ResalesColumbus: Smooth Sailing To Balanced Homebuyer"s Market
Founded in 1812, Columbus, Ohio is an historic and cosmopolitan city of over 1.5 million in the metro areas. About 23 percent of its well-educated residents hold a bachelor"s degree and more than 66,900 hold graduate or professional degrees. The city is youthful, with a median age of 33, and approximately 48 percent of its population is in the 18-44 age group.
Not only is Columbus the largest city in Ohio, it is the 15th largest city in the U.S. And it is less than one day"s drive for more than half the nation"s population. It boasts a moderate climate, with four distinct seasons and average temperatures of a pleasant 73 degrees in July to just below freezing in the winter months.
With a land mass of over 212 miles and its superb location in Central Ohio, the city is a healthy jobs and housing market.
"Columbus is one of the bright spots economically in the nation," says Realtor Andrew Show. "it"s virtually recession proof in terms of housing values. Many areas continue to appreciate nicely, but a few areas are stagnant in overall appreciation. Some areas have been destabilized with the pending closure of a older mall that cannot compete with the three most recent regional openings."
Advises Realtor Thomas A. Early, "Good homes that are priced right do not stay on the market very long. There"s still a good chance for some aggressive negotiation 50 percent of the time."
"Coming through the fall of 2001 with an excess inventory, listings are now down to about normal levels," says Realtor Jim Lubinsky, but buyers are mostly local with homes to sell and contracts are still slow, making this mostly a buyer"s market. We are seeing many daily price decreases and except for a few small areas of the market, sellers are showing strong motivation to make concessions, including builders with spec homes. Condominiums continue to sell well with inventory at normal levels. This has been a strong market segment for several years and is expected to continue strong.
"It appears the relocation market has slowed," continues Lubinsky, "and most buying is now being fed by local move-up and downsize buyers. First-time buyers are still active with the below 7 percent interest rates driving this group. This is traditionally a high-cost rental market compared to other Ohio cities, thus motivating tenants to buy while interest rates are low."
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