Zillow recently awarded a top ranking to the Cincinnati Real Estate market – making us the 6th best market for home buyers in the United States. What we have been seeing locally is a slow appreciation in home prices and a decrease in the number of homes on the market. Zillow bases this article on how the local real estate markets are faring this year. Since there are many factors that impact each locality, some markets are still struggling while Cincinnati continues to improve.
Local Real Estate Markets are Local
According to Zillow Chief Economist Dr. Stan Humphries:
Sellers in buyers’ markets may need to be prepared to lower their asking price, or to wait longer for the perfect buyer to come along. As we put the housing recession further in the rear-view mirror, the broad-based dynamics that applied during those days, when all markets were reacting similarly to nationwide economic conditions, are fading. Real estate has always been local, and as the spring market gains momentum, this old adage will only become more pronounced.”
What Will This Mean for Cincinnati Real Estate?
The points of the article, as applied locally, mean that there is going to be more pressure on sellers to be ready to sell. Buyers will continue to be specific and discerning because they can be, and sellers will need to have their homes in excellent condition and priced competitively for a fast sale. There are always exceptions to the rule, but in general I am advising my buyers to make competitive offers based on market prices, and my sellers to price their homes accordingly.
Market forces continue to change and both buyers and sellers have to be flexible. With a recovering market keeping up to date with the state of the overall market is helpful if you are buying or selling. Here is a recent Cincinnati Real Estate Market Report for the beginning of the year.