Market Update
Wednesday, June 25, 2008
MARKET UPDATE The market continues much like it has been for the last 2 years. According to the Ohio Association of Realtors, average homes values in Ohio decreased about 12% from this time last year. Of course nothing is average so your property may have fared better... or worse. The $150,000 to $250,000 market remains strong, (sellers market). The $250,000 to $350,000 market is weak... over supply of homes, (buyer's market). The $350,000 and up market gets real tough. The higher the price the worse it gets. Interest rates have also started to increase. The best buyer's market in 35 years will still be good... great even but not as good as when mortgage rates were 6% or less.
According to the statistics sent out by the Delaware County Auditor, homes are selling at a rate about 80% compared to last year. Sale prices have declined about 7.5% from last year.
Now for some good news. According to the Columbus Board of Realtors IN CONTRACT magazine, Central Ohio is the 3rd most stable housing market in the country. Central Ohio will boast the nation's 8th fastest home sales rate in 2008. Columbus (central Ohio) is the # 1 Up-and-Coming Tech City, (Forbes.com 3-10-08).
John's Forecast: Tonight will be dark. Skies lightening up by morning. More hot air than normal between now and election day, then we'll be back to the same old thing.