buyers and sellers reach their real estate goals.
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