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Haring Realty's Homes of Distinction Blog
Homes in north central Ohio are appreciating, good news for both sellers and buyers. In Richland County, the median home price per the local MLS for the 12 months ending September 30, was $89,900. That compares to a median price of $84,000 for the previous year which indicates strong year to year price appreciation of approximately 7%. Although home prices have not yet returned to peak levels, the current trend is good news for homeowners. For comparison, when local home values were peaking, the median home price in 2005 for Richland County was $94,900.
Due to what is often times the negative bent of the news media, many homeowners don't realize how values have increased. A recent study by Fannie Mae, surveyed homeowners and asked them if they thought they had at least 20% equity in their home. The results showed that 37% believed they had at least that amount of equity. The study further showed that in reality 69% of those same people surveyed had 20% or more equity. I found this really interesting. Many homeowners don't have a good understanding of their property value. For homeowners reading this who would like to know the current value of their home, I would suggest calling our office and speaking with one of our sales associates. They will be glad to perform a no-obligation free market analysis of your property.
How about if you are looking to buy? Prices are still well below levels from 10 years ago but we can see they are quickly returning to "normal levels". Interest rates remain near historic lows. Finally, it is now possible to buy a home with a down payment of as little as 5% and sometimes even lower. Banks are anxious to make home loans today. Our office can recommend a list of local lenders that will be able to quickly pre-approve you for a home loan. This will help you understand how much home you can afford and the amount of your monthly payment. With home prices growing again at normal levels, homeownership is a great long term investment. According to the "Home Price Expectation Survey" for the 3rd quarter of 2015, even the most pessimistic economists (aka "The Bears") expect house prices to increase nationally by 10.5% between now and 2019.
Consequently, people buying a house today, will enjoy not only the quality of life offered by their new home, but also earn a good financial return on their investment.