This summer might offer the most favorable conditions sellers will see for a long time.
Early spring in the Cincinnati area is the busiest season of the year for real estate. Typically, buyers and sellers become active in early March. Many real estate and financial analysts had predicted 2020 would be a strong year for the real estate market. This past March began to prove them right. However, by late March, the coronavirus had raged across China, Italy, and other parts of Asia and Europe before it began spreading quickly in the U.S. The fast moving pandemic triggered a series of drastic stock market crashes and unprecedented shutdowns that literally brought our economy to a standstill.
Many buyers were understandably worried about making a major purchase amid such dire circumstances. However, after taking a “wait and see” approach earlier this year, “spring buyers” are no longer sitting on the sidelines. They have fully entered the market and are eager to buy. But with an extraordinarily low inventory of available homes, these buyer’s are faced with a seller’s market. Conditions for sellers in the Cincinnati metro have never been better, and may not be this good for a long time.
- Cincinnati is #1 of all major US metros with the largest decline in new listings [realtor.com]
- From June 2019 to June of this year, the number of new listings is down 33.3% [realtor.com]
- Historic low interest rates [Freddie Mac] yield higher sales prices [SF Gate]
- Average sales price and median price in the Cincinnati area continue to rise….for now
- Low inventory means less competition and quicker sales
- Many qualified “spring buyers” are actively shopping for homes now and they are eager to buy
- Median age of Cincinnati residents is getting younger – it is currently 33 [censusreporter.org]
- The largest share of home buyers are milennials (aged 22-39) at 38% [NAR]
Even if you haven’t considered selling your home anytime soon, you would be wise to at least think about the economic advantages of doing so now. It’s rare to experience this many factors that benefit sellers. Please feel free to reach any of our exceptional agents who would be happy to further discuss the current market conditions and answer any questions you may have.
