Buying a home in Columbus, Ohio is a smart investment. The city was ranked at the 15th hottest real estate market in the entire United States last year. The average days on market for listing a home is trending downward and the median list price is increasing. These regional trends are expected to continue in 2016.
Columbus is not only one of the fastest growing markets in the country for home sales, job growth is predicted to keep pace as well, making for a strong overall outlook in 2016. The U.S. Bureau of Economic Analysis ranks our city as 8th in the nation for job expansion.
If you’re a first timer, the Columbus Dispatch shared a recent report listing Franklin County in the top ten in the nation for new homeowners. They listed the average down payment at $16,536, and new homebuyers still potentially qualify for some of the best federal, state and local incentives in the marketplace. Too, the median sale price in Columbus hovers right around the $119,000 mark across the city, so you can expect tremendous bang for your buck.
If you’re selling, this is a great time to recoup your investment. Columbus is very attractive market overall and the population continues to increase as the word gets out about our excellent schools, low crime and city amenities with a small town feel.
In 2014 Columbus made the Forbes list of top cities to “make your mark.” Citing the volume of entrepreneurial opportunities as well as new job growth, home sales, arts and culture, the article stated, “Columbus lands the No. 1 spot on our inaugural list of Opportunity Cities, which we developed in collaboration with Sperling’s Best Places.”
Understanding the range of opportunities in the region and the 2016 market outlook are two top considerations for homebuyers and sellers. The old saying, “location, location, location,” is still incredibly important; if a region’s economic outlook is lucrative, you can anticipate higher home sales.
Waiting for the market to improve further carries potential risks. In December 2015 the Fed increased interest rates by a quarter point, which, to date, has not pushed mortgage rates measurably higher. There’s more good news: tax breaks are still in effect to help both the homebuyer and seller. Understanding these financial loopholes and pre-planning for your next real estate transaction is a process that a full-service agent can help you with.
Finding the right real estate agent in Central Ohio is one of the most important tasks to consider when buying or selling your property. The Grover Group is seeking partnerships with new clients that will create a seamless real estate transaction. We want to be your real estate team for life and we work very hard to help you make the best decisions around homeownership, whether you’re buying or selling. Call us today to find out how we can help you stay prepared for the 2016 housing market – and beyond.