Delicious Real Estate

The latest news from the local Realtor Association, good news, bad news, is it even helpful? You tell us....

Central Ohio Housing Report - April 2024 Closed sales increased 13 percent year over year and total inventory spiked 28 percent when compared to last April in the most recent housing report provided...

AI songmaking about the Columbus real estate market....

A Homebound Dilemma | Suno electric guitar indie rock song. Listen and make your own with Suno.

VA Loans Now Have Rehab Loan Option When agents and lenders and your friends talk about REHAB LOANS, they are usually speaking of FHA 203K and Conventional HomeStyle Renovation Loans. These are th

December and Year End Numbers from Columbus Realtors

Let's start with year-over-year market numbers -
When comparing 2023 against 2022, the number of homes available for sale was up 9.7 percent; however, due to factors such as higher mortgage rates and rising prices, new listings decreased by 11.9 percent to finish the year at 32,022.

The median sold price for the year was $302,000, a 4.1 percent increase over 2022 and the percent of sold price to last list price was 100.4 percent, a slight 1.5 percent decrease year over year. Single-family home prices were up 4.6 percent compared to last year, and Condo home prices were up 6.7 percent. Of the 27,592 sales this year, 3,814 (13.8%) were condominiums.

As the central Ohio housing market embarks on a new year, we look back at the final month of 2023. In December, there were 1,917 closed sales in the Columbus & Central Ohio Regional MLS, a 5.7 percent decrease over December 2022. The median sale price grew to $295,000, a 7.3 percent increase year-over-year.

In the peak of summer sales, homes in the region were spending about 17-18 days on the market. In December, that number rose to 30 days, the highest number since March.

The total inventory of homes for sale surpassed 3,000, marking a 9.7% rise over last December. Supply sits at 1.4 months, which is a 27.3 percent increase year-over-year. New listings in December were typical for a month that is traditionally sluggish in this category. There were 1,434 new listings entered into the MLS in December 2023, which was just a 1.6 percent decrease year-over-year.

Homes sold for 1.1 percent under the asking price, setting the state up for potential negotiation at the offer table.

“The Columbus housing market is as competitive as ever, but if you’re in the market for a home, buying now is a great idea,” said 2023 Columbus REALTORS® President Patti Brown-Wright. “We’re a long way from being a buyers' market, but if you’re shopping, I would recommend getting in the game quickly because we’re expecting a very busy spring.”

The National Association of REALTORS predicts 4.71 million existing home sales in 2024, a 13.5 percent increase over the 4.1 million sales in 2023.



Industry leaders seem to agree. Zillow named Columbus, Ohio, the No. 3 hottest housing market for 2024. In fact, three Ohio metros landed in the top 10 as Cincinnati (No. 2) and Cleveland (No. 8) joined the Capital City. Buffalo, N.Y., was ranked No. 1.



At the local level, there were 25 closed sales in Pickerington at a median sale price of $449,900, which was a 45% increase over last December. Total sales were up 9.5% year-over-year in Marion. There were 12 closings in Obetz as the median sale price jumped 33.8% to $356,425. For the year, Obetz topped the region with a 27.2 percent increase in new listings year-over-year. The village also saw a 118 percent increase in the inventory of homes for sale, ranking it fourth in the region.

Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential and commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more. Thanks to Columbus Realtors and Craig Hicks, Senior Director of Communication & Engagement for this post.

Realtor.com reports 7.5% more homesellers listed their properties in November 2023 than in November a year ago —the first time newly listed homes posted an annual gain in almost a year and a half.

Talk this morning that stocks got off to a sluggish start after monthly numbers came out that housing starts were lower than expected, especially multifamily, but single family as well.
I heard on the radio this morning that a whopping 41% of all new home sales last year were to first time home buyers - they are going that route for 1) better rates from the builder 2) these homes are available now(ish) and they aren't fighting for them in a tight market.

One of the primary reasons we're seeing such a tight housing inventory is a prolonged period of underbuilding. For over 14 years, builders haven't been constructing enough homes to meet the historical demand.
For instance, if we look back at the past five decades, there's a clear deficit in new single-family home constructions.
Imagine a town where 100 new homes were needed every year, but only 70 were built. Over a decade, that's a shortfall of 300 homes!
This underbuilding has left a significant gap in the market, and even though builders are now meeting the current demand, the previous shortage still lingers. - This is far from the only reason the market is tight, but I liked the graph, so...

