Should I Stay or Should I Go?

One of the biggest questions potential sellers seem to be asking lately is, “Should I Stay or Should I go?”

With the Central Ohio Real Estate Market, like most other markets, still recovering from foreclosures, short sales and bank owned properties, which continue to drag down property values, many sellers are wondering if now is the right time to sell their home to purchase a new one.

There are a few things to keep in mind. Here in Central Ohio, year end 2008 saw a 13.5% drop in inventory levels over year end 2007. Time on market showed a decrease from 108 days to 100 days.

The absorption inventory rate is another indicator of market conditions. At the end of 2008 we had 7.67 months of inventory where as at the end of 2007 we were at 8 months. Market watchers consider Central Ohio to be in balance when the inventory absorption rate is at a 6 months’ supply, over 6 months is a buyer’s market and under is a seller’s market. As it stands, we are still in a buyer’s market but it is showing improvement.

Central Ohio is teetering at an interesting point with great inventory levels, low interest rates and incredibly low home prices. Houses here offer enough variety to satisfy first time buyers and seasoned move up purchasers. We are still seeing that even if sellers lose a bit on the sell side they are more than making it up on the buy side.

So when I am asked the question….Should I stay or should I go?

I say….. Definitely GO!!!

To view the complete 2008 Columbus Ohio Residential Metro Area Analysis CLICK HERE
Thinking of buying or selling your Central Ohio Home please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com