For most buyers, it’s a great time to buy.

If you are a first-time buyer who doesn't need to sell a home, you have an upper hand in today's market. Also, if you are "moving up," it's a good time to do so. Although you may have to settle for a lower sale price on your current home, the price of the higher-end home you want to buy has also dropped. In addition, investors interested in the long-term couldn't ask for a better market!

Central Ohio home prices expected to increase in 2011! In a recent report on home values in America, Clear Capital, Inc. named Columbus one of the 10 cities poised to see an increase in home values during 2011. Not all metropolitan areas will be so lucky, however, with 35 of 50 major markets expected to further depreciate this year.

Columbus is joined in the top 10 by Washington D.C., Houston, Honolulu, Memphis, Dallas, New York, Birmingham, Pittsburgh, and New Orleans. Cities that won’t fare well in 2011 include Phoenix, Virginia Beach, and Tampa.

The housing outlook is brighter in a recent report from Fiserv, which predicts price stability for 75% of major markets by the end of this year and 100% stability by the end of 2012.

"Large supplies of foreclosed properties will continue to be the biggest risk for home prices in major metropolitan markets," said David Stiff, Fiserv economist. For most of the nation, including Ohio, foreclosure activity declined at the end of 2010.
Housing affordability and low interest rates have lured buyers into the market by reducing the cost of owning a home. The biggest obstacles? Access to credit and unemployment.

"In the final analysis, housing market improvement will depend on whether people get jobs,” said economist James Newton of Commerce National Bank.
 

With today's inventory and interest rates, most people who want to make a move to a new home should seriously consider doing so in 2011.

Anyone looking for a home today will find a tremendous selection - nearly 14,000 on the market today.

Sellers are pricing their homes competitively and are eager to work with qualified buyers. If you have a home to sell, take extra care in getting it ready for the market. You are competing with other sellers who are very eager to sell, so your home must stand out by its cleanliness, state of repair, and neutral decor.

For first-time buyers, central Ohio offers a number of resources to help you learn about buying, financing, and maintaining a home. Take advantage of what organizations like The Columbus Housing Partnership can offer (614-221-8889).

To investors who like to hold real estate for the long-term, today's market is a gold mine. The number of properties competing for buyers along with the low interest rates make this the perfect investor market.

"Moving up" in today's market is an excellent idea. If your home was valued at $300,000 last year yet you must sell it for $270,000 today, you may have lost the opportunity to earn the $30,000 difference. However, you can assume that the $500,000 home of your dreams also is selling for 10% less, thus saving you for $50,000 on the price of the new home. Guess who comes out on top ... you do!