Columbus Ohio Real Estate has suffered its share of turmoil since 2006. The housing market has been devastating to most property owners and has caused many sellers to realize losses. Newer property owners who suffer from negative equity have traveled down a path of financial ruin and disaster as home values sink into a hopeless abyss. As a real estate agent in this housing slump I have seen some difficult circumstances where people really had no solution but to let their home go into foreclosure. Some people are doing short sales in these difficult times but there are many who basically get kicked to the curb by the bank. If you are not familiar with the world of real estate then you don’t understand the ugly side of lenders. 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 demolish someone’s financial situation along the way.
So is there any good news? Yes, good news is on its way as we are beginning to see evidence of a turn around. Many homes for sale around Central Ohio are starting to see slight up ticks in value. Per the Columbus Board of Realtors home sales for the last quarter of 2009 were up by 24.3%. 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 said in a recent article that we will experince increases in real estate values over the next 3 years. The expectation is to be much like a roller coaster ride with rises and dips but the general trend will be up.
Columbus Ohio real estate is in quite a different position. The good news for Columbus properties is our growth was slow and steady unlike what many parts of the country that had enormous increases in value. Columbus has always been consistent with 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 wasn’t the dramatic freefall that other areas realized. The conservative market in Ohio has still led us to some very good real estate prices. This is a superb time for buyers especially with recent signs of value increases.
Attention buyers this is a perfect time to buy! The lending requirements have changed and it is harder to get a loan today. If you don’t have some cash for down payment and a good credit rating then getting a loan will be a daunting task. 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 had better repair 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 has presented a perfect buying scenario. This is good news for would be buyers and it paints a bright future 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.
For additional information and graphs visit Columbus OH Homes for Sale or visit the Search The Columbus Ohio MLS.
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