We buy houses in Columbus, Ohio. We are local Central Ohio homebuyers and as experts in the real estate market, we get asked this question a lot: “Is it still a buyer’s market today in Columbus OH?”
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Columbus OH
First off, it really depends on the property type and location in Ohio.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing in Columbus.
Good neighborhoods, access to transportation, shopping, good schools, close to work, etc. are what buyers are often looking for. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
Condos and townhouses in Columbus OH.
But, for condos and townhouses – especially those a little off the beaten path or with some funky features – it can be quite a different story. Prices were down in certain areas of Columbus OH but seem to be rebounding as the rental market increases.
Investment properties are in demand in Ohio.
The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Columbus OH market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for OH buyers.
Banks are being incredibly strict, requiring lots of money down, and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Overall, the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sell My House in Columbus OH
Sound confusing? It is. But, Homesmith can help.
There’s a lot of shakeup in the U.S. economy still taking place, and the markets are moving fast in lots of directions at once.
Homesmith is investing in Columbus OH because we are Buckeyes believe in the community and the people here.
If you need to sell your house in Ohio, Homesmith can help you. We are your local Columbus home buyers and we offer cash for houses in Ohio. We buy properties like yours from people who need to sell fast.