Real Estate Review: Spring 2018

The spring 2018 real estate market was extra hot in Columbus! A strong seller's market with low inventory and aggressive buyers in multiple offers scenarios dominated the closings in the first half of the year. 

I was able to get my buyers in contract by being very strategic in our approach to the process, preparing them as much as possible, communicating effectively with the other side and negotiating hard! Price isn't everything! Some deals were won with creative possession clauses, flexible closing timelines, lender reassurances and more.

Even though inventory is low, sellers absolutely still need to be represented by the right Realtor who knows how to price, position and market their home properly to as many people as possible. Did you know "FSBOs earn an average of $60,000 to $90,000 less on the sale of their home than sellers who work with a real estate agent, according to the National Association of REALTORS®."?

IMG_20180302_162953.jpg

In March, I helped very close friends buy their wonderful new home and simultaneously sell the condo they had done an awesome job renovating. When their condo in Worthington Glen sold in one day, it was the highest selling price EVER for the subdivision!! They just finished renovating their new place as well, stay tuned for a before/after blog coming soon!

For those of you who followed my Flip House journey on social media, you know that we successfully sold that fully renovated Clintonville home in June! So proud of the work my investor client did and happy for his first of many investment properties to have closed. Check out some before and after highlights below and view the full reno on my Instagram @Columbesthomes

I had the opportunity to work with many first time home buyers this spring! As exciting as that time can be, it's so important to make sure they understand each decision as they make it since things can move very quickly. Sometimes the pressures of the timelines in this market can put clients in a difficult spot, it's my job to guide them through that and keep them thinking of the big picture. Congratulations to all of my clients so far in 2018!!

ColumbusMarket.jpg

Even with historically low inventory keeping home sales down, sales prices in Columbus set new records in the first half of 2018! The lack of inventory proved frustrating for home buyers, but when they were pre-approved, working with an agent and prepared to move quickly they were able to secure homes. February marked the 85th consecutive month of year over year declines in inventory and left central Ohio with 1.2 months supply of inventory at the current sales pace, according to the Columbus REALTORS® Multiple Listing Service. 

“The lack of inventory in central Ohio is a major obstacle for home buyers in today’s market,” said Walsh. “If you look at the number of homes sold in the first two months of 2018, it’s clear that buyers need to be prepared to move very quickly!”
— 2018 Columbus REALTORS® President Sara Walsh.

March brought the first uptick in inventory with a significant increase of 41.6% more in closed sales than in February! Columbus buyers ate the new inventory up with an average of only 39 days on market for the whole MLS. In April, Columbus was ranked the 4th Hottest Housing Market in the nation by Realtor.com! Inventory continued to increase by 9.1% from March to April with closed sales up 8.8%. 

“In this hectic market place, as professionals, it is our job to take care of all the details, construct a clear contract, and calm the emotional storm that is part of the buying and selling process,” said 2018 Columbus REALTORS® President Sara Walsh. “As REALTORS®, we are finding ourselves in nearly daily communication with our clients who are committed to finding a home or preparing to sell.”

The average sales price in May 2018 was $253,133 which set a record high for the Columbus Multiple Listing Service! Inventory was up 18.8% from April and up 8.2% from May 2017. With all of these buyers ready to purchase and sellers getting motivated by hearing about the great market, spring took off with an incredibly high number of sales especially given the low inventory. The average days on market for May was 27 which tied with August 2017 for the lowest ever on record. 

spring2018.jpg

If you want a free, no pressure analysis of what your home's current market value is, please click here. Any questions about real estate, becoming a REALTOR or the facts presented please reach out to me at pfjohnson@kw.com or 614-638-5817 - Priscilla Johnson | Columbest Homes


Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below: 

http://www.columbusrealtors.com/stats/default.aspx

Real Estate Review: Happy Holidays!

I hope everyone had a wonderful Christmas and holiday season! Jesse and I have had so much fun celebrating all over Columbus with many different people. It's an exciting time to cherish, enjoy, reflect and plan for a new year. I'm so grateful to everyone who has supported me in my real estate career as friends, mentors, clients, co-ops, vendors and more. We got to celebrate our first Christmas in our new home in Clintonville and are excited for many more. My buyers who purchased a home this year got their 2017 ornaments and I gave out my Pinterest inspired EOS holiday cards all over!

