For a long time our area market belonged to the buyers. Housing demand tanked, home prices dropped and homes took months (or longer) to sell. New construction screeched to a halt. Low ball offers were the order of the day and a buyer didn't have to be in much of a hurry. Plenty of homes to choose from so let's look for the best possible deal. Only the most in demand areas kept some balance.
But over time that balance became more the norm and less the exception. New construction came back with a vengeance, but often at a price point too high for many buyers. Home values climbed & homes sold more quickly. And the best of the best homes in the best neighborhoods, well those homes would get swarmed and multiple offers would follow.
And what we're seeing now is the pendulum has swung fully to the sellers' advantage. There just aren't enough affordable homes for sale.
Homes that previously might not have gotten a second look are getting immediate looks as soon as they're on the market.
And what might not be unusual in other parts of the country is becoming more common here:
- Offers written contingent upon seeing the home and wanting it
- Offers at or better than asking price
- Multiple offers shortly after going live to the public
So what does this mean to our area buyers?
- It's literally a you snooze, you lose scenario. Seeing a home come on the market and sleeping a night or two before going to visit may very well cost you the opportunity to buy the home. As we mentioned, inventory is TIGHT, and other buyers just like you are waiting for the NEXT home to come on the market.
- The fact that it's the typical slow season of the year? Throw out the past. A recent listing of ours is getting PLENTY of showings.
- You best have your financing ducks in a row. Have a solid preapproval letter ready to go.
- Make a fair price offer if you want to have a chance.
- Minimize your requests in the offer. The plainer, the better.
Now someday the pendulum will swing back, but for now, it's critical for buyers to understand the current market conditions. You snooze, you lose.
So ready to talk about selling or buying a home? Just call 513-520-5305 or email Liz@LizSpear.com to get started! We look forward to hearing from you!
Serving Warren County Ohio area home buyers and sellers,
Bill of Liz and Bill 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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