Troy Marsh

As you can see from the numbers below there are three trends that are continuing in the Central Ohio Real Estate Market. 

1) Fewer New Listings = Lower Inventory
Although the month of October saw a rise of 2.2% in New Listings compared to October of 2019, it was not enough to bring us back to level with new listings ytd in 2020 compared to ytd in 2019. This has been the driving force behind substantially lower number of active listings (down 45.1% compared to the same date last year)

2) More Overall Sales
This summer and fall have outperformed a “normal” summer and fall after a slower than average spring due to COVID.  Sold homes in October were up by 15.8% compared to 2019 and with pendings up by 33.4% compared to the same date last year, there is no end in sight for this trend. 

3)  Interest Rates Remain at Historic Lows
With interest rates at historic lows and not really moving at all, it has driven many first time home buyers who had been sitting on the sidelines of the real estate market with a rising interest rate environment back into the market in a big way.  This has allowed record sales despite fewer homes coming onto the market and it’s also made finding a home in the under $350,000 price range somewhat like finding a needle in a haystack.  (Insert your preferred old man joke here)

It means that now is a great time to sell.  

Is it also a great time to buy?  Check out the mortgage rates over the last 5 yrs, it’s a GREAT time to buy!  

Did you know that if mortgage rates were to go up by only 1% on a  $300,000 mortgage that your payments would go up by $2,000 per year over 30 years that equals $60,000.  

The comment that I get a lot from people is:  What if prices go down?  The value of your home only matters on two days (maybe 3).  The day you buy it, the day you sell it  and the third would be the day you refinance it.  With rates so low, refinancing will almost never make sense.  

The summary is that it’s a great time to buy and sell.  If you are interested in having a conversation about why that is please give us a call so we can give you advice on your specific situation.  Everyone’s needs are different and everyone’s situation is different and before we give any advice, we would always learn about your wants, needs and goals and advise accordingly.  

Thank you for trusting us!

Email Troy at troyre@gmail.com for a real market analysis for your home! 

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