2017 was such a strong seller's market and with inventory still being low not much has changed this year. The buyers who were patient, strategic and kept trying have seen that pay off getting into homes towards the end of the year when the market calmed down some. Don't forget the buyer's agent commission is paid through the listing agent so in most scenarios there is no cost to you to have representation!

If you thought of selling in 2017 and weren't ready, I would highly encourage getting in touch so I can do a custom analysis of what your home should be worth in the 2018 market. Inventory is still low and buyers are waiting to see what will hit the market in the new year. Below are the statistics for October & November 2017. If you have questions about your specific area or neighborhood I can always run custom searches - pfjohnson@kw.com 614.638.5817

nationalstats.jpg

Here are the national real estate statistics for October & November 2017:

In October, the national median home price decreased 1.8% to $253,500, but that is up 5.6% from October 2016. In November, projected homes sales rose to 5.5 million and national median home price dipped to $245,100 down 3.2% from October, but up 4.2% from November 2017. The national average for a 30 year fixed rate mortgage decreased to 3.83% in October but rose to 3.88% in November. For specific questions on how these statistics affect you, please get in touch with me - pfjohnson@kw.com | 614.638.5817

ColumbusMarket.jpg

There were 2760 homes and condos sold during the month of October, which is a 4.4 percent increase over the same month a year ago, although a decline of 2.4 percent from September. This is the highest number of sales on record for the month of October, according to the Columbus REALTORS® Multiple Listing Service.

Buyers are pouncing on any and all inventory available that is priced correctly,” said Mic Gordon. “The central Ohio housing market continues to be hotter and stronger than ever!”
— 2017 Columbus REALTORS® President Mic Gordon

Homes spent an average of 32 days on the market during the month of October, which is three days more than September and five days fewer than October 2016.

There were 2,914 central Ohio homes and condos listed during the month of October, a 2.4 percent increase over the same month a year ago, although down 4.4 percent from September.

This left inventory at 5,131, which is down 5.8 percent from the previous month and 14 percent from October 2016. This is the 81st consecutive month of year over year declines in inventory.

Even though there were more listings added to the market in October, inventory remains extremely low,” Gordon said. “The best time to put your home on the market is now, especially since buyers are more eager than ever for inventory.

The average sales price of home during the month of October in central Ohio was $215,296, which is 7.9 percent more than October 2016. The median sales price was $183,000, up 8.9 percent from a year ago. Year to date (January through October) the average sales price is the highest on record.

“With sales prices being what they are, I hope that potential sellers realize what a tremendous time it is to list their home and take advantage of this strong seller's market,” Gordon said.

october.jpg

There were 2,377 homes and condos sold during the month of November in central Ohio, which is a 3.2 percent increase over the same month a year ago, although a decline of 13.9 percent from October. This is the highest number of sales on record for the month of November, according to the Columbus REALTORS® Multiple Listing Service.

Headed into the end of the year, we’re on track for a historic record number of closed sales,” said Mic Gordon. “Many buyers remain actively engaged in their home searches and its paying off for them!
— 2017 Columbus REALTORS® President Mic Gordon

Homes spent an average of 36 days on the market during the month of November, which is four days more than October, but six days fewer than November 2016.
 
The average sales price of a home during the month of November in central Ohio was $213,962, which is 7.6 percent more than the same month a year ago. The median sales price was $180,000, up 5.0 percent from a year ago.

Sales prices continue to be strong and steady here in central Ohio and are a solid indicator that now is as good of a time as ever to put your home on the market,” Gordon said.

There were 2,101 central Ohio homes and condos listed during the month of November, a 4.8 percent decline from November 2016 and 27.9 percent lower than the previous month. 
 
This left inventory at 4,588 at the end of November, down 15.0 percent from November 2016. This marks the 82nd consecutive month of year over year declines in inventory.

There were 2,827 homes and condos sold during the month of September, which is a 4.4 percent decrease from the same month a year ago. Year-to-date, central Ohio is still on track for a record year in home sales, according to the Columbus REALTORS® Multiple Listing Service.

