New Numbers out today – Franklin County Real Estate Update

The Columbus Board of Realtors released official February numbers today…

2011 Central Ohio home sales off to a strong start

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(March 22, 2011) Home sales for the first two months of the year are just 1.1 percent behind the same period last year suggesting a strong start for the central Ohio housing market according to the Columbus Board of REALTORS® (CBR).

There were 2,178 homes closed in January and February compared to the 2,202 closings during the first two months of 2010.

February home sales dipped slightly to 1,128, just 1.3 percent less than the 1,143 homes sold during the same month one year ago.

“Why are we pleased at the small decrease in sales this year” asks Rick Benjamin, CBR President? “At this time last year, the first-time home buyer tax credits were significantly impacting our sales volume. To remain at nearly the same level without that incentive is a positive sign of a strengthening market.”

“Additionally, there were 1,812 residential homes put in contract in February which is 18.7 percent more than February of 2010 (1,527). This also bodes well for March closing activity.”

Franklin County saw 658 homes sell last month and 1,637 more listed for sale, while 137 homes sold and 302 homes were listed in Delaware County. The City of Columbus topped the charts with 423 sales and 1,023 new listings. Other cities which saw higher sales and listing activity include Dublin, Hilliard, Westerville, Gahanna and Pickerington.

School districts experiencing higher sales and listing volume in February included Columbus, South-Western, Olentangy, Hilliard, Westerville, and Dublin.

“Although, the actual numbers of sales and listings for these districts were higher, we’re fortunate to have many strong school districts in central Ohio, several of which showed larger activity gains when compared to last year,” adds Benjamin. “Every area is different so it pays to ask a REALTOR® to help you interpret the data.”

Columbus Real Estate: Topic – Earnest Money – What is it and Why?

No Single topic seems to haunt the Columbus area home buyer more than Earnest Money.  For good reasons too: 1) It’s usually a pretty large chunk of change and no one wants to give away free money, 2) At the same time, no one wants to buy a house they don’t want to buy-for whatever reason.

When combined, these two reasons make earnest money a potentially contentious issue. Home Buyers need to know as much as possible about the topic of earnest money to feel safe and secure during the real estate transaction. Sellers, too, need to know the ins-and outs of how they can be compensated by buyers who waste their time and keep their house off the active market.

Three big points regarding earnest money in Columbus Real Estate transactions. First, it is not a requirement in the State of Ohio for the buyer to put down earnest money. Second, that said, almost every residential real estate transaction in Central Ohio involves earnest money. Third, earnest money must be handled however it stated in the contract to be handled–whatever amount, in whoever’s account, to be distributed as laid out however the mutually agreed upon contract says it should.