[Updated: March 30, 2023 | Published: May 31, 2022]
If you or a parent are 60-plus and living in Columbus, Ohio, it may be time to consider selling your home, downsizing, and moving to an independent living apartment or villa in a senior living community!
The 2022 National Housing Forecast from Realtor.com projects home sales to reach 16-year highs nationwide and in many metro areas.
Home prices are still near record highs, even though the pace of growth is slowing. Buyers remain plentiful.
Keep in mind that the sellers’ market may wind down in the coming months as the Federal Reserve Board continues to raise interest rates to curb inflation. Mortgage costs have jumped, which can result in fewer offers.
All this translates into a rare opportunity for home sellers. Here are the top five reasons Columbus seniors should sell your house in 2022.
1. Central Ohio Real Estate is Among the Nation’s Hottest
For the past few years, Columbus has consistently ranked among the nation’s top housing markets.
The trend continues in 2022, as Realtor.com predicts Ohio’s capital city to be the 5th hottest housing market. Asking prices and transaction volumes are expected to be double the national average, with the demand for homes in Columbus remaining high due to relative affordability and in-migration.
There are a number of things that make the Columbus real estate market a great place for investors. Despite the increase in home prices, the market is “super affordable” compared to the average national listing prices for homes.
People want to move to Columbus for its steady jobs market, vibrant arts scene, abundance of traditional and ethnic restaurants, growing craft beer and coffee scenes, world-class museums and libraries, walkable neighborhoods and much more. A diversified economy, with major industries such as technology, finance, and education, continues to attract workers.
“Columbus has had a strong jobs recovery and that jobs recovery is projected to continue,” said Realtor.com Chief Economist Danielle Hale, noting that Columbus has done especially well in adding jobs in STEM (science, technology, engineering and math) fields.
The future looks bright for Columbus and its suburbs, meaning homes may remain scarce for some time to come. However, the years of double-digit home price increases may be on the wane.
For 2022, Realtor.com forecasts Columbus-area home sales to rise 13.7% and prices to climb 6.3%.
2. There are More Buyers than Sellers in Central Ohio
Central Ohio real estate remains a seller’s market for 2022. Houses in popular neighborhoods and suburbs including Dublin, Worthington, Upper Arlington, Powell, Riverlea, Westerville and New Albany sell almost as soon as they go on the market.
The historic population growth in Columbus has been steady, with the metro area gaining nearly 50 new people each and every day. According to the most recent survey by the U.S. Census Bureau, the population of Columbus surged by 15% over the past decade, about 7 times more than Ohio overall.
Since Columbus real estate markets tend to heat up even more once schools let out for the summer, now is the perfect time to think about putting your home on the market.
Even homes with blemishes are selling “as is,” without requiring sellers to fix them up.
If you’re even thinking about downsizing, it makes sense to talk to a realtor about listing your home in this market.
3. Interest Rates Are Rising
Until recently, historically low interest rates were among the reasons buyers have been so eager to get houses in contract. In 2021, average interest rates of around 3.0 percent meant they could afford to buy a more expensive house.
As of Tuesday, May 31, 2022, current rates in Ohio had risen to 5.29% for a 30-year fixed, 4.57% for a 15-year fixed, and 4.25% for a 5/1 adjustable-rate mortgage (ARM).
By the end of 2022, mortgage experts predict that the 30-year fixed mortgage rate could rise as high as 7.0 percent, with the 15-year mortgage rate reaching as high as 6.0 percent.
4. Central Ohio Senior Living Communities Have Openings
Although it’s a great time to sell, it’s a hard time to find a new home – unless you’re shopping for a senior living apartment.
During the pandemic, many people put off moving to independent living communities. As a result, you may have more choice than usual among communities and apartment homes this spring.
However, premier communities like Friendship Village of Dublin are filling up fast.
“If you are thinking about moving to an independent living community in the next few years, there’s no time like the present to secure your choice of community and living unit,” said Executive Director Rita Doherty. “And, with today’s higher home prices, you may find that your nest egg stretches further toward securing the worry-free lifestyle you’ve earned.”
5. There’s No Reason to Wait to Live Life to the Fullest
If you’ve ever dreamed about a maintenance-free lifestyle, there’s no reason to wait.
At Friendship Village of Dublin, our residents enjoy an enviable lifestyle filled with compatible companions, luxe amenities and engaging activities. All on a scenic, 29-acre campus with lush gardens, walking trails, two fitness centers, an indoor swimming pool and more. And did we mention the chef-prepared meals?
Plus, our residents enjoy the security of LifeCare – an all-in-one package of flexible services, amenities and future health care if needed at a predictable cost, so you have more freedom to enjoy your active, independent lifestyle.
Want to Learn More about the Columbus Real Estate Market?
On June 16th at 2:00 p.m., Kathy Chiero of The Kathy Chiero Group will discuss the real cost of homeownership (even with no mortgage) and why renting/CCRC living can make financial sense for many lifelong homeowners.
She’ll also talk about the housing market and the right time to sell your home.
To register for this free event, click below or call 614-665-5538.
Interested in Learning More About Life in Perfect Balance?
We invite you to schedule a visit to learn about all we offer! Our premier LifeCare community offers the maintenance-free lifestyle you’ve earned at a surprisingly affordable cost.
Don’t forget to ask about our move-in-ready one- and two-bedroom apartments like The Quinn!
