Now that March has rolled in what are we seeing in the market? Well, interest rates have been pretty stable but there has been an increase in inventory which, in theory, should have helped cool this hot market. But has it? I can honestly say that no, it hasn’t. In fact, it seems to be just as competitive recently as it was last year at this time. Of the listings and contracts for buyers I have personally been involved with in the past 30 days, there has only been one transaction where there weren’t multiple offers. It is crazy to say that, but I believe even with the increase of inventory came an even greater increase in buyers looking to buy. About a month ago there was a sharp increase in mortgage applications nationwide and we have surely felt that here in central Ohio. We did see the largest influx of homes on March 1st, so hopefully the trend will continue and we will see a relaxing of the market coming up during the warmer spring months. If you have any questions or would like to discuss buying or selling please don’t 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.
March 2019 Market Update (Video is for February, but is current)
According to the National Association of REALTORS®, existing home sales experienced a third consecutive month of declines in January. While the supply of homes is rising, a growing share of those homes may still be out of reach for some buyers.
According to Freddie Mac, 30-year fixed rates decreased to 4.35 percent in January from 4.45 percent in December. 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 4.94 million in January, down from 5.0 million in December, and 8.5 percent below the 5.4 million sales pace from a year ago.
The median home price decreased to $247,500 in January, down 2.8 percent from December. The median home price has increased by approximately $6,700 in the past year alone.
There was a 3.9-month supply of housing inventory in January 2018, up 5.4 percent from December. The total number of available homes for sale has increased by 14.7 percent compared to January 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.
Copyright 2019 Keller Williams® Realty, Inc. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Equal Opportunity Housing Provider. Each office is independently owned and operated.
REAL ESTATE NEWS Brought to you by Erik Hiss
How to Find the Perfect Neighborhood By David Hakimi
Location, location, location. Half of buying a home is finding where you want to live. You may have found your dream house, but it might not be in your dream location.
Here’s how you can find the perfect neighborhood:
Check It Out Online Look up what people are saying about the neighborhood you’re interested in. Do people actually enjoy living there? What do they like and dislike about it?
Google the crime statistics for the area; safety should be top of mind. If you have kids, look up schools in the area. How are they rated? Social media platforms like Facebook and Nextdoor also offer a great window into the ins and outs of your potential neighborhood.
Scout It Out Literally. Do drive-bys, and do them at different times of the day to get a feel for the neighborhood. Is there a soccer field or baseball diamond close by? You’ll want to know before it’s too late whether cars will be lined up on your street every weekend. What’s that nearby intersection like during rush hour? Is there a grocery store close by? The more questions you can answer before moving in, the more confident you’ll feel when it’s time to put down an offer.
How Far Is Your Potential Home From Your Job? A long commute has the potential to become an everyday stressor. If you take the bus, look up the route and times. If you drive, check out the route during your normal commute times on Google Maps.
Do Your Research on Property Taxes Property taxes greatly differ from one region to the next and could majorly impact your cost of living. Do your due diligence and make sure you can afford the area you want to live in. Check out other costs of living while your at it—think utilities and food prices.
How Marie Kondo Is Fueling Our Thrifting Goals
Whether or not you’ve bought into Marie Kondo’s wildly popular method of tidying up, there’s no denying that the current decluttering trend has had a significant impact on one industry in particular—thrift stores are bursting with donations.
For the uninitiated, Marie Kondo is a Japanese “tidying consultant” who employs a method of purging items from your home that do not “spark joy.” Between her New York Times Best Seller The Life-Changing Magic of Tidying Up and her new Netflix series Tidying Up with Marie Kondo, her KonMari method is in full effect, and what doesn’t spark joy for others, might spark joy for you. Here are some great items to look out for:
Books Gently-used, vintage children’s books are common in many thrift stores. These and uniquely-colored books can be great to use in decorating.
For the flippers out there, good-condition, used box sets like the Harry Potter series can sell for around $30 to $50 on eBay. Other popular box sets include The Lord of the Rings,The Hunger Games, and Little House on the Prairie.
Wood furniture Thrift stores are a great place to score solid wood furnishings at bargain prices. Even if you don’t end up finding your vintage dream piece, items that look more “grandma” than Mad Men can be transformed with a little paint, varnish, and fresh fixtures.
Dishes and Glassware Vintage dishes can be particularly valuable, so do a little research when you’re out thrifting. Glassware lovers enjoy vintage Pyrex cookware, as well as glass in different shapes and colors, so keep an eye out for anything out of the ordinary.
Mirrors Mirrors make your space feel bigger, so they are the ultimate accessories for your walls. New mirrors can be expensive, however, so you can save big bucks by finding one at a thrift store.
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 $500k – Dublin, Worthington, Powell, Arlington, Grandview 3-4 bedroom – updated 6) Up to $150k – 2-4 unit Rental on the west side of Columbus 7) Up to $425k – 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 14) Up to $125k – 2-3 bedroom near Gahanna/Reynoldsburg 15) Up to $100k – 2-3 bedroom w/basement in up & coming neighborhood 16) Up to $225k – duplex near Southern Orchards 17) Up to $325k – single family in Grandview, Clintonville 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.