Why a home may sit too long in the market while others sell fast.
Why are some homes selling while others are just sitting on the market? There are three reasons why this is the case in Northwest Ohio, and today I’m sharing them with you:
- Interest rates have gone up. A home that had a 2.4% interest rate for a 30-year fixed mortgage a few months ago would now cost around 6% to 7% interest rate for the same loan. The increase in rates is felt harder the higher the price of the home is.
- Some homes are sitting because of the location. The market is very different depending on the location. A house in Sylvania is not the same as a house in rural Wood County. Also, properties vary by type. Some types of properties are selling fast while others aren’t. In my experience, larger and pricier homes and houses that are in terrible condition are more likely to sit on the market no matter where they’re located. Meanwhile, properties such as the two-bed rehab ranch in West Toledo that I sold last week are sparking bidding wars and selling for top dollar.
“The boom market is over.” - The seller did not prepare the home properly. Gone are the days when all you needed to do was place a for-sale sign on your front yard to get multiple offers. The market has shifted, and if you want to sell, your home has to be ready, marketed correctly, and handled with experience to help you get top dollar.
The boom market is over; balance has been restored between sellers and buyers. My team is changing and ready to get the right help for your real estate needs. Call or email us anytime so that we may be of assistance to you. We look forward to hearing from you!
