Columbus Ohio Real Estate has certainly seen some changes since 2006. The housing market has been devastating to most property owners and has delivered considerable losses for many sellers. Newer property owners who found their homes with negative equity have traveled down a path of financial ruin and disaster as home values sink into a hopeless abyss. As a real estate agent in this housing slump I have experienced some horrible circumstances where property owners really had no option but to let their home go into foreclosure. Some people are doing short sales in these difficult times but there are many who basically get kicked to the curb by the bank. If you are not accustomed to this industry you don’t understand the ugly side of lenders. When you are putting money in the bank the love you to death but when they are losing money they become a vicious animal. There have been many situations where the bank could have done a short sale and saved a homeowners credit and instead the banks foreclosed and over a few thousand dollars. When it comes to money or the loss of money the banks could care less if they demolish someone’s financial situation along the way.
It’s about time for some better news. Yes, good news is on its way as we are beginning to see evidence of a turn around. Many homes for sale around Central Ohio are starting to see slight up ticks in value. Per the Columbus Board of Realtors home sales for the last quarter of 2009 were up by 24.3%. There is solid proof that home values are increasing and the number of homes selling is also increasing. Dave Liniger co-founder of R/EMAX International said in a recent article that we will experince increases in property values over the next 3 years. The expectation is to be much like a roller coaster ride with rises and dips but the general trend will be up.
Columbus Ohio real estate is in quite a different situation. Fortunately during the big real estate boom years Columbus OH properties did not see the gianormous increases that much of the country experienced. Columbus has always had steady growth. The home values in Columbus did not double like other places. When the real estate bubble burst Columbus real estate took its share of drops in value but it wasn’t the dramatic freefall that other areas realized. The conservative market in Ohio has still led us to some very good real estate prices. This is a superb time for buyers especially with recent signs of value increases.
If you’re a buyer and your not buying now then you must be stupid or out of cash. The lending requirements have changed and it is harder to get a loan today. If you don’t have some cash for down payment and a good credit rating then getting a loan will be a daunting task. However the current interest rate on a loan is ridiculously low. Low rates combined with low real estate prices combined with and increase in home values equals you better buy now or you’re going to miss the best buying opportunity you may see in your life time. If your credit is no good you had better repair it fast and if you don’t have any money you had better find some and in a hurry. There are lots of tax incentives encouraging you to buy a home. Currently the US government is giving you $8,000 tax credit as an incentive to buy a home.
Columbus Ohio Real Estate is positioned in an almost perfect buying market. This is great news for would be buyers and it also shines a light at the end of the tunnel for sellers. The forecast looks good and I’m happy to say that even through this housing mess there have been some great success stories as we continue as Realtors to help buyers and sellers reach a successful transaction.
For more details and charts visit Columbus OH Real Estate or visit the Search The Columbus Ohio MLS.
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