Maybe you have fond memories of the “good old days” in Cincinnati or maybe you’re too young to even remember any of them but like everything else in the world ….things change and usually for the better.
No doubt we all wish for the days when you listed a house on Monday and it was “sold pending” by Tuesday afternoon. Realtors(C) remember when “breathing” qualified you for a 100% mortgage and appraisers were under the gun to make “deals work”. Those were the days when Cincinnatians thought things were great in the real estate market- but it was an illusion that disappeared when the housing market crashed.
But sometime memories are really better than the real thing. I don’t know about you- but I never liked trying to vacuum shag carpeting and thanks to former president Jimmy Carter’s grand plan of saving fuel at 55 mph -the 4 hour drive to see the grandparents became a 5 1/2 to 6 hour drudge ride…and we consumed just a much fuel as before the speed reduction. Many of today’s buyers and sellers never experienced 14%+ interest rates in the early 1980’s that led to sellers and realtors dealing with assumable mortgages or sellers becoming the lender and all sorts of unique ways to keep inventory moving.
The difference in the market then and today’s real estate is “the good old days” aren’t ever going to come back and it seems many sellers continue to struggle with “then and now” of selling a home. Today with lower interest rates – mortgage money has become somewhat difficult to secure and many potential buyers are just plain scared of the economic environment facing them. HGTV, DIY and a multitude of social media have led buyers to believe that every home should totally renovated prior to putting the for sale sign in front of the house.
Every property sells if it’s priced right- which means that homes and condos with slightly decor and amenities -will sell – as long as sellers are priced competitively versus the competition. Today’s new reality in greater Cincinnati real estate is “price it right”, get a contract, fix what needs to be fixed and breathe a sigh of relief at the closing.
Now is the time to take advantage of low mortgage rates and to make new memories -which hopefully doesn’t include 55mph speed limits or market intervention by the government encouraging lenders into making poor lending decisions.