State of The Cincinnati Real Estate Market - January 28th, 2009

Well, here I am stuck at home, looking out my window at the ice laden trees, it's like a winter wonderland!  I haven't been able to see such beauty in my real estate for a long time!  Apart from the fact that a tree fell down on the roof of one of the houses we manage, all is quiet, peaceful and pretty!

Or is it?  I can tell by the calls that I get that people are restless.  They want this market to revive; you can tell that it is on the brink.  It just needs a little push!  We listed a house in Anderson Township about 10 days ago and completed a purchase contract for it last night.  

We had an Open House last weekend and must have had about 30 people through the door.  Most of the open house visitors either had their homes on the market but not sold, were just starting to look, were thinking about selling, or were getting ready to sell.  I received a call from a lady interested in one of my listings that is under contract, and she asked me three times whether she could still put in an offer.   I haven't heard of this for about 2 years!  That's it!  The market is getting ready to move!

We have had really good calls on our other listings and we have interested buyers coming back for a second showing. I'm starting to sense more consumer confidence in the real estate market.  We have a lot of investors looking for the best deal at the best price; they tell us that they think we are close to the bottom of the market.  I think we are too.

When we look at the market statistics, we can see that the inventory has shrunk over the last quarter, that the trend lines are flattening out, and that the median sale price trend is not diving but keeping steady.  I can't wait to get the February 1st, 2009 Cincinnati Market Statistics!

There are some reasons why the inventory is shrinking.  I think that people who don't absolutely have to move just don't have their house on the market, while the less savvy ones that really want to move, took their house off the market until Spring.  So we are left with the foreclosures, short sales and a few really nice homes from clever sellers who realize that committed buyers do buy in the winter.

So the question is, do you have to move? Are you ready? When are you going to call us?

Carol Meadows, The Carol Meadows Team, Keller Williams Advisors Realty
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