It’s not unusual for this time of year that inventory is low,” Gordon said. “However, with the demand we have now, I hope that sellers take advantage of current market conditions and put their home on the market!
— 2017 Columbus REALTORS® President Mic Gordon.
November.jpg

Congrats to my clients who bought and sold in October & November! Stay tuned for updates on the Clintonville Flip House or follow my Instagram story @columbesthomes 


Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below: 

Current housing report – November 2017 All housing reports

Real Estate Review: Fall 2017

As fall comes to a close and temperatures drop, the market in Columbus is still warm! With low inventory and high demand, once an appealing home hits the market with the right agent, buyers are jumping!

maxrenee2.gif

Buyers who are willing to get their hands a little dirty are winning right now. I have local lenders with great renovation loans for people who are credit rich but cash poor and have the fixer upper bug! I love seeing my client's homes after they close and what they've been able to do to update the space and make it their own. Stay tuned for a renovation feature coming soon!

On the sell side, if you have an updated home or are willing to do some work pre-listing - the move in ready homes are still flying off the market! My sellers in South Columbus did a wonderful job redoing their kitchen, updating the finished basement and decorating to make buyers drool. They enjoyed their beautiful home for a few years and when they decided to list a few weeks ago after working with me to find a great condo in the Short North, they had over 16 showings and 7 offers by midnight on the first day. Both homes should be closing next month, they'll sell first so they can use the funds to purchase their new home and we negotiated post closing possession so they only need to move once! Have questions about buying and selling at the same time?

Please reach out so we can chat 614.638.5817 pfjohnson@kw.com

nationalstats.jpg

Here are the national real estate statistics for August & September 2017:

In August, the national median home price increased 4.5% to $263,800, but decreased 1.9% in September to $258,000 which still is up 6.2% from September 2016. The national average for a 30 year fixed rate mortgage rose .02% to 3.96% in August. However, it dropped to 3.86% in September which is an amazing incentive to buy in this seller's market! For specific questions on how these statistics affect you, please get in touch with me - pfjohnson@kw.com | 614.638.5817

ColumbusMarket.jpg

Homes spent an average of 27 days on the market during the month of August, which is one day less than July and eight days fewer than August 2016. This is yet another record low for central Ohio, according to the Columbus REALTORS® Multiple Listing Service.

Homes have been selling in less than a month this summer” said Mic Gordon “This is the fastest they’ve ever sold as buyers are wasting no time seizing an opportunity to purchase a home.
— 2017 Columbus REALTORS® President Mic Gordon

There were 3,248 central Ohio homes and condos sold during the month of August, which is a 5.6 percent increase over July, but less than one percent higher than a year ago. However, the homes sold year to date (21, 623) is sitting at a record high for the first eight months of the year.

There were 3,740 central Ohio homes and condos listed during the month of August, a 10 percent increase from a year ago and the highest number of new listings for the month of August since 2008. Even with the added listings, this left inventory at 5,444, which is just slightly less than the previous month and 13.2 percent below August 2016.

Homeowners today know it’s a great time to sell a home and there’s still a shortage of inventory,” Gordon said. “We’re hoping the supply increases this fall to meet the pent-up demand.

The average sales price of home during the month of August in central Ohio was $217,800, which is 6.7 percent more than August of 2016. The median sales price was $185,000, up 6.9 percent from a year ago. Year to date (January through August), both the average sales price ($215,650) and median sales price ($182,000) are the highest on record.

There were 2,827 homes and condos sold during the month of September, which is a 4.4 percent decrease from the same month a year ago. Year-to-date, central Ohio is still on track for a record year in home sales, according to the Columbus REALTORS® Multiple Listing Service.

Although there was a slight decrease in sales this past month, overall demand for homes in central Ohio continues to soar,” said Mic Gordon. “Buyers are still hungry for inventory, making it a better time than ever to sell!
— 2017 Columbus REALTORS® President Mic Gordon.

Compared to a year ago, there was a slight uptick (2.5 percent) in the number of homes listed for sale in September. This left inventory at 5,448, which is just 4 homes more than August, but 11.1 percent down from September 2016. The average sales price for the month of September in central Ohio was $212,916, which is 4.3 percent higher than the same month last year. The median sales price was $180,000, up 5.3 percent from last year.