This is pretty cool - way to go Columbus

Unoccupied railway in South Linden, Northland could become park Unoccupied railway in South Linden, Northland could become park

This is fun - where does one neighborhood end and another begin - what is your neighborhood called - by you? by others who live there?
Most neighborhoods (at least the ones with associations of some kind) have a boundary set but it's still a fun question - from the Dispatch ..... https://www.dispatch.com/story/news/local/2023/06/26/what-do-you-call-your-columbus-neighborhood-the-dispatch-wants-to-know/

Columbus' neighborhoods are steeped in history and, we often define ourselves by the communities we live in. Many have arches, signs, murals and other monikers welcoming folks to their neck of the woods. But what residents call those neighborhoods and why is sometimes up for debate.
The Dispatch is here to put an end to those disputes. Columbus residents, we're asking you where neighborhood boundary lines are drawn, and what each neighborhood is really called. Fill out the Google Form below:

www.dispatch.com

Interesting.....nothing very surprising here....right?

Home Searches on our website are up 116% month over month - what are you looking for? Let's go get it!

It's all sad, but it all true - not an easy time to be a buyer, always a good time to work with a Delicious Agent....

'Pushing our comfort zone:' First-time Columbus homebuyers face short supply, high prices The median price of a Columbus-area home last year was $290,000, nearly $100,000 more than four years earlier.

Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels
The number of people locking in mortgages for second homes dropped to its lowest level since 2016 in February and remained nearly as low in March. https://redfin.com/news/demand-down-second-homes-march-2023/

Delicious Real Estate Listings received 57% more views in March than February - the market is hotter than you think! Let's go!

On behalf of the City of Columbus, I am pleased to invite our community to view the 2023 State of the City address Tomorrow, March 21, at noon.

This year’s address will be fully virtual, available to watch on the city’s Facebook and YouTube pages. A transcript of the address will be shared on the city's website following the presentation.

I look forward to sharing the city's accomplishments and how we are charting our pathway forward in Columbus.

Sincerely,
Andrew J. Ginther,
Mayor

It's happening again - your property values have gone up so your property taxes are about to go up.
Franklin County property values have risen about 30% since the last valuation for tax purposes - but that does not mean that your property taxes are about to increase by that much - though I'd look for a solid 10% or more increase across the board when the December tax bills are mailed.

From the Columbus Dispatch.....
Homeowners in the county can find the amount of inside millage on their property through the "levy estimator" under "online tools" on the auditor's website. Inside millages are identified in the list of millages with each property.

How often are properties reappraised?
Ohio law requires properties to be fully reappraised every six years, along with a reappraisal in the three-year interims. The six-year appraisal, which is going on now, is more thorough than the interim appraisal.

More:Track the reappraisal process here

In Franklin County, the process includes a visual exterior inspection of every one of the 434,000 properties in the county. Counties, however, can change values of specific properties every year based on sales, improvements or other new information.

What are the appraisals based on?
Appraisals overall are based on sales prices, but other factors can impact individual homes. Inspectors driving by properties will look at condition, age and improvements to also help determine value. Stinziano encouraged homeowners to examine the information on their property on the auditor's website and email the auditor's office at [email protected] if they discover any inaccuracies.

This year, the auditor's office also significantly expanded the number of neighborhoods it defines to try to identify valuations of homes that share neighborhood characteristics. To help in that process, homeowners are encouraged to fill out a neighborhood survey by March 31 found on the auditor's website.

Are the new appraisals a good estimate of what homes are now worth?
Not exactly. Because of the way the values are calculated, many homeowners still might find the auditor’s values less than what their home might fetch in today’s market. Auditors must consider the value of homes in all three years of the appraisal, in this case, 2020, 2021 and 2022, even though more weight is given to the most recent year. In a rising housing market such as central Ohio's, the process means homes are likely to be valued slightly less than their market value by the time new values are assigned.

When will homeowners learn their home's new value?
The auditor expects to send letters to homeowners with their new assessed values in August.

How can homeowners challenge their new values?
Homeowners who believe their property is improperly valued can contest their new assessment in September, either in person or online. Homeowners should provide evidence for their claim, such as nearby recent sales, an independent appraisal or inaccurate information on the auditor's home description. Homeowners who still believe their homes are improperly valued after their values are officially set in December can also challenge them through the board of revision, which lasts through March 31, 2024.

