By Brad Bennett 2007 CBR President
Last year was the third highest number of sales ever in Central Ohio. Yes, it was down 4.5% from 2005 and the average sale price is down a `whopping' 1%, but it was still a good year. Today, compared to 2004, only 3 years ago, we have sold close to the same number of houses and the average sales price is up nearly 3%.
Inventory levels are at record highs providing prospective homebuyers with the best selection of homes in the history of central Ohio!
Central Ohio home values have increased almost 33 percent in the last decade and the average home sale prices have increased on average 3.65 percent each year from 1996 through 2006. For consumers looking for long-term and stable growth rates, real estate is still, hands down, their number one choice.
Our home prices are very competitive. Right now, there are more homes for sale than buyers to buy them. The result is that sellers are pricing their homes to compete. As the market corrects itself, home prices will start to increase again. So, buyers should act now while homes are priced to sell!!!
There are still many great loan programs for deserving buyers.
The recent Fed cut is good news! Even though a Fed rate cut doesn't necessarily spell lower mortgage rates, it does mean good news for housing. The recent half point cut was intended to induce lenders to say yes more often -- especially to jumbo borrowers, who have applied for mortgages greater than the conforming limit of $417,000. Making borrowing more affordable will make money more available and this will have a positive affect on the housing market.
So, in a nutshell, all market indicators show that now is a great time to buy -- prices are down, interest rates are affordable, there are lots of homes to choose from and your buyers can bargain with sellers.
Now is a great time to buy!