Given that September marked our 80th consecutive month of year over year inventory decreases, it’s a positive sign that inventory didn’t decrease last month,” Gordon said. “More central Ohio home owners have realized it’s an opportune time to put their home on the market.

Homes spent an average of 29 days on the market during the month of September, which is 6 days fewer than a year ago. According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 84 percent of central Ohio REALTORS® expect prices to rise over the next year, while 14 percent expect prices to level. When asked about whether they’ve seen an increase or decrease in multiple offers over the past year, 84 percent said they saw they saw an increase, 14 percent said it remained the same and 2 percent said they saw a decrease.
 

infographicSept.jpg

Huge congratulations to Abigail Fredelake for The Scout Guide Columbus Volume 2!

I'm thrilled to be included among so many great businesses and people from our amazing city - browse it online or grab a copy at any of the participating locations http://thescoutguide.com/columbus/


Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below: 

Current housing report – August Current housing report – September 2017 All housing reports

Real Estate Review: Summer 2017

I can't believe summer is already over and school is back in session! June and July were my busiest months yet for my real estate business and I'm so happy for the clients who I helped buy and sell in this market!

I was able to get my buyers in contract by being very strategic in our approach to the process, preparing them as much as possible, communicating effectively with the other side and negotiating hard! Price isn't everything! Some deals were won with creative possession clauses, flexible closing timelines, lender reassurances and more. 

I met with a family friend a year ago who wanted to find the perfect condo, but she needed to sell her house and the whole process overwhelmed her. We decided she should buy first and took our time looking the for the right home in a very specific neighborhood, sent letters, walked, called and eventually a lead came from a neighbor and she was able to purchase off the market without competition! Then we needed to sell her home, but as a night shift nurse who needs to rest during the day, the idea of showings and open houses was not appealing. I had been watching the comps for her house for a year and they had only gone up! At our listing meeting to go over them, I took snap chats and posted coming soon information on my social media. A friend of mine who is a KW agent reached out, came over with her buyer and it ended up being a perfect fit! They wrote an offer on the spot and we closed 30 days later, no hassle for my seller and now she's happily transitioned into her beautiful redone condo!

nationalstats.jpg

Here are the national real estate statistics for June & July 2017:

In June, the national median home price increased 3.5% to $244,800 and increased 3.2% in July to $252,800 which is up 5.8% from July 2016. The national average for a 30 year fixed rate mortgage dipped in June to 3.94% and again in July to 3.90% which is an amazing incentive to buy in this seller's market! For specific questions on how these statistics affect you, please get in touch with me - pfjohnson@kw.com | 614.638.5817

ColumbusMarket.jpg

Home prices are setting records in Central Ohio!! There were 4,201 central Ohio homes and condos added to the market in June, up almost four percent from the previous month and a 4.1 percent increase over the same month a year ago. With the increase of new listings, this brought central Ohio housing inventory to 5,077, which was a 10.2 percent gain over the previous month, although still 14.2 percent lower than June 2016. This left central Ohio with a 1.9 months supply of inventory at the current sales pace.

Astute sellers realize it’s a smart time to list their home and take advantage of this seller’s market, Gordon said. This past month we saw a significant increase in inventory, and buyers wasted no time in purchasing.
— 2017 Columbus REALTORS® President Mic Gordon

There were 3,401 central Ohio homes and condos sold during the month of June, which is 7.1 percent higher than May, but only a 0.4 percent rise over June 2016. At 15,146, sales for the first half of the year are just slightly (0.6 percent) ahead of last year. Last month, homes spent an average of 29 days on the market, which is four days less than May and seven days faster than June of 2016. 

june.jpg

Central Ohio housing inventory continued to increase during the month of July to 5,498, an 8.3 percent increase over June, although still down 14.1 percent from July 2016. This left central Ohio with a 2.0 months supply of inventory at the current sales pace, according to the Columbus REALTORS® Multiple Listing Service.

