The number of central Ohio home closings in May significantly outpaced the records set in April 2010 and eclipsed sales figures from May 2009. The 2,401 closings last month exceeded April by 14.7% and rose above May 2009 by 32.7%. Thus far in 2010, home sales have surpassed 2009 by 24%!
 

“Some experts worried that home sales would slow after the home buyer tax credits expired,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®.   “Instead, we found that home sales in May didn’t just keep pace with previous months, but far exceeded them. This speaks volumes about the confidence that home buyers have in the health of our central Ohio housing market.”
In other good news, May's average sale price $156,452 reflecteda 5% increase over May 2009.

Will the upward trend continue? The signs are positive:  May saw 3,366 homes added to the market, bringing the total inventory to 15,282 — 2.9% more homes than were listed at this point last year. In addition, homes in May averaged only 86 days on the market, which is 11% shorter than in May 2009.

According to Lusk-Gleich, “With the wide selection of homes on the market, competitive prices, and low interest rates, we’re looking forward to a busy housing market this summer.”
 

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The recent drop in mortgage interest rates creates a new low for eager home buyers to enjoy. According to a report from Freddie Mac,  30-year, fixed-rate mortgages averaged 4.57% for the weeks ending July 8 and 15, down from the previous week's average of 4.58% and last year's average of 5.20%. This rate represents yet another all-time low in Freddie Mac’s 39-year survey. In comparison, rates in July 1982 were 16.82% — and, since 1971, only five months have ever recorded rates below 5.00%.

In an economy with high unemployment and a slower housing market, the affordability of today's interest rates is a gift. By saving money on their mortgage, families have cash to save or pay off debt. That's the best scenario for our nation's financial health.

“Household net worth rose by almost $1.1 trillion in the first quarter. Credit card loans that were 30+ days past due fell to the lowest level since 2002, and the aggregate household debt burdens were at a level not seen since third quarter 2000,” said Frank Nothaft, Freddie Mac vice president and chief economist.

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Forbes.com has ranked Columbus 28th on its list of Best Cities for Singles.To generate the list, Forbes ranked 40 of the largest continental U.S. metropolitan statistical areas in seven different categories: coolness, cost of living alone, culture, job growth, online dating participation, nightlife and the ratio of singles to the entire population of the metro.

According to Forbes.com, "Singles in Ohio's capital appreciate its low cost of living, high concentration of bars and pubs, as well as blues, funk and bluegrass clubs. Favorites include Dick's Den, Jazz 28 and Brothers Lounge."

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In a recent survey of American consumers, 20% expect home prices to "rise substantially" over the next five years, and 79% expect at least some increase. Just 12 percent expect prices to decline. While consumers remain somewhat unsure, overall, about the direction of the housing market, people still believe in the value of home ownership.

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Improving curb appeal is your best bet if you want to add value to a home before putting it on the market. According to a recent survey from the National Association of REALTORS® (NAR), you don't need to spend much on your home to make it attractive to buyers. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects bring the highest return on the money spent.

Eight out of the top 10 projects were exterior fixes costing less than $14,000, including door and siding replacement and new wood decks — all with 80+ percent return of cost upon resale.

“This year’s report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder.

The project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1 percent. The only other interior project landing in the top 10 was a minor kitchen remodel with 78.3 percent of costs recouped.

Other exterior projects in the top 10 included midrange vinyl and upscale foam-backed vinyl siding replacements, returning 79+ percent of costs. Also, mid-range wood, mid-range vinyl, and upscale vinyl window replacements showed a 76 percent return.

The least profitable remodeling project in terms of resale value was the home office remodel.

Columbus housing market to see appreciation. Columbus ranked second in the nation in the latest Housing Markets Forecast released by Housing Predictor. The study looked at 250 market indicators to assess the likelihood of housing price increases. Optimism abounds in markets across the nation as many cities expect to see appreciation in 2010.

Cleveland, Columbus and Cincinnati were listed among the top three housing markets, respectively. As the Predictor states on its website, Ohio is “propelled by bargain prices.”

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Delaware County is among the nation's top locations for young and wealthy. A new study released by Nielsen Claritas shows Delaware County is No. 8 on a list of locations that are home to the young and moneyed. The study, released in September, found that 16 of the top 50 counties where the highest concentration of the young and wealthy live are in the Washington D.C. area. Delaware County was the only Ohio location to make the list. Those 25-34 who are making more than $100,000 annually are also prevalent in the high-density areas of San Francisco, New York City and Chicago. Read More »

COLUMBUS ONE OF TOP 10 CITIES FOR FINDING A JOB IN 2009: According to a study by U.S. News & World Report (released Aug. 21, 2009), Columbus was noted as one of the Top 10 cities in America for finding a job. Our strong healthcare, distribution, and technology industries are cited as a main reason that our city has managed to remain stable during the national economic recession. Read More »

Bill LaFayette, vice president of economic analysis for the Columbus Chamber, has seen the local data and the national averages, and he knows one thing is certain: "We're doing a whole lot better than average," LaFayette says. For one thing, Ohio's capital city is smack in the middle of the state--and pretty central for much of the country--and it boasts a strong transportation and distribution industry. Columbus's distribution employment has grown by a third since 2001, while the rest of the nation, on average, is down.

