Despite a slight slip in the number of sold listings the mood is still largely positive. It is thought that the slight drop in sales in January 2009 over January 2008 is due to buyers sitting on the fence and waiting on the new Stimulus bill to pass through Congress and be signed by the President (the 2009 American Recovery and Reinvestment Act) which has now happened!
Low rates, great affordability combined with a great selection of inventory as well as the new $8,000 tax credit for first time homebuyers should ensure that more buyers take advantage of the market as they have been recently in the coming months. After all, winter is traditionally the slowest time for real estate anyway. Around 1,000 homes went under contract in January indicating an increase soon as those sales come to fruition.
With the number of homes listed falling – drop of 17.4% last month – this is a clear sign that inventory is stabilizing.
So there you have it, if you are looking at buying, now is the time, inventory is falling, rates are still low and there is a great selection of inventory available for purchase!
If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.