Using the word “boom” might be a bit strong but there has been a rumor on the street of Columbus having a boom in home sales. Multiple different sources are showing record low interest rates, increased confidence and ultra high affordability making home ownership even better of an idea. Sometimes it makes me wonder where the “renting is always better” camp gets it’s facts.
Interest rates are flirting with record levels giving home purchasers the most house for their money. Real estate hasn’t seen the easy availability of the American Dream quite like this in quite a few years. This almost perfect storm has proven too much for many many people. The Columbus Board of Realtors reports home purchases are up, beating record setting 2008 levels, a 6.0% increase in since January 2011.
I do believe the Columbus Ohio real estate market is improving. Most of the agents I talk to on a regular basis are busier than ever. More people wishing to sell their home, and more looking to buy. Hopefully this rebound can help bring prices to a really stable level.
News always has a flip side, and I believe in showing all angles to a story. Nationally home prices are still declining. Although this may be true in a few cities, I don’t believe Columbus is part of this group. I do believe most area’s of Columbus and it’s surrounding suburbs have hit their rock bottom. Lately it has seemed as though foreclosures are selling at a normal level. Although condition determines a lot, most of all price, some sections of Columbus have seen home prices being determined by condition rather than the over abundance of other property.
Home prices have hit a 6th straight monthly decline showing we aren’t out of the woods yet. Foreclosures are going to pick up for a time, but that’s only because of the robo signing mess. Once we are past that, it should become a lot easier on current home owners.
