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August 2019

Central Ohio Real Estate Market Update

Low Inventory + High Demand + Low Borrowing Costs

If no more homes listed for sale in Central Ohio, they would be purchased within 1.4 months based on the current pace of sales. Real estate insiders like you refer to that 1.4 number as "Months of Inventory," and that's the best way to judge housing supply. In a balanced market, where buyers and sellers would have similar leverage, there would be 4-6 months of Inventory. This indicates a continued sellers market. 

In the last 12 months, average homes values in Central Ohio have increased 5.6%. So, a $250,000 home right now was likely valued at round $236,000 a year ago - a nice equity gain of $14,000!

Perhaps, the biggest change in the market has to do with the lower cost of borrowing. On August 28, 2018, a 30 year fixed rate mortgage loan was 4.63%. That same loan one year later was 3.59% - a 1.04% change. 

How can you enjoy today's low rates? If you're a prospective buyer, you could afford about 10% more than this time last year (or buy the same home and save on your monthly payment).

If you're a current homeowner paying private mortgage insurance, or if you have owned your home for longer than a year, you may wish to refinance to a lower rate and save thousands of dollars in interest. 

See the Columbus Realtors August Housing Report Here.