"How is the market? still crazy?"

This is the ubiquitous question that I get asked on the regular from friends and neighbors around 43209. The answer is somewhat complicated.

For us here in 43209, the market is still very much in favor of sellers. Inventory is still painfully low and houses that are priced and marketed correctly are seeing plenty of buyer competition and interest. The same is true for most parts of Columbus and Franklin County. However, there are some noticeable changes from the insanity we witnessed in most of 2022.

First, more buyers are willing to wait and not overpay for a house maybe priced too high or in need of upgrades and repairs. Higher interest rates have certainly given folks some pause as they navigate limited inventory options. With lower monthly payments, buyers were more open to pay a little extra and even waive inspections in order to get the house. Lately, buyers seem more judicious (as they should be) and not ready to jump at the first house that has water in the basement, wallpaper everywhere and a skunk-obsessed neighbor next door.

Second, selling ain’t always easy. Just because inventory is low, sellers are not able to just throw a sign in the yard and set a record sale price for their street. We are seeing more days on the market for homes that need a little love and not priced in a “it needs a little love” sorta way. Sellers that put in the work to get the house market ready by knocking out repairs, painting, staging, etc. are seeing their efforts rewarded with multiple offers and favorable terms.

Bottom line: Buyers, stay patient. Sellers, stay sensible.