The market in Central Ohio is ebbing and flowing quite a bit. Last month we could see the pace slowing as homes sat longer, fewer bidding wars and price reductions were more frequent. Just then near the end of last month and into November there was a splurge of mortgage applications and a wave of buyers came into the market and put many things into contract. The number of pendings was down about 4% from last year (showing the slowing of the market), but then they were more than 3.5% higher than in September showing the uptick in the short term activity. Mortgage rates rose just a bit and are now hovering around 5% which is historically low, but are 25% higher than just a year ago which might be the reason for the slight slowing in the market. At any rate the market is still moderately strong going into these winter months, but the true test will be in December when it typically slows even more between Thanksgiving and Christmas. If you have any question or would like to discuss buying or seller please give me a call at 614-431-1770 or email me at email@example.com and I’ll be more than happy to help!
See below for Keller Williams Market Research.
December 2018 Market Update (NOTE: Video is for November, but is current)
According to the National Association of REALTORS®, existing home sales increased in October after six consecutive months of decline. Buyers are stepping back into the housing market with an increasing number of homes for sale.
According to Freddie Mac, 30-year fixed rates decreased slightly to 4.81 percent in October from 4.85 percent in September. This rate remains well below the historical average of 8.90 percent.
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.22 million in October, up from 5.15 million in September, and 5.1 percent below the 5.5 million sales pace from a year ago.
The median home price increased to $255,400 in October, up 3.8 percent from October 2017. The median home price has increased by approximately $9,400 in the past year alone.
There was a 4.4-month supply of housing inventory in October, stable since September. The total number of available homes for sale has increased by 12.8 percent compared to October of last year.
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.
3 Things to Consider Before Listing Your Home as a Short-Term Rental By Tim Harris
The Age of Sharing is here, and it’s a phenomenon that’s expected to grow from $15 billion in 2014 to $335 billion by 2025, with services such as home-sharing and maintenance platforms being a big part of that equation. Many homeowners have seen big economic benefits over the years from home-sharing platforms like Airbnb, but if you’re thinking about jumping in to get a piece of that pie, there are a few things you should consider first.
Know Your Regulations Not all cities see the home-sharing phenomenon as a win-win. Many municipalities are passing new regulations that are often designed to curb its growth. Before signing up for a service like Airbnb, you should find out a few things. Does your city have a framework for short-term rentals? Are there any legal restrictions? How expensive is licensing?
This is critically important, because ignoring licensing regulations can be very costly. In Portland, Oregon for example, the city implemented fines of $1,000-$5,000 per violation for home-sharing operators. In 2017, it collected over $70,000 in fines and fees from a single operator who was found to be in violation of the city’s regulations.
Know Where You Live Cities are made up of distinct neighborhoods, and people are proud of where they live, so, you’ll want to think carefully about the impact of a short-term rental on your neighbors before moving forward with your plans. Will the locals have to compete with guests for on-street parking? Will they feel less secure with strangers coming in and out?
You don’t need to get permission before renting rooms, but as a courtesy, you’ll want to let anyone impacted by your decision in on your plans. You’ll also want to establish clear house rules and expectations, especially about noise or late-night outdoor socializing, for your guests.
Know Your Coverage You’ll hear horror stories in the news regularly about a home-sharing rental gone bad. In London, a short-term renter threw a party for 100 people, unbeknownst to the homeowner, during which floorboards were ripped and a television pulled off a wall. In another widely-reported example, a short-term rental unit was used as a pop-up brothel. Stories about experiences as bad as these are extremely rare; however, they serve to remind us about the financial and legal risks for hosts who allow strangers into their home. It’s important to make sure you have the appropriate coverage if you don’t already have it.
Home-sharing companies such as Airbnb or HomeAway offer basic insurance coverage, but what they offer may not be enough, or could be severely limited by exclusions. Your best option is to ask your insurance provider about the nature of the protection, liability coverage and deductible. For example, if you’re renting out rooms at your primary residence, short-term, on a regular basis, it may be considered a home-based business, and you could be denied coverage.
Thinking about Retirement By Lori Thomas
The average person spends decades saving for retirement and planning for this major financial decision; however, while most seniors envision retirement being completely stress-free, there are many financial hurdles to clear, and multiple factors that can impact retirement finances, as well.
Did you know that among all of these factors, where you live can actually have the biggest impact on your retirement finances? Here are a couple of things to consider when you’re deciding where to settle down when you’re ready to get out of the rat race.
Services for Seniors When you think about retirement, you might have visions of long afternoons out on the links, time on the beach with your grandchildren, or just a nice relaxing place to put your feet up. But don’t forget that you might need a little help staying fit enough to keep your golf game in top shape. It’s worth exploring the availability and cost of healthcare services for seniors in any place you’re considering retiring. Find out what it might cost you if you or your spouse needs in home care or what assisted living facilities cost in the event they’re needed. These costs can vary significantly from place to place, so it’s worth your time to do a little research.
Add up the Tax Bill While most of us think about spending our hard-earned savings on enjoying the good life, going into retirement doesn’t exclude you from having to pay your share to government. Retirement planning should always include planning for taxes, including income, property and sales tax. Shopping for a new home in retirement might also mean shopping for a location and a price that will help you stay on budget for your golden years.
Remember, your retirement journey is a very personal one, and where you choose to retire is completely up to you and your vision for your perfect retirement; however, the more you know about the financial climate in the state you currently reside or are looking to retire in, the better prepared you’ll be for this major life change.
I am representing several buyers of which 5 are currently in contract expected to close in December/January.
Do you know of any homes that may be coming up that match the following criteria for my current buyer clients? Or do you own the specific home my buyers need? Call me at 614-431-1770 or email me today! Or visit my website for more info.
1) Up to $200k – 2-3 bedroom NW Columbus outside 270 2) Up to $50k – Linden Rental (rental) 3) Up to $50M – OSU Campus Rental Portfolio 4) Up to $500k – 4 Unit Multi-family 5) Up to $125k – 1-2 bedroom near Clintonville 6) Up to $150k – 2-4 unit Rental on the west side of Columbus 7) Up to $400k – Clintonville Ranch 8) Up to $100k – land of at least an acre close to Hilliard and OSU 9) Up to $450k – 4 Unit Multi-family Owner Occupant 10) 30-150 unit Class B multi-family portfolio in Central Ohio 11) Up to $300k – 2-4 unit in a emerging neighborhood 12) Up to $175k – 1-2 bedroom near South Clintonville 13) Up to $135k – 3 bedroom near Westerville 14) Up to $125k – 2-3 bedroom condo near Clintonville/downtown 15) Up to $140k – 2-3 bedroom near Westerville, Columbus or Worthington
Central Ohio Home Sale Monthly Stats
Click HERE to get the the Columbus Board of Realtors stats and HERE to see how homes are selling in YOUR neighborhood.