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REAL ESTATE NOW Cincinnati Market Update – March 2021

March 9, 2021 by Eric Lowry

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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.

Filed Under: Eric Lowry's Articles, Market Update, Real Estate News, Sellers Tagged With: Best Real Estate Agents in Cincinnati, Buying a House in a Seller's Market, buying a house in Cincinnati, Cincinnati Market Update, Cincinnati Real Estate Market Update, Eric Lowry, exp Realty, exp Realty Ohio, selling a house in Cincinnati, The Lowry Team Cincinnati, The Lowry Team exp Realty, Top Realtors in Cincinnati

Selling Your Home During the Holidays

November 10, 2019 by Eric Lowry

Selling Your Home During the Holidays

Typically, people tend to wait to put their home on the market until “peak” season which is the spring and early summer. However, you may not want to wait that long. You may even need to sell your home during the holiday season depending on your circumstances. But don’t worry, there are plenty of reasons selling your home during the holidays can be beneficial to you.

Spring and summer are when you will have the most competition as housing inventory is highest at this time. Not only is resale inventory high, but new construction is as well. In many parts of the country, new construction will continue to surge reaching new heights in 2020, which will lessen the demand for your house.

Thinking maybe you’ll just wait until right after the holidays? It’s important to consider the fact that the supply of listings increases substantially after the holidays. If you need to sell a house during the holidays, you will find that your competition is quite limited which can be a great thing when it comes to getting you a great sale price on your home!

While the market does slow a bit at this time of year, there are definitely still buyers out looking during the holiday season. For instance, relocation buyers are out there house hunting. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible. Another benefit is that those buyers who are out looking for homes during the holidays are serious buyers and are ready to buy now.

If you’re concerned about showings getting in the way of your holiday plans, don’t worry! You can restrict the showings on your home to the times you want it shown. You will remain in control.

So you’ve decided that selling your home during the holidays is the best decision for you; here are some tips to help guide you:

  1. If possible, put your house on the market before you decorate for the holidays. Pictures of your home will be taken for the MLS (Multiple Listing Service) and other marketing purposes looking as it normally would.
  2. Once you have listed your house, decorate but don’t go overboard. You don’t want your house to seem cluttered and cramped. If necessary, move furniture out to accommodate your tree and other decorations.
  3. Take advantage of this time of year when you have showings on your home. Your home feels even more cozy, warm and welcoming during the holidays. Appeal to all of the senses. Play Christmas music softly in the background. Bake Christmas cookies just before a showing and have them on a platter for the buyers to enjoy.
  4. Lastly, use out of town guests to your advantage. Enlist their help in keeping your home clean and tidy. Assign everyone a task to complete each day. Delegate so you do not feel overwhelmed.

Thinking about selling your home during the holidays? 
Call or text The Lowry Team at 513-368-3751

Filed Under: Eric Lowry's Articles, Sellers Tagged With: Eric Lowry, how to sell a house during the holidays, Keller Williams Realty Cincinnati, Keller Williams Realty Dayton, selling a house in Cincinnati, selling a house in Dayton, Selling Your Home During The Holidays, The Lowry Team, Top Realtor in Dayton, Top Realtors in Cincinnati

How to Prepare for a Home Inspection

March 24, 2019 by Eric Lowry

Home Inspection Preparation

How to Prepare for a Home Inspection

Preparing for a home inspection is something that more sellers should take into consideration. In a real estate transaction, the home inspection is the biggest hurdle that a home seller faces to have a successful sale, so it’s very important to know what to expect.

When selling real estate, the home inspection takes place within approximately the first week after an offer has been submitted by the buyer and accepted by the seller. A home inspection is paid for the buyer and is performed by a licensed professional home inspector.

Within the terms of the contract, this is called the “inspection contingency”. This means that the contract is dependent upon the successful negotiation and resolution of any inspection items. If the inspection reveals significant problems with the home or the buyer and seller can’t agree to repairs, the buyer may decide to “walk away” from the home. If this happens, they will be sending over a release to sign that terminates the contract.

It stands to reason that you want to be sure your home is in the best possible condition before the home inspection takes place. Home sale preparation is one of the keys to selling real estate, so getting your home ready for the inspection only makes sense. A home inspector is not going to be looking at any messes, but an unkempt home will give the impression of uncaring owners who may not be performing regular maintenance of items that shouldn’t be neglected.

One suggestion to help make the home inspection go more smoothly is to make it easier for the home inspector to do his job. It is common practice in real estate that the seller not be present while the home inspection is taking place. A couple easy things you can do before you leave the home is to make sure the inspector can access the attic and the entire basement. If the attic access is in a closet, remove any items that may block his way. Make sure the inspector will be able to see all the exterior walls in the basement, and have easy access to the HVAC system.

