Real Estate Review: February 2017

Inventory is down is Columbus, but the amount of homes in contract went up 11.4% since January! Buyers are still motivated to secure a home in this seller's market and with the national average for a fixed rate mortgage still low they have extra incentive. I'm still securing homes for buyers with two closings scheduled next week in Clintonville and Merion Village. If you are thinking of selling PLEASE don't miss the opportunity to benefit from this market and give these wonderful buyers something to celebrate! Call, email or text me today for more info 614-638-5817 pfjohnson@kw.com For a free Comparative Market Analysis done by me personally click here to find out what your home is worth in this market!

I'm a numbers girl and I love a good spreadsheet (I know, nerd) so I like to keep my clients as informed as possible. Please see the market rundown below complete with KW video and custom infographics from yours truly :) 

Here are the national real estate statistics for February 2017:

The number of projected home sales dipped to 5.5 million and the national median home price had a slight decrease of .09% in January to $232,000. However, the median home price is up 4% from this same time last year. Down isn't always bad as the national average for a 30 year fixed rate mortgage is down 4.3% last month to 4.19% in February!

There were 2,528 central Ohio homes and condos added to the market in February, which is a 16.5 percent increase over January, although a 3.6 percent dip from February 2016. This leaves inventory at 4,286, which is a whopping 21.1 percent decrease from the same month last year according to the Columbus REALTORS® Multiple Listing Service.
 

“If you thought inventory couldn’t possibly get any lower, it definitely did,” Gordon said. “However, spring is just around the corner and there are bound to be more homes hitting the market as the temperatures begin to rise.””

— Mic Gordon, 2017 President of Columbus REALTORS®

There were 1,678 central Ohio homes and condos sold during the month of February, a 5.3 percent increase from January and a .5 percent rise over the same month a year ago.

Central Ohio saw 2,754 homes go into contract during the month of February, up 11.4 percent from the previous month although down 9 percent from February 2016.
 

A pending sale or a sale “in contract” is when the buyer and seller agree on terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such.  

The average sales price of a home in February was $190,659, up 3.4 percent from last year. The median sales price was $161,900 a 5.1 percent increase over February 2016.

“The upside down or under water remnants of the Great Housing Recession are fewer and fewer with each passing month as values continue to climb and mortgage balances continue to be paid down over time,” Gordon said. “If you were in that position with your home and want to know if this market has changed your circumstance, call your REALTOR® and find out!”

— Mic Gordon, 2017 President of Columbus REALTORS®

During the month of February, central Ohio homes and condos spent an average of 52 days on the market, this is eight days fewer than a year ago and just two days longer than January.

Seventy-five percent of central Ohio REALTORS® said they’re noticing a slight to substantial increase in the number of millennials expressing interest in purchasing a home, according to the latest Housing Market Confidence Index by the Ohio Association of REALTORS

When asked specifically about the low number of entry level homes available for sale, 33 percent said it’s a slight hindrance and over half (54 percent) said the low inventory is substantially hindering the millennials’ ability to purchase a home.

“Millennials are a large segment of the population and, if they don’t have an adequate selection of affordable housing to choose from, that’s definitely a problem we need to focus on solving,” Gordon said.

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Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below: 

Current housing report – February 2017
All housing reports

Columbus REALTORS® is comprised of over 7,600 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.

This Month in Real Estate: July 2016

Here are the national real estate statistics for July 2016!

Home sales are still moving up now at 5.5 million and the average price is up to $240,000 which is up 3.8% from June and up 4.7% from July 2015 making it an amazing time to sell!

The average interest rate for a 30 year fixed rate mortgage is down to 3.54% which gives buyers a great incentive to keep purchasing in this intense seller's market! For more on my strategy to help buyers keep reading...

I had my biggest closing so far on June 30, 2016 and was told that it was the busiest closing day for Ohio ever! It's exciting to be in this industry at such an interesting time and I'm very proud to be getting my buyers what they want in this seller's market. My buyers have closed at an average of 89% of list price at a time when people are in bidding wars and paying so much that the appraisals aren't even coming in at their offer price. One of my buyer's was thrilled to have instantly appreciated on his new home by $11,000 because of the appraisal value.

If you want someone to fight for you and be creative in this bustling market you won't regret having me in your corner! July is a very special month for me because it's my birthday as well as my sister's, my niece, my nephew and it's the month that I got engaged in Yellowstone. Not to mention celebrating living in the U.S.A. with our differences, troubles, triumphs but most importantly our freedom.

Hope you are having a wonderful summer! I give great referral gifts and would appreciate the opportunity to earn the business of your family, friends and coworkers.

Practicing Seller's Etiquette

Let's face it: When your house goes on the market, you're not only opening the door to prospective buyers, but also sometimes to unknown vendors and naive or unqualified buyers. As with any business transaction, there is an expected protocol to how sellers, buyers and their respective agents interact. Should you find yourself in a sticky situation, alert your agent so he or she can address and remedy the problem. 

The Aggressive Agent

When your agent puts your house on the market, typically all promotional materials state clearly that your agent is the primary contact for buyers and buyers' agents. However, sometimes a buyer's agent will contact a seller directly to try to either win over their business or cut the seller's agent out of the deal. This is not reputable behavior and you should report it to your agent immediately if it happens to you. 

The Unscrupulous Vendor

Have you ever started a business or moved into a new house and suddenly found your mailbox full of junk mail? Unfortunately, this also can happen when you put your house on the market. When you sell your home, it necessitates all kinds of new purchasing decisions and less-than-ethical vendors are keenly aware of this. Though MLS organizations enforce rules on how posted information is used, some companies have found ways to cull information from various sources to produce mass mailing lists. If you find yourself regularly emptying your mailbox of junk, let your agent know. He or she can tap the appropriate sources to prompt an investigation into the matter. 

The Naive Buyer

Yard signs, Internet listings and other advertisements can generate a lot of buzz for your home. Some prospective buyers - particularly first-timers - will be so buzzed to see your home that they'll simply drop by. If this happens, no matter how nice these unexpected visitors are, it's best not to humor their enthusiasm by discussing your home or giving an impromptu tour. Instead, politely let them know that your real estate agent is in charge of scheduling tours and provide them with the agent's contact information. If you attempt to handle these surprise visits on your own, you might inadvertently disclose information that could hurt you during negotiations down the road. Keep this is mind when talking to friends, coworkers and nosy neighbors!

The most important thing about selling your house is the agent & brokerage you choose to list with. Everything from timing, pricing the house, staging, describing, photographing, marketing and more is dependent on the listing agent. I excel in these areas as well as communication, negotiation and other skills that contribute to a successful and stress free transaction!

For a free comparative market analysis on your home, please fill out the form on my home page under "Sell" available here.

KW Seller Secrets - The Power of Pricing

When you're ready to sell your house, you want the most money in the least time with the least hassle possible. As a detail oriented, knowledgeable and passionate agent I will use all of my skills and resources to make selling your home all of these things and more. Columbus is still experiencing a seller's market so take advantage of the low inventory and get your home on the market with me as soon as possible!!

Take a look at this seller secret presented by Keller Williams:

Seller Secrets The Cost of Testing a High Price

If you're interested in finding out the current market value of your home, fill out the form on my home page under "SELL" to receive a FREE comparative market analysis!