Warren County Ohio Real Estate News and Observations

How NOT To Get Top Dollar In A Sellers' Market

money money monnnnnneeeeeeeyLarge portions of our local Cincinnati real estate market are fully in the sellers' market category right now.  There's just not enough homes for sale to meet buyer demand in the affordable home segment, and the result is a good condition home priced well will go under contract FAST. 

Now the trouble with this kind of market is that some sellers assume they can get top dollar for their home, without being willing to do the things that create top dollar value.

Every neighborhood has an fairly well established range of values.  It's easy enough for an agent or the consumer (if they're proficient at using the county auditor's site) to see the SOLD prices of recent area sales.  In a typical subdivision, there's a range for 3 bedroom homes, another for 4 bedroom homes, a range for homes with 2 car garages and a different one for 3 car garages, etc.  Facts are facts.

But the inclination in a sellers' market is to ignore the facts.  "Hey, there's just not enough homes on the market so I can get MORE".  And that's true, up to a point.  And if you're lucky you get the higher end of the normal range, and maybe even a bit more.  And if you're REALLY lucky, the appraiser doesn't dispute the fact that you're getting 5-10% more than similar homes sold in the last few months.

But all of that is assuming your home IS in top condition and there's not something off putting about the home, the lot, etc.

Today we attended an open house with a pair of our buyers, and the home was an object lesson in how NOT to get top dollar:

  • Homes getting top dollar in the area have finished basements, this one was studded out, but that was it.  And the basement involved two unfinishable areas.  Top dollar, we'd expect a FULL basement and some significant living space already finished.
  • There was fresh paint on the walls AND some of it was also on the hardwood floors inside the entry.  Not good.  For top dollar, a buyer expects move in ready.
  • Some of the updating stopped short of the full job.  If you're going to nicely tile the bathrooms, leaving the original $25 builder's special faucets just doesn't leave the right impression.
  • For top dollar, the inside AND the outside of the home need to be in good condition.  Today's home literally had the supporting paneling under the fireplace bumpout mostly detached and hanging down.  Add in some water damage there, some partially detached trim board on the front wall, drain piping with holes where they didn't belong and gutter downspouts not fully attached to the home, and a missing garage sidelight?  Those just don't give a buyer a good feeling about how well a home has been maintained.
  • And if you're going to upgrade the kitchen counters, it's critical that where two pieces of granite meet, that the pattern isn't just similar, but it actually blends well.  A two tone approach is pretty glaring.

Basically, to get top dollar, you have to provide a move in ready home that compares VERY favorably to similar homes.  Those true extra finishing touches that place your home above the competition are what will give a buyer an "excuse" to open their wallet a bit wider to make sure YOUR home becomes THEIR home.


Ready to talk  Cincinnati area real estate?  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!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Http://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

 FacebooktwitterWordpressYouTube Pinterest








View Liz Spear Team of RE/MAX Elite Primary Service Area in a larger map

Comment balloon 2 commentsLiz and Bill Spear • July 15 2018 01:28AM
How NOT To Get Top Dollar In A Sellers' Market
Large portions of our local Cincinnati real estate market are fully in the sellers' market category right now. There's just not enough homes for sale to meet buyer demand in the affordable home segment, and the result is a good condition home… more
Home Sellers, How Does Your Home Look Online?
They say every home has a price. No matter how beat up the house or how bad the neighbor's home looks, there's a price that at least ONE buyer will find acceptable. But what if for YOUR home you're being led to a price LOWER than what your home… more
Blink! Another Oregonia Ohio Home Under Contract
43 S. Waynesville Rd Oregonia OH 45054 Affordable homes for sale in the Lebanon City School District aren't lasting long! Our last listing on Blossom Heath in Lebanon had multiple offers and sold above list price within 24 hours of being… more
It's A Wrap! Another Middletown Ohio Home Sold!
It didn't take long to get under contract and now it's all done! 2112 Woodlawn has a new owner! Closing was held this afternoon and our seller was able to do the neighbors a big favor and help boost the price comparables for the neighborhood with… more
You Can't Fix It Yourself Says The Buyer
My home has some things wrong with it, just like basically every home ever built. If I wanted to sell soon, I'd have to take care of some minor things here and there. An electrical junction box in the basement that needs a new cover, some touch… more
Are You Leaving Money On The Table When You Sell Your Home?
Sometimes as a real estate agent I see a price on a newly listed home and think "WOW, that home is REALLY underpriced! ". Like tens of thousands of dollars underpriced. Now sometimes the underpricing may be entirely on purpose. The… more
Let's Play Charades
There are some things about being a real estate agent that amuse me. One of those things? The elaborate dance of trying to bring a seller and buyer together on the terms to sell a home. Buyer writes offer. Obviously buyer loves home enough to want… more
16 Reasons Your House May Not Have Sold (YET)
Selling a home is often a tightrope of conflicting demands. Do you want to sell FAST? Do you want to sell for the highest possible DOLLARS? What, you want it ALL? Well if you live in the right area of the country you might get your wish, but for… more
Our Home CAN'T Be Overpriced!!!
When you REALLY know a market, it's pretty apparent when something is badly wrong with a home's asking price. One of two things is likely to happen: 1. Buyers don't show up at all. No showings, no calls… nothing but the sound of crickets… more
Will You Overprice My Home And Then Reduce Price Later?
So you want me to promise you a price too high for the market and then keep reducing the price until we find out what the market will REALLY bear? Sure, we COULD do that! But that's not what I'd recommend and not ever my preferred method of… more