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Real Estate in Columbus Ohio

The Columbus real estate market has undergone significant changes over the past decade as the economic conditions that have plagued the US since the collapse of the housing market has also affected Ohio as well. For those interested in purchasing a new home, settling into condos or those with plans of real estate investment, there are already changes taking place that will definitely affect your decision to purchase a property in the near future.

The housing collapse of 2008 was caused by a series of events coming together at the same time. Essentially, too many new homes were being built and many new home sales were to those that really couldn’t afford the mortgages in the first place. Combine that with homes being overpriced and a general economic slowdown, the result was a catastrophic collapse in the value of properties that left many people either abandoning their homes or stuck with paying mortgages that were more expensive than what their houses were worth, commonly known as being “underwater”.

As of today, the economic situation has stabilized and currently the US economy overall is struggling with slow growth and high unemployment. This current situation combined with previous events in the housing industry gives the false appearance that housing prices may still drop in the near future. After all, there are still too many houses on the market compared to demand and many people are still out of work. However, looks can be somewhat deceiving especially in the Columbus area.

Home prices at the end of 2011 stabilized and have even risen slightly since, a trend that is continuing into 2012. This is due to a number of factors, but the most important one is that the housing market has effectively bottomed out. With near historic low interest rates hovering around 4%, the truth is that the housing market in Columbus as well as the rest of the US had really nowhere to go but up. Despite the forecasts of new REO or lender-owned homes which are being foreclosed getting dumped on the market sometime this year, the truth is that the overall prices of properties are simply not going to drop any further.

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This means that the time to buy a new home is now, especially given the very low interest rates and the expected rise in property values over the next year. Good deals can still be found however and the buyers are still definitely holding the advantages, but given the current forecasts which include the improving economy and rise in employment rate, the time to purchase a new home is definitely now.

For real estate investors and those interested in property management, the time to purchase REO homes as well as other distressed properties is also now. While the rise in housing prices is slow, it is steady. This means that while you might not make a significant profit if you sell your recently purchased home in the next six months, in the next couple of years home prices are projected to return close to their previous levels that were established before the collapse of 2008.

For those interested in purchasing properties, the time to do so is now!