At Home with Connie Sadowski, Real Estate Expert

  Home Values Rise Even as Median Prices Fall Headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a   buyer   or   seller , it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix of homes on the market. To show you how this works, here’s a simple explanation of a median ( see visual below ). Let’s say you have three coins in your pocket, an...

Do you find yourself in extreme drought conditions? Understanding what drought conditions can do to your foundation starts with understanding your regions  soil conditions. The most common soil in Cental Ohio is clay. Other soil types are sandy soils, m iamian soils well suited for agriculture, muck or black soil best suited for growing vegetables, and limestone bedrock.  Clay soil is nearly always the reason for bowing walls  and settlement of your home. Clay is an expansive soil, meaning when it gets wet or holds water it will expand putting pressure on the exterior of your foundation walls. The opposite is also true during dry periods when it will shrink and let pressure off the walls. This effect compares to a pushing and shoving match and over the years your foundation loses the fight causing deflection —any type of inward movement such as bowing and tipping. In extreme drought conditions, settlement tends to occurs.  Settlement of a home is when your foundation...

COLUMBUS, Ohio (Oct. 23, 2024)— September saw a 2.6% increase in closed sales, and inventory rose to a two-month supply for the first time in six years in the latest set of housing statistics issued by Columbus REALTORS®. The total inventory of homes for sale in the Columbus & Central Ohio Regional MLS was 4,804 in September, up 4.7% from last month and 32.6% year over year. The last time inventory reached a two-month supply in central Ohio was August 2018, when 5,429 homes were listed. “For the better part of two years, we saw a large majority of homeowners choosing to stay in their homes,” said Columbus REALTORS® President Scott Hrabcak. “As mortgage rates dropped and inventory increased, the market stabilized, but sales remained consistent. In the end, consumers have more choices.” There are similarities between September 2024 and August 2018. There were 3,249 closed sales, with an inventory of 5,429 homes. That month, there were 3,821 new listings, and homes sold at a one perce...

August 2024 Central Ohio Housing Report from Columbus REALTORS® As mortgage rates reach their lowest point since February 2023, inventory in central Ohio steadily increases but still very low inventory remain, we are in a strong Sellers market. Lower interest rates historically  bring a flood of new buyers into the home buying market. With school in session a month now, we will also see more Buyers re-enter the market in the next week. Sortable Housing Stats by School District/County Central Ohio Housing Statistics COLUMBUS, Ohio (Sept. 19, 2024)— August saw 2,738 closed sales in the Columbus & Central Ohio Regional MLS, marking a 4.8% decrease year over year. Despite the slight decline in sales year-over-year, inventory continued its steady rise in the latest housing statistics issued by Columbus REALTORS®. August was comparable to July in terms of closings. Last month, there were 2,806 sales, resulting in a 2.4% decline compared to August. Despite the slowdown in Au...