Best Time to Buy and Sell in Central Ohio
Last month the Columbus Realtors issued the numbers: 2015 was the best year for residential real estate in Central Ohio since the 2009 recession. Home sales rose 9.3% from the prior year. The hottest markets included Hilliard, Westerville and the area served by the Olentangy Local School District. The overall median home sale price rose 4.6% to $159,900.
Yesterday, The Fiscal Times reported on a Reuters study that showed home sales have continued to increase the first month in January 2016. While the strong housing market is good for the overall for the economy, it’s also a positive sign for home sellers. With an active seller market in Central Ohio, home inventory is expanding which is also a win/win for those in the market to buy.
Where to Buy? Follow the Appreciation
Figuring out where to invest in a new home in Central Ohio is easy if you follow the simple rule of appreciation. Investopedia tells us that the word “appreciation” means, “an increase in the value of an asset over time.” Appreciation drives sales and purchases in the real estate market because even small fluctuations in a home’s value can yield huge financial gains long-term.
RealtyTrac.com says U.S home sellers are realizing their biggest price gains since 2007. In Central Ohio here are ten of the top zip codes that have shown the best rate of home appreciation from 2010 to 2015:
1. TOP PICK — 43206 Brewery District/German Village
Large historic homes abound on brick streets just steps from downtown.
2. 43205 Olde Towne East
Historic neighborhood making a comeback!
3. 43211 Linden
Affordable homes in a community that is making a real effort to improve itself.
4. 43021 Galena
Good schools and new subdivisions make this community a must-see.
5. 43201 Italian Village/Clintonville
Historic renewals, with gorgeous renovated lofts and new build row homes.
6. 43213 Whitehall
Great community for starting out: Affordable homes, large yards and close to everything.
7. 43074 Sunbury
Borders Westerville and the gorgeous Hoover Reservoir with ample green space and great schools.
8. 43113 Circleville
Small town feel, low crime, good schools make this one an easy pick.
9. 43223 Franklinton
A thriving artists community has renewed this working class neighborhood that definitely has the “cool factor.”
10. 43209 Bexley
A perennial favorite, Bexley is one of the wealthiest communities in the state.
Home appreciation is just one of the important considerations to ponder as you’re considering where to settle. The right real estate agent can help you recoup your investment. Call The Grover Group today to get the inside scoop on what’s happening in the market, which communities to consider, — and which ones you shouldn’t.