You can, however, thank the city's diverse economy for much of its resilience. Healthcare, hospitality, manufacturing, and even the tech industry contribute plenty of jobs. Some of the city's major employers include Ohio State University, OhioHealth, Nationwide Insurance, JPMorgan Chase, Bob Evans, and Limited Brands. Employment in information technology occupations is significantly higher than in comparably sized regions because "so many of our sectors are voracious consumers of data" and need top-notch IT infrastructure, LaFayette says. Columbus is centrally located and boasts a strong transportation and distribution industry. Local distribution employment has grown by about a third since 2001, while the rest of the nation, on average, is down.

HOUSING STATS REMAIN STRONG FOR CENTRAL OHIO. Home sales and the number of homes on the market remained steady in July, as more than 2,000 homes sold last month. According to the Columbus Board of REALTORS® (CBR), sales were off by only 2.9 percent compared to 2008.

“It appears the end of summer and early fall are going to remain strong in central Ohio as home sellers take advantage of favorable pricing and incentives like the first-time buyer tax credit,” said CBR President  Gary Parsons.

With fewer than 100 days left until the $8,000 first-time homebuyer tax credit expires, central Ohio REALTORS® are encouraging people to begin searching for a home now if they want to take advantage of this program.

CBR's report contained other statistics that indicate we will continue to see a strong housing market heading into the fall:
• At $167,039, July’s average sales price was only off 4 percent compared to the same month in 2008.
• With 14,880 listings on the market, inventory is down 16 percent from the more than 17,000 homes that were for sale this time last year; new listings were also down 16.2 percent in July compared to 2008.  This decrease in inventory and new listings indicates a more balanced housing market than last summer, when there were far more sellers waiting for the market to improve.

Next Gen surveyed 39,000 peopl between the ages of 20 and 40 to learn more about why they live and work where they do and learned that top cities have seven attributes in common: Vitality, Earning, Learning, Social Capital, Cost of Living, After Hours, and Around Town. Read more about this interesting list >>

Click here to download the full report »

The Tax Credit for First-Time Home Buyers is an $8,000 Gift! Whether you owe taxes or are due a refund, this tax credit translates to real dollars for every eligible first-time homebuyer. For example ...

• If you owe $3,000 in taxes and claim the $8,000 credit, you will receive a $5,000 refund.
• If you are due a refund of $1,000 and claim the $8,000 tax credit, you will receive a $9,000 refund.
• If you owe nothing and are not due a refund, but claim the $8,000 tax credit, you will receive an $8,000 refund.

To  help fund the up-front costs that are part of buying a new home, the Ohio Housing Finance Agency (OHFA) just announced the Homebuyer Tax Credit Advantage program, which can help homebuyers with downpayment and closing costs. It can be used in conjunction with the $8,000 tax credit. To learn more, visit the Columbus Board of Realtors' web site >>

Columbus has been ranked #15 in a recent list of Smarter Cities, published by the National Resources Defense Council. The top cities were chosen for their air quality, water quality, energy conservation, green space, recycling efforts, transportation, and standard of living. The City of Columbus was especially praised for its goals to become a bicycling capital and the green spaces being planned near the Scioto River.

President Obama has introduced the "Making Home Affordable" plan, designed to slow the rate of foreclosures and reduce the inventory of unsold homes on the market. Even homeowners who have stayed current on their mortgage can benefit from the program by modifying their loans to create a more affordable monthly payment.

Today's foreclosures are an issue of supply and demand. In short, when more homes are on the market, prices decline. When prices are low, homeowners who must sell cannot earn enough from the sale to pay off their mortgage, and the cycle continues.

For information on the eligibility requirements for "Making Home Affordable," visit this government web site. >

Columbus ranks fifth in the list of Best Places for a Fresh Start, according to Relocation.com. The rankings were based on four criteria: popularity, job growth, home affordability and the rate of volunteerism. Check it out >>

A Great Business Environment:  Ohio has climbed into the top 10 of an annual ranking of states with tax climates friendly to small companies and entrepreneurs. The Small Business and Entrepreneurship Council in its Business Tax Index 2009 ranked Ohio 10th based on 16 various tax measures including personal income tax rate, capital gains tax rate, sales, unemployment, gasoline and property taxes.

