Relocating, what you need to know

For the last decade, 57 people have been moving to Columbus each day. Currently, Columbus is building 8,000 new homes per year, which is 6,000 shy of what is needed to meet the demand. According to the most recent census, Columbus is expected to grow by 1 million people by 2050. Couple this with the Intel announcement and you will see that we have less than a one month supply of inventory. The recent increase in interest rates have slowed the market a little and shifted the budget of many home buyers. Purchasing power at 3.5% is different than 5.5%, so many home buyers have put on the brakes or adjusted their search budget.

Over the last year, I have worked with many buyers who relocated to Columbus. Some who didn’t even see their new home until closing. I have several resources to help you narrow down your search and get acquainted with Columbus from afar. But, there are some things that you should do to help me or your agent.

Get pre – approved with a local lender for the current interest rate. Using a local lender with knowledge of the current Columbus market is key to getting your offer accepted. A seller is more likely to accept an offer from someone whose lender is familiar to the selling agent. It ensures that the transaction will go smooth and the listing agent is confident with the pre-approval. You also must have a pre-approval to submit an offer.
Going hand in hand with your pre-approval is knowing your budget. One thing that also affects your monthly payment are taxes. So make sure you have a grasp on what your property tax increase will be with the homes you are interested in. The increase in property values are impacting your taxes about a year after you purchase…you definitely don’t want any surprises.
Have a general idea of what you are looking for. Even if you don’t know what part of town, that is where I can help. But I do want to know what is important to you. If you have a commute, how long are you willing to drive? Do you need a home office? Are schools important? Do you want a walkable neighborhood? Do you prefer newer or older homes. Telling your agent what are must haves for your new home will help narrow the area of town.
Tell your agent what you like about your current home and what you don’t.
Know the time frame of when you must be in your new home. Sometimes sellers are asking for extended possession, meaning they want to stay in the home after it closes. Make sure this aligns with what your needs are.

In some instances this market makes finding your forever home a little difficult. So finding your right now home might be a short term strategy to get you to Columbus…then take some time to get to know the city and figure out where your forever home might be. Each housing market has different nuances. So make sure you understand what it takes to put in a strong offer, one that will get accepted. Also set your expectations. It may take a few offers to get one accepted, so be prepared.

I am a CTA, Certified Tourism Ambassador for Columbus. This means I took a class to know more than the average person about Columbus. In addition I frequent local events, museums and neighborhoods to keep up to date with everything Columbus. This knowledge has been helpful when working with out of state and out of country clients. Check out Experience Columbus to learn more about the area and what Columbus has to offer. www.experiencecolumbus.com.

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