Find Cash Home Buyers in Columbus for a Smooth Sale

Inside the Columbus cash home buyers market

Columbus’s cash home-buying market attracts a diverse array of buyers, from seasoned investors to newcomers looking for a fresh start. Here’s an in-depth look at who these cash buyers are and what draws them to the Columbus real estate market.

New residents

A recent Bank of America study named Columbus, Ohio as the fastest growing city in the U.S. During the second half of 2023, the city’s population increased by 1.1%, beating out Austin, San Antonio, Las Vegas, and other burgeoning metro areas. New residents are drawn to Columbus’s vibrant cultural scene, booming job market, and affordable cost of living.

Some newcomers, especially wealthy buyers and those moving from more expensive parts of the country, are able to purchase homes outright in Columbus. In September 2023, nearly 33% of home sales in the city were cash transactions. Foregoing a mortgage speeds up the relocation process, which is appealing to buyers who are moving for a job opportunity or to support a family member.

Baby Boomers

Baby Boomers represent a significant portion of cash buyers in the Columbus real estate market. Seniors, those aged 60 and over, make up close to 17% of the population.

Nationwide, more than half of Older Boomers (born 1946–1954) and 32% of Younger Boomers (born 1955–1964) opted for all-cash transactions in 2023. These buyers often seek homes that cater to their lifestyle needs, such as single-story properties, minimal maintenance requirements, and accessibility features. If your Columbus home has any of these characteristics, like a first-floor primary suite or an easy-to-manage yard, highlighting them in your listing description could attract older buyers eager to pay in cash.

Property investors

Cash home purchases by large investment firms are quite common in Columbus. These firms tend to target mid-range single-family homes that they can turn into rentals — especially those in good school districts with limited rentals or starter homes. While investor purchases have declined within the last year, Columbus’s relatively low home prices make it an attractive market for churning out rentals.

Other types of real estate investors who may be interested in purchasing your Columbus home include house flippers, buy-and-hold investors, wholesale investors, and iBuyers. Bucking the national trend, Columbus home-flipping rates (a portion of all home sales) surged from 10.9% to 13.5% between 2022 and 2023, according to real estate data provider ATTOM. Considering the rise in home flipping activity, homeowners in Columbus may have a decent chance of selling to “We Buy Houses” companies for cash.

Pros of working with a Columbus cash home buyer

Cash offers can be an attractive option for Columbus homeowners seeking an efficient and streamlined sales process. Here are some key benefits of working with a cash home buyer:

How to request a cash offer in Columbus

If you’re searching for a straightforward way to secure a cash offer for your home, HomeLight’s Simple Sale platform offers a seamless solution. This platform connects you to the largest network of vetted and pre-approved investors across the U.S., ensuring a reliable and efficient sales process.

By simply answering a few basic questions about your property, you can receive a no-obligation, all-cash offer within 24 hours. If you accept, you have the option to close the sale in as few as 10 days, bypassing the usual hassles of repairs, staging, and countless showings. Plus, you can select a move-out date that fits your schedule, up to 30 days post-closing.

While it’s true that cash buyers typically offer less than what you could potentially fetch on the open market, it’s important to consider the overall financial picture. Selling traditionally can incur fees that may total 9% to 10% of your sale price, including agent commissions and closing costs. Depending on your circumstances, accepting a cash offer via HomeLight’s Simple Sale might still be advantageous, especially when you factor in the speed and certainty of the transaction.

How much are Columbus cash home buyers willing to pay?

When considering a sale to cash home buyers in Columbus, it’s important to understand that these transactions often involve a trade-off between speed and price. Typically, sellers receive an offer that is below market value, as cash buyers account for the convenience and certainty they provide by eliminating financial contingencies and speeding up the closing process. In house flipping, this calculation often follows the 70% rule, where investors purchase homes at no more than 70% of their after-repair value minus the cost of necessary renovations.

The competitiveness of the Columbus housing market can influence how close these cash offers come to the market value. In a hot market, where demand outstrips supply, cash offers may approach or even meet the full market value. On the other hand, in slower markets, cash offers tend to be lower, reflecting the reduced competition and buyers’ leverage. Sellers should weigh these factors carefully when deciding whether a quick, cash sale aligns with their financial and personal needs.

What’s the process of selling to a Columbus cash home buyer?

If you’re looking for speed and simplicity in selling your home, a cash transaction might be a good option. Here’s a look at the steps typically involved in this process:

Complete the Ohio Residential Property Disclosure Form

In Ohio, sellers are required to complete the Ohio Residential Property Disclosure Form, detailing the condition of the property and any known issues. The disclosure covers various aspects like structural integrity, water leakage, infestations, and major systems, essentially serving as a formal declaration of the property’s state. This requirement protects buyers by ensuring they’re aware of potential problems before entering a purchase agreement.

If you’re working with a Columbus “We Buy Houses” company, they will typically handle the preparation of necessary documents, including the disclosure form. However, completing it in advance can help speed up the sale process. These companies often buy homes in any condition, viewing the disclosure more as a legal formality than a deal-breaker.

The buyer runs a title search on the property

A key step in the process is when the cash buyer verifies the property’s title. This title search confirms your legal ownership and checks for any liens, claims, or discrepancies like boundary disputes or undisclosed heirs that could delay the sale. A clear title is necessary for the legality of the transaction and protects the buyer from future legal troubles.

The seller pays any associated fees

While cash sales often involve fewer closing costs than traditional sales, there are still expenses that sellers need to cover. In Ohio, for example, sellers are responsible for a real property conveyance fee, which functions similarly to transfer taxes in other states.

The statewide tax rate — called a “mill levy” — amounts to 1 mill ($1 per $1,000 dollars of the value of property sold or transferred). Every county in Ohio (except Ross County) also imposes a transfer tax of up to 3 additional mills. There are some tax exemptions, however, such as when a property is transferred to a surviving spouse.

If you are looking to avoid closing costs altogether, many “We Buy Houses” companies will cover them, albeit in exchange for an offer that’s below market value. This can be a worthwhile trade-off for the convenience and certainty of a cash sale.

Deciding to sell to Columbus cash home buyers

Columbus’s strong investor market creates ample opportunities for cash sales. Whether you decide to seek out cash buyers yourself, work with a local real estate agent, or get a quick offer through Simple Sale, HomeLight can connect you with useful resources and top professionals. We’ll help you navigate the cash home sale process and potentially benefit from Columbus’s active investor market.

Header Image Source: (Ellie Brown/ Unsplash)