Without a doubt, Columbus and its surrounding metro area is a great place to live and work, which is why people and corporations are putting their roots down here. Columbus is a progressive, innovative up and coming city with a booming economy, thriving arts culture, exceptional healthcare systems, low unemployment rate and an endless list of entertainment options for every taste. It is no wonder that the housing market is so hot and that Columbus is experiencing a seller's market. Take a look at this snapshot of the top 20 hottest cities right now from Realtor.com and be proud you live in #5!
Columbus, OH is ranked #5 out of 300 metros in the country in the month of July. This is a 'Very Hot' market that is 'Cooling Down Slightly' compared to last month, and 'Heating Up' compared to last year. Median days on market is 38 days, with inventory moving 16% 'Faster' than last year and 26 days 'Faster' than the US overall. Listings in the area receive an average of 592 views per month on realtor.com, which is 2.5 times 'Higher' than the US average.
If you are trying to buy a house in this market, these 5 Tips will help you come out on top:
MAKE YOUR BEST OFFER
We all want to get the most value for our money and it is no different when shopping for a home. However, in a seller's market, like Columbus right now, buyers need to bring a strong enough offer to be considered. Trust your agent when preparing your offer. There is usually a shortage of inventory in a seller's market, and the competition is typically fierce. Coming in with a strong first offer will keep you in the competition.
DON'T OVER ANALYZE THE PURCHASE PRICE
In a seller's market, homes can and typically do sell higher than their actua value. A home's value becomes defined by what buyers are willing to spend vs. what the home's true value is. Instead of over-analyzing the price, be prepared by knowing the type of home you want, the location you desire, and your comfortable price range. If you are in love with a house and it meets your qualifications, don't wait to make an offer. To give yourself more leverage, be prepared to move quickly by having your finances in order — get a preapproval.
BE PRE-APPROVED FOR YOUR MORTGAGE
Even though you know your credit history and ability to pay a mortgage, the seller doesn't. They will want to go into contract with someone who can prove they are financially prepared to buy their home. The only way to prove to the seller that you’re a qualified buyer is to be pre-qualified from a lender. Unless you are paying cash, the pre-approval letter is essential. Pre-qualification means that you have told your lender your financial story and provided the verifying documents to be taken seriously as a buyer.
BE PREPARED FOR A BIDDING WAR
Bidding wars are common during a seller’s market and no buyer wants to be involved in the battle for fear of possibly going over budget or losing their dream house to another buyer.
LEARN FROM YOUR MISTAKES
Sometimes it just happens and your offer is declined. Learn from your mistakes on your last transaction and truly trust your agent to avoid making the same mistakes again. You may have to let a few houses slip through your fingers and have a couple sleepless nights, but you will eventually find and own your perfect home!
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