There have been major changes in the local Cincinnati real estate market, effectively the market has shifted from a buyer’s market to a sellers market. The main driving force behind this is the lack of inventory.
Why are there so few houses for sale in Cincinnati?
First off, Cincinnati is not alone. Nationwide there is a shortage of good housing inventory. A recent real estate article on NPR details this. There are numerous reasons that home owners are not selling.
- Part of the reason so few houses are going up for sale is that about 20% of U.S. homes are underwater, with a loan larger than what the house is worth.
- In addition some home sales are not closing because of low appraisals. In a rising market it can be difficult to find comparable sales to support true rising market prices – and that prevents loans from closing. Learn more about the home loan appraisal challenge here.
- Finally loans are still hard to come by even though banks are beginning to lend again. Sellers are just gun-shy about listing.
Good homes are selling very quickly!! I am reminding my buyers that if they like a property there is a chance there are other buyers who do too. If you have been thinking about listing your home for sale now is the time! Please call me and we can discuss your local market condition. 513.518.1140