Rob’s May Update

Managing Partner, Rob Riddle, talks about the current real estate market and what an increase in inventory means for buyers and sellers.

Market Update

The summer market is here! The school schedule generally triggers the summer market in Central Ohio. People who are planning to sell their homes once their kids finish out the school year list as soon as mid-May, and we will continue to see those listings come into the marketplace through the beginning of August.

The Summer market differs from the Spring market primarily by the lift in inventory. New Albany is a highly regarded school system, and the schools are a significant draw for those moving to Central Ohio. When there is no further need for the schools, people will sometimes move out. Which then increases listings in the summer. 

Shift in Demand

With the increase in supply, we do see a shift in demand. Typically by this time of year, the hardened Spring buyers have found their home and the buyers that come in the summer feel a lesser sense of urgency. Due to homes coming on the market rapidly, these buyers don’t feel the same pressure to make an offer as quickly as Spring buyers. That’s not to say that multiple offers are off the table. It does mean that sellers may have to do more to prepare for the market. 

While we see an increase in listings, we continue to have a housing shortage in Central Ohio. It continues to be a strong seller’s market, and multiple offers are still very much possible with our listings. This past month, we had a home come on the market that received 12 offers in 3 days and ultimately yielded 10% over the list price. The key to multiple offers remains preparing your home for the market and pricing it correctly. 

We’ve always said that the prices in the spring set the market for the summer. Now that the homes that sold in high-stakes bidding wars have closed and recorded, they are used as comps for this Summer’s market. There is now a newly established price for that house and neighborhood.

Additional inventory is good for both buyers and sellers. It’s suitable for buyers because they now have more options available to them and more competition in the marketplace from a pricing standpoint. It keeps sellers honest. I believe this is one of those rare instances where both sides can win because many of our sellers faced challenges by lack of inventory for what they might buy. For sellers that are moving out of the marketplace, this doesn’t have a tremendous impact on them. For sellers that are buying a larger home or smaller home, it’s helpful for them to have more options available to them. 

On a personal note

Johnna and I just got back from our first trip to Napa Valley, CA. This vacation was the first trip we’ve taken without the kids since our youngest, Charlie, was born. We felt fortunate to go with some of our lifelong best friends and enjoy a nice weekend together. Not only was it nice to have some adult time, but after a year of travel restrictions, it felt great to enjoy a change of scenery and take in all that wine country has to offer. 

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