It would have been hard to believe last year, but The Columbus Dispatch reports that lately buyers in certain areas have found themselves in bidding wars and same-day sales. Some even put in offers above asking price—which still isn’t always enough to guarantee them the home. The seller’s market in these pockets of Columbus is due to a low housing inventory, which shortens the time a house is on the market and increases the price of the home. While a six month housing supply indicates a balance between buyers and sellers, the Columbus area contains less than a 4.8 month supply. This trend shows no signs of stopping. As of March 2013, home sales had risen for 15 consecutive months. Perhaps even more encouraging, buyer traffic has increased by a quarter in the past year.
The bottom line:
Potential sellers—now’s the time! See how I can help.