Is Location, Location, Location Still The Rule?

This seems to be the ultimate question in a real estate market like we are in today. Now, I can't speak for the entire country, however things here in the Columbus Ohio market are rather lets say unique. The government has been enticing buyers from all over to come out of the wood works to buy homes and you know what here in Central Ohio, IT'S WORKING! But don't think its that easy, the buyers are here now, the home prices are low, the incentives are fantastic! So why are we not seeing our listings flying off the shelves? Why are the Realtors complaining about selling their clients listings and the sellers are complaining that no one wants to buy there home?

It's simple a few years ago and for many, many years now home buyers used the #1 Rule of Real Estate... Location, Location, Location. Now it has changed and the new #1 Rule of Real Estate is Price, Price,Price!! Our team has been primarily working with buyers here in Central Ohio and there's not a day goes by that I don't have to call a client of mine that wants to see a home and tell them, I'm sorry that home is already in contract or that home has 4,5, even more offers on it and its only been on the market for 3 days! That's right 3 days on the market and the homes are in bidding wars. Thanks to the banks they are offering incredible deals on homes in the Columbus Ohio area, as a matter of fact just yesterday I showed two homes that both had more than 3 offers a piece on them. How is this possible you wonder? Well the banks have an abundance of foreclosed properties that they just simply need to get rid of and therefore they are pricing these homes well below market value to drive interest of the buyer, create bidding wars and ultimately sell the home and fast!

While this is excellent news for the buyer, it is not good for the seller. As the bank owned homes go into contract and close and more people become happy home homeowners, the seller who just wants to re-coop their money is sitting on the sidelines watching their equity evaporate. I'm sure it will all level out but right now why not take advantage of this market, if you don't someone will, I promise you.