Central Ohio Housing Market Update
In 2015, Central Ohio experienced some of the greatest real estate growth we have experienced in a long-time. A record-setting 29,408 homes were sold last year, exceeding the previous record from the housing boom of 2005! That being said, inventory is still down. In fact, there are just over 6,000 homes currently for sale, the lowest number since 2000. Much of this is due to the growth in Central Ohio; now more than ever, people are moving here and staying. Homeowners are also making the most of their current homes through renovations, additions, and updates. However, as prices continue to rise, we anticipate more homes coming up for sale as homeowners try to cash in on their “investment”. More homes for sale will certainly alleviate the low inventory problem. “Home prices should continue to rise in 2016 but perhaps at a tempered pace as the market approaches a natural balancing point”, said John Royer, 2016 President of Columbus REALTORS®. “We anticipate price gains to be more in line with historical norms in 2016.” Last year was a true seller’s market – this year should prove to be more balanced.
For a detailed real estate market report on your neighborhood, or for any otherreal estate questions, please contact the Alfriend Group at (614) 395-1776.
It’s official! The much-anticipated Village at Coffman Park is opening up in 2016 with 12 new homes right in the heart of Dublin. This community will include luxury, detached condos starting in the $390,000s. Each home includes a 1st floor master suite, 2-car garage, outdoor deck or patio, full basement, and a top-of-the-line kitchen with granite countertops and stainless steel appliances. Call today for more information, or attend our grand opening on Thursday, March 3rd from 7-9 PM. We look forward to seeing you there!
3 Tips for Investing in Any Real Estate Market
Finding and investing in the right properties can put money in your pocket no matter what the market conditions may look like at a given time. Savvy investors realize that real estate always makes for a prudent investment. Let’s look at a few real estate investment tips that can help you stay on course and turn a healthy profit.
Tip 1. Invest Your Time Wisely and Do Your Research
If you want to make a splash in real estate investing, then you’ll want to invest the time that it takes. There are two key research factors to keep in mind. The first step is to know the different areas in the location you want to invest. By understanding a city, its different neighborhoods and values, you will be able to spot a good deal quickly.
Secondly, you’ll need to invest time in finding the right deal. Sometimes it takes quite awhile to find the property or properties that are the optimal fit. That’s why it’s so important to have an experienced agent by your side throughout the process. Combining your knowledge of an area or neighborhood and then investing the time to work with a great realtor is a powerful one-two punch!
Tip 2. Always Have an Exit Strategy
You should treat every potential investment property as just that, an investment and nothing more. Becoming overly emotional regarding a property can lead to major mistakes. And that also means that you have to be prepared to have an exit strategy. The two most common approaches are to flip properties or to hold on to them long term and plan to rent to tenants. Establish firm boundaries about how much you will invest, where, and for how long.
Tip 3. Think Through Your Goals in Advance
Before you begin investing, give some thought to how much time you plan to look for properties, how much you’d like to invest in renovations, and how much money you want to make. That way when you are looking for investments, you’ll have a firmer grasp on the ones that are the best fit for you. Avoid relying on your emotions or getting carried away just because you “really like” a particular property. When you’ve already decided on your plan and selection criteria, you’re one step ahead of the game.
The right real estate agent can help guide you to the best properties and also outline potential problems and hazards that you may have overlooked. Investing in real estate is not just about investing your money. Investing in realestate is also about prudently investing your time to find the optimal properties and a seasoned real estate agent. For more information, call us today at (614) 395-1776.