Some pockets of our market are a bit irrational right now. Under normal circumstances you can look at recent sales, figure out trends and determine a value that a home shouldn't sell above. Exceed that dollar amount at your own risk.
But what happens when the past sold information stats don't seem to have any bearing on what's happening in the market today?
What happens when the scarcity of homes for sale causes buyers to ignore past prices?
And that's exactly what I'm seeing happening in some communities thanks to low inventory, particularly for affordable Mason condos.
Supply and demand at work as sellers and their agents bump prices up a good 10% or more above recent sales and yet within a matter of a few days the condo will be under contract. There's no statistical support for the pricing and it puts the buyer in the position of being a gambler.
Do they take a chance on a low offer?
Do they risk a high offer?
Will the appraisal make the contract cost? If not, what's next?
What if I pay high and then have to move sooner than I planned? Is there a chance appreciation will cover me?
How badly do I want THIS condo?
These questions need to be asked. before making a decision.
And those questions are just another reason you want an experienced agent helping you through the process. We can provide the pros and cons, and then act on your decision.
Ready to talk Cincinnati real estate? The answers are easy to get, just call Bill at 513-520-5305 for a chat. Like what you hear, we can meet in person and get even more detailed about determining the best path to take care of your future home needs!
We look forward to hearing from you!
Serving Greater Cincinnati 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
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