The chart above shows statistics for a particular area in Columbus, Ohio that is considered the Northwest area. It includes some homes in Columbus and Upper Arlington. The graphic source above is from the Columbus Board of Realtors Multiple Listing Service website.
What is happening in YOUR neighborhood? I have access to some very informative charts and graphs that come from the Columbus Board of Realtors Multiple Listing Service.
This chart gives a good example of a potential change in the market.
The four statistics show:
A correction is happening when the supply of homes decreases at the same time the amount of sold homes is increasing. New listings decrease so that buyers have less homes from which to choose.
The result is that buyers drive prices up eventually because the inventory of homes is less.
Believe it or not, there used to be a time when there were multiple buyers waiting to see the new listings for the day on the MLS.
In 1993, my husband and I were looking for a home to buy. We sold our starter home and had to find another one quickly so we didn't have to move in with the folks.
Our Coldwell Banker King Thompson agent looked at the MLS Hot Sheet several times a day, ready to inform us of any new listings that popped up for Forest Park West.
We were elated when we saw that a new listing came up on a cul-de-sac, in our price range and it fit our needs. We put an offer on it that day! There were other buyers waiting so we offered full price. That's how it went back then. Within four years we moved again and sold it for a profit of almost $20,000. Unbelievable.
Anyway...it's not like that right now, but it's ok to think positively and hope that those days are ahead of us.
If I were a first time home buyer with all my ducks in a row (down payment money, mortgage pre-approval) I would be purchasing a home. If the market doesn't go up for a while, that's ok. I would still get to own my own home and get myself settled in for a long while.
For more statistics from the Columbus Board of Realtors Multiple Listing Service, visit my website.
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Columbus, Ohio Real Estate Agent serving Westerville, Worthington, Dublin, Upper Arlington, Grandview, Hilliard, Northwest Columbus, Clintonville, Ohio State University District and Downtown Columbus.
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