A lot is going on in the Cincinnati Real Estate market this year so let’s dive into the facts!
I hope you and your family are doing well and enjoying a return to normal life. We ALL deserve it. A lot is going on in the Cincinnati Real Estate market this year so let’s dive into the facts!
In the month of April 2020, for the first time ever, more homes in the Greater Cincinnati area went pending than the number of homes that came on the market as a new listing.
Therefore the supply of homes dropped to an all time low of just over a 1 month supply of homes available. To add perspective to this, a normal market, that is a market that is neither a buyers or a sellers market, is a 6 month supply of homes.
Needless to say, with such a low inventory, when a home comes on the market there are multiple offers and the final price tends to rise.
If you are selling, the good news is the “tire kickers” and the “looky loo’s” are not out browsing, so you’ll have less traffic and in most cases several offers right out of the gate.
Continuing, April 2020 saw 29 percent fewer homes sell versus last year, but it was still a busy month with the month starting off slowly. Then it quickly picked up it’s pace and the end of the month got very, very busy.
PLEASE, PLEASE, PLEASE if you are planning to sell your home in this spring market and any repairs are needed, such as roofing, paint, carpet, etc. Get that done NOW. Contractors are very available now but they will be extremely busy in a few weeks.
A real bonus are the mortgage rates! Rates are at an all time low. This is a great time to buy and lock in something very special.
Lenders are taking a couple extra weeks to approve loans right now so the sooner you can begin your conversation with them, the better.
Are you ready to find that next home? How will your next home be different than the one you are living in today? Fun to think about, isn’t it?Again, this is Dan Hendricks – YOUR realtor, at Keller Williams Advisors. Talk to you soon!