While some crystal balls may be a little cloudy right now, there are several things we know for sure about the central Ohio real estate market:
1. Interest rates are the lowest in 30 years! Rates are available in the 3.5-4% range, which saves you $100/month on a $200,000 mortgage or $250/month on a $400,000 mortgage compared to the 5.5% rate common just 24 months ago. And that was a great rate then!
2. Home Affordability is excellent. Housing affordability is near an all-time record. Mortgage interest rates are almost half of what they were ten years ago and they’re about one-and-a-half points lower than the peak of the housing boom in 2005. At the same time, home prices are starting to increase after a 5 year slide. Sales in central Ohio were up 15.5% in 2012 from the year before and inventory is down 30%. That means popular, updated houses are selling quickly and for close to asking price.
If you are thinking of selling, be sure to let us know. We offer free home staging and houses are selling faster than they have for the last 5 years! Inventory is the lowest it has been for 7 years.
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