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Ohio again topped a national magazine's ranking of business expansion states outpacing runners up Texas, Michigan, and Pennsylvania. Site Selection Magazine presented Gov. Ted Strickland with the 2008 Governor's Cup award during a press conference in Columbus on Monday. It's the third consecutive year Ohio has received the honors and the seventh time since 1993. The magazine tracks the number of new or expanded corporate facilities announced during the year, then ranks states and cities based on the results.

Ohio outpaced Texas for this year's top spot, with 503 expansion projects, up from 399 a year earlier. Texas was No. 2 with 497. Michigan and Pennsylvania were third and fourth, with 296 and 290, respectively.

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It was a good year to be Columbus or Seattle, according to a recent MarketWatch report on the best U.S. metro areas for business. "Thanks to a 26-point gain in its score, Columbus, Ohio jumped seven spots and into the top 10," the report says. "This region, home to the biggest U.S. university, has managed to avoid the Rust Belt troubles of Cleveland and other Ohio cities. Columbus is one of two cities new to the top 10 this year, rising from 14th place a year ago." MarketWatch ranks the cities based on number of businesses and the employee base, population growth, job growth, and unemployment figures. Columbus was ranked 7th, after Minneapolis-St. Paul, Boston, Denver, Washington, D.C., Richmond, and Charlotte.

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A Family-Friendly City! Columbus was named America's Best Place to Raise Kids in 2009 by Business Week. The  study was based on school performance; number of schools; household expenditures; crime rates; air quality; job growth; family income; museums, parks, theaters, and other amenities; and diversity. Check it out >>

Retirees will find Columbus to be a hotspot, according to Forbes.com, which ranked Columbus as "America's Most Affordable Place to Retire." But it isn't all about the affordability; they considered the fun quotient, also. According to the web site, the new group of retirees "won't be looking so much for a place to settle down as to live it up. This river city tops our list of most affordable places to retire, thanks to reasonably priced housing relative to income and a 4.5% inflation rate that allows a buck to stretch a little further than other quickly growing areas. With tens of thousands of Ohio State Buckeyes, folks will enjoy the verve and energy that comes with a bustling college town."

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Columbus was recently named one of the 66 markets in the country where it makes more sense to buy a home than to rent, according to an article on MSN.com. Experts from the National Low Income Housing Coalition and the Center for Economic and Policy Research are recommending that renters in many of the nation's largest cities consider buying a home. According to their study, first-time buyers in these 66 regions can expect to be "in the black" within four years if they take advantage of today's low prices.

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Columbus was named one of the top cities in the U.S. for volunteerism. More than a third of our residents perform community service, which is well above the national average of 26.2%. According to an article in the Columbus Dispatch, "Ohio as a whole was middle-of-the-road with the exception of Columbus and Dayton." Realtors are very involved in the community, as well. Read more about the 500 volunteers who helped make Columbus a better place to live on Realtor Care Day on June 5.

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Reader's Digest ranks the Columbus area as the 4th cleanest city in America. The magazine used several resources to rank communities on air and water quality, safe factories, and lack of trash blowing throug public areas. They also took into consideration any environmental programs taking shape in the communities they studied. Mayor Michael Coleman was lauded for his work, including a moratorium on development of sensitive watershed land, the redevelopment of brownfields (contaminated land kept vacant until sites can be cleaned up), and his new "Get Green Columbus" initiative that established an Office of Environmental Stewardship.

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According to popular financial advice columnist Suze Orman, you should stop worrying about your home's value since the housing market is a known long-term performer. In the summer issue of O at Home Magazine, Orman gives readers this advice: "I'm all for technological advances, but one of the most damaging assaults to our collective financial psyche over the past few years has been the advent of sites such as Zillow.com and HomeGain.com. These services allow you to punch in your address and up pops an estimate of your home's worth. ... Let go of your computer mouse and get a grip on what really matters—the long-term performance of the housing market. Even when you figure in the past year's 10 percent dive, the national median price for existing homes has gained nearly 25 percent over the past five years, according to the National Association of Realtors. Over time, housing will revert to its historical norm: an average annual appreciation rate about 1 percent above the inflation rate."

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Columbus is the nation’s 3rd most stable housing market, according to a study by Forbes.com and MoodysEconomy.com. Researchers chose us based on the strength of our economy, plans for construction, low foreclosure rates, local credit markets, home sales rates, and the affordability and availability of housing.  Check it out >>

The Detroit News says “Get set for a Columbus getaway.” This article encourages visitors to check us out.

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Columbus is the 9th best city for blacks, according to Black Enterprise magazine.

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Columbus is the 19th Best City for Singles, according to Forbes magazine.

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Columbus is the 14th best city in the nation to do business in, according to MarketWatch.com.
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