It's 2008, Is It a Better Market Yet in Cincinnati?

Well it is 2008, but is it a new real estate market in Cincinnati?

The fact is that the market is continually shifting. One sunny weekend it feels like a new market, like the old days when buyers actually wanted to buy. And then it's a grey week, cold, hot and humid, rainy and the buyers are nowhere to be found, or they are just sitting out there waiting, for what? - we don't know. So is this weather related? We don't know, we wish we did. Cold rainy, hot and humid, we could all stay home and wait! My guess is that it is in some way weather related. Sunny weekends and people are envigorated and they go out excited and ready to build a new nest! And if they do jump in it is only with caution, lots of caution.

It is consumer confidence that is really driving the real estate market.

Bad news doesn't help. Generally good news helps, Fed is reducing interest rates, economy stimulous packages etc. You would think that would be every buyer's cue to be optimistic but it doesn't seem to help at all. Good news if it is directed at the individual buyer seems to help though, but that's hard to find. Relocation buyers coming here for a new job, first time homebuyers with their first steady paycheck are who is buying now. In general though I believe the market will start to move up when the buyers are confidant that they'll have a better job tomorrow with more buying power, and when they are confidant that the price is right, then they'll buy. Right now the only thing that a seller has any control over, is the Right Price bit. And the right price means a GOOD DEAL!, not just a fair deal, not just in line with comparable sales. Right now the price on comparable sales to a buyer is too high. Today they are trying to preempt the market and get a better deal, just in case they have to sell tomorrow. They don't realise that their sale today is going to be tomorrow's overpriced comparable for the next buyer! And so the market goes down.

Reviving consumer confidence is only part of getting the market to move up. The huge inventory, about 3 years worth on average , will have to be significantly diminished before the prices will start to go up.

Now for the GOOD NEWS!! So is this the time to buy?? If you are one of those people who thinks that they have a secure income, then absolutely. This is the best time to buy up. You may not get what you would like to get on the house you are selling, but you get a great deal on the more expensive house you are buying. Please, sell your house first, even if you have to go into rental in the interim. There are ways to cover yourself so that when you get a purchase contract on the house you sell, you don't have to be homeless, or buy something you don't love. Call me, we'll help you. However, you will be every sellers best buyer if you have sold your home and are ready to buy NOW!!! This is your opportunity to get a great deal on your dream home!''

Are some neighborhoods selling and others lagging behind? Really it is about how does your home look on the internet and is it priced right. Obviously the neighborhoods with lots of repos and lots of vacant buildings, are more of a problem than an upscale neighborhood with amazing landscaping. However, it is all about price. Price counters all deficiencies.

 Are some price ranges selling better than others? Really it is all about whether it is priced right within the price range. There are more first time homebuyers out there shopping for houses but there are more first time home buyer houses on the market so it is difficult to really know. When you get up into the really high prices, they will sell if they are priced right, There aren't a lot of buyers in this category but these people are not so touched by the market than perhaps even the first time homebuyer who is worried that they will have a job tomorrow.  Again my belief is that it is all about price. Make your house look great, have it staged, fix all the problems, price it competitively and it will sell.

Real Estate news is never all good or all bad! So take advantage of the good and try to diminish as much as possible on the bad. Be prepared to sell your home for a little less than you'd have thought a couple of years ago. Have it pre inspected if you have lived there for 10 years or so, disclose everything you think will come up on the inspections and get a realtor who has experience and a great web presence because that is where buyers are looking for their next home!

I am optimistic that we can sell any house we list. It's always price and condition!  Call us and we can help you too!