Columbus Ohio like the rest of the country has experienced it’s share of economic decline in the real estate market. The amount of properties for sale in Columbus has been rising since the real estate “bubble” burst in 2005. This caused supply and demand to be out of wack and made real estate prices drop. Any time supply is greater than demand prices begin to fall.
Some point the finger at our government for telling lenders to hand out high risk mortgages. Others critisize local builders who offered low rate teaser loans. Some blame the buyers themselves for biting off more than they could handle. Blame can be pointed in many different directions but most believe the cause of the decline in home prices was teaser rate mortgages and non-conforming loans that basically set people up for a difficult financial situation in their new home. No matter what caused homes to decline we need to look at the facts. Property values are much lower than they were about 5 years ago. This is a bad time for sellers but an ideal time for buyers to pick up a great buy on a property.
We have new market data showing us a possible increase in home prices. Economic advisors have been scouring recent real estate data and have seen an up tick in home prices over the past 7 months. The number of days homes are staying on the market has been steadily decreasing. Some economist believe property values will go up as high as 11% in 2010. The number of available homes for sale and bank foreclosure inventories have been rapidly thinning out. Buyer beware used to mean buyer take caution when buying a home but now it means beware of waiting too long or you will miss this chance of a life time.
What we clearly hold in our hands is an opportunity that will not likely be seen again in our lifetime.
What does this mean for Columbus Ohio real estate? What it means for buyers is it’s a ideal time to get moving. There is clear data and clear indications that we have hit the bottom and have started to bounce back up. Buyer’s who have been waiting for the best time to buy have now found it in the current real estate market. Columbus Real Estate will probably not see a better time to buy.
Now Is The Time
If you are looking for the best price on a home then you will need real time information. Internet based MLS searches do not give you real time data and up-to-date info on property listings. At Search The Columbus MLS you have access to our V.I.P buyer program where you obtain live data on all central Ohio homes. This will include all bank owned properties, short sales, HUD homes and all other types of sales.
Here is the secret to getting the best buy. The best deals are almost always off the market in just a few days of listing. By having direct access you will get to the homes before other people and you will be able to take advantage of the best buy. My clients have saved thousands of dollars on their home purchase using this exact system.
Attention buyers! Visit the links in this article where you will find the Free VIP service and other helpful real estate information.
Get more information on Columbus Ohio Real Estate here or visit Scott Marvin’s real estate blog here.
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