Real Estate Pro Articles

Buyers of Home and Condo Sales Favored by Ohio Residential Property Market

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
Huge supplies of condo sales and low-priced residential properties in several areas of Ohio are favoring homebuyers more than house sellers. According to housing industry analysts, almost every indicator tied up with the housing market favors buyers, particularly those that do not need to unload a home to buy a new one.

Foreclosure auctions in Cleveland and in the rest of the state offer a lot of affordable housing units, giving buyers a wide array of choices at heavily discounted rates. In Central Ohio, buyers are benefiting from mortgage rates that have remained near record lows and an inventory littered with cheap properties. For those who are currently employed and have no homes to sell, it will be a great time to make a home purchase in the central region, realtors have asserted.

Meanwhile, sellers who offer properties at Ohio foreclosure auctions and those that have multiple properties that needed unloading should expect a difficult year. Housing industry analysts stated that sellers should not expect their asking prices to be met as the thousands of available low-priced properties will surely take the lion's share of the home-buying market.

They added that those sellers who have properties purchased during the real estate boom should accept that they will incur heavy losses if they sold their properties at this time. Analysts also revealed that condo sales and residential properties within the price bracket of half a million dollars or more will not have any luck as supplies of properties for this price range are very high, while buyers willing to pay that amount are very few.

Realtors have assessed the current market trend and concluded that sellers offering low-priced properties at foreclosed homes auction, particularly those priced between $150,000 and $300,000, are in the best position to get their properties sold. Demand for properties within this price range is highest in areas like Columbus, Clintonville, and Worthington, realtors also said.

These areas, realtors further opined, also boast stable neighborhoods that have mostly weathered the onslaught of distressed properties and condo sales. With the vast amount of supplies, low prices, and low mortgage rates, realtors stated that buyers can afford to be picky and negotiate for a much lower price than what sellers are asking for.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles