Counting down to the “Shamrock Shuffle” at Union Centre on Saturday and the Cincinnati real market has a lot in common with the runners participating in this year’s “Shuffle”.
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And the local real estate market is a lot like a race- some winners and some losers. Short sales continue to come onto the market and while foreclosures have slowed locally- I anticipate a slight uptick in bank foreclosure inventory in the coming months. The jobs market remains stable and interest rates are still low, low, low! Yet potential sellers are still waiting for a sign that now is the time to sell. Well now is the time. The number of listings for homes and condos continues to shrink. According to the Multiple Listing Service of Greater Cincinnati potential buyers have 8073 single family homes and 1345 condos to wander through- but not enough new properties are coming up for sale to generate an increase in buyer interest. Compared to the last zip code report the local Cincinnati real estate market is experiencing an increase in the median list price in nearly 50% of the areas.
Showing appointments set by agents have been crazy busy and the weather (snow) should be gone by the weekend- so expect potential buyers to be cruising open houses.
And like the good old days-some of the new hot listings are benefiting from multiple offers. Buyers need to come prepared to write a contract -which means sitting down with a lender and starting the loan approval process.
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