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What’s going on in real estate now? Find out in this Cincinnati market update!
As you probably know, the Cincinnati real estate market right now in most areas and price ranges is going absolutely crazy. Homes are selling in just hours after being listed, getting numerous offers, and are selling above list price. Sometimes by quite a large amount! Not to mention the fact that there is a major shortage of homes for sale. It’s an unprecedented situation, so let’s dive into the details.
Is now a good time to sell my Cincinnati home?
In the last three months, home sales are up anywhere from 12-20% over the same period in 2020. This is a huge increase for our area! It’s important to note that same period last year was also a very strong period in real estate. So if you have been considering possibly selling your home, now is the very best time to find out what it might sell for in today’s market, and what the best timing and strategy might be for that.
You can get an idea of what your home might sell for at www.CincyHomeValuesNow.com. This home valuation tool will give you a starting point for estimating what your home might be currently worth.
However, a better solution would be to schedule a time for us to come out and give you an actual market analysis. You’ll get a more detailed, accurate idea of what your home will sell for in today’s market, and what the optimal strategy is to get you the best price possible. Right now is very likely the best time we are going to see this year to get top dollar for selling your home.
The best time to sell is when there are plenty of buyers and when the competition is very low. And right now we are at such a low level of homes available for sale, it’s unprecedented. Meaning, if you’ve got a home to sell, you are a hot commodity, completely in command. You will be able to dictate terms and get the very top dollar for your home.
Everyone wants to sell at the top, and currently 2021 is as near the top as we will probably get. In 23 years of selling real estate, I have never seen anything like this. However, it’s not something that will likely be sustainable long term. So, if you have a home to sell, this is your moment.
Is now a good time to buy a house in Cincinnati?
Now, if you’re a buyer, you may be thinking, “Well this doesn’t sound so good for me right now.” But actually that’s not true. There are couple things you have to keep in mind when buying in today’s market.
The first thing – low interest rates. Rates are historically low right now. These crazy low rates that we’re seeing are definitely fueling the market and the activity, but they are also a historic opportunity to borrow money at a significantly lower cost. Low interest rates dramatically lower monthly payments, making homes more affordable even though we are seeing higher prices.
The other thing to think about is if you’re thinking of delaying your purchase until the market “cools down”, you will be buying a home when the interest rates are potentially significantly higher. And the home that you might have bought this year will cost more in a year or two years. Thus you are paying more for the home, and you are paying more for the money you’re borrowing to get the home. That means your monthly mortgage payment would be significantly higher than if you buy today. So the moral of the story is, waiting will cost you money.
So if you’re thinking about buying a home or selling a home, please reach out to us and let us know what we can do to assist you.
Call or text Eric Lowry at 513-368-3751.
