Several factors which influence sales, including falling mortgage rates and increased consumer activity
point to a positive future, the Columbus Board of REALTORS® said today.
A total of 1,123 homes changed hands in February, down 23 percent from February 2008.
“In the last several weeks we’ve seen an increase in phones ringing as people are realizing the extra buying
power they have with the new $8,000 first-time buyer tax credit and other incentives, said Gary Parsons, president
of the Columbus Board of REALTORS®. “We expect the credit to make a significant difference for first-time
home buyers in central Ohio.”
“Mortgage rates continue to be near 40-year lows and housing affordability has increased dramatically,” Parsons said.
“There are some amazing opportunities out there for first-time or move-up buyers.”
With an average sale price in February of $133,604, central Ohio homes are at their most affordable prices in years.
The buying power of the typical family has risen over the last several months; average buyers can now afford a home
costing $20,000 more than a year ago, according to the National Association of REALTORS® Housing Affordability Index.
“That figure is a national number and it will vary among individual buyers, but traditionally central Ohio has always been
among the most affordable markets nationwide,” Parsons said.
“Home sales continued to lag 2008 levels, reflecting recent layoffs and economic uncertainty, but I’m hopeful historically-low
mortgage rates, historically-high housing affordability and the $8,000 first-time homebuyer tax credit will combine to increase
sales this spring.”
This was a press release from the Columbus Board of Realtors.
Posted by crmhomes 