The value of any property currently listed is decided by buyers. Overpriced properties tend to sit on the market for a long time before sellers finally realize a price adjustment is needed. While each home or condo for sale is unique-buyers are shopping for a home just like they shop for groceries. Walking down the aisle, looking at prices and labels then making a decision. Many sellers think today’s buyers will make an offer on overpriced listings-but many buyers don’t bother to look at these properties. Keeping your property priced within the neighborhood range significantly increases your chances to capture the buyer’s attention.
Median prices on both single family homes rose, while condos are struggling in the majority of the townships below- not bad considering the lack of homes/condos for sale continues to drag the local real estate market down. Data pulled from the Multiple Listing Service of Greater Cincinnati shows that potential buyers have 7589– single family homes and 1273 – another small increase in the numbers 0f single family homes and a slight decrease in the number of condos available since the last township report.
Each neighborhood and complex within each zip code has unique pricing characteristics-make sure you look at not only the average/median list prices but also the absorption rate and the prices of recently sold properties.