Real Estate Market Archives
Posted by Mike Parsons
April 14, 2008 at 11:19 AM
If you are a first time buyer who doesn't need to sell a home , you have an upper hand in today's market . Mortgage interest rates are at historic low points. There are over 17,000 new and resale homes that offer a tremendous selection. For investors who like to hold real estate for the long term, today's market is a goldmine. The properties competeing for buyers along with the low interest rates make this a perfect investor market. For the move up buyer, today is a great time to sell and move up. If your home was valued at $300,000 last year yet you might sell it for $270,000 today, you may have lost the opportunity to earn the $30,000 difference. However, you can assume that the $500,000 home of your dreams also is selling for 10% less, thus saving you $50,000 on the price of the new home. Guess who comes out on top...you do !
To find your perfect dream home , call The Parsons Real Estate Group !
Posted by Mike Parsons
April 10, 2008 at 04:43 PM
Mortgage rates are the biggest factor in determining how much one can afford, so when rates are as low as they are today, you and I have incredible buying power. How low are they ? People who bought a home in 1963 were paying the same rate that is available today. A lower interest rate means you can afford more home. A lower interest rate will save you thousands of dollars over your lifetime. Financing is readily available for those with a steady job history and a suitable credit rating. Lower interest rates mean many first time buyers may finally be able to afford a home.
Call the Parsons Real Estate Group to talk about the advantages of buying a home today !
Posted by Mike Parsons
at 03:29 PM
All real estate is local in nature, yet the media often quotes national trends and statistics. Central Ohio is a healthy and stable marketplace. Over 24,000 homes sold in Central Ohio in 2007. According to a Forbes.com report Columbus is the 7th most affordable place to live well. A Forbes and MoodysEconomy report called Columbus the 3rd most stable housing market in the country based on the strength of our economy,the affordability and availabilty of housing and the availability of the local credit markets. Home sales are affordable ! the average sale price of homes in Central Ohio continues to be considerably lower than the national average. 2007 was the 4th best housing market in history coming off the biggest housing boom in years 2003-2006. Home prices have a steady increase of 40% over the last decade. The chief economist of the National Association of Realtors considers Central Ohio undervalued. Housing prices are lower than what experts would expect . In Summary, The Grass is Greener here ! Call The Parsons Real Estate Group to buy or sell your next home !
Posted by Mike Parsons
March 02, 2008 at 11:09 PM
Here are the latest 3 sales in Worthington Estates and Olentangy Hills. Worthingway hasn't had any sales in the last couple months.
472 Blandings Ct., a 3 bed 2 bath 1640 square ft. 1 story, was Sold on 1/4/2008 by Phil Giessler for $213,000 and on the market for 26 days.
73 Heischman was sold on 2/13/08 at $219,900 in Worthington Estates East. It was a 2 story with 2080 sq.ft with 4 bedrooms and 3 full baths and on the market for 255 days.
6865 E. Alloway was sold on 2/20/08 for $223,500. The one story had 3 bedrooms/2baths and was on the market for 82 days.
Posted by Mike Parsons
January 30, 2008 at 11:49 PM
Due to Gary's role as President Elect for the Columbus Board of Realtors he has been getting many calls from reporters about the housing market. Don't worry we won't let it go to his head. Click here to see Gary on Channel 3 News.
Click Here for Video
Posted by Mike Parsons
December 03, 2007 at 04:37 PM
Money Magazine looked at 30 of the nations largest metro areas and picked the top areas or neighborhoods to retire. Click on the link below to go to the Money Magazine article about the Short North.
Money Magazine Article
Posted by Mike Parsons
December 02, 2007 at 08:06 PM
This blog characterizes the true profits of many of the home flipping shows we see on TV everyday. In my opinion his thoughts are very accurate. You can read his article at the site listed below.
Article from Daily Brilliance
Posted by Mike Parsons
November 27, 2007 at 08:50 PM
Slower listing pace supports market correction
(November 27, 2007) The number of listings added to the market in October was down for the third month in a row, a strong indicator that the market is beginning to correct itself. The 3,578 homes listed last month is down 6.9 percent from one year ago. In addition, new listings in August and September were down 8.3 percent and 5.7 percent respectively according to the Columbus Board of REALTORS®.
"The record number of listings added to the market each month has tilted the scales strongly in favor of the buyer this year," said Brad Bennett, President of the Columbus Board of REALTORS®. "As the inventory of homes has been roughly sixty percent higher than our norm, sellers have had to lower prices to compete for the buyer. This has caused home values to appear lower than they actually are. As the listing pace slows, inventory levels will drop and home prices will rise again as the market begins to correct itself."
