Real estate in Central Ohio is going through some changes as of late. Prices continued to increase going as far back as 2015, but seemed to have plateaued in the recent weeks. In addition inventory has risen to just under 5000 which is almost 8% higher than this time last year. As I stated earlier this year almost as if I was a broken record the inventory was so low that buyers were fighting over listings and causing prices to increase. Now that we are seeing more inventory the price increases have cooled off. This also seems to have been affected by the increase in the mortgage rates as well as the softening of the economy in general. This could lead to a leveling out of the market according to analysts at Fannie Mae. They feel with the expected slowing of the economy that the housing market, specifically prices and sales could stabilize. Although if rates do not continue to rise, the market could continue on a healthy path through all of 2019. We shall have to wait and see what is in store for us in Central Ohio! But If you have any questions or would like to discuss buying or selling please do NOT hesitate to call me at 614-431-1770 or email me at firstname.lastname@example.org and I’ll be more than happy to help!
See below for Keller Williams Market Research.
January 2019 Market Update (Video is for December, but is current)
According to the National Association of REALTORS®, existing home sales experienced an increase in November. This is the second consecutive month of increases, a strong indication that buyers are stepping back into the housing market.
According to Freddie Mac, 30-year fixed rates increased to 4.87 percent in November from 4.81 percent in October. 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 5.32 million in November, up from 5.22 million in October, and 7.0 percent below the 5.7 million sales pace from a year ago.
The median home price increased to $257,700 in November, up 4.2 percent from November 2017. This equates to a rise of $10,500 in the past year for the median home.
There was a 3.9-month supply of housing inventory in November, down since October. The total number of available homes for sale has increased by 11.4 percent compared to November 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.
REAL ESTATE NEWS Brought to you by Erik Hiss
Becoming a Home Maintenance Pro: Tips for Homeowners By Dixie Somers
Many homeowners don’t think about home maintenance until something breaks, but that’s not the best way to take care of your home. Whether you’re a new homeowner or have been settled for years, it’s never too late to cultivate some home maintenance habits. Here are three tips to help you protect your investment and keep your property in good shape for years to come:
Create and Follow a Home Maintenance Schedule A good place to start is by following a home maintenance schedule. Just as your car needs to have an oil change, your home and yard will need some regular maintenance. Home maintenance schedule apps such as HomeZada and Centriq are an easy way to get yourself on track.
You’ll need to mow your lawn, clean your gutters and perhaps even top your trees from time to time. For pest control, you may need to spray or have ground treatment performed a few times a year, too. When it comes to appliances, make sure to send in any warranties and follow the maintenance recommendations in your owner’s manual. For older appliances, many documents can be found online.
Don’t be afraid to do some research and speak with professionals about maintenance specific to your location.
Have All of Your Home Systems Checked Regularly It’s important to get your electrical, plumbing and HVAC systems checked annually to keep them in good shape. Some of these tasks can be done yourself; for instance, you might need to clean your air filters, remove debris from the vents and flush out your water heater.
For more technical inspections, check customer reviews on Yelp, Angie’s List, Google, Facebook and the BBB when searching for a new company. Always go with one that is experienced, licensed, bonded and insured.
Follow a Cleaning Schedule Home maintenance often focuses on repair work, but keeping your home clean can be just as important. In addition to once a week tasks such as vacuuming and dusting the shelves, deep cleaning every month or so can save you big in the long run. Moving furniture around, pulling out the washer and dryer to clean behind them and clearing out the garage gives you a chance to inspect for pest problems, water damage and similar issues that can quickly escalate into expensive repairs.
Being a homeowner is very rewarding on many levels, but homeownership comes with a great deal of responsibility. As long as you put in some effort on a regular basis, you should have no problem keeping your home in good repair.
Homeowners: Look Out for Utility Scams By John Voket
As we make our way through the winter season, utility companies want customers to be reminded about common utility scams. According to Utilities United Against Scams (UUAS), a growing number of gas, electricity, water and communications consumers are getting calls and visits from imposters out to steal personal and financial data.
A common utility con involves a caller posing as a utility billing representative claiming that you have an overdue bill, and in order to avoid an immediate shut-off, you must provide a credit card number or prepaid debit card.
Sadly, scammers are meeting with great success using this tactic. According to the Better Business Bureau (BBB), the median loss for a utility scam victim is $500.
Here are a few reminders to keep yourself and your data protected:
All UUAS-affiliated utility employees carry photo identification.
Field workers generally wear clothing with the company logo and drive company vehicles. When in doubt, do not allow them in – and if they persist, call 911.
UUAS utility representatives never demand instant payment in person or over the phone.
Utility representatives from UUAS companies do not require the use of prepaid debit cards (such as Green Dot MoneyPak, MyVanilla or Reloadit).
UUAS reps will never request customers meet them at a payment center, such as a department or grocery store, to make a payment.
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 $300k – 2-4 unit in a emerging neighborhood 10) Up to $200k – 1-2 bedroom near South Clintonville 11) Up to $135k – 3 bedroom near Westerville 12) Up to $200k – 2-3 bedroom condo near Clintonville/downtown 13) 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.