Interest rates are up, the stock market is crazy, and who knows what’s gonna happen with the economy going forward. So should you sell your house now or should you wait until 2023 and beyond? Let’s talk about that. My name is Eric Sztanyo from Keller Williams Realty and TeamSztanyo.com where we are helping you find your home and strengthen your family. It is late October. It’s actually Halloween when I’m recording this, so gonna have a lot of fun with the kids. Gonna have some friends over to watch the Bengals, hopefully, beat the Browns with a sideline. Jamar Chase. A little concerned about that, but we’ll get it done. If you’re trying to sell your house, let’s talk about it! We often do a lot of content around moving to the city and buying a house, but hey, I don’t wanna leave out the sellers too.
We’re gonna dig into the data. You guys know that I love showing you data about the current state of the market here in Cincinnati and Northern Kentucky. Let’s get into it.
Understanding The Current Data of Houses For Sale in The Market
Three things we’re gonna cover. Number one, we’re gonna take a look at the data about the market shifting, where it is here in late October, in the fall of 2022, what we can expect going forward. Number two, we’re gonna talk about what you still have going for you as a seller. So even though things may be a little bit rocky, you have some good things going for you, we’ll talk about that. And number three, we’re gonna talk about expectations you should have as a seller and also what you should look for in a realtor and choosing a realtor to help you get that house sold. We’re gonna cover all those things.
First things first, let’s look at the market. You’ve probably heard in the news that the market is shifting. It’s transitioning from a hot seller’s market into potentially even a buyer’s market. Is that true? Is it not? We’re gonna talk about that. Obviously, it’s gonna be different in different cities around the country. So where are we at in Cincinnati? I wanna show you guys that. We recently did another video about the Cincinnati market. Is it cooling? I did a live video on that as well. You guys can check that out in the links below, somewhere around here.
I wanna show you guys some data from a popular neighborhood here in northern Kentucky called Triple Crown in Union, Kentucky, have done a lot of videos on that neighborhood. I pulled some data of sold, basically everything that’s sold from $300,000 and $900,000 between June and July of 2022.
Just so you can get a feel of how long were these houses on the market. If you look at the full residential CMA here, and you look at this column of the D O M, which stands for days on market, the average days on market, these houses that sold in those two months, this year was 8.93 days. So if you look at some of these houses around, $600,000, they sold for 1 day, 14 days, 0 days, 38 days, 0 days, 4 days, and 4 days. So even the houses that were sold up in the $700k and $800k were at 0 days, 4 days and 4 days. Houses were going really fast, high demand, not a lot of inventory. That was what we saw earlier this year in 2022.
So let’s compare that to what’s going on now in Triple Crown here in late October, in the fall of 2022. Now I’m looking at the same grouping of houses, same pricing, but I, I wanna look at all the homes that are for sale that are active, and what are their days on market. So if you look, look at this list starting at the top, you’re at 13, 11, 2, 90, 2, 20, 55, 53, 17,181. The average days on market is 58 days on market for these homes that are active. Now, that’s pulling up a little bit because some of these homes aren’t gonna sell. They might get withdrawn because the sellers are, may be asking for too much for them, and or there might not be in the best condition. So maybe on the solds of these, if we look at these a little bit, it might be down closer to that 30 on average, because the ones that are maybe 180 days or 220 days, you know those are gonna skew up the average really high, but still, clearly, we’re looking at 90 on average versus 58 right now.
That’s really important for you to know if you want to sell your house. So if you were to pull a conclusion from this, back earlier in the year, in April, May, or June, you could put your house on the market. It didn’t have to be in tip-top shape. You just needed to price it correctly, and you were probably going to have 10, 15, 20 showings, 30 showings, maybe even 5, 10, maybe even 15 offers. And you could just choose which offer was best. It was very common for us as realtors to say, “Hey, here it is. We’re putting it out on a Friday. Give us all your highest and best offers. You might need to wave inspections, you might need to throw in an appraisal gap. We’re gonna be reviewing all the offers Sunday evening. We’ll let you know Monday afternoon” You were in the driver’s seat as a seller. Now, it’s not quite the same. It’s still a seller’s market, but it has slowed down significantly. That day on market is letting you know it’s gone from nine to roughly 58 again, of the active homes for sale in that same neighborhood.
Should You Sell Your House Now or Wait Further?
All right, let’s take a quick look and talk about what do you have going for you as a seller right now, even though the days on market is going up, why should you consider selling now versus waiting for the future, which is maybe a little bit more uncertain?
1. Supply is still short. And so yes, the days on market is creeping up, but overall, the amount of inventory, the days on market, and the months of supply of inventory is still historically low. And so supply is still short. So how does that benefit you as a seller? Well, low supply usually means higher prices, right? High demand, low supply, higher prices.
