If you are reading the local papers you we seeing that they are finally reporting so Good News! Our market is picking up. Statistics are showing a marked improvement in the Cincinnati area. Though over 40% of the sales are foreclosures or other distressed properties our inventory is being sold. We have to move those distressed properties in order for the market to move to higher prices again on your properties. As long as inventory is high and new listings coming on the market are also up the price of any property will be affected negatively.
First time buyers are out there buying also. This is Really Good News! They free up the first tier buy-up buyers which free up the second tier – and so it goes until things are moving along at a healthy pace.
A recent article stated that the Cincinnati area looks to have hit bottom and things might be back to normal by year-end. “Back to normal” is a relative term at best but we are all looking forward to a return to a more balanced market.
I have some very interesting charts showing the inventory versus new listings and pendings. If you would like a copy please contact me. I would be happy to send a copy.