March 2020 Central Ohio Real Estate Market Review

March 2020 Central Ohio Real Estate Market Review & Covid 19 Update

• The year has started off strong with increases in sales and median purchase price..
• Interest Rates for mortgages remain low for buyers to take advantage of for their purchases.
• Although we don’t know how long the Covid 19 will affect us, we remain ready to jump forward in a reviving economy.

We will pick ourselves up, dust ourselves off, and start all over again, as Fred Astaire and Ginger Rogers suggested.

March 2020 Central Ohio Real Estate Market Review from the Benadum & Bumpus Group, Coldwell Banker Realty.

I'm learning new skills to help you, I'm working on making my delivery more smooth on camera, but to keep our facts correct I apologize that you can see me reading to check those. Stay tuned....we are always striving to improve how we work for and interact with our clients and audience.

The completion of February shows are 2020 was off to a strong start:
• An increase of 13.3% in sales.
• Feb 2019 we had 1,744 closed sales, and in 2020 we closed 1,975 sales.
• The median sales price increased by 10.7%, moving from $189,700 to $210,000
• The average days on the market reduced from 47 days to 43 days.
• inventory continues to stay low with a 1.2 months supply of homes versus 1.4 in Feb 2019.

Now to address the Corona Virus affecting our real estate market.
It is already impacting our market as people are making changes in their daily lives.

For residential buyers, the good news is that rates are low, and for right now buyers are still active for that opportunity. Most of our markets still have low inventory, so buyers need more homes to choose from. We will take it day by day and strive to keep you updated on the trends.

For investors, now may not be the time to speculate on homes to rehab and sell, since we don’ know the outcome of this situation. But if you are buying for long term cash flow this may be a good time with low rates. Keep in mind rents tend to be more stable during various economic changes, so long-term real estate investing is the safer choice right now

What we don’t know is how long this will impact our lives and our real estate market. Prices tend to drop over time, not as fast as the stock market, so although we can’t predict the future, we will continue to help you monitor the market and make the best decisions.

For a quick recap, now is not the time to overprice your home. It is always the best strategy to do an accurate analysis and price your home right to the market to have the best sale possible and put the most money in your pocket.

Contact us anytime for a free consultation:

https://bbgrouprealestate.com/contact-us

Or call/text 1-614-657-2005

Let’s all hang in there, we believe the key is to make the commitment to stay strong and let’s work through this together. I’m going to leave a poem by Rudyard Kipling down below, and I hope it inspires you to move forward with courage. Please reach out to us anytime, we are here to help. We look forward to meeting you soon!

If...

If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;

If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise:

If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;

If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build 'em up with wornout tools:

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;

If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: 'Hold on!'

If you can talk with crowds and keep your virtue,
Or walk with kings - nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much;

If you can fill the unforgiving minute
With sixty seconds' worth of distance run -
Yours is the Earth and everything that's in it,

And - which is more - you'll be a Man my son!

~Rudyard Kipling, published in 1910