2. There is still buyer demand. Now, that has cooled significantly, I would say, from where we were earlier in the year. That’s because of interest rates, and that’s also because what I’m noticing is a lot of the buyers who are buying right now, they maybe saw that it was just crazy, and they’re like, we’re gonna wait. And so some of the buyers right now are a little bit more picky. Some of the buyers right now are, they went through the madness of the last few years and they’re like, “look, I’m not gonna wave inspections. I’m not gonna throw an appraisal gap. I’m not gonna spend $20k, $30k, $40k over list price. I see the market as cooling interest rates have gone up for me, and so I’m gonna be a little bit pickier about which house I buy.” That impacts you as a seller for sure. That said, supply is still low and demand is still there. You just gotta work a little bit more for it.
3. And the last thing you have going for you right now, is if you’ve owned a house for the last few years, you’ve benefited from a lot of appreciation. And so we’ve seen anywhere from, depends on the, the neighborhood, 10% to even 15% appreciation in the last 2 years in the Cincinnati, Northern Kentucky areas. Typically that might be closer to like 4% to 6%, on average. So we’ve seen a lot of appreciation. So you’ve benefited from that. So even though demand may be cooling off and prices may be coming down slightly, or at least leveling off, you’ve still benefited from all the depreciation of the last few years.
Tips To Sell Your House Fast
If you are selling right now, whether you’re trying to time the market or whether you just have to sell because you’re moving to a different city, or a different state, no matter the reason, I want to give you some tips about what to do to sell your house right now.
1. Make sure you’re working with a realtor who understands the current market conditions. We are on a shift right now. It is slowing down. It is decelerating. It is not a buyer’s market right now, but it’s not the seller’s market we saw early in the spring where the sellers had all of the control. So you need to make sure you’re working with a realtor who can run the comps, who can explain thoroughly to you what’s going on in your neighborhood, looking at the sales and what happened maybe in the last year, but also looking at the sales and what’s going on with the actives and Penns that were in your neighborhood in the last maybe two to three to six months.
2. You need to understand buyer traffic pacing. What do I mean by that? Well, kind of what I mentioned before is you put a house out on the market earlier in the year, you probably got 20, 30, 40 showings right away cuz there was so much buyer demand and so little inventory. It’s important now to understand expectations. Those numbers of showings are going to be down. And so you need to realize that most of your buyer showings are going to be when you first put it on the market. But you need to understand, as a seller, that’s not going to continue. Generally, you’re getting the bulk of your buyer action right at the beginning. That’s where you need to strike. And so you need to be ready to sell your house to one of those initial buyers because they’re going to taper off fairly significantly after that first wave of buyers who are coming in and see your house.
3. That brings me to my next point, which is make sure you’re putting your best foot forward right at the beginning. Making sure you’re coming up with the right pricing strategy to sell your house with your realtor, looking at what has sold. Also, looking at the other homes that are active or pending on the market. You don’t want to be above that. The worst thing you could do right now is overpriced. Cuz you’re like “well, Bob’s house sold in June for X amount of dollars and my house is way better than him because I’ve got a frog fountain in my front yard, or whatever it is” Listen to your realtor, look at the data. You don’t want to be sitting on the market for 7, 14, 21, 28 days. Then if that happens, you’re going to have to not only lower the price, but the buyers who come in and shop at that point are going to ask for a price reduction as well. They’re gonna bid 10, 20, maybe even 30 under list price. You need to price it right on the front end. You need to put your best foot forward. That means cleaning up the house. That probably means a fresh coat of paint. That might mean new flooring, some new landscaping, making the curb appeal look really good. Put your best foot forward so you can get it sold fast. Lastly, make sure you are working with a realtor who’s going to give you clear-eyed advice.
If you’re interviewing multiple realtors coming in, talking about your house. You don’t want someone to say, yeah, we could for sure sell for that. What do you think you can sell it for? And you give them a number and they’re like, oh, yeah, absolutely. That’s a realtor who’s desperate for a listing. You need a realtor who’s gonna push back on you and say, look, I sell a lot of houses. You don’t want to go overprice this thing. You need to get it sold fast because the buyer demand is decelerating right here. Here’s the data. Here’s what we’re gonna do to get your house sold. You need to work with that realtor, okay? You don’t want someone who’s gonna just pat your back and tell you, yeah, your house is the best thing in the world. You want someone going, fix this, fix this, fix this, and, and you need to listen to them because they do it for a living and you don’t.
Help in Buying a House or Sell Your House with Team Sztanyo
I hope this content was valuable for you. If you’re trying to sell your house, reach out to us. We’ll give you a free home valuation report. It’s gonna be a little bit more in-depth than the Z estimate that you’re looking at right now, thinking what your house is worth. Again, we’ll run comps. We’ll kind of talk you through that. We’d love to help you with that.
We believe that strong families make for a strong city. We’re always trying to bring you strong content that’s wise, and that is helping you make good decisions for you and your family. If you have questions about selling your house or where the market’s heading, give us a call, (513) 813-6293. Would love to chat about that with you. As always, if this was helpful, give us a thumbs up, and subscribe down below. Thank you guys so much. We’ll see you next time.