When we talk about the housing market in Central Ohio, the common theme is around interest rates – higher rates. Sellers only want to sell if necessary, and buyers continue to have difficulty finding homes due to low inventory.  

It can be hard to understand what is happening right now, as well as what to expect as we head into the final quarter of 2023. Based on our years of experience, here are three trends we expect to continue in the Central Ohio housing market this fall. 

Sellers will have a decision to make 

Sellers are deciding if they really “have” to move. The frenzy of record-high housing prices we have seen over the last few years is starting to cool down as the market is trending toward stabilization. 

Keep in mind that many homeowners have established equity in their homes and are sitting on a mortgage payment with a record low of 2-4% interest rate. In fact, the Columbus Board of Realtors recently reported that between January 1 and June 30, homes, on average, appreciated by over 20%. And they will continue to increase in value, contributing to higher home prices. 

The good news is that we are seeing an increase in inventory and fewer bidding wars.  

Buyers regain negotiating power 

Now that the buyers have more options, they have gained some leverage. While still contingent on factors including financial situation, property, neighborhood, etc., buyers are beginning to see opportunities such as:

• • Opportunities for negotiation 
• • The ability to offer under-asking if they have cash 

• • Less money out of pocket 
• • Less waiving of appraisals, contingencies, etc.

Less focus on interest rates 

Interest rates are higher; there is no way to avoid that. But there are other ways to save money when buying a new home in the current market. Remember those opportunities for negotiation that we mentioned?  

Our seasoned real estate expert Jacquie Goumas Fox notes, “People have grown accustomed to the higher interest rates. They have accepted them for what they are and factor that into their budget.”  

The bottom line 

The supply/demand imbalance will continue in Central Ohio. With the news of Intel, there are plenty of economic drivers for business, and entertainment opportunities are abundant. The fact is that while we have always known that Central Ohio is a great place to live, the rest of the world is figuring it out for themselves and the desire to live here will remain high.  

When you are ready to have a conversation about buying or selling, turn to our trusted team at Vutech | Ruff to help you navigate the complexities of the Central Ohio real estate market. We go beyond the standard practice and work collaboratively and creatively to help you reach your desired outcome.

It’s one thing to find your dream home, it’s another to have your dream experience. 

The Vutech | Ruff Way

With the real estate market on a never-ending “rollercoaster” of highs (interest rate hikes) to lows (low inventory), it is no wonder why it is so challenging to navigate the complexities of buying and selling a home. This is why we have stood by our #1 goal, and that is to make the process as easy as possible for our customers.   

We were recently asked the question; how do you best describe an experience with Vutech | Ruff brokerage? We believe it is these six points that differentiate us from others in the industry.   

• Simply put, we know Central Ohio. From the schools to the communities to all those “little things” you just would not know about Central Ohio unless you have lived and worked here your entire life. Marilyn Vutech and Jeff Ruff have been partners since 1993 and boast a team of fourteen licensed agents who specialize in all areas of real estate, including buying, selling, investing, and relocation to Central Ohio. Inside track? We think so!  

• In this challenging market, experience is KEY. Not only has Vutech | Ruff been serving Columbus, Ohio for over three decades, but we recently joined the Cutler Real Estate brand which has been helping people buy and sell homes for 75 years. Their core values emulate ours and our combined experience and expertise are unparalleled in the market.   

• We offer effective strategies and superior services. Buying and selling homes looks a lot different now than it did just a few years ago. Technology and digital spaces have never played such an integral role in real estate, which makes the access to tools and resources that we have since joining the Cutler Real Estate brand simply invaluable. And, frankly, they are tools that others in our industry do not have.   

  

“The technology and support from Vutech | Ruff, and the constant commitment to excellence, gives them a very boutique-like feel without feeling antiquated.”  

  

• Our combined team approach works. From open houses to showings to just “having each other’s back”, our commitment to one another and our clients comes across in everything we do. When asking our clients for words to describe our team, we were given “professional, down-to-earth, and very reliable.”  

• We personalize…everything. We believe that listening to your needs first is what builds a strong partnership in which we can work best together. Things like requirements, budget, and lifestyle must be at the forefront of our goals.   

• Dream homes are one thing. Your dream experience with the process is another. We understand the emotional toll that listing and/or searching for your home can take on you and your family. We hope to make the process as easy as possible- from home inspectors and mortgage brokers to lawyers and contractors, we can connect you with the best in the business.   

The real estate process is complex, and our goal is to make it smooth and stress-free for you. Our “all-in” approach and out-of-the-box thinking, along with our years of experience and expertise allow us to deliver the highest quality of service to you. This is how we describe the Vutech | Ruff experience.