When will homeowners learn their new tax bill?
Tax bills based on the new values will be mailed in December.

[email protected]

Over the years I have definitely had more single females purchase homes that single males. Interestingly though, Ohio ranks in the top 10 states for both - which I guess just means we have a lot of smart people here.

Single Women Own More Homes Than Single Men | LendingTree While U.S. women earn 83.1 cents for every dollar a man makes, according to federal data, single women own more homes than single men.

A quick look at the Worthington Market

Where do Ohioans go when they leave the state? Chicago may be the overwhelming destination at almost 14% -

Where Do Columbusites go when they leave us? This migration Market housing data tool from Redfin may provide some interesting results....

Get ready to spruce up your front porch in 2023. Here's an interesting idea - Pinterest can tell the future. Of real estate trends and everything else - Why? Because ....

Before you see it everywhere, you search for it there.

People use Pinterest to plan for the future. That means we know what’s next. In fact, for the last three years, 80% of our report predictions came true.¹ This isn’t another year-end trend report. This is a not-yet-trending report—a window into the future, from the place where people go to plan it. Let’s look forward to 2023. This is Pinterest Predicts.

Home Front | Pinterest Predicts 2023 In 2023, the front porch will get the spotlight treatment. See how you can help people upgrade those porches and foyers in our 2023 trend report.

Franklin County posted their end of the year state of the county report and it's an interesting look into what the commissioners do and where your money goes.... some items of note include:

https://report.franklincountyohio.gov/job-creation

This year, like many county agencies, the Department of Economic Development and Planning has been focused largely on COVID-19 relief for Franklin County residents and businesses, including distributing:
$3,654,387 IN GRANTS AND LOANS TO SMALL BUSINESSES.
$3,215,630 TO SUPPORT THE HOMELESS AND PREVENT RESIDENTS FROM BECOMING HOMELESS.
$500,000 IN WORKFORCE TRAINING FOR PEOPLE WHO LOST THEIR JOBS AS A RESULT OF THE PANDEMIC.
$500,000 TO PROVIDE 10,000 COMPUTERS AND INTERNET HOTSPOTS (WITH PRE-PAID BROADBAND ACCESS) TO LOW-INCOME STUDENTS LEARNING FROM HOME DURING THE PANDEMIC.
$700,000 IN FORECLOSURE PREVENTION FUNDS FOR PEOPLE WHO LOST JOBS DURING THE PANDEMIC.
$411,730 FOR SERVICES TO REFUGEES AND IMMIGRANTS.
Home Program
The agency also distributes federal Housing and Urban Development funds to support local community development and affordable housing. Among these, our HOME program consistently ranks among the top in the nation in terms of leveraging its annual allocation. Other HUD funding highlights include:


140
BUSINESSES ASSISTED
11,200
FAMILIES ASSISTED
210
HOMES CONSTRUCTED OR
REHABILITATED
18,750
TOOL RENTALS PROVIDED
3,175
PEOPLE PROVIDED WITH FAIR HOUSING ASSISTANCE

14
INDIVIDUALS PROVIDED WITH DOWN PAYMENT ASSISTANCE
Building Futures is a nationally award-winning, innovative public/private partnership between the Franklin County Board of Commissioners, the Columbus/Central Ohio Building Trades Council, and the Columbus Urban League that works with residents in underserved communities to teach them basic construction skills, but also equips them with the life skills necessary to pursue this pathway to the middle class.

Members spend 12 weeks in a paid apprenticeship program where they learn the importance of proper financial budgeting and how it can impact and serve their families and allow them to build a secure financial future. They also learn basic skills used by members of the building trades. Those who successfully complete the program can join one of the affiliated trades.

November Numbers are up and the take-away is that prices are up year over year, homes are sitting a little longer, Sellers are still selling and Buyers are still Buying - I'm predicting that Buyers may be sad later this year if they aren't out looking at homes over the next six to eight weeks - a lot less competetion than in the spring and a slightly inflated inventory of Sellers who want to sell.............Here's the press release.....

COLUMBUS, Ohio- The month of November saw 2,202 closed sales and a nearly equal number of new listings on the market, according to the latest monthly housing report provided by Columbus REALTORS®.

