A monthly letter on Central Ohio real estate from Nathan White. No brownie recipe.
You won't find a list of the last three houses that sold on somebody's street in here. Once a month I'm going to tell you what the Central Ohio numbers actually mean for your house, and walk you through one piece of the purchase contract most people sign without reading.
It takes about four minutes. If you want to argue with any of it, email me at nathan@movewithnate.com. I read every one.
The number
That's what Central Ohio sellers got in September compared to their original asking price. Measured against their final price, after the cuts, it was 98.8%. The space between those two numbers is the whole story this month.
What nobody tells you about pricing this fall
Your first price is the one that costs you
Run it on a median house. The median Central Ohio sale in September was $334,250. A seller who listed that house around $347,000 and closed at 96.3% of asking walked away about $12,800 short of the number they had in their head. Usually that happened after a few extra weeks of showings and a price cut every buyer's agent in town saw.
| Original list price | $347,092 |
| Sold at 96.3% of original | $334,250 |
| Left on the table | $12,842 |
Inventory hit 6,530 homes in September, up 12.3% from a year ago. Buyers have more to look at than they've had in about ten years. A buyer with choices doesn't bother negotiating with an overpriced house. They skip it. The listing sits, the days on market climb, and by the time the price drops, the first thing every buyer asks is what's wrong with it.
The sellers getting their number this fall priced it right the first week. Your neighbor's 2022 sale makes a great story at the cookout. It isn't a comp.
If you're buying
Yes, the rate stings. Look at what you get for it.
The 30 year fixed averaged 7.40% the week of October 15, per Freddie Mac. A year ago it sat around 6.30%. On a median priced home with 10% down, that's about $221 more a month in principal and interest.
Now the other side. Homes under contract fell 12.7% in September, which tells me a lot of buyers hit pause. The ones still shopping have more homes, more time (33 days on market, up from 30), and real room to negotiate inspection repairs and closing costs. A rate can be refinanced later if rates come down, and that's a conversation for your lender. A price can't be renegotiated after closing.
Contract in plain English
Clause 108c, the kick out
Want to buy your next house before you sell this one? Clause 108c in the Columbus REALTORS® standard clauses is how a lot of those deals get done.
Your offer is contingent on selling your current home within a set number of days. The seller keeps their house on the market. If another buyer shows up without a home sale contingency, you get written notice and a set number of hours to drop yours or step aside with your earnest money back. Your inspection clock doesn't start until you remove the contingency.
With inventory where it is, more sellers will take that deal than would two years ago. It isn't free. You're betting your house sells before somebody else's offer lands. Talk it through with me first, and with an attorney if the terms get unusual.
From the panel
If it matters, it goes in writing
I serve on the Ohio Association of REALTORS® grievance and mediation panels. I'll never share a case. I will share patterns, and the one I see most is simple: somebody was promised something out loud and it never made it into the contract. The washer and dryer were staying. The sellers would be out by Friday.
A verbal promise in a real estate deal is worth exactly what you paid for it. If it matters to you, put it on paper.
Around Central Ohio
Olentangy had a big month
While the region closed 5.7% fewer homes than last September, Olentangy schools went the other way: sales up 45.1% to 148 homes, with the median price up 5.3% to $589,500. Columbus City Schools and South Western City Schools in Grove City also sold more homes than a year ago.
Want your neighborhood's real numbers? Email me your street. Plain City, Dublin, Marysville, Delaware, Hilliard, wherever you are. I'll send what actually sold near you, pulled by a person instead of an algorithm.
Ask Nathan
Got a question? Send it to me.
Buying, selling, your contract, your property taxes, whether now is dumb or smart for you. Email nathan@movewithnate.com. I'll answer one here every month with no names attached, and I'll answer you directly either way.
Work works, period. Talk soon.
P.S. If somebody you care about is thinking about a move, send them this page. That's the whole ask.
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