Today is a beautiful day in Central Ohio. The temperatures are reflecting the coming spring with days warming and having more sunshine. And, this usually means time for the biggest selling season for real estate. Two of my favorite things! Warmer weather and more clients to work with, as I love spending more of time with people! And, even without a crystal ball, I can say in good faith, it is looking like a very good year for Central Ohio Real Estate. To sell and to buy, inventory is low and there are plenty of buyers due to the continuation of historically low interest rates and financing programs for buyers.
Central Ohio ended 2012 in a great position to see our recovery continue in 2012. Our market had an increase in sales of single family homes and condos...up 15.5% from 2011. It was the highest number of residential sales since 2007. The average sales price of home sold in Central Ohio was $167, 459, an increase from $158,898 in 2011—an increase of 7.5%.
Part of the reason for our recovery is supply and demand. That is our inventory is at its lowest point in over a decade. Approximately 9,252 homes for sale this past December, which is 18.8% lower than December of 2011. The average number of days to sell also decreased from 101 to 83 day. So if you are waiting to put your home on the market, there is no need to wait! Buyers are out there now, and they could use more choices.
Another good sign of our recovery is the number of building permits has increased and this has everyone smiling. In 2012 building permits for single family homes had an increase of 21% over 2011, while condominium construction rose 5%. Although we are nowhere near the boom levels, increases are a good sign.
Also, the number of distressed homes for sale is declining as the foreclosure rate drops as well. The number of lender mediated homes (short sales and foreclosures) was down 37.5% from 2011. However, the demand for all properties is high, and when the demand exceeds supply all homes sell more quickly. The misconception is that distressed properties are a "steal." Homes sell for market value. If a home is distressed its market value is less. Banks rarely will be involved in giving anyone a "deal" or a "discount." Lenders rely on experts—realtors and appraisers—so they know what a property's value is, and that is the amount they are targeting and will accept. With inventory low, they are standing even firmer on their pricing. Distressed home sales decreased from being 34.8% of sales to 33.3%. As the number of distressed homes reduces, we should see better gains our sales prices overall as well. Programs like Save the Dream are there to help us keep reducing our distressed property market as well. Everyone wants to see homeowners remain in their loved homes. If you need more information or would like to apply for assistance click here: Save the Dream Ohio
Or call 1-888-404-4674. To be eligible, homeowners must have lost their job or endured a financial hardship, earn less than $112,375 and have less than six months of mortgage payments in savings.
A little bit of news about The Benadum Team. We have finished 2012 strong and have earned a position in the International President's Circle Elite. We are in the top 2% of the 84,000 nationwide Coldwell Banker agents in sales. We are please to thank all of our clients, friends, and family for referring us and trusting us to help with the very big decisions that affect your daily lives and finances. THANK YOU!
We are looking forward to another successful year of helping you achieve your real estate goals.
Here's one of our newest listings....each property gets its own website with a lot of information for the buyers!
152 Rome Drive in Etna
IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, Buying or Building A NEW ONE, DON'T HESITATE TO CALL, TEXT OR EMAIL ME. 614-657-2005
My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how the process works. I know that behind the door of your home and in your life there is much more going on than just your real estate transaction. I work with each person, not the house, and with the whole person, not just the issues surrounding the transaction. When I attempt to put myself in your shoes and contemplate what you are dealing with I am most effective.
The Benadum Team
Amy Bumpus
Straight Talk—Always
