Central Ohio Real Estate Cafe'

July 2009 Home Sales Statistics Posted: 8/21/2009 Columbus Board of REALTORS®
Home prices, sales, inventory continue positive trends
Key indicators point to increased stability in central Ohio market

(Aug. 21, 2009) Home sales and inventory levels remained steady in July, as more than 2,000 homes were sold, and sales were off by only 2.9 percent compared to 2008 levels, the Columbus Board of REALTORS® said today.

"Pricing, inventory, and supply levels all show that we are coming out of the bloated housing market we saw a year ago," said Gary Parsons, president of the Columbus Board of REALTORS®.

"These key factors in real estate are all remaining consistent and balanced - signs that the central Ohio housing market continues to head in the right direction."

At $167,039, July's average sales price was only off 4 percent compared to the same month in 2008.

Total inventory and new listings both fell by double digits, indicating a housing market that is more balanced than last summer.

With 14,880 listings on the market, inventory is down 16 percent from the more than 17,000 homes which were for sale this time last year; new listings were also down 16.2 percent in July compared to 2008.

The month's supply number for July continued to remain favorable at 7.23, meaning that if no new homes were added to the market, it would take slightly more than seven months to sell all remaining inventory.

A market is typically considered balanced with around a 6.5 to 7 month supply.

"It appears the end of summer and early fall are going to remain strong in central Ohio as sellers take advantage of favorable pricing and incentives like the $8,000 first-time homebuyer tax credit," Parsons said.

"With just 101 days left until the tax credit expires, we encourage those fence sitters to act now."

It's almost time for the closing on the Columbus area home you're buying and you can't wait.  You go to the property for the final walk-through inspection.  You're so busy thinking about where the furniture is going to go and what color you'll paint the walls, you breeze right through the house.

It's after closing and moving day has arrived.  Your movers have already packed up your old house and are waiting for you to show up and unlock the door at your new Columbus area home.  You enter the house only to find that the repair the sellers were supposed to make were not finished.

You may wonder if you have any recourse with the seller.  Most likely not.  Unfortunately, your last chance to object to the condition of the house passed at the final walk-through inspection. 

You need to be sure to check several things at the final walk-through, including the state of any repairs you negotiated in your contract.

•·         Check all the lights.  Turn the lights on and off, this will also signal any underlying electrical issues.

•·         Check for leaks by running water from all the faucets, and looking underneath all the sinks for any moisture.  Check the seal on the toilets by flushing each one at least once.

•·         If there are any appliances that are part of the sale, turn them all on and off.  Test the oven by turning it on and waiting a few minutes for it to warm up.  If the refrigerator has an ice maker, then it should work at the time of closing.  The garbage disposal should be in good working order as well.

•·         Make sure all the doors work, and open and close smoothly.  Open and close all the windows.

•·         Turn on the furnace and the air conditioning before you leave your new home.  Wait long enough to be sure that each is working properly.

When you hire me as your real estate agent, I'll be by your side guiding you every step of the way, including the final walk-through inspection.  Call me today at 614-273-6406, or email me at Vanessa.simmons@realliving.com.

KEYWORD: Columbus area real estate agent

LINKS:

Final walk-through: http://www.moneyinstructor.com/doc/walkthrough.asp

Electrical issues: http://www.ehow.com/how_117508_troubleshoot-electrical-problems.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art

Furnace: http://www.dummies.com/how-to/content/how-to-audit-your-homes-heating-and-cooling-systems.html