Columbus and Central Ohio continues to be a seller’s real estate market, with far more buyers than homes available for sale. Homes that are for sale are getting snapped up quickly, with the typical property staying on the market for just 17 days before an offer is accepted. It’s not too much of a surprise, as there’s currently an average of 4.8 offers per home.
Although our real estate is far from a bear market…. right now, you might be wondering how much longer home values and the demand for properties will continue at these levels. Here are a few reasons now is the right time to sell.
Bidding wars are still commonplace
Locally, the median sales price for a home in Columbus is $279,000, up 13.6% year over year. The average sales price in March was $318,826. Nationally, the median price for a home currently stands at $375,500, a year over year increase of 15%, according to NAR.
Still, 57% of buyer offers came in above list price in March. Locally, on average homes sold for 103.5% of their list price.
This highly competitive market has lead some buyers to retreat and rethink their strategies after having their offer declined in a bidding war, plenty of buyers remain determined. In fact, half have made at least two unsuccessful bids before getting an offer accepted. Price your home right and it could very well launch a bidding war — just know that if you’re purchasing another home at the same time you’re selling yours, you could find yourself competing in one as well.
You can get away with minimal renovations — or none at all
Renovations and upgrades serve to attract more buyer interest and encourage higher offers. Even minimal repairs and touch-ups can go a long way with buyers, who are looking for turn key properties that they can move into and immediately enjoy.
But when demand for homes far outweighs supply as it had lately, homeowners are in a much better position to sell their home even if it needs a bit of work done — or a lot of work done, in some cases. For example, a home that’s in a desirable location could be sold as-is and still get snapped up quickly and for a high price.
If you’ve owned your home for a while and are already looking at a sizable profit due to high home values, it makes sense that you wouldn’t want to pour money into any major renovations — and you can certainly get away with it in this market.
Interest rates are on the rise
Interest rates are currently at 5.2% for a 30-year, fixed-rate mortgage, up from 5.13% just last week. For some deep-pocketed cash buyers, rising interest rates won’t get in the way of purchasing a new home. Cash buyers are also out in full force; in March, they made up 28% of the market share, as opposed to 25% in February and 23% a year ago, according to NAR.
But for homebuyers, especially first-time homebuyers, rising interest rates could cause some to rethink their budget and even purchasing a home entirely, encouraging some to remain renters until the market cools off. Selling a home for top dollar entails exposing the home to the largest buyer pool possible. If you want to position your home to do just that, now is the ideal time to sell.
If you’re thinking of selling your personal home, or offloading a rental property — even if it’s looking a little worse for wear — you’ll have a captive audience of buyers right now. While no one can predict how long it will take for a home to sell or whether buyers will compete generating a bidding war, your best chance for a quicker and more lucrative sale is now.
If you, or someone you know is considering Selling a Home in Columbus, Ohio please give us a call and we’d be happy to assist you!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Downtown Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Galena 43021 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington 43147 Polaris Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235
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