Hey guys! It’s Eric Sztanyo from Keller Williams Realty and TeamSztanyo.com, where we are helping families find their way home. I wanted to do a quick Cincinnati real estate market update since COVID-19 and quarantine are in full force.
I’m actually out on the road and I’m going to do four showings with a buyer who’s ITCHING to buy a home. They have been in their house during COVID-19 and self-quarantine, and they have had enough. They decided it was time to take advantage of the low interest rates and buy their forever home.
We Are Still in a Sellers Market!
The message I wanted to get out to you guys today is that what we’ve seen in the last month, in March especially, is a pullback in terms of the number of houses that have gone on the market. We’ve also seen a pullback in terms of the number of buyers who are going out to look at houses. But at the same time, I wanted to give you a market update of what’s happening in Cincinnati and Northern Kentucky because there’s still high demand for home buyers.
In fact, there is probably more demand right now because everyone has been pent up over the last month. The people who were looking to buy a house in January or February of this year and who were thinking “I’m just going to wait until spring to buy a house” have not gone away. They are still eager to look and they are definitely still eager to buy.
Real Estate is Moving FAST
So what does that mean for sellers in Cincinnati and Northern Kentucky? It means that if you are still looking to sell your house this spring, it is still a great time to do it. It is a great time to do it because it was a seller’s market going into the quarantine and you’ve got all of these buyers who wanted to buy a home who are just itching to get out there. Now, the shelter-in-place orders may be in place throughout April, maybe even into May. But the reality is, people still want to buy houses.
Just yesterday, I put a house in Mount Washington, Ohio onto the MLS as active. The sellers are looking to relocate and want to sell their home quickly. Well, we looked at the comps, we looked at what had recently been sold in their neighborhood, and we looked at how how quickly they were selling. We decided to push the price a little bit. When deciding on a listing price, I normally give the seller a range from lowest to highest of what I believe the home can sell for. In this case, we listed towards the high end and still went pending in only 5 hours.
Proof That Buyers Are Still VERY Active
Here’s what happened. We put the home on the market yesterday at around 2:00 in the afternoon. We had five or six showings lined up within about the first hour of listing the home, how crazy is that?! I actually went and showed the house to a buyer who was interested, and by 8:00 in the evening, we had an offer and we were under contract. In less than a day, I mean in less than six or seven hours. That is how quickly homes are flying off of the market right now. If you are looking to sell fast and for top dollar, now is the time to do it.
It is so important that you know that there are safe ways to list your home and buy homes during COVID-19. Right now there’s still a lot of demand from buyers out there. If you’re thinking of selling your home in Cincinnati or Northern Kentucky, we can help anyone in the tri-state area. At Team Sztanyo, we’re helping families find their way home, and we can help you list and sell your house quickly and for the most amount of money. Give us a call today. We’ll talk to you guys later.