Cincinnati Real Estate

Greater Cincinnati's Real Estate Connection

Kathy S. Koops GRI

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Bidding Wars

filed under: Real Estate posted on May 4th, 2015

We’re seeing lots of deals this spring that end up in bidding wars with many desperate buyers writing contracts for more than asking price.  Personally I don’t like the phrase “bidding wars” because it paints an inaccurate picture of the local Cincinnati real estate market.

From April 1st through May 2nd approximately 11% +/- of the single family homes in Butler, Hamilton and Warren Counties sold in 2 days or less. (Source: Multiple Listing Service of Greater Cincinnati -Days on Market for current listing)

HomeSearch

# of pending sales and % that sold in 2 days or less

Bidding wars in reale estate

So for 11.2% of sellers with homes in Butler County, 11.6% in Hamilton and 12.5% in Warren that sold in 2 days or less chances are that some of the properties were subject to bidding wars.  Note I said some- not all.  A few lucky sellers in certain pockets most likely sold their property for more than asking price- the rest of the 2 day sales were the lucky ones who understood the importance of hitting the market at the right price.

Quick sales and bidding wars doesn’t alway guarantee a closing.  Appraisers don’t care if you outbid 4 other buyers to secure the home of your dreams- if the property doesn’t appraise for the price you offered- the buyer may not be able to make up the difference and many sellers will not reduce the price……because if it sold in less than 2 days- some sellers are willing to put it back on the market or may have back up offers.

In certain pockets around town the real estate market is crazy busy with offers coming within hours of the home hitting the Cincy MLS.  However the bulk of our area is “normal” with newer listings selling quickly and the rest of the homes jockeying prices to catch the attention of the next buyer.

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