Right now parts of the Cincinnati market are going a bit crazy. Not nearly enough homes for sale, especially in the most affordable price points. We're working with buyers who are willing to buy in the West Chester/Mason/Kings area and we're seeing a consistent trend:
Homes are being swarmed by buyers as soon as they come on the market. Now we're not nearly as crazy as some markets in the country, but it's not been the norm here to have to compete with more than one or two other offers if you're a buyer. That's not the case currently, with nice homes getting 5, 6 or more offers. And that means there is ONE winner and more buyers that are having to continue their home search.
So perhaps it's not even the third time that's the charm, but house purchase attempt 5 or 6 (or more) before a buyer is the winner.
As an agent you can watch your buyer's approach change as the reality of the market sets in. The desire to have a home to call theirs leads to some "must haves" becoming...."well if we can get that, great, but if not maybe we can add it later!".
The desire to get a deal becomes "so how close to asking price do we need to get?" or even "so how much OVER asking price do we need to go?".
We're hearing of buyers dropping the appraisal contingency and it wouldn't surprise us if some get desperate enough to drop the inspection criteria too.
"Just get me a house!!"
But there has to be balance of risk and reward. Removing some contingencies such as the appraisal contingency could potentially cost a buyer tens of thousands of dollars if the appraisal comes in very low. Not a good situation to be in and one we're doing our best to protect our buyers from experiencing.
Is it frustrating to not win the offer? You bet! I WANT my buyers to win too, but with their best interests properly protected. So sometimes I have to be "Buzzkill Bill" and deliver bad news. But we WILL find the right house yet!
Ready to talk the specifics of buying or selling a Warren County area home? Call The Liz Spear Team of RE/MAX Elite at 513-520-5305 or email Liz@LizSpear.com.
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
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