Worried About Real Estate Market Conditions?
Buying or selling a home can be stressful, but navigating competitive real estate market conditions can make it even more difficult. If you’re thinking about buying or selling a home in North Central Ohio (i.e., Erie, Huron, Ottawa, Sandusky, or Seneca Counties), this blog will provide a glimpse into the market for you as you prepare.
For a full assessment of the market, make sure to download our in-depth market guide. In the guide, we researched North Central Ohio real estate market conditions over the first half of 2019 to give you the confidence you need in your home buying or selling journey.
Over the first half of this year, the total amount of home listings, as well as the total volume of homes sold, is down significantly when compared to the beginning of 2018. However, the average sold price is up from the first half of 2018. This is due to a nationwide home inventory shortage. As we make our way into the back-end of 2019 and early into 2020, we expect the market to remain competitive.
Let’s take a look at how the market has fared so far this year.
2019 Q1 and Q2 Real Estate Market Conditions
Q1 saw total home listings down 18 percent and the total volume of homes sold down 13 percent from the previous year. With fewer homes on the market, home prices increased across the board. The average price of a sold house was up 6 percent compared to 2018, while the average days on the market dropped 7 percent. Homes sold quicker but for more money.
In Q2, things began to trend upward for the year but still down in comparison to 2018. Total home listings were down 13 percent and the total volume of homes sold was down 9 percent from the previous year. Time on the market increased in Q2, meaning that even though there was a shortage in inventory, buyers were taking their time when making a purchasing decision.
If you’d like more in-depth figures and reports on real estate market conditions over the first half of 2019, download the report now.
What All This Means for Buyers and Sellers
Be prepared to move quickly and take action. Do your research ahead of time, which includes knowing what you want in a home, how much you can afford, what repairs might need to be made on a home you’re interested in, and so on. To help make things easier, connect with a licensed real estate agent that will help guide you through the process.
In a competitive market, buyers that are pre-approved for a mortgage have a step up on those who are not. Buyers with a pre-approval are much more attractive to sellers because they know that the interested buyer can make an immediate offer, whereas someone without a pre-approval cannot. It is vital to get a pre-approval in hand before beginning your home search.
It’s important to keep an eye on areas you’re interested in. You can do so with your real estate agent, who can let you know once a home comes up for sale in your area of interest so that you can go visit it immediately. You can also sign up for email alerts for the communities and property types you’re interested in — ensuring that you’re the first to know about new opportunities.
Competitive markets result in stiff competition for homes. It’s wise to establish a budget for yourself. This way, you know where you stand when it comes to a potential bidding war. During these times, you’ll want to rely on your agent for advice on what moves to make.
The biggest concern for sellers in a competitive market is making sure your home is ready to be sold. Homes that are ready for sale — requiring little to no updating before sale — typically sell much faster and for more money than those that need updates made prior to the sale.
Before putting your home on the market, make sure everything that needs to be updated gets updated. This will put you in a good position to sell your home in a timely manner once it does hit the market. Be sure to prioritize your repairs and upgrades — some will result in a better return than others.
If you’re looking to sell your home quickly, it’s important to list it with an experienced agent who knows what they’re doing and has proven experience working in your area. Make sure to vet them so you know their strategy for selling your home.
If you have multiple interested parties once your home is on the market, feel free to be picky with buyers. Ensure you’re working with someone who has been pre-approved for financing, so as to not waste any of your time on an offer that might not work out.
Interested in Learning More? We’re Here to Help
Work with a company that has been buying and selling homes across North Central Ohio for more than 80 years and is the largest independent brokerage in the region. Our team lives and works here, and we’ll be by your side every step of the way to ensure that you’re totally satisfied with your buying or selling process.
If you’re interested in learning more, get in touch with us today! Don’t forget to download our whitepaper to get a full rundown on the real estate market conditions for the North Central Ohio Market.