As we head into a traditionally slower time in the local real estate market the number of single family homes continues to dwindle.
And the Cincinnati real estate market isn’t unique according to Lawrence Yun, NAR chief economist…”recent job growth is not yielding higher home sales. Healthy labor markets in most the country should be creating a sustained demand for home purchases,” he said. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”
In short, the lack of homes for sale coupled with rising prices may seem like the perfect real estate market. And for some sellers it is perfect. However in the coming months, as more buyers simply quit hunting for a house, sellers could find themselves on the market for an extended period of time.
The perfect real estate market is when both buyers and sellers have room to negotiate. Too few homes for sale plus too few new buyers coming into the real estate market equals a slow winter (and maybe spring) in Cincinnati real estate.