*|MC_PREVIEW_TEXT|*

Buying a home is one of the biggest financial transactions of your life, but it can be daunting if you’re unfamiliar with the real estate market. Don’t just call the number on the sign — go in with an expert on your side! Diligent representation and negotiations. Unlike an agent working on behalf of the seller, as your buyer’s agent, our loyalty and legal duty is to you. We’ll focus on finding what you want and negotiating aggressively on your behalf — no need to take a back seat to the seller. Better price. As your Realtor, our goal is to get you your dream home at the lowest price. A seller’s agent seeks the best deal for their seller, and that doesn’t always translate into the best deal for you. Don’t throw your money away! Let us find you a great home in your price range and negotiate to get you the best deal. The right home. With your wish list in mind, we will provide transparency and advise you on how well a property really matches your needs. A seller’s agent looking out for their client isn’t going to give you the full picture about a property’s fit for you. Set your own standards and we will help you meet them.   Simplicity of one agent. Having one reliable agent working on your behalf makes your home search easier and more successful. Not interested in dealing with multiple seller’s agents who aren’t tuned in to what you want? As your Realtor, we will guide you through your entire home search with your best interest in mind. Are you ready to find your dream home? Let us help you! Call today for a free consultation. 937.378.3800

How to be a Successful Buyer in a Seller’s Market

Years ago when I started my Real Estate Career we were still in the thick of a depressed market. Bank owned listings were prevalent and real estate investors were having a hay day! With foreclosures flooding the market buyers had a lot of options to choose from and sellers had to drop prices to compete. Buyers were happy! But things have shifted and buying a house now is a different experience all together.

Market forecasters say that we could see foreclosures only making up 1 to 3% of home sales this year. That means the housing market is essentially “back to normal”. Little to no foreclosures on the market means that there’s less to choose from and that the consumer home seller holds the monopoly. It’s a seller’s Market Ya’ll. So what can you do as a buyer to ensure a good home buying experience?

Set your expectations: Basic rules of supply and demand say that when supply is low, prices are up. What you WANT to pay for a home doesn’t determine its market value. If you are home shopping under the impression that you can effectively place a low ball offer, you’re going to get nowhere fast. Chances are if you find a home you like, there’s someone else who likes it too. Expect to be competing with other buyers. If you’re unsure if the asking price is fair ask your agent to show you what comparable properties are selling for.

Be prepared:  Since you’re likely to be competing with other buyers you want to make sure you’re ready to pull the trigger when you do find a home you like. You’ll need to have your pre approval ready when you start looking. You and your agent will need this to determine which type of financing you’ll be using, your price range, and the amount of closing cost you should be asking for from the seller. If you find a home you love and then have to get your financing together someone who was ready could already have your house pending.

Work with the right agent for you: Because the market is competitive for buyers right now, it’s more important than ever to have the right agent on your side. Not only do you want your agent to be knowledgeable but you also want to make sure that your schedule and communication preferences fit well together. What I mean by this is if you work until 6 during the week, you want an agent who has availability to work evenings. If you find a house on Monday you love but can’t see it until Saturday afternoon, it might be gone. Also, if you are an avid text message user who despises phone conversations you may want to rethink the Realtor who has a flip phone and wants to fax you documents. Everyone has their own methods that work best for them. While none of them are wrong, working with an agent who works the way you do can add a level of fluidity to your transaction.

Are you ready to get your purchase process started? Contact us today and we can get you pointed in the right direction!

The Perfect (Sales) Storm

The weather here in the tristate area has been anything but normal recently. We’ve went from a mild winter, to spring like warmth and tornados, to actual winter like temps and snow - all within about a week’s time! Although, the weather here in Cincinnati has always been quite finicky. How’s the saying go? “If you don’t like the weather just stick around, it will change.” Well, so goes the real estate market.

There’s a storm brewing in the market. A few conditions are coming together to make it a perfect storm for sellers. Here’s what the forecast models are showing:

High demand, low supply – In the Cincinnati MLS we generally run an average of 10,000 units for sale. Give or take. When the market was flooded we had over 20,000 units which was more supply than the market needed therefore demand dropped and it was overwhelmingly a buyer’s market. But right now we are at around 5,000 units for sale in the Cincinnati MLS. That’s half the normal supply! This creates a higher demand and means buyers are competing, not sellers.

Rising Values – What does high demand do? It makes values go up! Here’s an excerpt from the Cincinnati Area Board of Realtors Press Release. These values reflect January 2017 sales information, “The average home price climbed to $180,681 compared to $166,130 a year earlier, a +8.76 % increase. At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend to 4,867 from 6,647 a year ago, down – 26.78 %.’ I’m not making this stuff up!!!

Low Interest Rates – Interest rates are still hovering the in the low 4’s. This is up just slightly from last year but is still extremely low! Great, right? But how does it affect you as a seller? Glad you asked! Low rates mean that a buyer has more buying power. Here’s an example; let’s say that a buyer wants to keep their monthly payments right around a grand. If the interest rate is 4.5% they could purchase a home at $200,000 and have a monthly mortgage and interest payment of $1,013.37. Let’s change that by just 1%. At 5.5% a buyer would have to purchase a home for $180,000 to have a monthly payment of $1,022.02. A 1% increase in interest decreased the buying power by $20,000!!

All of these conditions coming together at the same time are really creating a perfect storm in the market. We’re gearing up for another strong year. But we need more listings to support the buyers out there looking! If you’ve considered selling but weren’t sure if it was the right time, now could be the perfect time for you. Contact an agent at Ring Real Estate today to find out!  

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.