When is the Best Time to List Your Home in Cincinnati?
As a seller, you want a real estate market that has minimal competition, robust buyer demand, strong prices and lightening-fast sales. Realtor.com studied the last three years in Cincinnati and found that April is the ideal time to list your home, because all of these factors are at their peak. Often, people incorrectly believe that June is the best time to list. However, due to stronger competition by June, you are less likely to sell as quickly and for as strong of a price, as your competitors cut prices around you. We are seeing low inventory levels throughout Cincinnati right now... just click here to take a look at how few properties were recently listed (compared to what we will see later in June). Let's dig in further...
April Stats Forecast for Cincinnati Real Estate Market
In fact, Realtor.com found that in Cincinnati, the closer you list to the beginning of April, the faster you will sell and the better the price you will get for your home. The following stats compare homes that were listed in April versus the rest of the year (over the last three years in Cincinnati):
14.7% higher listing price in April versus the start of the year
11.7% more views per property
1.5% fewer price reductions
7.3% fewer days on the market
8.2% fewer active listings
Here is a chart showing Realtor.com's "Best Time to List" score for every week in 2019:
For data hounds (like myself!), Realtor.com calculated their weekly "Best Time to List" scores "as a composite of median listing price, days on market, views per property on realtor.com, the rate of price reductions, and number of active listings." The data was collected from January 2016 through December 2018.
What Does This Mean for You as a Seller?
The market is FULL of buyers anxious to buy a home, while the number of available properties on the market are limited. This is why we are seeing so many properties under contract within hours of being listed in our current Cincinnati market. Yesterday, for example, I showed a brand new (same-day) listing to a client, and by later in the afternoon, when she wanted to make an offer, it was already pending.
Let's take a look at an example of a $300,000 home to show you exactly what the stats above mean. With 14.7% higher listing prices in April, this could mean $44,100 extra tacked onto your listing price. With fewer homes listed on the market yet, you have a higher chance of getting closer to your asking price, while avoiding price cuts.
Bottom Line
If you are debating when to list your home in Cincinnati, all data points to listing as soon as possible, for the strongest prices and shortest time on the market (and the least stress for you!).
Questions, comments, suggestions are always welcome! Feel free to call or text me at 513-900-0303 or e-mail me at dj@djpropertyteam.com
Denis M. Joseph
Managing Director
Phone: 513.900.0303
Email: dj@djpropertyteam.com
License No. 2018004580 / Broker License No. 2011001311
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