Apologies for not blogging more frequently this Spring, but we have been BUSY! Spring is always our busy season and this year is no exception. What’s different is this year it is busy with an unprecedented sense of urgency. This is what we are experiencing: Inventory in the Cincinnati is still at a very low point. There are (finally) more buyers than sellers in the market. Lots of good, qualified buyers! IF a new listing is in good (great) condition, in a desirable area, is priced properly, and is in that sweet spot price wise (say, under $450,000), it is most likely selling very quickly, generating multiple offers from buyers.
This is very good news for sellers, and can be good for buyers, too if you follow our advice.
- Sellers, get your homes in tip top condition. Take care of any deferred maintenance items, and look critically at the house as if you would be buying it.
- Pay close attention to ‘summer details’ like landscaping, curb appeal and front entry. Buyers will make an emotional connection with your home almost immediately. Put your best foot forward. Don’t count on buyers to have vision for what it could be.
- Most importantly, price your home appropriately. Prices have been slow to recover, mainly because of the appraisal system. Every sale is tied to a prior comparable sale. It’s all about the lender’s risk. Just because there are multiple bidders for a property, does not mean that it is automatically worth more. An appraiser must know that there are comparable closed sales in that price range. Gone are the days of pricing homes 10% too high thinking that buyers need to get a perceived ‘bargain’ (not that we ever did this, but it was common practice). IF we work together to price a house appropriately, you stand a much better chance of: selling quickly, for very close to or above asking price, and generating multiple offers.
- First and foremost, have your pre approval in order! Don’t even begin looking at houses until you have talked to a lender and know what you are qualified for. This market is moving lightening fast! Many homes are going pending within hours of listing. We cannot over emphasize that there is NO TIME to try to get your pre approval in time once you have seen a house that you love. Do it now. Not only does any offer that you write on a property require a pre approval, you need to know where you stand as well. See our list of recommended lenders here. We get NOTHING from recommending a lender other than knowing that you as our clients will get a great rate, be well taken care of, and that our lenders will bend over backwards to make sure your deal closes on time.
- See new listings the same day they are listed. Homes are selling at record pace. Cannot stress this enough! Hence my comment above about the urgency….most of our Spring listings this year have sold within 2 days and in multiple offers.
- Put forth a well thought out and very strong initial offer. Don’t assume that you can get a ‘deal.’ Chances are, you can’t, but interest rates are still very good, so in actuality, you ARE. Many buyers out there right now have already lost out on something and they want what you want. Limit contingencies, and be flexible. Find out when the seller wants to move and write your offer accordingly.
- If you go into multiple offers, we have strategies that can and will help. Ask us! This kind of market works best with experienced agents on both sides of the transaction.
- Be flexible. Look at areas that may not have originally be on your radar. You may be pleasantly surprised AND have less competition for a great property.
OK – that’s our best advice. We’d love to be the agents to help you with your next transaction. Ready, set, go!