YES! We are on top yet again! Can you believe it? Central Ohio you ask? It’s true! Central Ohio is growing so rapidly and when you have an influx of people you need housing. Apartments are popping up left and right, builders can’t build homes fast enough and housing sales are as hot as ever. Demand is heavily outweighing supply and as a result we get an extraordinarily hot real estate market.
Is it hot in EVERY market?! No, not every single market around central Ohio, but the majority of them. If you were considering moving up now might be the time to do it. Here is a quote from the Columbus Board of Realtors regarding pricing:
During the month of April, homes under $350,000 sold in an average of 26 days. Homes sold between $350,000 and $500,000 took about 48 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 65 days, and homes over $700,000 were on the market for an average of 83 days according to the Columbus REALTORS® Multiple Listing Service.
This means if you’re current home is under $350k and you are considering buying over $350k then you may make out on both sides. You could sell and get an amazing price, but then you may also get a good price on your more expensive home purchase. And to make it even better rates are dropping again! So if you or someone you know falls into this situation, call me at 614-431-1770 or email me at email@example.com and we’ll get you the best deals on both fronts!
See below for Keller Williams Market Research.
June 2019 Market Update (Video is for May but is current)
According to the National Association of REALTORS®, existing home sales declined in April 2019, continuing the slowdown in March. With mortgage rates at their lowest levels in nearly a year and inventory rising, more buyers may be entering the market soon.
According to Freddie Mac, 30-year fixed rates decreased to 4.06 percent in April from 4.20 percent in March. 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 5.2 million in April, down 0.4 percent from March and 4.4 percent below the 5.4 million sales pace from a year ago.
The median home price increased to $267,300 in April, up 2.9 percent from March. The median home price has increased by approximately $9,400 in the past year alone.
There was a 4.2-month supply of housing inventory in April 2019, up 7.7 percent from March. The total number of available homes for sale has increased by 5.0 percent compared to April 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
Gen Xers Driving Multi-Generational Housing Trend
This Is Us. Jane the Virgin. Black-ish. What do they have in common? They are all family television programs that have members of multiple generations living under one roof. But the reality of multi-generational living is more than sitcom fodder.
According to the 2019 Home Buyer and Seller Generational Trends report by the National Association of REALTORS® (NAR), multi-generational housing continues to be a growing trend among homebuyers. This trend is driven largely by Gen Xers, who are the second-largest band of homebuyers today at 24%. Of that cohort, one in six purchased a multi-gen home, half of whom cited accommodating adult children as their reason for doing so.
When it comes to millennial buyers, nine percent purchased a multi-generational property they could share with aging parents, per the report.
Whether you’re looking to accommodate aging parents or making room for your boomerang child, these tips will help you find the right place to make it work.
Look for a home that was built with multi-generational living in mind. Schumacher Homes, Lennar, and Plantation Homes are just a few of the builders offering a multi-gen solution in a brand-new residence.
Tailor your home search. If custom built multi-generational home isn’t doable, look for a home that’s easily convertible. A downstairs bedroom and bath is key for older residents, and an en suite bathroom is even better. A home with a basement or attic may seem like an ideal place to turn into a grandparent’s haven, but stairs can be dangerous and obviously wouldn’t work for a parent using a walker or wheelchair.
A property with a guesthouse or enough land on which to place a granny suite or tiny home is another option. Just make sure the land is zoned properly to accommodate this type of structure.
Make smart renovations. Taking down walls to create an open floorplan is a smart move that can have a positive impact on your home’s value and also make it more accessible for aging parents.
The National Association of Home Builders’ (NAHB) Aging-In-Place Remodeling Checklist recommends a “5-foot by 5-foot clear/turn space in living area, kitchen, a bedroom, and a bathroom.” They also suggest wide hallways that measure a minimum of 36-inches across, good lighting, and non-slip flooring.
6 Kitchen Design Trends Inspired by Restaurant Kitchens
Not all kitchen design trends stand the test of time, but a restaurant kitchen is meant to be as functional as possible for as long as possible. Taking a few cues from restaurant kitchens can help you create a residential kitchen that you’ll be sure to love for years to come!
1. Forget the Island A kitchen island allows for lots of prep space and storage but can also make even a large space seem cramped and crowded. A work table in place of the kitchen island still provides plenty of room to work, offers shelving underneath for storage, and can be moved easily when not in use.
2. Consider a Stainless Steel Backsplash Stainless steel is durable, doesn’t absorb microbes, and is fire-resistant, which is why it’s long been a popular material for commercial kitchen backsplashes. It’s also easy to clean and coordinates with most kitchen styles.
3. Hang Utensil Rods Rarely do restaurant kitchens keep utensils in drawers, as this is a surefire way to create a cluttered, jumbled mess. A utensil rod or two will keep all your kitchen tools organized, in plain sight, and close at hand.
4. Install a Magnetic Knife Strip Much like utensil rods, many commercial kitchens include magnetic strips along walls to hold chefs’ knives. Storing knives on a magnetic wall strip reduces the risk of cutting yourself while rooting around in a drawer and also allows you to easily see each knife blade type and size. A magnetic knife strip also eliminates the need for a bulky knife block on the countertop.
5. Use Wire Shelving in Your Pantry Wire shelving allows for air circulation around your stored foodstuffs, reducing damage from heat and humidity. Wire shelves also don’t need cleaning as often as standard wood shelves.
6. Install an Open Shelf Over the Stovetop Many commercial kitchens feature an open shelf or two over the stovetop, for holding pots and pans, spices, timers, and even a recipe or prep instructions. Consider asking your kitchen contractor about an open shelf over your new stovetop, for added convenience and to break up the look of a bare wall behind the stove.
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 $20M – OSU Campus Rentals 20+ units 3) Up to $500k – 4 Unit Multi-family 4) Up to $500k – Dublin, Worthington, Powell, Arlington, Grandview 3-4 bedroom 5) Up to $150k – 2-4 unit Rental on the west side of Columbus 6) Up to $425k – Clintonville Ranch 7) Up to $100k – land of at least an acre close to Hilliard and OSU 8) Up to $300k – 2-4 unit in a emerging neighborhood 9) Up to $135k – 3 bedroom near Westerville 10) Up to $200k – 2-3 bedroom condo near Clintonville/downtown 11) Up to $225k – duplex near Southern Orchards 12) Up to $175k – Linden area
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.