Where are the real estate deals in greater Cincinnati? Try looking at properties that have been on the market a really long time.
Think about it. A new listing hits the MLS and every buyer pounces on it! Realtors® know the sweet spot for most properties is when it first hits the market. The first days of a listing get the most internet views and showings. After the rush, showings slow down and sellers adjust their expectations.
BUT — the overpriced property that has been sitting on the market 3 months has ZERO offers, and everybody is passing it up because they can easily see it’s simply not worth the asking price.
Overpricing makes for great real estate deals
Overpricing is “instant death” in the real estate market, and it causes more problems for sellers now more than ever before. Today’s buyer has instant access to Zillow, Trulia, Realtor.com, to see comps and days on market. Clearly, when a property is overpriced, it doesn’t sell. And when it doesn’t sell, it keeps adding to high days-on-market.
The longer a property sits on the market the more buyers think it’s not selling because something is wrong with the property.
How to find real estate deals
The average number of days-on-market in Greater Cincinnati is 101 days. But there are properties listed for as long as 3190 days. Resales only average 78 DOM while new construction is 199 DOM. Data for some school districts from the CincyMLS:
The longer days-on-market listings may be a great opportunity to start looking for deals. Sellers waiting a long time to sell may be more willing to deal- after months on the market.
This isn’t the time to make a “stupid offer” one that offends the already touchy seller. Present a decent offer backed up with sales stats for the immediate area. Be willing to negotiate. The property hasn’t been on the market forever because it was priced correctly at the beginning. And it often takes many weeks of no showings before sellers see the light and lower the price. Sometimes they lower it enough to sell quickly but often they do it in small increments allowing the property to stay on the market for months or longer.