COLUMBUS (WCMH) — If you’ve casually shopped for a new home in Central Ohio, you already know it is a red-hot market.
Offers are being made on homes soon after the for sale signs go up.
New homes are not being built fast enough, forcing buyers to soak up existing housing.
Dave O’Neil from the Franklin County Auditor’s office points to property values decreasing during the last recession, but after 2011, it’s made a 180-degree turn.
“Nearly 95-100 percent of valid sales in the county are being sold for more than what we have on our website, as that person’s property value”, said O’Neil.
Some homes are being sold above the appraised price.
Kevin Sullivan relocated back to Central Ohio from New York and though his search for a new home would take a few weeks but it’s turned into a few months.
“It/s been pretty challenging and the houses we do find that we like, we put offers in on them and other offers are accepted within 2 to 3 days,” says Sullivan.
The market is so competitive, some people are making “curb offers,” where they make an offer for a house without looking inside and sellers are asking buyers to skip home inspections.
“So if there were major structural issues or something on the foundation the roof, any of those types of things, I would only try to avoid putting my clients at risk,” says real estate agent, Ben Snyder.
Cash offers are also made by buyers to secure their dream home.
While Clintonville, Upper Arlington, Grandview Heights and Old Towne neighborhoods seem to be areas in most demand, long-time ignored areas are finding brisk home sales. Obetz, Whitehall and the Franklinton communities are selling very well.
For first time buyers like Kevin Sullivan, the market has forced them to alter their “must haves” in a home.
For example, Smith is now looking beyond the Upper Arlington area and now is more willing to accept a 2 rather than 3 bedroom home and he has also expanded his budget.
The healthy economy is helping to surge the housing market in Central Ohio and there’s a chance, some people who are paying too much for their homes now, could end up losing if we soon have another recession.
They will end up paying a mortgage for a home that’s a lot more than what the home is worth.