In comparison to last November’s record-breaking number of 3,018 homes sold in the month, there was a 27 percent drop, but the context behind the numbers is what is essential.

“In November of 2021, the market was sizzling thanks to limited inventory and record-breaking demand,” said Columbus REALTORS® President Sue Van Woerkom. “A lot can happen in a year, but the Columbus market remains one of the strongest in the country.”

In November, the average sales price was up 7.9 percent year-over-year to $319,231, while the median sales price saw a 6.9 percent increase to $280,000.

Inventory in central Ohio currently sits at 3,469 homes for sale. Last month, the region had slightly more homes for sale at 3,772, and there were 2,011 new listings in November of 2022, with 1,074 of those new listings falling in Franklin County.

“We are noticing an uptick in inventory in the area, which is a good thing for the buyer,” said Van Woerkom. “We currently have 1.3 months of unsold inventory supply in Columbus, which historically is very low. Nationally, that number sits at 3.1 months per the latest numbers from the National Association of Realtors.”

Columbus, Ohio, was ranked 14th by Realtor.com® in its Top-100 Housing Forecast for 2023, based on several critical factors such as affordability at the median income level, combined sales, and price change year-over-year.

“We believe that central Ohio remains a healthy, resilient market, and the Realtor.com® forecast supports that,” said Van Woerkom. “We understand some of the areas around the United States have been impacted in different ways, but we encourage all buyers and sellers to study their market and reach out to a REALTOR®. They have the expertise to understand what is happening both nationally and neighborhood to neighborhood.”

Mortgage rates have been steadily increasing (though they've come down as well) over the last few months in efforts to offset inflation. National Association of Realtors Senior Economist & Director of Forecasting Nadia Evangelou issued a statement addressing these facts in early November.

“A return to the sky-high interest rates of the 1980s isn’t likely in today’s economy, but let's compare the monthly mortgage payment now with the payment of 40 years ago in today’s money,” said Evangelou. “After adjusting the median home price for inflation, the monthly mortgage payment was about $450 higher in 1982 than it is now. If mortgage rates were currently 9 percent, the monthly mortgage payment would be comparable to 1982 rates.”

According to Realtor.com, the average rate on a 30-year fixed mortgage on November 30, 2022, in Columbus, Ohio, was 6.4 percent.

Remember though, all real estate is local.....
In the monthly area breakdown, Pickerington Local School District saw a 13 percent increase year-over-year, with 87 closed sales in November. Worthington also saw a 31.3 percent uptick in closings last month.

Did you know that all of these different areas comprise the statistics that Columbus Realtors puts out every month?..............Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more. The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry, and Ross counties.

We are not fans of the 2023 Sherwin Williams color of the year....

Color of the Year 2023, Redend Point SW 9081 | Sherwin-Williams Our 2023 Color of the Year, Redend Point SW 9081, is a soft neutral that is highly flexible and imparts a cozy warmth and natural earthiness to any space in your home.

Good Columbus City Schools creat better Columbus City Neighborhoods. Delicious Real estate Loves Columbus Neighborhoods and supports Columbus All Columbus Teachers who live in them!

weareohio.com

Putting up these cut and pastes from the latest Columbus Realtors Newsletter - They tell an interesting story but not the whole story - get in touch with us to find out more about what's happening right now in your neighborhood real estate market.

Fantastic Gahanna home across from the Golf Course - wide open views for days and your own 1/3acre nicely treed lot - four total bedrooms, 2.5 baths, gorgeous kitchen and 2150 square feet (plust about 510 more square feet in the finished basement)

305 Olde Ridenour Yes! That House! Often admired Olde Ridenour gem across from golf course and on over 1/3 of an acre of gently sloping treed corner lot. Well maintained and nicely updated home with over 2100 square feet of finished space plus a generously finished basement. The comfortable 3 season room off the larg...

What you should know about real estate taxes in Ohio - Nice and Informative....

Real Estate Property Tax Calculation in Ohio

Interesting Graphic - it tells one small story of the last ten years of home buying in Central Ohio

What are your thoughts about changing your own urban block for the better?

“Better Together?” Urbanism Lessons Learned from the Pandemic Sketch by the author illustrating how alley-loaded garages might be converted to accessory dwelling units facing a pedestrian lane – doubling the density of dwelling units without negatively …