Some years back it was tough to sell a home. The economy was rough, there were pages and pages of foreclosures in the newspaper and home values had lost 10-15% (or more) in our local market. If a seller hadn't built up much equity in a home, a home owner only had a few choices:
1. Sell and write a check
2. Go the foreclosure route
3. Try for a short sale.
None of those options were good for a credit score so many home owners chose #4, just stay put and ride it out.
Eventually the market got better. Home values steadily climbed back up. Foreclosures and short sales dwindled. Today, distressed properties are almost nonexistent in our local market. Things are flowing pretty well considering quick sales and multiple offers weren't uncommon over the prime summer months! Only one house for sale in the neighborhood? Top dollar!
But even when things are going well, there can still be some ebbs in market demand. A particular subdivision can have an instance when multiple sellers are all trying to sell at the same time. That can lead buyers to question if there's something wrong with the neighborhood to have so many sellers at once (most likely NOT a neighborhood problem, it just seems like one). And supply and demand flips the equation and instead of multiple sales and multiple offers, you get sellers competing with each other and moving price down to become the "best" home for the buyers. That little hiccup can impact the neighborhood home values for months (or longer).
Bottom line, if you're going to buy or sell, you need to hire an agent that knows the market and understands the ebbs and flows of the local markets. Having that agent at your side can be worth thousands and thousands of dollars saved.
Need help with buying or selling a home in greater Cincinnati?
Just give us a call at 513-520-5305 or email Liz@LizSpear.com.
We look forward to hearing from you!
Bill & Liz aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
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