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  • Writer's pictureBeth Campbell

Be Realistic and Be Prepared!

As your “local” real estate nerd, I read virtually everything on the internet I can find each day regarding real estate, projections, and even the “hot” colors and designs this year. In my 25 years of experience, I’ve seen the “ups” and “downs”, the busts, booms, and everything in between. And I’m  STILL confused! So, how does a buyer or seller navigate the current market to either buy or sell? There are two KEY takeaways from everything I’ve read and personally experienced. BE REALISTIC  and BE PREPARED! 

SELLERS need to be REALISTIC of what this market will bear! I pulled some interesting statistics from our local Louisville/East Canton market to see if my impressions of the local market are correct. From January 1st, 2023 through March 1st, 2023, 40 homes were sold. The average days on the market was 44 and 73% of them sold at or above the original list price. From January 1st of this year through March 1st of this year, 27 homes were sold. The average days on the market was 68 and only 56% of them sold at or above the original list price. As I suspected, the days of selling in a very short amount of time at the original list price or higher are definitely changing!  

BUYERS, however, need to PREPARED, as we are still experiencing a severe shortage of availability of homes to purchase! Most real estate agents will ask you to get “pre-qualified” through a lender before they will set you up on an automatic MLS search OR show you homes! They are not being rude, they do believe you. But they want to show you homes that will fit the lending program you qualify for, in the correct price range. AND they want to be ready to write a purchase offer for you immediately when the right home comes along. 

The market is still experiencing multiple showings and/or offers due to the lack of inventory.  Hopefully, this spring and summer will provide more opportunities for buyers and sellers to either purchase or sell homes in a timely manner at a market- appropriate price. But again, the sellers must be REALISTIC and the buyers must be PREPARED! If a lender is involved, the property must appraise for the purchase price. The lender orders the appraisal and will not honor any prior appraisals that the seller may have paid for. That is why a professional market analysis by your agent is so crucial in pricing your home. And, the longer a home languishes on the market, the lower it will reap. The trick is to price it correctly to begin with, as buyers wonder why something has been on the market for so long and worry it may have “issues” they are not willing or able to deal with.  

But, don’t do it alone! Your local agent is essential in putting you in the correct position to experience a successful sale or purchase, especially in the BEST market in Ohio! (At least in MY  opinion!) 

Published in Louisville Neighbors 04/2024

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