The average price of a home sold in central Ohio in October was $164,844 which is 0.9 percent lower than the average sale price one year ago. The average sale price of a home sold in the first ten months of the year is $173,122, which is 1.5 percent lower than the year to date average last year.
"A Forbes.com study released in early October reported that Columbus Ohio is the third most stable housing market in America and further projects that we?ll see strong price appreciation in 2008," comments Bennett. "As REALTORS®, we know that 2007 has been a corrective year after several years of extraordinary housing activity. We also know, based on our experience, that central Ohio is and always has been reliable and solid when it comes to home values."
Posted by Mike Parsons
September 18, 2007 at 07:15 PM
When it comes to housing, words like slump, slow, and risky pepper headlines across the country today. Those of us in central Ohio scratch our heads, as in our market, sales are exceptional when you take a look at the big picture...
In 1972, the Greater Columbus area was made up of six counties, had a population of 1,170,000, fixed mortgage rates were 7.5 % and Realtors sold 8000 homes.
By 1982, our population was 1,270,000 (up 100,000 in 10 years), fixed rates were 16+%, and 5700 were sold.
By 1992, the population was 1,400,000 (up 130,000), fixed rates were 8.25%, and 14,000 homes were sold.
Today, our population is 1,700,000, fixed rates are in the 6.25% range, and last year REALTORS sold over 26,250 houses.
I repeat-26,251 homes were sold last year in Central Ohio...that's hardly a slow market!
Here's the good news you haven't heard!
-In the past 40 years the median price of homes increased every year except 2006-which followed four record setting years of increases.
-Central Ohio home values have increased almost 33% in the last decade.
-Last year was the third highest number of sales ever in Central Ohio. Yes, it was down 4.5% from 2005 and the average sale price is down a whopping 1%, but it was still a good year. Today, compared to 2004, only 3 years ago, we have sold close to the same number of houses and the average sales price is up nearly 3%.
-The median net worth of a rental household is $4,800, yet the net worth of a homeowner household is $171,000.
-In the next 15 years the baby boomers are going to inherit 90 trillion dollars. Ninety-six percent of baby boomers think real estate is a good investment, 8 out of 10 own their own homes, and 34% own multiple properties. That demand for the future real estate will certainly push investments higher.
-Since 2000, the DOW has gained 10% (all in the last year). In the same time, the average home nationwide appreciated 88%.
-While we often hear that Ohio leads the nation in foreclosures, we were actually 8th in 2006. Certainly that is not great, but Ohio is also #8 from the top in the percentage of households that own their own homes! In Columbus, we are 19th of the top 100 MSA's in foreclosures, but are lower than Vegas, Dallas, Denver, Indianapolis, Houston, Memphis, Lauderdale, and lots of others.
-Problem sub-prime loans make up less thatn 1.5% fo all loans.
-Standard & Poor's recently released its list of top 50 major metros at risk of declining home prices in the next two years showed Columbus as one of the least risky. According to the report, on average, there's a 34.6% chance that home prices will drop in the nation's top 50 markets int he next couple of years, with many of the riskiest markets falling in areas that saw steep run-ups in prices in recent years, followed by decreased affordability and drops in rate of appreciation. Columbus is #6 from the bottom and has a less than 10% chance of homes prices falling here (well below the average) in the next two years.
In a nutshell, for the first time in 35 years...
-Inventory is high so there's a terrific selection of homes to choose from.
-Home prices are very competitive.
-Interest rates are awesome (only 3 years in the past 35 years have rates been lower). So you can get more for the money.
-And there are still many great loan programs for deserving buyers.
Now is a great time to buy!
By Brad Bennet-President of the Columbus Board of Realtors
Posted by Mike Parsons
August 29, 2007 at 08:09 PM
9/15/07-We will be hosting a FREE Home Buying Seminar for first time buyers. We thought we would do this class to help first time buyers feel more comfortable going through the home buying process. Often, buyers haven't done the necessary research and aren't prepared for their home purchase. This course is designed for those that hope to buy within the next year, but maybe not tomorrow. It is intended to give home buyers the basics so that everything isn't thrown at them all at once when the time comes to buy. This discussion is intended to disregard the hype and talk about the real issues that are important first time buyers. Subjects that we will talk about are:
1. Typical Steps in a Real Estate Purchase including financing, home search, making and negotiating an offer, to inspections, insurance for your home, and closing on your home.
