It’s been a busy summer in real estate, and the latest economic news is giving both buyers and sellers plenty to think about. The team at Sell For 1%—Jaime, Dave, and Jaysen Barlow—sat down with Rich Cercone of Equitable Mortgage to unpack what’s really happening with interest rates, inflation, and the Columbus real estate market.
Mortgage Rates Are Finally Coming Down
Not long ago, mortgage rates were brushing up against 8%, but we’ve now settled into the mid–6% range. That’s a big shift for anyone who has been sitting on the sidelines waiting for relief.
Why the drop?
- Recent jobs data came in weaker than expected.
- Inflation, while still a concern, has been showing signs of control.
- Both CPI (Consumer Price Index) and PPI (Producer Price Index) reports are giving the Federal Reserve more confidence to start lowering rates.
Markets are already forward-looking. In other words, the expectation of a Fed rate cut in September has already been “priced in,” and that’s why mortgage rates have ticked downward ahead of time.
What Does That Mean for Buyers and Sellers?
- Buyers: If you were pre-approved at a higher rate, now might be the time to check again. Even a small drop in rates can mean hundreds of dollars in monthly savings—or the ability to afford more home.
- Sellers: Lower rates mean more buyers re-entering the market. Columbus inventory is still relatively tight, so homes priced correctly are moving.
As Jaime pointed out, buyers are starting to “activate.” Phone calls, showing requests, and interest levels are picking up again.
Refinancing Makes a Comeback
If you locked into a mortgage at 7–8%, refinancing could save you real money. Even a $200/month savings adds up to $72,000 over 30 years—and that’s after-tax money right back in your pocket.
Rich explained that while refinancing valuations can sometimes look higher than market reality, the best way to know what your home is worth is to ask your Realtor for a current market analysis (CMA). Appraisals tend to look backwards, while Realtors know what’s happening right now.
The Columbus Real Estate Market by the Numbers
- Active listings: Just over 5,400 in the metro area.
- Days on market: Rising, now averaging around 69 days.
- Price reductions: 50% of listings have cut their asking price—up from just 15% a few years ago.
- Average sales price: $398,000 in June, up 3.6% from last year.
While some homeowners who bought at peak prices in the last 1–2 years are finding resale values tricky, long-term owners are still sitting on significant equity.
And despite the slowdown, Columbus continues to shine compared to other markets. Unlike Florida or California, our city’s housing prices have held strong—even during tough years like 2008–2012.
What’s Next for Columbus?
Looking ahead, the group expects:
- A late-summer bump in buyer activity after Labor Day.
- Continued pressure on sellers to price homes realistically.
- Strong demand for multifamily properties, which remain especially hot in the Columbus area.
Whether you’re buying, selling, or considering refinancing, the message is clear: now is the time to have a conversation. Rates are already better than they were earlier this year, and market opportunities are opening up.
✨ Thinking of buying or selling in Columbus?
The team at Sell For 1% is here to guide you with honest advice and market insights. Call Jaime, Dave, or Jaysen to discuss your home’s value, or connect with Rich Cercone at Equitable Mortgage to see what today’s rates mean for your budget.
Watch the full conversation
