For Sellers
Real Estate Prices for Greater Cincinnati
May 22nd, 2012 categories: For Sellers
Some people track ERA, RBI and other useful information so they know how their favorite baseball team is performing this season. People trying to sell a piece of real estate in greater Cincinnati are tracking numbers too. Keywords such as-Days on Market, Pending Sales, Absorption Rate, Median and Averages focus on what’s actually selling today. And let’s face it local buyers have lots of options with 10,401 single family homes and 1835 condos listed for sale.
How’s your property scoring?
Compared to last week have you gained or lost ground with the competition? When you’re done comparing the stats….if you have questions or need more information – call me now.
Price changes of $1,000 or more are noted with + or – signs.
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Home Sellers Have No Secrets!
May 17th, 2012 categories: For Sellers
In Ohio most sellers must fill out a “Residential Property Disclosure Form” when selling their house or condo.
Legally the form requires owners to disclose “material matters” which have occurred within the last 5 years (or before -if they haven’t been fixed) and most sellers are diligent about providing detailed information. However some sellers seem to have “selective amnesia” and omit or minimize problems-perhaps hoping the buyer’s inspection misses the issue(s). Unfortunately non disclosure of ongoing problems, like leaky basements, leaking roofs, cracked chimneys, are usually discovered and the potential buyer exits the deal without giving sellers a chance make repairs.
In short, sellers need to follow the “Golden Rule” and disclose. And with the current market tipped in favor of buyers-sellers may want to consider disclosing major items, that may be older than 5 years and may potentially scare buyers away. In my experience most buyers who have detailed information about problems listed usually don’t panic when the home inspector points out a…repair on foundation wall, burn marks on wood where seller had disclosed an old fire in the kitchen and so on.
Which brings us to question why don’t sellers tell all?
To be honest, some people fix and forget problems- they don’t disclose because they just don’t remember. Others count the days and minutes and if the defect was exactly 5 years and 1 minute ago- so legally they don’t have to disclose. Finally the ones that end up with most of the problems decide to not disclose problems and then wonder why buyers walk away after bad inspections.
Today’s real estate contracts do not require the buyer to provide a copy of the home inspection report before asking for a release from the purchase contract -so sellers can remain in the dark about issues with their property. One way to get ahead of inspection/disclosure issues is for sellers to order and pay for a “pre-listing” inspection. Many more sellers are opting into having an inspection, then deciding on what to fix and providing a copy of the inspection report, property disclosure and receipts for the fixed items to potential buyers.
Reports on “pre-inspected” properties may provide some peace of mind to potential buyers.
Finally with rainy weather and iffy soil conditions around greater Cincinnati wet basements can happen. Nothing is more interesting than when the new home owner is talking to a neighbor about problems with a wet basement and finding out the former owner had the same problem-but never disclosed the information. So even if you fooled the home inspector, sellers never know what well informed neighbors will say-so play it safe and tell the truth when filling out the “Residential Property Disclosure Form”.
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Are You Part of the Big or Little Greater Cincinnati Real Estate Picture?
May 15th, 2012 categories: For Sellers
Picture a buyer flying over greater Cincinnati looking for a home or condo to buy and what do they see?
Lots of options with 10360 single family homes and 1835 condos for sale can potential buyers find your property at all? The big picture in greater Cincinnati real estate is lots of inventory for sale and buyers don’t bother looking at overpriced merchandise. How can you tell if you’re listing is overpriced? Lots of showings, tons of internet traffic and no purchase offers.
In order to capture buyer attention and get them to focus on your listing- you need to be competitively priced and move in ready. Compare your pricing strategy with other properties in your area. According to the Multiple Listing Service of Greater Cincinnati- current information for the following zip codes-
Sellers wanting to capture the next buyer need to stay in tune with the ever changing real estate market. If you didn’t see numbers for your area of have questions about stats for last week call or email me for help.
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Rising or Falling Real Estate Prices in Cincinnati?
May 8th, 2012 categories: For Sellers
Turmoil in the world wide stock markets may, or may not, impact the local Cincinnati real estate market. Right now compared to last week’s numbers, greater Cincinnati’s real estate activity and pricing remains stable. Across our area we continue to see a burst in buyer activity (not necessarily converting to contracts) but the more people shopping will eventually have a positive outcome. Just ask some buyers who waited and ended up in a battling bid for their dream home.
The median prices for random zip codes are below:
If you’re not sure about pricing or have questions about the local housing market- give me a call today.
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Greater Cincinnati Real Estate Pricing
May 1st, 2012 categories: For Sellers
If your property is for sale withing the four county area of greater Cincinnati you’re competing with 8599 homes and 1751 condo currently on the market. The median listing price is $157,500 for homes and $119,900 for condos.
Is your piece of Cincinnati real estate priced above or below the median for today’s market?
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