Everybody has an opinion about the real estate market in Cincinnati, Ohio!

It’s obvious for people trying to buy or sell property that you’re interested in the ups and downs of the real estate market.   Sellers want to sell high and buyers want to buy low -and like many other things that affect our daily lives people tend to believe what they hear from friends.  Unfortunately what we hear about the local real estate market may not be based on actual information versus what somebody “heard” or “overheard”.  For example a neighbor is excited because the house down the street sold for $249,000…when in reality is sold for $212,000.  The original asking price was $249,000 but the seller dropped their price and expectations as time wore on.

So rule #1– don’t assume-ask a Realtor or check local courthouse records for accurate information.

Rule #2– real estate is local.  You’ll see lots of articles and media coverage about real estate happenings.  The Chief Economist for the National Association of Realtors, Lawrence Yun, declares that home sales will remain steady but prices will continue to rise.  Or an article about buyer interest picking up during a traditionally slow time.  A notice from Freddie Mac to fence sitters that mortgage rates are rising.

However locally what’s important is comparing 1715 pending sales for September 2012 versus 2024 for the same time frame in September 2013.  Better yet is the number of pending sales distressed sales controlled by lenders (short sales and foreclosures) from 34.96% of the inventory in 9/12 versus 26.58% in 9/13.  Overall the average sales price is up- compared to last year, however that doesn’t equate to your home or condo selling for more than the market highs 6 to 7 years ago.  You need to decipher the tea leaves for your neighborhood or complex before deciding on the right listing price.

Rule #1 and #2 bring us to the final and probably the hardest set of real estate tea leaves to decode- rule #3 -be flexible!  The local real estate market is a lot like the stock market with it’s ups and downs.  Local employers hiring and firing, interest rates,  weather and the number of homes/condos for sales all impact the “local real estate psychic”.  Successful sellers and buyers are the ones who adjust quickly to the local changes and take advantage of snagging the next buyer or property that hits the market.

The recipe for decoding real estate teas leaves requires common sense, local knowledge and flexibility – if you need help finding or adding any of the ingredients – -Click here to to Call: 513-300-4090,by email or Subscribe.

Source: Understanding the Case-Shiller Index