(January 24, 2008) Interest rates, prices and inventory combined to make 2007 a memorable year for central Ohio home buyers according to the Columbus Board of REALTORS®."Despite what you might have heard, the housing market in central Ohio was going strong in 2007," says Greg Hrabcak, President of the Columbus Board of REALTORS®. "In fact, it was probably the best year on record for buyers as interest rates were really low, home prices were very competitive, and the selection was the best we?ve ever seen in this market."
Although home sales last year trailed the housing upsurge of recent years, central Ohio still ended as the fourth best year on record with 24,445 residential existing and condominium sales.
Throughout the year, there were almost 50,000 residential homes and condos listed fro sale in the 16 counties included in the Columbus and Central Ohio Multiple Listing Service (MLS). Of those, roughly half sold in an average of 108 days.
The average price of a home in central Ohio last year - $172,531 - is well below the national median price which was $210,200 in November 2007. The average sale price is also 1.2 percent lower than the average sale price of $174,688 in 2006.
"The lower average sale price can be attributed to a couple facts," explains Hrabcak. "First, because for much of the year we had roughly ten homes on the market for every buyer, many homeowners were forced to drop the selling price of their home in order to compete."
"Second, we had 22 percent fewer homes sell in the $1 million dollar range. Homeowners resistance to drop the price as well as lenders? temporary aversion toward jumbo loans likely had impact here."
"And third, we saw 124 percent more homes sell for less than $30,000. Many of these lower priced homes were purchased by investors who recognized just how favorable the 2007 housing market was and took full advantage of these conditions."
"We're expecting that, with the additional drop in mortgage interest rates, more buyers will also realize that now really is a great time to buy a home."
The above information was provided by The Columbus Board of Realtors.
It's still a good time to buy a home, interest rates are great, home prices are still good, lenders still have many good loan products to fit your needs and if a new build is what you are looking for most builders are offering great incentives and financing on new starts or spec homes. Always remember as a buyer there is no cost to have a Realtor® represent you and guide you through to a smooth home buying transaction whether you are buying a resale or a new build.