What Do Home Inspectors Check?

Home inspectors go over your home with a fine tooth comb. They generally start on the outside of your home and work their way in. Depending on the size of your home, an inspection can take anywhere from 1.5 – 5 hours. Most inspections fall within the 2-3 hour range.

Some common things inspectors look at on the exterior of your home can include:
-Proper grading to ensure water doesn’t easily get into the home
-Visual damage or cracks on the driveway
-Wood rot on trim or window sills
-Structural cracks on the foundation
-Electrical wiring coming into the house
-The state of the roof including shingles and sheathing, and the chimney

Some things that inspectors look for on the interior of the home can include (but are certainly not limited to):
-Signs of water penetration
-Structural defects
-Plumbing, electrical, and HVAC systems
-Any signs of insects or rodents
-Functionality of the windows, including any failed seals

Common Defects Found During Home Inspections

How to Prepare for a Home Inspection 2

The best way to prepare yourself for a home inspection is to understand what some of the most probable defects a home inspector is likely to find.

-Improper bathroom venting – In order to prevent mold issues in the attic of a home, current building codes require that a bath fan vent to the outside of the home. However, this wasn’t always the case. A lot of older homes still have it vented into the attic.

-Failed window seals – You can tell if your windows have failed seals by looking for any fogging between the glass panes.

-Chimney defects – This is most commonly just cracks and repointing or mortar. These are often found near the top of the chimney and have occurred over time due to the elements.

-Electrical violations – These are most common in homes where the homeowner has made improvements on his own and not hired a certified electrician. However, there are often a lack of GFI (Ground Fault Interrupter) outlets in the kitchen and bathrooms. Double tapped electrical breakers and non-grounded outlets are other common examples.

-Rotted exterior wood – This is most commonly found around exterior trim, window sills, and areas around decking.

-Minor plumbing defects – Some of the most common plumbing defects include dripping faucets, loose toilets, and slow or leaky drains.

-Mold and radon remediation – Mold and radon are the two biggest deal killers in real estate. Mold is something that will need to be tested and remediated by a mold specialist. After being remediated, the mold specialist would then need do a mold re-test to get the all-clear. The most common places to find mold are the attic, basement, and bathrooms.

Radon is a naturally occurring gas found in the ground that enters the home through the basement area. It is a known health hazard and most buyers will request that you have it mitigated by having a radon mitigation system installed and a second radon test done. The radon test should show safe levels below 4.0 pCi/L. This is relatively easy to have done.

Disclosure or Fixing Items Prior to Closing

When defects are listed on the home inspection report, the buyers then put together a list of repair requests that they want you to have completed by licensed professionals prior to closing or give them a repair allowance to have the repairs done themselves after closing.

This portion of the transaction is the inspection negotiation. As the seller, you can agree to either all, some, or none of the repairs. However, it is important to note that you if you refuse to make the repairs and the deal falls through, you will have to disclose all those known defects to any future potential buyers.

Bottom Line

If you want to keep your home sale on track, it is crucial to prepare for the home inspection.

Questions about selling your home?
Call/text 513-368-3751

Find Your Home's Current Market Value In Seconds

Filed Under: Eric Lowry's Articles, Sellers Tagged With: Eric Lowry, home inspections in Cincinnati, How to Prepare for a Home Inspection, selling a house in Cincinnati, The Lowry Team, Top Realtors in Cincinnati, Top Realtors in West Chester Ohio

Need to Sell a House During the Holidays?

October 26, 2018 by Eric Lowry

Need to sell a house during the holidaysGenerally, most people wait to put their home on the market until “peak” season which is the spring/early summer. However, you may not be able to wait that long. You may even need to sell your home during the holiday season depending on your circumstances. But fear not, there are plenty of reasons selling your home during the holidays can be beneficial.

Spring and summer are when you will have the most competition as housing inventory is highest at this time. Not only is resale inventory high, but new construction is as well. If you need to sell a house during the holidays, you will find that your competition is quite limited which can be a great thing when it comes to getting you a great sale price on your home!

The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge reaching new heights in 2019, which will lessen the demand for your house.

While the market does slow a bit at this time of year, there are still buyers out looking during the holiday season. For instance, relocation buyers are definitely out there. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible. Another benefit is that those buyers who are out looking for homes during the holidays are serious buyers and are ready to buy now.

If you’re concerned about showings getting in the way of your holiday plans, don’t worry! You can restrict the showings on your home to the times you want it shown. You will remain in control.

