CINCINNATI, Ohio — Buying a home doesn’t seem to be at the top of the list of many Ohioans right now — especially as they look to get through this pandemic.
- The demand for housing may be on the decline right now, but that wasn’t the case during the first two months of 2020
- According to Ohio realtors, there was an increase in units, volume and sale prices in Cincinnati, Columbus and Northeast Ohio
- Virtual open houses and closings are just some of the ways cutler real estate and other realtors are helping keep home buyers safe during this pandemic
According to a survey from the Ohio Realtors, 85 percent of respondents say COVID-19 has significantly decreased their home buying interest.
This has had a significant impact on real estate throughout Ohio.
Cutler Real Estate President Andy Camp says the decline in home buying interest is due to buyers’ uncertainty of the future.
“We saw what we were anticipating, which is a general lull in the real estate market as people are really searching to really gain certainty about what’s going to happen next,” said Camp.
The demand for housing may be on the decline right now, but that wasn’t the case during the first two months of 2020.
According to Ohio Realtors, in Cincinnati there was a 7.4 percent increase in units, an 11.8 percent increase in volume and a 4.1 increase in the average sale price of approximately $216,400.
In Northeast Ohio there was a 12.8 increase in units, a 20.1 percent increase in volume and a 6.5 percent increase in the average sale price of approximately $169,200.
In Columbus there was an 11.5 percent increase in units, a 20.6 percent increase in volume and an 8.2 increase in the average sale price of approximately $235,300.
Even right now, many Columbus realtors have remained busy.
“We didn’t miss a beat,” said Arica Robbins Worth, a realtor with HER Realtors. “We’re doing everything kind of as planned. We might have taken a pause right when Governor DeWine did the stay-at-home because we were scrambling.”
Camp is confident that within the next couple of months the demand for housing will eventually increase. He believes many people will take advantage of the all-time low interest rates and realize it’s time for something different.
“Perhaps it’s time to move to a bigger home,” he said. “Some people are going to realize that it’s time to downsize. Some people are going to look at the equity that they’ve had in their homes as a way for them to navigate these uncertain times.”
Some of the ways in which Cutler Real Estate and other realtors are helping homebuyers and sellers ease their fears and uncertainty is by using safe showing guidelines.
Instead of in-person open houses and closings, everything can now be done online with the click of a button. Homebuyers have the option to view homes and interact with real estate agents through the agency’s website.
“If you have the need we can continue to provide real estate essential services and do it in a safe and supportive way,” Camp said.
Camp says the real estate industry has the potential to really help the economy during this time. According to the National Association of Realtors, $56,000 is put back into the community for every home that is sold.
“As you’ve seen in past recessions, you’re going to see housing leading not only the state, but the country out of it [pandemic].”