The Cincinnati Real Estate Market today!

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Real Estate

What is the Cincinnati Real Estate Market like today?

Today is November 21, 2023... two days prior to Thanksgiving and forty days until the end of the year. To say 2023 has been a roller coaster is an understatement. 

We started out in January with higher than normal interest rates, buyers negotiating contracts with very little competition. Why? The buyer's who had been in the market looking for the last 6 months, had been making multiple offers on properties, in multiple offers, making offers above list price, waiving inspections and appraisals. November 2022 the rates hit an all time high for nearly the last decade around 7%. When buyer's started off the 2022 year, the rates were around 4% and nearly doubled within 11 months. So, many buyers sidelined. So January 2023 kicked off with lower buyer pool, higher interest rates, but yet, still low inventory, which kept market values still increasing. By March 2023, the interest rates had taken a dip to under 7% so the buyers came back out and competition became fierce again, and we were back to multiple offers, above list price, waiving inspections and appraisals. The Fed said "... hold up! We need to settle this economy",... so fed rates went up, which in turn made mortgage rates go up, and by August 2023 we were hitting near and above 8%! This once again sidelined buyers. 

Another grand event in the Cincinnati Real Estate Market was the cyber attack on the MLS (multiple listing service). This created a challenge for realtors and buyers to know what properties were available to purchase. Currently, the Cincinnati Board of Realtors is working on a more permanent solution, but Realtors and Buyers are searching multiple channels to locate houses for sale and there is still some confusion with data. I, personally, have been working diligently to stay on top of all possible channels of information to ensure my clients have the most accurate and up-to-date information. 

So today, where we stand is an inventory of homes within the Cincinnati Multiple listing Service of 2077 Single Family Homes for sale, an interest rate of 7-7.25% and a great time to buy or sell.

Buyers... currently, the volatility of the market has some buyers running scared. Now is the time to swoop in and make an offer on a property with little competition, not having to waive inspections and appraisals to get an offer accepted. Interest rates lower than a month ago, and many options and ideas to lower the rate with a 2/1 buy down, ARM or other program to help you save in the short term. 

Sellers... Over the last 6 months there were 10,341 sold single family homes at an average price of $385,000 with an average of 17 days on the market and an average of 102% list to sale ratio. The overall market value has increase 8-9% over last years values. In a nut shell... we are still in a seller's market! How to make the most of your investment and gain the most amount of equity out of your property, you ask? No realtor should be advising, " We are in such low inventory, you don't need to do anything to your property as some one will buy it as is." WORST ADVISE IN THE MARKET! Someone will buy your property, but it will cost you greatly. Sellers, call me! Let me walk through the property with you! Let's make a list of things to do to ready your property for market! This may be anything from simplify/declutter, to suggestions for sprucing the place up with some paint, flooring and landscaping, to discussing selling in current condition versus updating bathrooms and kitchen... there is so much to consider to make sure you make the most of your investment. You wouldn't walk into bank and say, " Deposit this $385k into a .01% savings account", just because it was easy, right! You would meet with a financial professional and say, "What are my options to make the most profit on this money?" That is what you need to do when you get ready to sell your home. There are so many options and you need to be informed so you know you are making the best decision for you. 

So in a nut shell... what is real estate today... FANTASTIC! Call me today to discuss how I can help negotiate for you your new home as a buyer, or how to walk you through making the most of your current real estate asset!