The newly launched Redfin “Compete Score™” is aimed at helping people understand what it takes to buy a home based on the competitiveness in Cities and Neighborhoods.
And Cincinnati scored as the 10th lowest metro among cities with populations of more than 200,000. According to the Redfin’s stats, Greater Cincinnati homes typically receive 2 offers and sell for 3% below list price. Most go pending after 62 days.
Redfin ranks Greater Cincinnati least competitive on a list that includes:
While sales seem to be easing a bit in our area I think last in competitiveness may not be as negative as Redfin reports. The skyrocketing prices are scary. Buyers in bidding wars thinking to turn a profit in a year or two may be disappointed.
Every seller’s dream is a bidding war within days of listing. However, some sellers are learning bidding wars lead to buyer’s remorse and find themselves back on the market. Cincinnati has lots of hot neighborhoods and areas with too few homes for sale and lots of buyer interest.
Redfin pointing at us as being non-competitive is only one way of looking at the numbers. The best way to see actual market data is to ask your Realtor® to run the numbers.