Cincinnati Real Estate

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Kathy S. Koops GRI

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Days on Market for Cincinnati Real Estate

filed under: Real Estate posted on August 27th, 2014

Why is it important for sellers to understand DOM…days on market?

How many days on market

Well if currently have a property listed for sale and the average number of days on the market before a property is listed and sold is 58 days and your property has been on the market for 6 months- it might be time for a price adjustment.  On the other hand you shouldn’t go into a panic mode if your home just went on the market 7 days ago and you’ve had a few showings- but no offers yet.  According to the Cincy MLS, the days on market at the end of June were quite low -especially if you look at the worst market time in 2011 and June 2008 when homes took forever to sell.

Days on Market Cincinnati Real Estate

Days on the  market is the average number for the entire real estate market in greater Cincinnati and not all areas sell at the same pace.

Showings have increased slightly during the past week as buyers and sellers slip back into the school routine..  The National Association of Realtors reports prices are up and DOM has remains consistant when comparing July 2013 to July 2014.  The increase in number of showings should increase the number of purchase contracts….but lots of showings and no purchase offers is another sign the property may signal overpricing.

Potential sellers not only need to look at the numbers as they decide on listing prices, they also need to understand the longer a property is for sale causes potential buyers to lower the value….because “the great deals” sell quickly.

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