1. Expect Fast Turnaround
In addition to the increase in home sales, Columbus saw a decrease in time on the market. The average time lapsed between listing and closing a sale dropped from 79 to 68 in September, compared to the same month a year ago. Two months is still a fairly long time to wait for a buyer, but this is the average. The waiting time dropped almost 15% in just one year, which means more buyers are entering the market who know what they want, and when they find it, they act quickly. Be prepared for offers as soon as you put your home on the market.
2. Advertise to Younger Buyers
Columbus is an especially young city. With a local university, low cost of living, and big city offerings, young people move here for college or other opportunities, and then they stay. A lot of new Columbus homebuyers are millennials, a demographic that looks for amenities like tech-ready homes and access to nature. If you’re located along the Olentangy Trail or have a home that’s conducive to strong wifi signals, advertise those things in your listings. Be sure, too, to hire a local real estate agent who’s experienced at digital home listings.
3. Price Reasonably High
The median home price has increased 2% in the last year, and the average price paid is up 2.5%, hitting $179,306 in September. Like in any housing market, you need to take advantage of these increases when you price your Columbus home to sell. Watch what other homes are listing as in your neighborhood and follow suit. Buyers should know these increases too and expect to pay more. Still, many will be deterred by unreasonably high listings. So keep a close eye on local trends.
4. Use Unique Incentives
With eight months of lower real estate activity, even with the recent uptick, supply still outshines demand in Columbus. Many Central Ohio homeowners have been trying to sell for months, maybe all year, but this can actually work to your advantage. A home that’s been on the market for a long time has more than likely entered a rut. Sellers become less attentive to landscaping and making their homes look pristine over time, so a new fresh listing will automatically carry more appeal. You should also browse a few dozen listings to learn what your home has that many others do not. Once you’ve identified a few traits, leverage them as great incentives. Things like appliances are often used as bargaining chips when closing a deal, but you can advertise them from the start to really stand out.
5. Start “Moving” Now
If you’re looking to buy a home while selling yours, you should start downsizing your possessions. Preparing for a move in advance is the best way to close on two sales quickly. Even if you plan to move in with family or a rental, though, you should begin “moving” now by selling or throwing away everything you won’t take with you. This signals to buyers that you’re prepared to close quickly, and it’s especially wise if Columbus real estate activity continues its upward climb.
Anyone who lives in Columbus, Ohio knows it’s a great place to live, and the recent housing market statistics reveal that other people are realizing that. If you’re preparing to sell your home to buy a new one, now’s a good time to learn more about purchasing, refinancing, or First Option’s low down and no down payment financing options in Columbus. Simply fill out our Fast Response form or call our local branch at (614) 602-6020. Our experienced mortgage professionals would love to sit down and discuss your needs. We look forward to hearing from you!
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