So you’ve decided that selling your house during the holiday season is the best decision for you; here are some tips to help guide you:

  1. If possible, put your house on the market before you decorate for the holidays. Pictures of your home will be taken for the MLS (Multiple Listing Service) and other marketing purposes looking as it normally would.
  2. Once you have listed your house, decorate but don’t go overboard. You don’t want your house to seem cluttered and cramped. If necessary, move furniture out to accommodate your tree and other decorations.
  3. Take advantage of this time of year when you have showings on your home. Your home feels even more cozy, warm and welcoming during the holidays. Appeal to all of the senses. Play Christmas music softly in the background. Bake Christmas cookies just before a showing and have them on a platter for the buyers to enjoy.
  4. Lastly, use out of town guests to your advantage. Enlist their help in keeping your home clean and tidy. Assign everyone a task to complete each day. Delegate so you do not feel overwhelmed.

Thinking about selling your home during the holidays? 
Call or text The Lowry Team at 513-368-3751

Find Your Home's Current Market Value In Seconds

Filed Under: Eric Lowry's Articles, Holidays, Sellers Tagged With: Eric Lowry, Keller Williams Realty West Chester Ohio, Need to Sell a House During the Holidays, selling a house in Cincinnati, Selling Your Home During The Holidays, Should I sell my home during the holidays?, The Lowry Team, Top Realtors in Cincinnati, Top Realtors in West Chester Ohio

The #1 Reason to Sell Now Before Spring

February 13, 2018 by Eric Lowry

513-368-3751 to Connect with a Top Real Estate Agent in Cincinnati

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West Chester Liberty Township Mason
Monroe Fairfield Township Fairfield

The #1 Reason to Sell Before SpringMany home sellers think that Spring is the best time to put their home on the market. However, selling your home in these next six weeks before Spring hits has several advantages. Read on to find out the #1 reason to sell now before Spring.

With Spring comes a wave of new homes for sale; not to mention new construction homes! All of that might sound good, but if you want to sell your home it means much more competition for you. Right now inventory is very low, which is not enough to satisfy buyer demand. That’s very good for home prices. You’ll be able to sell your home at a higher price and in a shorter amount of time if you sell before Spring hits.

The #1 Reason to Sell Now Before SpringFoot traffic is still high which means buyers are still out there looking! They are ready, willing, and able to buy…they just need to find the right home.

Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory currently available, sellers are in a great position to negotiate.

Questions about selling your home?
Call/text The Lowry Team at 513-368-3751

Find Your Home's Value Now!

Filed Under: Eric Lowry's Articles, Sellers Tagged With: Eric Lowry, Keller Williams Realty West Chester Ohio, Liberty Township Ohio house values, selling a house in Cincinnati, The #1 Reason to Sell Now Before Spring, The Lowry Team, Top Realtors in Cincinnati, What's my West Chester house worth?, When is the best time to sell a house in Cincinnati?

Love it or List it Cincinnati

January 5, 2018 by Eric Lowry

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West Chester Liberty Township Mason
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Love it or List it Cincinnati

Love it or List it CincinnatiYou have most likely seen at least one episode of HGTV’s show Love It Or List It. For those of you that haven’t, the show is a competition between an interior designer and a Realtor. During the show, the interior designer works on transforming a home into something that will make the home owners want to stay in their current home.

Meanwhile, the Realtor works on finding the home owners a new home that will appeal to them more. Unfortunately, very few of us are going to have the stars of the show show up on our doorstep. So, for us it is the do-it-yourself version of Love It Or List It!

Love It?

Perhaps you have been putting off some projects, large or small, around the house. The lack of resources such as time and money make it difficult for a homeowner to keep up with all of the maintenance and updates that we would like. So, home improvements have been put on the back burner. Now you are at a point that you must do something or move on. Would you want to stay in your home longer if you updated a bathroom or renovated the kitchen? Talk to a professional. Find out how much the project would cost and how long it would take to complete.

Related: Get a Free Home Value Report Here

List It?

Talk to your local Realtor. Let them know up front that you are trying to decide between updating and selling your home. Specify what exact changes you would like to see in your home. Together, with your Realtor, tour some homes with those particular desired features. Narrow down exactly what you want and like in a home. Have your Realtor do a comparative market analysis (CMA) for you. In laymen’s terms, find out how much your home is really worth compared to other current listings and recent home sales.  

Love It or List It?

Compare the time and money involved in both your home projects and putting the house on the market. Remember that either way you are either opening your home to workers or to buyers. Whatever you choose to do, there is bound to be some stress and inconvenience involved. In the end, choose the route that will make you and your family happiest in the long run.

In a love it or list it situation?
Call/text The Lowry Team at 513-368-3751

Find Your Home's Value Now!

Filed Under: Eric Lowry's Articles, Sellers Tagged With: Best Real Estate Agents in Cincinnati, Eric Lowry, Keller Williams Realty West Chester Ohio, Love it or List it Cincinnati, selling a house in Cincinnati, Should I sell my home in Cincinnati?, The Lowry Team, Top Realtors in Cincinnati

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