2. How do I apply for a mortgage loan? What things do I need to be aware of when applying for a mortgage?
3. The biggest mistakes first time homebuyers make in Columbus, OH.
We will have an open forum for any questions big and small after the presentation.
The Free Homebuying Seminar will be held at Park National Bank located 7140 N. High St. Worthington, OH 43085 (Just South of 270 on the corner of Wilson Bridge and High). It will begin at 10am and will go unitl approx. noon depending upon the amount of questions. Light refreshments will be provided. Please call or email to register your seat. 614-523-6818. RSVP is required.
9/15/2007 at 10AM Park National Bank Worthington, OH 43085 614-523-6818 or email mike@parsonsrealestategroup.com to register now!
Posted by Mike Parsons
August 17, 2007 at 06:32 PM
Anyone read the Columbus Dispatch lately? If you are like most of us, the constant barrage of doom and gloom concerning the real estate market can wear on your brain, especially if you have a home for sale. What is the real story with the market you ask? Without writing a novel here are the issues that are affecting the Columbus Real Estate market in a negative way.
Factors that are contributing to the Columbus Real Estate Market slowdown are the following:
1. Tightening of credit and income requirements from banks. Approx. 15% of the homebuyers over the last few years had shaky credit. They no longer can get a similar loan with the tightened standards. With fewer buyers there is less demand and prices come down to meet demand.
2. Over supply of recently new constructed homes. Many buyers were lured into buying new construction with low buy down rates. These buyers were basically buying into the "low-temporary payment" and not the $200,000 mortgage that it was. If it wasn't for the buy down rates and introductory low payments many of those homes wouldn't have sold for the premium prices that they did.
3. Many adjustable rate mortgages that have adjusted to a much higher variable rate thus thus leaving struggling homeowners to try to pay their mortgage payments. Most ARM loans are fixed for 2 or 3 years, then adjust to a higher floating variable rate. The bulk of the ARM's issued were inked between 2003-2005. Most are hitting that 2-3 as we speak and more will realize increases over the next year or so. This is creating many home sellers and more inventory. These borrowers have to weather the very high new payment or sell.
4. The overuse of buy-down mortgages by banks and home builders. Example-A builder would qualify a home buyer on their ability to make the first year mortgage payment of $1000, but each year the payment would rise $200. Most first time homebuyers understood this at the time of purchase, but figured they would either be making more money 3 years from that point or would just sell the home. By the 4th year, we are seeing a flood of new homes on the market because homeowners can't afford their $1600 payment. When every third house goes up for sale on a street supply goes way up, demand and market value goes way down (price drop).
If I am a buyer is it a bad time to buy right now?
No, Between now and the next year and a half will be a great time for buyers to buy at the bottom of the market. Markets are efficient. Meaning Supply and Demand will sort itself out and prices will stabilize in 1.5-2 years or so. Buy at the bottom.
I have a home to sell. Should I sell now?
If you don't have to sell now I would probably hold out for a couple years to maximize your return. If you do need to sell, the good news is that even though you might have to sell for a little bit less than you thought, you will be buying an excellent value on the buyside.
Where are the problem locations and areas I should avoid when buying a home?
Rather than tell you where not to buy, I would tell you that homes with the following qualities are much less affected by market issues than others.
Location,Location,Location. Try to be inside the outerbelt 270. Pick cities that have top ranked school districts. Pick neighborhoods that have parks/schools in them. Pick a neighborhood that is established, meaning a track record of sales in a reasonable amount of time. If you are looking at a neighborhood where literally half of the homes are for sale, that is not an established area. Pick a neighborhood with good proximity to Downtown Columbus. Pick a home that has character. If the home you are looking at has 10 other homes just like it on the same street, you will be facing alot of direct competition when you sell. Your older established areas with great schoold districts are the safest bets. new build condos in the outlying suburbs are facing alot of competition and should be avoided. Unless you are buying a foreclosure or under market these new developments should be avoided. It is tough to sell a condo when there are 100 others of the exact same model for sale down the street. Don't buy a newer home in an area where you will have to compete with builders when reselling your home, the builders will win. If it is must that you buy and brand new home, buy it from a quality builder, not one that maximizes the square footage for the dollar with bad floorplans, lesser components, and shotty materials. If you would like me to tell you who they are feel free to give me a call. Many of these lesser builder's homes sold in 2006 for $250,000. You couldn't get $190,000 now for many of those homes. Don't be that guy!
