Well, if you read the paper or watch the news, you surely hear just how bad the housing market is all over the country. I won’t lie and tell you everything is just fine and it’s the best market we’ve seen. I will propose, however, that there are some positives.
If you have read my posts before, you know I try to put an upside slant to the housing market in general. I would be crazy not to as I make my living as a Real Estate Professional and do all I can to further the success of our industry.
I am not naive to the challenges facing the housing market, but feel obligated to fight back with what may be some hopeful news.
Looking at the chart below you will see a couple of statistics worthy of note. First, according to the Columbus Board of Realtors (CBR), the average sale price in November of 2007 was 2.1% higher than in November 2006. With all the talk of prices dropping so dramatically this should be a bit of an eye opener. On top of this it is worth mentioning that the year to date average sales price is down only 1.2% in the Columbus Multiple Listing service
CBR notes in a recent article that “the number of homes added to the market in November dropped almost 18 percent from the month prior. However, homes that went into contract or sold were only 13 percent lower than in October.”
Brad Bennett, the outgoing CBR President states – “Right now we have around ten homes on the market for every one buyer — a buyer’s market. A balanced market is about 6.5 or 7 homes for every buyer. So, a slowing in the number of listings added to the market is good news.”
Now for you Sellers out there, don’t be discouraged. Over 1,500 homes sold in November with another 1,500 + going into contract. Just be sure to prepare, stage and price your home properly.
If you are waiting to make a transition until your home’s value increases, keep in mind the value of the home you purchase will likely have increased as well. Be sure to make an informed decision about the right time to buy and/or sell.
To learn more about your options in today’s market and determine if the time is right for you to make a move please contact us now.
Relaed must reads: Columbus Housing Market is Stable, Spooky Real Estate
