just ask cathy…
As we all know, it has been a buyer's market out there with an over abundance of homes available for sale, whether it was due to the increase in foreclosures, the doom of sellers who had to short sale, or the downsizing of jobs that caused sellers to sell.
But there is another chapter starting to emerge in the Northern KY/Greater Cincinnati area. Good deals are noticeably fewer and fewer, as buyers start to grab the great opportunities that still exist. There is, in fact, a housing shortage begining to appear! So all my special buyers in Florence, Hebron, Burlington, Union in Northern KY take note, as well as my special buyers in Mason, West Chester, Fairfield and Loveland in the Greater Cincinnati area.
If we take a look at the number of houses that were for sale during the last 12 months, we can see a definate percentage drop. Northern Kentucky stats show a 15.4% decrease, while Southwest Ohio reflects a 13.7% fall. Couple that with an increase in the number of homes that have sold in the last 6 months (NKY was up 17.3% and SW Ohio was up 9.4%) and you start to get the picture that things are beginning to change out there.
But here's an even bigger picture that shows we are starting to have a market change. It centers around the computation that agents use to determine the current housing supply. It is based on how long it would take to sell all the homes currenty for sale if no more homes were listed, and with the same rate of sales as currenty experienced. So, if we take a look at SW Ohio, we see that there is currently a 6.4 months supply of homes on market. One year ago, that figure was 7.8 months. A balanced market is considered to be a 6 months supply of homes. We are almost there, buyers and sellers!
While the numbers show that the ship is starting to turn, prices are still not rebounding in the Northern Ky and
Greater Cincinnati areas. So you sellers that are still pricing your homes higher than market value will remain waiting for buyers, as buyers are still scouting for the best deals they can get. It's just that the scouting has become a little more challenging these days. Ask any buyer who is currently seeking their dream home. Inventory is just not what it used to be like the last few years. The buyers I have been taking out recently in Florence, Ky and Mason, OH still can't get over that the tide has started to change and that it is a challenge to catch the right deal fast enough. Remember, with less inventory and lots of buyers still out there looking, whatever is good is getting snapped up quick!
So how does one proceed into the next chapter? Well, sellers will need to realize that if they go into the market at a competitive price, they will still get action. Buyers will need to be ready to jump when they find a good deal....no more hesitation. Have pre-approval in hand and know what you want!
Proceed with knowledge and be empowered to make the right decisions in all your real estate transactions!
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NORTHERN KENTUCKY Real Estate Sales - Cathy Miles Realtor®
CINCINNATI, OHIO Real Estate Sales - Cathy Miles Realtor®
I specialize in helping buyers & sellers with their real estate needs in Northern KY and in Cincinnati, OH .
With passion, I invite you to board my boat for your next destination and allow me the opportunity to help
you navigate the ever changing currents of this incredible market! just ask cathy…...513.673.7726
Helping to empower buyers & sellers to make sound real estate decisions. __________________________________________________________________________________________________________________________________________
KY & OH Realtor® / EXIT Realty / www.mileshometeam.com / 513.673.7726 / cathy@mileshometeam.com
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