I hope this blog has helped in some way. If you would like to talk any further about the real estate market I am only an email or phone call away. Mike P
Posted by Mike Parsons
July 13, 2007 at 06:16 PM
We have a new listing in Old Westerville located at 101 S. Grove St. I love working with these older homes that ooze character and always have a story to tell. This home sits on a double/corner lot nestled near Otterbein College. This home has been the subject of many conversations in the neighborhood.
For those of you that don't know, Westerville,OH was a major player in the Temperance and Anti-Saloon Movements in the early 20th century. Grove St. was once known as Temperance Row and is where many officials of the Anti-Saloon League lived. After the brick paving was installed in 1912, these homes were constructed. Milo Kelser moved into the home at 101 S. Grove. Thomas Hare who later headed the Maryland Anti-Saloon League, built the house at 109 and S.J. Fickel constructed the house at 117 S. Grove. Milo Kelser was a leading official in the Temperance movement and his residence at 101 S. Grove served as an alternate meeting spot for the National Headquarters of the movement. 101 S. Grove was the place from which Milo wrote “The Westerville of Tomorrow”, made his mark on Otterbein College, brought national attention to the Westerville community, and made his mark on American politics.
Posted by Mike Parsons
July 05, 2007 at 09:07 PM
In case anyone was wondering where HUD properties had gone they are back. Due to a change in the national management company they have been on hold until the new system was up and running. The new website to view HUD homes is http://www.clfres.com. For whatever reason, there has been a trend in all foreclosure resales to price them pretty close to market value. HUD is no exception. The appraised value in relationship to the retail value of these homes have seemed go up across the board while house values in general have declined or slowed across the board. Apparently there are enough nit wits out there buying homes that need $30,000 worth of work for $10,000 under retail value. Doesn't make since.
Some other changes include a slightly shorter closing time allowance, from 60 days to 45 days. Also, there is now an actual written inspection contingency in the contract where before you where buying on faith. There are still some good deals out there for the buyer who is not afraid to pull the trigger. If anyone has any HUD questions feel free to write or call and I will be glad to help!
Posted by Mike Parsons
at 08:33 PM
This real estate market is in slow motion. Not quite as bad as the National and Local Media would have you know, but still slow. Things are selling, just slower than they were 1-2 years ago. Due to the much longer marketing times we see sellers adjusting their prices to the slow demand, thus, prices sagging a little. We haven't seen any big dips like Florida, Arizona, Cali, etc..., probably 1-5% less than prices in 2004-2005, early 2006. I expect this trend to continue through the end of 2008 at which time we will see a bottom.
Rates have ticked up a bit to approx. 6.875 or so but they are still very good compared to the average over the past few decades.
This expected slow down is magnified by buyers poor confidence from seeing media hype, tightening of lending standards which has taken many subprime buyers out of the market, over supply of inventory in Columbus's surrounding, newer over-built subdivisions, and seller's (ARM's) adjustable rate mortgages starting to shift to higher variable interest rates this year.
Note to Columbus Real Estate Buyers:
Now is a great time to buy. Think location. On the outskirts you can find every third new build for sale. Invest in a community that maintains strong demand. You can find that in neighborhoods where there are few homes for sale, and in cities that are land locked. - If they are going to be building down the street after you buy your home why would they buy your house in 5 years rather than build their own new home? Invest in a home that appeals to a wide audience yet has unique factors you can't find in the home down the street(historical character, central location, convenient to all highways, functional floorplan, walking distance to parks/schools, close to hotspots/nightlife/culture, don't be afraid to make cosmetic improvements to create value)
And remember, if you have a home to sell before you buy, you may get a little less for your home when you sell but you should be able to get a great deal on the new home you buy.
How can I put myself in the best resale position down the road?Buyers and sellers remember: You may get more square footage and a cooler updated floorplan buying a new home but don't be surprised when resale time doesn't pad your wallet. There is a trade off between new homes and resale. New homes typically won't start appreciating until year 4-5. Older, centrally located, established neighborhood homes start appreciating from day one. When you buy new you pay a premium for new mechanicals, roof, ability to customize, and always competing with multiple like-king houses in the neighborhood, etc...When supply is high in a neighborhood, homes are always competing with one another and prices never appreciate.
