Ohio Real Estate is a Seller’s Market: 3 Reasons to Get In Right Now!

Ohio Real Estate is a Seller’s Market: 3 Reasons to Get In Right Now!

January 25, 2022 Off By administrator

Ohio is heating up and catching the attention of many investors who may not have previously considered the state. From how quickly some houses are flying off the market to the fact that property prices are expected to grow another five percent by the end of the year: many are seeing this as a sign to get in before the market gets too hot.

 

These are the top three reasons you should pay attention to the Ohio real estate market and why it looks how it does right now.

Ohio’s Current Market

The average home increased by almost thirteen percent from the start of 2021 to the end of the year. The buying frenzy in spring hit this state harder than it hit nearly any other state, with some properties going under contract the same week that they became available. Thankfully this has slowed, and it’s taking a little longer to sell, but those 14,290 homes that sold in Ohio set a record that’s expected to be broken again in 2022 and possibly 2023.

 

There are a lot of signs that point to this not being a housing bubble, and because of this, many are ready to buy in. If you’re not sure about it, these are the top three reasons that may convince you.

Many Homeowners Are Holding Out for Longer

Although 2021 saw a 5% uptick in home sales, in 2022, many homeowners are holding onto their properties for as long as possible in the hopes of getting a far higher number for the property. This is creating a sellers’ market since fewer properties are available than buyers.

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Buyers Are Desperate, Making Prices Continue to Rise

Bidding wars are now a common experience in Ohio, as buyers desperately bid on whatever they can get an offer on, making prices rise further. This is expected to raise property values even further, as many property owners are starting to base their home’s worth on the sold prices of the homes around them. Cincinnati houses for sale are flying off the market faster and for more than you’d expect.

The Renovation Supply Chain Is Back On Track

The only thing that held the housing market back in 2021 was that the supply chain for building materials lulled to a stop. Fortunately, in 2022 this is back on track, allowing people to renovate their homes and giving house flippers the chance to finish properties they started in 2020. Fortunately, this means that if you buy a home that’s a fixer-upper, you’ll be able to get it repaired and looking amazing before you put it back on the market. In addition, this ensures you don’t have to invest in one of the properties that are already selling for more than they’re worth.

Ohio Is An Awesome Place to Start Investing in Real Estate

Whether you’re considering buying here to move your entire life to Ohio, or you’re ready to take the first steps in investing, now’s the time to try to buy. Get ready for competition and property value increases because this state is set to amaze.