ThomasRiddleGroup

ThomasRiddleGroup

National Real Estate News Is About As Useful As A National Weather Forecast

National Real Estate Scenarios Don’t Apply to Columbus, Ohio!

I just read an article from the Wall Street Journal’s “Real Estate Journal Today” – an online service sponsored by www.WSJ.com. The head line reads “Kimmel Home Listed for $81.5 Million“. That headline will definitely catch your attention, but is it really relevant in Columbus Ohio? I don’t think so. This article is perhaps good fodder for “Entertainment Nightly” but is in no way reflective of the actual real estate industry in New Albany, Ohio. The article goes on to talk about a home where a $3 million price reduction did not generate a sale.

The media would have you believe that since the luxury real estate market in Palm Beach, New York City, and Los Angeles is experiencing a necessary and significant correction, that it follows suit that we should experience the same correction in Columbus. When the Columbus Board of Realtors recently polled some of it’s members with the question “How’s the Housing Market”, one of the most perceptive responses came from Louise Potter with Keller Williams when she said:

“Our market is a matter of perspective vs. media spin. Interest rates are incredibly low and falling, 5.5% today, the supply is showing signs of realigning with demand and there are great opportunities to invest and own homes…the long term picture in our market is one of stability and conservative growth.”

As we know, not all markets in the country are seeing positive signs of a recovery but in New Albany, Ohio we don’t have a huge correction to recover from. As a matter of fact, I was recently working on a market analysis for a potential seller and in doing my research, there was only a 4.5 month supply of homes in their home’s price range which is very good news for that seller.

I guess my point is, get the local real estate facts as it applies to your home and don’t rely on the media for your information. Tony and I are always available to consult with and can help you put your home into the proper real estate perspective.

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