Warren County Ohio Real Estate News and Observations: Throw Out The Stats If You Want That Home!

Throw Out The Stats If You Want That Home!

what's the story?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!

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:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

 FacebooktwitterWordpressYouTube Pinterest

 

 

 

 

OUR SERVICE AREA:


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

Comment balloon 4 commentsLiz and Bill Spear • January 10 2019 11:37PM

Comments

Facts may be good, but there are times you must look past the facts to the real truth

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 6 months ago

Especially when in a multiple offer situation, there will usually be someone that offers more or doesn't ask for concessions, or starts removing inspection contingencies.  Our purchase agreement protects to a point, as it states that the appraisal value must be at the purchase price or greater or the buyer may void the contract within 5 days of receiving the appraisal.  It gives the buyer an out should the seller not want to lower to meet the appraisal value, but the buyer is still out for their inspections and time off the market at that point.  And realistically, most lenders won't allow buyers to pay more than the appraiser says the property is worth.  It is a dilemma for sure when you are a buyer or their agent.  Great post!

Posted by Karen Feltman, Relocation Specialist in Cedar Rapids, Iowa (Cedar Rapids/Iowa City, IA KW Legacy Group) 6 months ago

Bill  I see FSBO in condos and buyers paying cash . They are waving home inspections if the condos look nice. When they are in a situation where there are others looking they feel pressured .  They feel they do not need the service of an educated local agent an ask advice of a friend in the business or a family friend . They end up really overpaying .. Time will tell

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Definitely, you still have to be within the rules and there is also that homes have a vibe that people tap into and if they like it, they like it.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 6 months ago

Participate