Will the housing market change over the next few years? (Columbus: transplants, selling a home)

[place]

i am in the same boat as OP. I am in market and home in affordable range (150K-300K) are going at a minimum of 3% above list price this summer Specifically in Dublin and Powell

I have the data infront me as i am tracking the closed prices of homes which we lost at offer stage

219K condo closed at 226K
292K home closed at 305K

Sellers invite buyers into bidding war. I donot believe the columbus market will get a huge correction. Its very stable with +-20%. Lots of buyers are sitting in cash waiting for cash buyout. Even if prices fell by 3-5% high support level will come from cash buyers. Let me know if you need more details and i can give more specific data.

I wanted to buy a Single family home but i may get contended with the condo with the home prices.

[Jbeechuk]

Originally Posted by no1particular

Hilliard seems to keep coming up as a good place based on schools, housing, and commute time. Curious as to why its housing prices are better compared to Dublin/Worthington even though the schools/taxes are comparable.

As a Hilliard resident, I can say this: Hilliard taxes are among the highest in all of Franklin County. Yes, higher than Dublin. This is because of the Hilliard School system and the overuse of TIFs throughout the years. The schools don't get all the money they should, because of all the tax abatements that the city gives new businesses and apartments complexes as incentives to build here. This is why are levies are so high. (We have a new school levy on the ballot in November).


The schools here are excellent, but constantly getting filled, due to the ever-growing addition of children coming from all the apartments being added every year. The same apartments that until this year, were given tax incentives to build. So more overcrowding to the schools, but ZERO tax money going to the schools to pay for the new students.


Another is that Hilliard is served by the Norwich Township Fire Department, which is funded in a different way and costs the taxpayers more.


In general, Hilliard is more affordable, because we don't have all the amenities that Dublin has. Yes, Old downtown Hilliard is kinda cool and starting to grow finally, but it has a ways to go. Hilliard is more middle to upper middle class, while Dublin is upper middle class to wealthy in certain pockets. Dublin gets a lot more tax income, due to the higher value of their homes than Hilliard does. I think the more affordable hosing costs in Hilliard are offset by the higher tax rate.

[uvachic1215]

If you browse the posts and any of the recent articles about the housing market you'll see that jbcmh81 is exactly right. There is no over supply or construction of houses (I think they're building WAY too many apartments) but the issue is that there are not many houses on the market and there are not many being built outside of the Powell, blacklick and Dublin areas. HIlliard has some new developments that I checked out but the first phase was sold out so the prices there were pretty steep, upwards of 350K. I don't know what your budget is for a house but there's not much out there (Esp not a turnkey place) in the 150-250 range. I know because i was in the rat race for a short time and we really liked Hilliard, just couldn't find anything that worked for us. Same thing with Dublin in an area that wouldn't get us trapped on sawmill or 270. We settled for new build in Worthington, which are the only new houses going up as far as I know. Do your research and get a good realtor when you guys are really ready. The Cbus real estate game is not for the weak stomached lol

[jbcmh81]

Originally Posted by uvachic1215

If you browse the posts and any of the recent articles about the housing market you'll see that jbcmh81 is exactly right. There is no over supply or construction of houses (I think they're building WAY too many apartments) but the issue is that there are not many houses on the market and there are not many being built outside of the Powell, blacklick and Dublin areas. HIlliard has some new developments that I checked out but the first phase was sold out so the prices there were pretty steep, upwards of 350K. I don't know what your budget is for a house but there's not much out there (Esp not a turnkey place) in the 150-250 range. I know because i was in the rat race for a short time and we really liked Hilliard, just couldn't find anything that worked for us. Same thing with Dublin in an area that wouldn't get us trapped on sawmill or 270. We settled for new build in Worthington, which are the only new houses going up as far as I know. Do your research and get a good realtor when you guys are really ready. The Cbus real estate game is not for the weak stomached lol

They're actually underbuilding apartments too. The entire Columbus region has something like a 95% occupancy rate for apartments. Many of the apartment projects going up within the actual city often rent before construction is even finished. The issue is that between 22K-25K people are moving to metro every year, and about 80% of those new residents end up in Franklin County, and a full 55%-60% end up in the city itself. Since the recession, only about 750 new home are being built each year in the entire metro, along with about 3,000 apartments. This compared to pre-recession numbers of upwards of 3K-5K homes and a few thousand apartments.

[uvachic1215]

Wow I can't believe the apartment shortage because just where I am currently (which is an apt complex 2 years old) there are 3 complexes up with one built this year, one going up now and another planned. I guess if the growth is there then they'll keep building

[Jbeechuk]

Apartments are being built like crazy in Hilliard. Been this way for a few years. Directly across from my condo community they just broke ground on a new 300 unit complex with 1100 parking spaces!

[jbcmh81]

Originally Posted by Jbeechuk

Apartments are being built like crazy in Hilliard. Been this way for a few years. Directly across from my condo community they just broke ground on a new 300 unit complex with 1100 parking spaces!

Such a waste of space. Why more than 3x the parking as the # of units? Makes no sense to me.

[Jbeechuk]

Originally Posted by jbcmh81

Such a waste of space. Why more than 3x the parking as the # of units? Makes no sense to me.

I don't know, I guess 2 for every apartment, plus an extra for a guest.

[no1particular]

Originally Posted by uvachic1215

There is no over supply or construction of houses (I think they're building WAY too many apartments) but the issue is that there are not many houses on the market and there are not many being built outside of the Powell, blacklick and Dublin areas. HIlliard has some new developments that I checked out but the first phase was sold out so the prices there were pretty steep, upwards of 350K.

This is really interesting. I would think that builders would see this as an awesome opportunity and start buying this farmland for housing developments. This is what happened where I lived in Louisiana. There was a huge boom in people moving into town, and also people weren't *leaving* town, so they started buying up the sugarcane fields and putting housing developments on them.

I swear I pass so many empty acres of land, surely the cost of the land would be made up by profit from the homes sold?

WHERE ARE YOU BUILDERS???

[Rosebush1]

As predicted earlier in this thread the housing market has cooled somewhat. Two people I know selling homes were told by their realtor we have hit the annual back to school market lull.