Cincinnati Real Estate

Greater Cincinnati's Real Estate Connection

Kathy S. Koops GRI

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Back On Market

filed under: Real Estate posted on April 5th, 2017

Cincinnati back on market homesBack-on-market is the “terminology” for properties that are sold pending and for a variety of reasons the deal falls apart and the home is “back on the market”.

The whirlwind real estate market in greater Cincinnati is forcing some buyers to bid on homes as soon as they hit the market. And sometimes a day of 2 later when reality hits the buyer has regrets leaving the seller hanging with a house that still needs to be sold.  Fallout is normal due to inspection and financing problems but the current lack of inventory and buyers getting desperate to find something to buy is prompting some bad decisions.

Buyers (and sellers) need to read and understand the purchase contract which is a legal binding document.  Some buyers assume their earnest money will always be returned and are shocked to find sellers refusing to sign the release because the buyers had a change of heart or a large case of buyer’s remorse.

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The chart on the left is a snapshot of local real estate from earlier this week.  The ratio between new listings and back-on-market shows a 23% fall through rate which is good news for buyers waiting for a chance to bid and bad news for sellers who thought their property was sold.

By and large the Cincinnati real estate market requires very low earnest money on contracts but some savvy sellers (and their agents) are raising the amounts to ensure buyers are serious about purchase and not just bidding while they make a decision.

Take time to review the contract with your RealtorĀ® so you don’t end up losing time and money.  And buyers need to understand the term back-on-market doesn’t automatically mean a problem with the property.

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