Will the Bubble Burst?
As we approach the beginning of the school year (Yikes, summer is going quick!) and a lot of folks are trying to squeeze in last minute vacations and soak up the sun for a little longer, we tend to see a slowing of listing activity until around the first week after Labor Day, and this year is looking to be no different. That said, we are not really seeing much of a slowdown in the buyer traffic. In fact, the real estate market in almost every zip code is a strong seller’s market with the price range of under $300k being especially strong and we are seeing prices escalate.
So, are we in a bubble that is about to pop? The answer to that is – no, not this time. The reason the real estate market is so hot this time is simply economics 101 – supply & demand. The Columbus region is creating jobs much faster than builders are creating housing. In addition, most of the housing that is under construction now is averaging nearly $400,000. This in turn is causing an even more severe shortage of homes for first time home buyers and buyers with moderate incomes and causing the price of existing homes to inflate.
This market can be tricky…If you’re planning, or even whispering about making a move this year, or investing in real estate, we can help…Contact us today! Helping You is What We’re Here to Do!