It's a great time to be a home seller in the Ohio real estate market. Here's why.
Looking to buy in Southwest Ohio? Get a Full Home Search
Looking to sell in Southwest Ohio? Get a Free Home Price Evaluation
Looking to sell in Southwest Ohio? Get a Free Home Price Evaluation
There are three reasons to get your home on the market immediately.
The best time to put your home on the market was yesterday. The second best time to put your home on the market is today! There are two reasons: supply and demand. When demand exceeds supply, prices rise.
Let’s start by talking about supply. In the chart above, you’ll see that the National Association of Realtors recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the six-month supply necessary for a normal market. Locally, we have some neighborhoods that have slightly less supply and some that have slightly more. The experts on my team can always give you specific numbers for your neighborhood if you’d like.
The second part of that equation is demand. Notice the next chart above that every month, the NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.
Did you notice that Ohio is one of those states where demand is strongest? That's great news for sellers.
Next, let's address home equity. Notice in the next chart that many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, only 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually have more than 20% equity.
Ohio has some of the strongest demand for homes in the country.
Many homeowners who undervalue the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market. If this is the reason why you are hesitant to put your home on the market, let’s clear up any questions and get you an accurate market price for your home. You may be sitting on more equity than you thought!
If you are debating selling your home this year, meet with one of the experts on my amazing team. They can evaluate the equity you have in your home, as well as the opportunities available in your market. Just give us a call or send us an email soon. We look forward to hearing from you!
