Cincinnati Real Estate

Greater Cincinnati's Real Estate Connection

Kathy S. Koops GRI

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Cincinnati Real Estate-What Happens When Buyers Blink?

filed under: For Buyers posted on April 9th, 2013

A good motto for the current greater Cincinnati real estate market might be “You Snooze-You Lose!”

Cincy MLS 24 Hr WatchLots of sales, not many new real estate listings in Cincinnati Ohio for sale and a hoard of buyers all looking at “new on market” has created the perfect storm in the local real estate market.  The 24-Hour Market Watch (courtesy of CincyMLS) shows 101 residential properties “went pending” with median number of days on the market of 27/35 (27 days for current listing and a total of 35 for the entire time the property was listed) versus 37/75 for rest of the residential market.  In short, newly listed properties are selling quickly while older listings are taking much longer to sell.

Buyers who look at a property and want to take a few days to think -risk losing the opportunity to make an offer.  I’m not talking about a buyer who has just begun house hunting and only looked at 1 or 2 properties -I’m pointing at buyers who’ve been shopping for months and are voicing frustration that the property they wanted sold before they even wrote an offer.

Buyers who blink and snooze in the current housing market may never close a deal….because they never move soon of  enough to write a contract.

Today’s buyers need to be able to:

  • Look at a property within a day or so -not waiting until an open house or weekend
  • Begun the financing process (makes you a better qualified buyer)
  • Willing to write an offer without thinking about it for days
  • Make a decent offer to purchase (low-balling a well priced new listing is not a winning strategy)

Cincinnati’s real estate market has not returned to the crazy days experienced between 2004-2008-but until there’s enough inventory to balance demand, slow moving buyers will continue to miss out on buying their dream home.

Ready to make a move or need help making a decision about the direction for your real estate needs -Click here to to Call: 513-300-4090,by email or Subscribe

 

 

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