If you’ve been paying attention to the real estate market at all recently, you know that home prices are on the rise, mortgage rates are low, and inventory is scarce. These factors combine to create a strong seller’s market.
The world of Cincinnati real estate is no exception. In fact, during the summer of 2021 Cincinnati was the number one fastest selling housing market in the entire United States.
Whether you’re buying a home or selling a home, navigating the market during this time can be tricky.
Let’s take a look at what you need to know no matter which side of the real estate transaction you’re on.
Tips for Buying a Home in Cincinnati
Buying a home in a seller’s market is possible, but being prepared and organized can go a long way. Here are some tips for buying a home in Cincinnati.
Familiarize Yourself With the Area Before You’re Ready to Buy
When you’re trying to buy a home in a seller’s market, it pays off to be prepared. Rather than waiting until you’re ready to buy to start looking around, start seeing what’s on the market before you get serious.
This could consist of walking around neighborhoods you’re interested in to get a feel for them or looking at listings online. You can also keep an eye out for how quickly houses are going under contract after they’re listed. This can help you understand how quickly you’ll need to move when you want to make an offer on a property.
In Cincinnati, there are a lot of different neighborhoods that offer a distinct vibe. Whether you’re interested in the west side, the east side, downtown, or northern Kentucky, those moving to Cincinnati for the first time will want to familiarize themselves with the different regions of the city.
Are you wondering what the best parts of living in Cincinnati are? If so, check out our list of things to do.
Find a Good Real Estate Agent
Having a good real estate agent can make all the difference when you’re trying to buy a home in a hot market. They will send you listings that are up your alley right away and will know how to make an offer that will stand out.
Have Your Financing Lined Up
There’s no way around it: houses are selling fast in Cincinnati right now. This can create a frustrating situation for buyers because the inventory is limited and competition is fierce.
In order to give yourself the best chance at getting your dream house, make sure your financing is all set. When you are preapproved, it can help to show that you are serious and not just window-shopping.
Tips for Selling a Home in Cincinnati
If you’re selling property in Cincinnati, there are a few things you’ll want to keep in mind. Here are some tips for selling your house in the Queen City.
Get Your Paperwork in Order
Since the market is moving quickly these days, it’s best to have all relevant documentation in line so the selling process doesn’t get held up. You might even consider getting an inspection done before you put the property on the market so buyers can have an accurate picture of the property right away.
Get Your Property Ready to Show
Buyers might be more willing to overlook cosmetic flaws or even more expensive repairs in a competitive market. If you were hoping to sell your house “as-is,” you’ll have a better chance in a seller’s market.
That being said, it can still be advantageous to prepare your home for sale as you would in a less competitive market. The more move-in-ready your home is, the more quickly you can expect to sell it at a price that you’re happy with.
An experienced Cincinnati listing agent can consult with you about what work you should do before listing and what work likely isn’t necessary.
Be Prepared to Review Purchase Offers
Once your house is on the market, how soon you start getting offers is somewhat out of your hands. In the summer of 2021, homes in Cincinnati were only on the market for nine days, on average. By comparison, the average house was on the market for 23 days the previous summer.
Some homes in Cincinnati will even sell before they’re listed.
This means that once you list your house, you might need to review purchase offers and make a decision right away. It is considered common courtesy to let buyers know as soon as possible if you aren’t going to accept their offer.
Take Advantage of the Hot Market
If there is something unusual about your property sale, selling while the market is hot is a good idea. For example, maybe you are hoping to buy another home before you move out or perhaps you are selling a rental property that has a tenant leased for a few more months. When inventory is low, buyers are typically more willing to accommodate unusual needs such as these.
Work With an Experienced Agent
When you’re hearing stories about houses receiving a dozen offers in a day and selling for way over listing, it’s easy to get your hopes up too high. Working with an experienced agent can help you get the price right on your home so you can maximize your profit and sell your home quickly. Sometimes the right thing to do is counterintuitive, for example, an agent might suggest keeping the listing price on the lower side to invite interest and a bidding war.
Are You Looking for an Agent Experienced in Cincinnati Real Estate?
No one knows the world of Cincinnati real estate better than Duffy Team Comey & Shepherd. Over many years, we’ve helped hundreds of families buy and sell homes throughout the Cincinnati area.
Is it time for you to buy or sell a home in the Cincinnati area? If so, contact us today!