How Is City Growth Impacting Your Home Buying Process?

Just look around & you see it! Columbus is growing by leaps & bounds and homes can be hard to come by. At Compass Homes, custom home builders in Columbus, OH, we’ve got our ears to the ground and are acutely aware of how the growth of our city is impacting home buying. What is going on in our city and what you can do if you’re looking for a home?

In a Nutshell…What’s Going On?

The continued uptick of commercial growth in pockets around the city & downtown has expanded development projects, especially in areas like Dublin. Columbus is recognized as being one of the fastest growing metropolitan areas in the country, with strong job opportunities. Our research & tech institutions continue to attract the best & brightest to the area.

According to a recent report (Aug 2017) from Zillow, home values continue to be higher than ever. Columbus is one of the top big cities in terms of rebounding home values, but low inventory persists in driving the market.

Trulia projects that demands for homes in Columbus will continue to grow this year. Recently, they named Columbus as #8 out of the top 10 cities poised for growth in 2018. This study is one of many that expounds the continued popularity of our city. This study is based on job growth, Trulia searches, affordability, and population age.

Homes sell almost as fast as they enter the market in many areas around Columbus. This is positive for sellers, as they are making more on their homes when they sell and may have more cash available for a new home.

There’s a building boom in downtown Columbus & surrounding areas, including the Short North, OSU, Dublin, and many other suburbs. All this building means more jobs and more people moving to these areas. The expansion of tenants, offices, hotels, restaurants, and businesses in area developments creates more need for housing, be it apartments, condos, tract homes, or custom homes.

Nationwide Mutual Insurance Co.’s year-end Health of Housing Market Report puts Columbus in a continued positive trend due to jobs, home prices, demographics, and mortgage rates, but reiterates concern about persistent price gains and how they may affect affordability. Price gains continue to outpace the number of homes on the market, which has created competition among homebuyers.

In 2016, Columbus won the Smart City Challenge, which is allowing the city to reinvent the future of mobility. This continues the trend of bringing more people to Columbus for jobs and a vibrant quality of life.
The goal is to:
Improve people’s quality of life
Drive growth
Provide better access to jobs & opportunity
Become a logistics leader
Foster sustainability

Some of the projects underway include:
Testing the use of electric autonomous transit shuttles at Easton
Projects in downtown Columbus involving enhanced permit parking & event parking management
Projects to get trucks where they need to be safely & efficiently, due to Columbus’ warehousing & distribution presence.

What Does This Mean to You as a Home Buyer?

If you’re trying to buy an existing home, it’s crucial to be fast acting & aware of the current market. You might have to bid above listing price which has been common in recent months. The competition for existing homes is fierce, with homes not on the market for long, and some involving bidding wars or paying well above the list price.

Be prepared with a pre-approved mortgage loan, so you don’t miss out on an opportunity.

Find the area where you want to live and ask for friends or Realtor help so you know when a home comes on the market.

Work with a builder, like us, to build a new home instead of trying to find an existing home. We have homesites available in several communities that might be perfect for you or we can help you locate one anywhere.

Check with area builders for move-in ready homes or model homes that may be for sale.

Be diligent & don’t give up! You’ll find your perfect home in the area you desire. Remember that we are here to help your dreams become a reality in an area like Upper Arlington or on your lot!