The market in Columbus is definitely a buyers market just like everywhere else but we are not in the depths of despair like many areas of the country. Columbus has a lot of positive economic pressure which is sustaining the housing market including the growth of Fort Benning, AFLAC, and Cessna, and the location of the Kia Plant near Columbus drawing spin off businesses to the area. This coupled with the low interest rates has kept the Columbus Georgia Real Estate market fairly strong.
All that said, we have had a 19% decline in total volume of sales in the Columbus MLS compared to 2007 and a 38% decline as compared to 2006. Housing starts are at about 50% of the 10 year average so builders are pulling in to wait on the homes sales to make their cycle. One benefit of the cycle has been that builders are re-evaluating their costs and producing homes at a lower cost per foot than in the past. They are also willing to give buyers incentives to move inventory that is completed but not sold.
Homes that are priced right, move in ready and in good locations still sell quickly but because more homes are available on the market – buyers are passing on homes with any problems or that are priced too high. It is more important than ever to price your home at the market or just a little under to get a rapid sale and that the sellers do any repairs needed to the home before putting it on the market.
Buyers who buy this year will be glad they did, in my opinion, because of the low interest rate, prices and additional buyer incentives available.
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