Posted by Mike Parsons
January 17, 2007 at 03:59 AM
It has has been a cold Oct., Nov., and Dec. I'm not referring to the weather, I'm talking about the real estate marketplace in Columbus, Ohio. Buyer's confidence had dropped and there were more sellers than we have ever seen. This was due to many homeseller's low interest, adjustable rate mortgages turning to variable/higher interest rates than when they purchased in 2003/2004 on 3 year fixed mortgages. They were quick to put their homes on the market as they could no longer comfortably make their monthly mortgage payment and could no longer refinance their way out of their money problems because rates had creeped up a bit. This adjustable rate mortgage trend coupled by record homebuilding, with mostly short-term buy-down financing loans, created an increase in supply to the marketplace. The supply rose above the demand and turned a seller's market into a buyer's market. We saw real estate prices drop anywhere from 1%-6% depending upon the area of town. (Before you start getting chestpains please realize this minor correction is peanuts compared to what our friends in California, Arizona, and Florida have seen over the last few months.) When the national news was predicting a real estate landslide we knew the market didn't have far to sag, but our buyers and sellers heard the message and were nervous. I am here to tell you that the market has hit the bottom. I am not telling you that we are looking at another incredible bull run, but a nice steady renewal of consumer confidence and getting back to Columbus's typical 2.5-3% appreciation per year. There are some real, real estate values out there and buyers are starting to come out of the wood work and claim them. Now that all the holiday craziness is over they are getting back at it.
I expected to go on a nice peaceful vacation to watch the Buckeyes play in Arizona after the new year, afterall it was a pretty slow real estate market, I had some time to kill. In between lounging by the pool when I arrived, sitting in a lawn chair on top of our RV while tailgaiting, and through the next two days I was in Arizona, I was bombarded by calls from buyers. "Mike, we are ready to start looking!" "Mike, remember me, I want to buy a house!" We have seen a definite increase of showings on our listings after the new year as well. There's nothing like being in the middle of the desert without internet or cell phone service. It is great to be back.
The real estate tornado that analysts predicted has been a little thuderstorm and we are starting to see the light. Buyers that are first to the market this January will be the ones to get the best prices. I predict our bad market is turning to good and will continue over the next 2-3 years to be a good market. The market won't be great again until our local and city governments create more jobs and boost the economy. In short, the buyers are coming back! To be attractive in this marketplace, sellers need to use a pricing strategy based upon sales over the past 3-4 months rather than looking at comparable sales from the beginning or the middle of 2006.
Posted by Mike Parsons
October 16, 2006 at 09:45 PM
Kirk Herbstreit, the former OSU Buckeye football player and current Gameday TV personality bought this 3600 sq. ft. home on Onandaga in Upper Arlington in 2004 for $739,500, only to bulldoze it. Thats an expensive lot! He then built a brand new home(not pictured) that is rumored to have cost $3-4 million.(below)
He recently just sold this Wedgewood home in Powell at 5166 Canterbury for $1,075,000 where he lived while his house was being built. Not a bad selling price considering he bought in 04' for $975,000 at the peak of the luxury market when other homes in this price range didn't appreciate much.(below)
OSU Football Coach Jim Tressel sold his old home on Arlington Ave in Upper Arlington due to it's lack of privacy. He opted for a larger setback lot on McCoy where he purchased this 2 acre, $1,375,000 home for list price. He now has a football field sized front yard which helps to keep stalkers off his front porch.(below)
I will continue with OSU theme.
OSU Basketball Coach Thad Matta bought this home in the Woods of Josephinum in Worthington on 8/12/2004. The home was only on the market for a week. They were asking $925,000 and Matta got them down to $895,000. The 4054 sq. ft. home is located on Seminary Ridge with a great lot backing to the Olentangy River. (below)
Former Buckeye Football Great and TV/Radio personality Chris Spiellman, bought this home on Edgemont in Upper Arlington back in 1996 for almost $700,000. He has since invested about the same amount of money on upgrades and renovation. His home is valued at $1.6 million and he pays the city almost $30,000 a year in property taxes. (below)
Former Buckeye Andy Katzenmoyer owns this home in Tartan Fields on Rob Roy Dr. He purchased this home in 2000 for $650,000. It was featured in the Parade of Homes, boasts a custom home theatre, and back to the golf course.
Continue reading MTV CRIBS comes to Columbus, Ohio-Buckeye Edition »
Posted by Mike Parsons
September 27, 2006 at 07:36 AM
Parkview Northeast is a small condominium community built by Qualstan located off of Polaris Parkway close to Old State Rd. This area has performed well over the last few years for the following reasons:
1. Polaris is a high demand area close to most amenities(restaurants/shopping), many businesses are located in close proximity(Bank One Corporate, you know the mile long building down the street).
2. Due to the complexes small size, it seems to maintain a decent demand for well conditioned units.
3. Offers the cheapest real estate that can be bought in the Olentangy School District.
4. Parkview Northeast offers ranch(1 story) condos with huge full basements. Typically priced in the $135,000 to $145,000 range depending upon condition, sq. ft., and garage size. You can't find a ranch condo with a full basement anywhere close in a good area for under the $180,000's.
5. Perceived as a higher quality, newer, better maintained area than other condo complexes that are close to Polaris like Carriage Oaks, Worthington Woods, and Worthingglen that are located off Sancus.
6. The complex recently settled with it's insurance company on a hail damage settlement and will be getting new siding and roof that will make the complex look even better.
Drawbacks: No Club House or Pool. Also, the traffic can get a little heavy at times although this hasn't seemed to be too big of a factor for most residents.
I have prepared a status report on what is currently available, under contract, and sold since 1/1/2006.
Continue reading Parkview Northeast Condominiums *Status Report* »
Comments (2)
Posted by Mike Parsons
September 11, 2006 at 06:21 AM
The Worthington neighborhood traditionally known as Worthington Estates has appreciated very well compared to other areas in Columbus, as well as other areas of Worthington. This is not due its breathtaking architecture or new inviting floorplans. This neighborhoods location is what continues to carry it past its competitors.
The Worthington Estates/Worthingway/Olentangy Hills area is bordered by WIlson Bridge Rd. on the North, High St. on the East, the Olentangy River on the West, and Highgate on the South. This neighborhood is one of the few around where children can walk to elementary school, middle school, and high school. This benefit alone is the significant demand driver. Worthington schools hold top state rankings. The neighborhood also borders the Olentangy River bike trails which offer neighborhood access to scenic walks along the river through the parks. The parks are extremely safe, large, and well maintained by the city. Most locations in the neighborhood are a bike ride to Old Worthington shops and restaurants, the Worthington Pool, and the Worthington Community Center. Worthington Estates tends to attract well to do families that could many times afford a more expensive home, but enjoy the humble atmosphere and unmatched amenities.
The area is currently undergoing a turnover from it's original 1960's owners to a younger family oriented neighborhood. We are seeing a premium put on homes that have been cosmetically updated and expect to see many new renovations and additions in the coming years. You can't find Location like this in a newly built neighborhood in Southern Delaware County! Developers today could never match the neighborhood amenities this close to Central Columbus.
Posted by Mike Parsons
August 18, 2006 at 07:20 PM
The answer is, It Depends! Location. Location. Location. 3-5 years ago condominium complexes like Bethel Village (corner of Sawmill and Bethel) appreciated a little more per year than many well-to-do, surrounding single family homes. Due to economies of scale, and developers finding greater profit in condo development, we have seen many new condominium projects built on Columbus's North arch and downtown areas. This has transplanted a lot more condo inventory into the marketplace in the last couple years. When supply rises, demand falls. When demand falls, price appreciation will slow.
Continue reading Condo vs. Home, What is the best investment? »
Posted by Mike Parsons
August 17, 2006 at 06:49 PM
Many buyers struggle with whether they should buy a condominium or a single family home. A common objection for condos is thinking that a condo fee is throwing money away. One must first understand what a condo fee covers. Often, a condo owner will not have to pay for water or sewer costs, this is paid by the condo association.
Continue reading Home vs. Condo - Are condo fees worth it? »
Comments (2)
Posted by Mike Parsons
August 10, 2006 at 08:15 PM
Need help negotiating? Ever wonder what the average sale price vs. list price ratio is? I will list the average percentage of the asking price that sellers are getting in 2006 and compare it to 2005 for each central ohio community.
Downtown condos, lofts and homes.
Keep in mind these figures may be skewed and lean toward a higher percentage than is actual for resale due to many of the brand new projects registering sales with non-negotiable sale prices as well as sale prices over asking price for buyers choosing upgrades before closing.
2005 Sales Price/List Price= 96.2%
2006 Sales Price/List Price= 98.15%
Continue reading Average Sale Prices vs. Asking prices for Central Ohio »
Posted by Mike Parsons
July 10, 2006 at 06:34 PM
The Central Ohio area has seen record levels of homes for sale in 2006. Inventory levels during the first six months of 2006 have been anywhere from 25 to 40 higher than last year. There were 18,641 residential homes for sale at the end of June, 25.7% more than were listed for sale in June of 2005.
Continue reading Columbus Real Estate Market June 2006 »
