Happy 4th of July!! The temps have finally risen to that good old July heat causing us to crank up air conditioners and spend more time at the pool! But how is the real estate market going you ask? Well, it’s still a very, very hot market! This heat has almost made things hotter, in fact! There were 20% more homes were sold in May vs April and a bit over 5% more this May vs May 2018. This seems to be the new trend in the market due to the lack of inventory and the fact that Central Ohio is growing rapidly. Columbus is a very business friendly city and companies are taking advantage of that bringing more jobs and growth which is increasing our population. And when you have a rising population you get a rising demand for housing. In addition to the population, interest rates have yet again fallen to a rate where buyers’ dollars are stretching even further causing pricing to increase a bit. In May the average price was $253,531 which is 7.8% higher than last year. I am very excited to be working in such a great market and hope I can help you or someone you know. Please call me at 614-431-1770 or email me at firstname.lastname@example.org and know you will be in good hands!
See below for Keller Williams Market Research.
June 2019 Market Update
According to the National Association of REALTORS®, existing home sales increased in May 2019 after two months of slowdown. 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 3.73 percent in May from 4.06 percent in April. 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 5.3 million in May, up 2.5 percent from April and 1.1 percent below the 5.4 million sales pace from a year ago.
The median home price increased to $277,700 in May, up 4.0 percent from April. The median home price has increased by approximately $12,600 in the past year alone.
There was a 4.3-month supply of housing inventory in May 2019, up 2.4 percent from April. The total number of available homes for sale has increased by 4.9 percent compared to May 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
Top Tips to Make Your Offer Stick
It’s that time again, when the real estate market is as hot as the summer sun. Low inventory, multiple-offers, and offers that soar over asking price are great for sellers, not so much for buyers. If you’re looking for an edge to ensure you get the home you want, here are a few tips.
Up your budget If you’re a first-time buyer looking in a lower price range, you’re in the most competitive market. Getting pre-approved for a little more could move you into a higher price bracket and eliminate some competition. Adding even a few thousand dollars could make the difference, and the change to your monthly mortgage payment will be negligible.
Cut associated expenses If you’re worried about upping your budget, think of ways to save on associated expenses, and put that money into your mortgage instead. Look for homes without a homeowner’s association. That could save you several hundred dollars per month. Look at areas where you don’t have to pay a toll for your daily commute (or, better yet, where you don’t have to drive at all). Those savings add up.
Watch the contingencies “Sellers have the upper hand in a multiple-bid situation, and they want offers that are clean and concise,” says NerdWallet. Asking the seller to pay closing costs, purchase a home warranty, or requesting that they make small repairs like fixing a leaky faucet can get your offer thrown in the trash.
Be flexible In a multiple-offer situation, the seller is looking for the easiest path to closing. The trick is finding out what they really want—beyond the right price, of course. It could be that a shorter closing would do the trick. Or maybe you can offer them the opportunity to rent back until they’re ready to make their move.
Write a letter Yes, writing a sappy letter to the seller telling them all about you and why you love their home is shameless pandering, but sometimes shameless pandering works. Include a picture and don’t hesitate to include your cute kids or four-legged friends.
4 DIY Things You Can Do to Lower Your Energy Bill This Summer
If you live in a place where summer heat is an issue, this time of year can mean substantially higher energy costs. Here are four low-cost, high-impact changes you can make on your own to save money and keep your home more comfortable this summer.
Clean your window sills A few seasons worth of dirt and soot can prevent your windows from closing all the way. Even a little air getting in can make your AC less efficient and raise your electric bill. Drafty windows are the top energy leak in a typical home, accounting for up to 25% of a home’s energy loss. Cost: $0-5 (cleaning spray and paper towels) DIY level: Easy. You can even make this a chore for the kids!
Install a door sweep “A common place where air leaks occur is under the door leading from the house to the garage because they are often not as well sealed as doors leading directly to the outside,” says Energy Star. Install a door sweep to seal the gap between the bottom of your door and the threshold to prevent cold air from escaping your home. Cost: $10-15 (per door) DIY level: Easy. Use a drill to make holes in the door and screws to attach the sweep.
Caulk your windows Window air leakage can be reduced by applying a continuous bead of caulk around the window trim where it meets the wall, at the mitered joints of the trim, and between the trim and the frame. Make sure the caulk is intended for indoor use and can be painted. Using Charlotte, NC as an example, the Department of Energy estimated that the average homeowner could save 14% on heating and cooling costs each year with proper air sealing and insulation. Cost: $3-5 (caulk) DIY level: Medium. Caulk can get messy, so go slow.
Check your ducts Ducts are used to distribute AC and heat throughout houses with forced-air systems “In typical houses, about 20% of the air that moves through the duct system is lost due to leaks, holes and poorly connected ducts.” says Energy Star. “The result is an inefficient HVAC system, high utility bills, and difficulty keeping the house comfortable, no matter how the thermostat is set.” You can check all the ducts you can access, such as those in the attic, crawlspace, or garage. Look for holes and tears, and seal them using mastic or metal tape. Cost: $5-10 (roll of tape) DIY level: Medium. It’s just taping, but you’ll likely be dealing with tight spaces and a few creepy-crawlies.
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 $175k – Linden area 12) Up to $170k – Southwestern City school district
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.