Home prices have gone up in the Columbus, Ohio area at least twelve percent recently. This is the highest that home sale prices have been in the past five years. The real estate market has come a long way since the drastic hit that it received several years ago. While many homeowners in the Columbus area have been hesitant to sell, real estate experts now believe that sellers can greatly benefit from the spike in sales prices and anyone who has been interested in selling their home should do so as soon as possible.
The Real Estate Market is Continuing to Recover
The recovery of the real estate market continues to rise as home prices reached record highs in April and new home sales were at the highest they have been in five years this past May. This is very encouraging news for any homeowner in the Columbus, Ohio area that has waiting for the real estate market to improve before listing their home. Compared to rates from just one year ago, the home price index has gone up 12.1% in the spring. This was the biggest annual jump in prices within the past seven years. And from March to April, prices went up 2.5%, which was the biggest one month rise over the past year. Real estate professionals are confident that the industry will continue to succeed in the coming months, even with the threat of a rise in mortgage rates coming soon.
Rising Mortgage Rates Mean that Buyers are Willing to Buy Now
With mortgage rates on the rise, many serious buyers are interested in purchasing a home as soon as possible in order to lock in the current rates. Since there are so many people interested in buying, the amount of single family residential homes that are available on the market has gone down significantly (since reports of the mortgage rate rise were announced). Placing a home up for sale during this time will practically guarantee that you will receive plenty of reasonable offers and close your transaction very quickly. Homeowners who would love to sell their home within the next few weeks should list now to take advantage of the current status of the market.
New Home Sales and Prices are also on the Rise
New homes have been selling at record prices as well, which is good news for homeowners of older homes because it means that the real estate market is continuing to improve. More than 470,000 new homes were sold all over the nation just in May alone. That is the best report for newly constructed homes since July of 2008. The price of these homes has gone up 29% since last year.
As Home Prices Soar, the Value of Homes Could Go Down
While the sales price for many homes are going up, the overall value of homes are beginning to drop thanks to several factors including the rise of mortgage rates. Home value appreciation in some parts of the United States will abruptly slow down as the higher prices on the homes are no longer accompanied by extremely low mortgage rates.
Selling Your Home
Anyone who has been thinking about selling their home in the Columbus, Ohio area should consider the positive state of the market at the moment and sell their home as soon as possible in order to benefit from rising home prices. The rise in mortgage rates may hurt the industry in time, but right now, more buyers are interested in closing the deal than ever before in order to lock in the current low interest rate. For the best possible results, the time to sell your home is now.
