…And here we are again with summer slowly dwindling away, days are getting slightly shorter and school is about to ramp up. Have you ever thought what happens to the market when school starts in August? Most people believe that it’s not a great time to sell especially if a buyer is looking to get into a specific school district. Others feel it’s just a hectic time in general with summer ending and the school zones popping up again that it would not be an ideal to sell. And from my perspective they would be right! When schools go back into session the points above are ring true and it usually isn’t the best time because a lot of people are busy and focused on other things. So if you were thinking of selling should you wait? It may benefit you to wait, but in this market where it’s still very hot and homes are selling like hotcakes I’m not sure it’s going to affect it that much this year. I’ve always been surprised by the market in my 15 years of selling so nothing will really surprise me, but the trend is that homes sales sputter out just a bit during those 2-3 weeks when schools start. Either way the market is still very good and rates are still very low so it’s a great time to buy or sell! Please call me at 614-431-1770 or email me at email@example.com and let my 15 years of experience help you get the most out of your real estate endeavors!
See below for Keller Williams Market Research.
August 2019 Market Update
According to the National Association of REALTORS®, existing home sales declined slightly in June 2019 after recent gains in May. With mortgage rates at their lowest levels in a year and a half and inventory rising, more buyers may be entering the market soon.
According to Freddie Mac, 30-year fixed rates increased to 3.81% in June from 3.73% in May. This rate remains well below the historical average of 8.90%.
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.27 million in June, down 1.7% from May and 2.2% below the 5.39 million sales pace from a year ago.
The median home price increased to $285,700 in June, up 3.1% from May. The median home price has increased by approximately $11,900 in the past year alone.
There was a 4.4-month supply of housing inventory in June 2019, up 2.3% from May. The total number of available homes for sale has increased by 2.3% compared to June 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.
Erik Hiss 2004013902 Keller Williams Capital Partners Realty Real Estate Professional
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
Thinking of Buying an Older Home? Here Are Some Things to Keep in Mind
When searching for the next house to call home, there’s a lot to consider. Opening your home search to older constructions can increase your options, however older homes may be harboring issues beneath the surface. Here are some things to consider (and have inspected) when purchasing an older home.
Foundation and Structural Issues Due to their age, older homes should be inspected thoroughly for foundational and structural damage. Cracks or unevenness in the foundation can lead to moisture damage, dry rot, corrosion, and shifting of the house. According to Safewise, “Foundation repairs can escalate to over $10,000, depending on the extent of the structural issues – and homeowners insurance won’t cover these costs.” If you suspect structural damage, be sure to have the building inspected by a licensed structural engineer.
Electrical and Plumbing Issues Many older homes have their original plumbing and wiring, as updating these systems can be costly. Keeping the original knob-and-tube wiring or the original cast-iron pipes, however, can be a serious safety hazard. Old electrical systems can cause a fire, and old pipes can cause leaks or weak water pressure.
Hazardous Materials The older a home is, the more likely it is to contain hazardous materials, such as asbestos and lead. Lead is commonly found in paint applied before 1978 and in plumbing installed before 1985. Asbestos can be found in gas fireplaces, roofing, and insulation that was installed before 1980.
Outdated Heating and Cooling Systems Older homes were likely designed for oil, coal or wood heating systems and later retrofitted with newer HVAC systems, so it’s important to understand when and how these upgrades were made. Even a more up-to-date heating system can be inefficient and unsafe if it hasn’t been maintained properly.
Houses with cooling systems are likely to be a bit newer, but outdated cooling systems are known to have their own issues. Common problems with older AC units include improperly working fans, reduced efficiency, refrigerant leaks, and electrical problems.
Termites and Bugs Depending on where the home is located, termites and other bugs could be a major issue. The National Pest Management Association claims that termites alone cause around $5 billion in property damage yearly. The older the home, the longer it has been exposed to the chance of infestations.
Smart Ways to Save on Your Bathroom Renovation
Looking to liven up your bathroom? Better set aside some big bucks. According to HomeAdvisor, “The average bathroom remodel costs $10,354.” Don’t panic, you can still get a fresh, new look at a fraction of the cost, with these money-saving tips and tricks.
Keep the same layout You might want to chuck it all and start over with a completely new layout, but the cost of moving water lines could push your budget into no-man’s land. According to HGTV’s Scott McGillivray, “Moving the tub, vanity, or toilet will cost about $2,500 each.”
Do your own tilework Is the DIY spirit calling to you? Tiling your own bathroom floor and shower can be satisfying—and money-saving. Be sure to watch a tutorial or two first. It’s also a good idea to practice your technique on a piece of MDF with inexpensive tile before jumping in.
If you are springing for professional installation, keep in mind that large-scale tile will provide savings.
Go garage sale-ing Yes, you can find some great accessories at garage sales, Craigslist or Nextdoor, but keep your eye out for larger pieces, too. An old dresser can easily be turned into a vanity. Not only will this save you money, it will also bring character into the space.
Resurface “An old tub or shower will surely show signs of aging eventually, but before you swap things out for new, which can cost a pretty penny, consider resurfacing,” said Family Handyman. “Your tub or shower can be professionally resurfaced for much cheaper than buying new.”
Look for leftovers Stone yards, tile shops, contractors—they may all have leftovers you can purchase or even have. That countertop remnant could work perfectly on top of that vanity you have your eye on, and save you enough money to buy it!
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 13) Up to 300k – East side of Cols, no Cols schools 3-4 BR,2.5BA
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.