At Home with Connie Sadowski, Real Estate Expert

The housing market is shaping to be a  rosy real estate outlook  economists are predicting for 2025. In the latest sign of improvement,  pending home sales —a gauge of future home sales based on contract signings—rose 2.2% month over month in November, the National Association of REALTORS® reports. Marking the fourth consecutive month of increases, contract signings are up nearly 7% from a year ago and are at their highest level since February 2023. “Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,” says NAR Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market.” Several recent housing indicators have painted a healthier picture of the market: Existing-home sales j...

Waiting is a strategy but is it a good one? These numbers may help you decide it’s time to jump in the housing market now. Closings in central Ohio were up 3.5% compared to last November, and the total inventory checked in at 4,600 homes and condos, a 21.2 percent increase over last year. Through 11 months, 2024’s housing market in central Ohio is on track to outperform 2023 in nearly every category. There were 2,146 closings reported in the Columbus & Central Ohio Regional MLS in November 2024. The median sales price remained the same as October, holding steady at $315,000. Days on market rose 29.2% year over year to 31 days, and new listings dipped 1.3% compared to last year, as 2,204 new listings entered the market in November. November’s total number of closed sales was in line with last year's; however, it marked an 18.3% decrease compared to last month. In October, 2,539 closed sales were reported. As the year winds down, 2024 is tracking to outperform 2023 across the boa...

Home equity is  a key component of homeownership and can be a powerful asset that helps you build wealth over time.  It’s  the difference between the value of your home and the amount you still owe on your mortgage.   Here are some reasons why buying a home can be a good financial decision: Equity : Home equity can help you build wealth as your home's value increases and you pay down your mortgage.   Stability : Homeownership can increase your financial stability.   Tax benefits : Homeownership may reduce your taxes.   Social ties : Homeownership can increase your social ties.   Rental costs : Rental costs may increase more than a mortgage.   You can use your home equity for various expenses, such as: Home equity loans : You can use a home equity loan to access your equity.   Home equity lines of credit (HELOCs) : You can use a HELOC to access your equity.   Reverse mortgage : If you're 62 or ...

Closings are up nearly 8 percent in October in the latest monthly report from Columbus REALTORS®  October 2024 - Columbus Realtors Sales in central Ohio remained steady into October as the region witnessed a 7.6% increase in closed sales and 3,047 new listings added to the market. There were 2,539 home sales reported in the Columbus & Central Ohio Regional MLS last month, up from 2,360 sales in October 2023. This month’s sales closely mirrored September, when 2,508 homes changed hands. The median sale price is up 3.3% year over year, checking in at $315,000. One bright spot for consumers is that the median sales price dropped 2.8% compared to last month, when the median sales price was $324,000. “If you’re a potential home buyer or seller in central Ohio, we know that the market can be a little challenging at times,” said Columbus REALTORS® President Scott Hrabcak. “When sales, inventory, and prices are up, a REALTOR can provide expertise and navigate you through the process.” ...

  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...