Something Old and Something New

Something Old and Something New

The residential real estate market in Greater Cincinnati offers something new and something old.  Unfortunately many of the new listings hitting the market are really 0ld listings that have been for sale for many months and the seller and/or their agent decided to relist in order to get a newer MLS #  so buyers don’t know how long it’s been for sale.  That tactic worked in the old days, however with sites like Zillow, Trulia and Homes tracking and posting the number of days on the market- most buyers know how long your property has been for sale.

Since January 1, 2014, according the Multiple Listing Service of Greater Cincinnati the local real estate market for single family homes and condos –

homes for sale cincinnati

About 14% of the total number end up cancelled or withdrawn from the market.  Some of the properties will reappear as a “new listing” within days of of being cancelled.  The first question buyers often ask is how long has a property been for sale and details about the price.  When a property has been sale for a long time and relisted at the same price-buyers usually want to know why?   Good question- if a property has been offered for one price for 180 days and it didn’t sell-why would you list again at the same price.  Many sellers “need” to sell at a certain price to break even.  I’ve found that buyers and appraisers really don’t care about what a seller needs to net- it’s all about value.  Some sellers just don’t get it.

Buyers are motivated to look at new listings and often make an offer if they perceive a good deal.  Old listings can capture the buyer’s interest one of two ways:

  1. Fix and update everything inside and out -so the property looks comparable to other properties at the same price point.
  2. Or change the “asking price” or “list price”  of the property to a place where buyers perceive value.

In today’s real estate market lack of inventory has not convinced buyers to overpay for properties.  Sellers with homes/condos that need some updating/fixes or repairs cannot expect to “net” the same for something that looks and feels old versus the seller with an updated/great condition, market ready “something  new” property.

Take a look at properties “Just Listed” within the last few days and do some online comparison shopping!

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