Supply and demand is a funny thing. For most homeowners, they are happy when the demand is high and supply is low. Why? It means that the price of their home just went up, and they can sell their house for more.
However, there’s only one problem to that equation. If you aren’t selling a rental property or moving to another city, selling your home for more may also mean that you have to buy your next home for more. So, it’s kind of a blessing and a curse to sell your Cincinnati home right now.
I came across this video the other day on YouTube from a Cincinnati real estate agent that lays out why it’s a good time to sell your house and how selling in the spring can be an especially good idea.
There are a number of reasons why it makes sense to sell in the spring. The lighting is better, which causes your house to show better. Because the sun is out, people are in better moods, which may mean better offers. School is letting out soon, which means it’s a good time for buyers and sellers to move since summer vacation gives them flexibility.
Other reasons for selling right now in Cincinnati is that the market has been up the last couple years. In fact, in the video the agent shows how the average sale price in 2018 is up 4% over 2017 and the amount of inventory is down 16%.
What does that mean for you the seller? It means that houses are selling for more money, and because there are less houses overall, there is greater demand for buyers. Put it all together and it’s a great time to sell.
Your house can sell for more money. The appraisal should be a little bit easier to get a higher valuation because there are a lot of good comps of homes that have sold for a higher price. And with less inventory and more buyers, you may even get into multiple offers, which means you could have several buyers trying to buy your home and get into a bidding war.
Now, if you are selling a rental property or moving out of town, this is great news. You can sell for a high price and not have to buy another property. However, if you are buying another house in Cincinnati, this could mean that your profits are eaten up by the same supply and demand principles. You may have sold your house for more money, but you are also buying a house that is selling for a higher price as well.
If you are looking to upsize, this may not concern you. You may be happy just to cash in on your equity and get a bigger home. If that’s the case, than it is a good time to buy and sell!
Real estate markets come and go, and I am fascinated that the laws I read in an economics class in college are so applicable to every day life.