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...

"Don’t Be Afraid to Sign" in its entirety originally appeared in the June 2024 issue of COMO Business Times Connie Sadowski, Realtor is a leader in  the industry and has been using Buyers Exclusive Representation agreements since 2017 to explain how she works and how she earns her professional fees. The real estate  industry has been buzzing with a recent federal class action lawsuit settlement. One of the settlement’s most significant outcomes is the requirement of Buyer’s Representation Agreements.  Starting in August 2024, all real estate professionals who are members of the National Association of REALTORS will be required to have a signed Buyer’s Representation Agreement before showing a buyer property.  These agreements, which allow a real estate broker to represent a buyer’s interest in a transaction, have been used for years. However, some buyers are hesitant to sign an agreement before viewing a home, but it’s to their benefit to do so.    Every po...

  COLUMBUS, Ohio (Aug 22, 2024)—  Columbus Realtors reports closed sales are up 12 percent, and inventory has surged to its highest point in five years in the latest housing statistics for July issued by Columbus REALTORS®.   There were 2,806 closed sales in July, a 12 percent uptick over July 2023. The most significant rise came in total inventory, which increased from 3,137 homes for sale in July 2023 to 4,325 homes for sale in July 2024. That’s a 37.9% increase year over year. It also marks the largest number of homes for sale in a single month since November 2019.   The median sale price in central Ohio is $327,250, a 3.9% increase year over year. Last month, it reached an all-time high in the region at $334,900.   “The fact that there are over 1,200 more homes available on the market right now than this time last year is a positive for prospective home buyers,” said Columbus REALTORS® President Scott Hrabcak.   “Columbus remains an in-demand seller’s m...

By Ashley Fahey – Editor, The National Observer: Real Estate Edition, The Business Journals Restrictions around building new housing is a commonly cited hurdle to affordability in many U.S. markets.   Housing affordability is becoming a bigger issue for U.S. voters, spurring policymakers — especially at the state and local levels — to consider new measures aimed at easing the burden facing both renters and prospective homeowners.   While every city, county or region thinks about housing affordability (and potential solutions) differently, several common policy changes are being pursued, especially to ease restrictions around building new housing. New research from the Mercatus Center at George Mason University in Arlington, Virginia, outlines some of the biggest reforms being adopted across the U.S. today and offers a menu of potential options for policymakers to consider. Emily Hamilton, senior research fellow and director of the Urbanity Project at the Mercatu...