Homes for sale in Powell Ohio | Are We Entering a Buyers’ Market in Columbus?
Homes for sale in Powell Ohio and the Columbus area are slowing. Are we entering a Buyers Market in Columbus, I believe so. In fact the Fall real estate market in Columbus Ohio is usually referred to as a buyers market. Why? The majority of home sales in Columbus Ohio come between March and July. The Fall market which starts after Labor Day will end in mid November. Homeowners whose properties are still on the market in Columbus, Ohio tend to be much more negotiable with their pricing. They realize that their home might sit on the market until next Spring if its not under contract by the holidays.
Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyers’ market after sellers have had the upper hand for the past several years. Is this really happening?
The market has definitely softened. However, according to two chief economists in the industry, we are a long way from a market that totally favors the purchaser:
Dr. Svenja Gudell, Zillow Chief Economist:
“These seller challenges don’t indicate we’re suddenly in a buyers’ market – we don’t expect market conditions to shift decidedly in favor of buyers until 2020 or later. But buyers certainly are starting to balk at the rapid rise in prices and home values are starting to grow at a less frenetic pace.”
Danielle Hale, Chief Economist of realtor.com:
“The signs are pointing to a market that’s shifting toward buyers. But, in most places, we’re still a long way from a full reversal.”
In addition, Pulsenomics Inc. recently surveyed over one hundred economists, real estate experts, and investment & market strategists and asked this question:
“When do you expect U.S. housing market conditions to shift decidedly in favor of homebuyers?”
Only 5% said the market has already shifted. Here are the rest of the survey results:
Bottom Line
The market is beginning to normalize but that doesn’t mean we will quickly shift to a market favoring the buyer. We believe Ivy Zelman, author of the well-respected ‘Z’ Report, best explained the current confusion:
“With the rate of home price appreciation starting to decelerate alongside the uptick in inventory…we expect significant debate about whether this is a bullish or bearish sign.
In our view, the short-term narrative will probably be confusing, but more sustainable growth and affordability will likely be the end result.”
Homes for sale in Powell Ohio will continue to slow through the holidays. This will be a good buying opportunity for people looking to get a good value. We are entering a Buyers market in Columbus, Ohio.
About the Author: Marc Van Steyn with REMAX Premier Choice, an authority on Columbus area real estate. His group The Van Steyn Partners has helped literally thousands of families buy and sell homes since 1977. You can contact Marc at 614-596-2934 or [email protected]
Looking to buy a home in the Columbus area? Find out more about us www.VanSteynPartners.com
Looking to sell? See how we use the latest technology to get our clients the best value for their homes www.Your-New-House.net
Source……CKM Marc Van Steyn Blog
