Fire, Ice or Meeehhhhh, Real Estate Markets Are Local
One of the benefits of blogging is we're exposed to what is happening in real estate markets across the country. That understanding helps put our local market into perspective. When we read about homes that get 30 offers in two days on market, for us that's just astounding. We had one situation years ago where we were in the middle of a five offer situation, but normally even hitting two offers (at the same time) isn't the norm.
That said, our Warren County market does vary significantly. Most of Warren County is in the slower category, and months of days on market really isn't that unusual. That said, there are pockets in Mason and Springboro for instance that have a scarcity of well priced, prime condition homes. They'll sell in a week once they hit MLS. Other areas of our county may very well take a year to find the right buyer because that portion of the buyer pool is just that small.
Over the last few months we've been working with buyers in Hamilton County's Hyde Park/Oakley/Mt. Lookout area, and we've felt the market water there go from slow simmer to full boil in that time. The transition from "we can see that this weekend" to "we better see it in the first 3 days (or less)" has happened. Multiple offers are becoming common on the REALLY nice homes. Open Houses with people waiting for the door to open. The real estate temperature is quite toasty, despite the snow on the ground!
Knowing the difference between whether the real estate market is Fire, Ice, or Meeeehhhh sets your negotiating strategy both as a buyer and a seller. In a hot market the seller knows he doesn't have to do much (if anything) to make the buyer happy because a replacement is just moments away. An ice cold market and the seller better be prepared to give (perhaps considerably) to keep that buyer engaged all the way to the closing table. And the Meeehhhhh market, a little more compromise has to happen. Either side could walk away if they're not serious about keeping the deal together.
Bottom line, Warren County area home buyers and sellers need an agent that knows the real estate market temperature. Without that knowledge, you just might be set up for failure.
Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz
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