Although inventory is still down overall, the number of homes for sale has increased steadily in the last four months, which is not uncommon as the spring and summer months usually see the highest housing activity, said 2017 Columbus REALTORS® President Mic Gordon. Although slow and steady, the influx in inventory allows potential buyers to have more options to choose from. I’m optimistic that more inventory will be added to the market for the rest of the year.
— 2017 Columbus REALTORS® President Mic Gordon.

There were 3,051 central Ohio homes and condos sold during the month of July, which is 3.9 percent lower than the same month a year ago and a 10.3 percent decline over the previous month. Homes spent an average of 28 days on the market in the month of July, which is six days less than July 2016 and yet another record low for central Ohio. 

July.jpg

“This is the fewest number of days homes have ever spent on the market,” Gordon said. “Homes are selling about as fast as they come onto the market!”

I always do a consultation with my buyers, if you have any questions about the home buying process regardless of what stage you're at let's get together! Franklin County just issued 2017 reappraisal values, if you own a home and haven't checked yours yet you can do so here. If you would like to know what your home is worth in this market based on local real estate data, I would love to do a complimentary Comparable Market Analysis! For any other questions you can reach me at 614.638.5817 or pfjohnson@kw.com

kwcares.jpg

I am so proud to work for a company that truly gives back! KW Cares is mobilizing to contribute to relief efforts for Hurricane Harvey. Please visit www.kwrelief.org to donate money, time, support, supplies and more - every dollar counts!


Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below: 

Current housing report – June 2017 Current housing report – July 2017 All housing reports

Real Estate Review: May 2017

May was a busy month and home prices are setting records in central Ohio! We honored our fallen heroes on Memorial Day, showed our support for many new openings and attended events around the city. CCAD had another successful Senior Fashion Show, Columbus Cars and Coffee had their season opener at the Africa event center at the zoo, Columbus Startup Week was a huge hit and the North Market Apron Gala was a blast! There's a lot of construction going on, the roundup is here and CU has a fast forward for East Franklinton and the Scioto Peninsula.

Here are the national real estate statistics for May 2017:

The number of projected home sales rose to 5.7 million and the national median home price had an increase of 3.6% from last month to $236,000, which is up 6.7% from May 2016. The national average for a 30 year fixed rate mortgage is actually down to 4.03% which is a great incentive to buy in this seller's market! If you've been thinking of selling your home, now would be a great time. I would be happy to do a free Comparative Market Analysis so you can find out what your home is worth today. For specific questions on how these statistics affect you, please get in touch with me - pfjohnson@kw.com | 614.638.5817 

ColumbusMarket.jpg

The average sales price of home during the month of May in central Ohio was $227,783, which is 8.0 percent higher than one year ago (May 2016). Year to date (January through May 2017), the average sale price of a home in central Ohio is $209,217, which is 6.3 percent higher than the same period in 2016. These home prices are setting records according to the Columbus REALTORS® Multiple Listing Service.

There were 4,051 central Ohio homes and condos added to the market in May, which is a 14.3 percent gain over the previous month and 4.8 percent greater than May 2016. Even with the added listings, inventory (4,606) was still 18 percent lower than the number of homes for sale a year ago, leaving central Ohio with a 1.7 months supply at the current sales pace.

These are the highest sales prices we’ve ever seen in central Ohio. Home values continue to soar and now is a better time than ever to put your home on the market if you’ve considered selling.
— 2017 Columbus REALTORS® President Mic Gordon

There were 3,177 central Ohio homes and condos sold during the month of May, which is 28.2 percent greater than the previous month although a slight dip of 0.8 percent from May 2016.

Homes spent an average of 33 days on the market in May, which is 12 days fewer than the previous year and 7 days less than April. This is a new record low for the central Ohio housing market.

It’s incredibly positive that new listings are increasing, however inventory continues to remain near record lows,” Gordon said. “We’ve seen inventory drop year-over-year for 76 straight months now.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 81 percent of central Ohio REALTORS® describe the current housing market as strong, and 69 percent expect it to continue this way over the next six months. As for home prices, 98 percent expect prices to rise over the next year.


Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below: 

Current housing report – May 2017
All housing reports


Columbus REALTORS® is comprised of over 7,600 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.