Now is the time to sell Columbus real estate! Most of us watching the news each day probably don’t get to see just exactly how the housing market has not only recovered, but has come back like the Kenny Guiton vs Purdue. Some houses are literally going into contract, with multiple offers, the day they are put on market. As realtors, right now our problem is not with selling homes, it’s that we’re selling them so fast that we have a lack of inventory. If we were to look at a span of 16 days between May 1st and May 16th in the Dublin school district alone, there were approximately 968 freestanding homes that were either sold or went into contract.
If the 2013 Columbus housing market were to be given a movie title name here would be some great candidates: “Housing Markets: Return of The Seller,” “Honey, I Sold Our Home and Made Us a Ton of Money,” “The Day After Tomorrow: Your House Will Sell,” and my personal favorite: “Indiana Sellers Market and The Temple that Sold for a Great Price,”
What’s more, is that buyers are willing to pay a good price on homes because interest rates are historically low — 3.71 on a 30-year fixed mortgage. Compare that with 2000 where the average interest rate was 8.05 on a 30-year fixed mortgage (http://www.freddiemac.com) . “Hey! I would love to see a mathematical example,” said someone, somewhere. On a $100,000 loan today with 3.71 interest, monthly payments would be around $460, which is well above my monthly rent when I was in college. Compare the monthly payments on the same $100,000 loan in 2000 at 8.05 and you would be paying $737, almost $300 more per month.
Most economists aren’t asking “if” interest rates will go back up, but “when” will they go back up. Buying a home now is going to save us money in the long run, because interest rates WILL inevitably go back up, and how smart will we look when we’re paying $460 a month and our neighbor is paying $737 on the same priced home? “Holy cow! Really smart!” is the answer you were looking for. Now is the time to sell real estate in Columbus.