Cincinnati Real Estate Blog

Houses are selling everyday in the Cincinnati area. The key is to be the best house in your price range offering the most amenities & being the most desirable compared to other listings in your price range. And the right price depends in large part on the current absorption rate in your market. Here’s how you find that:

• First, determine the number of homes closed in your market over a specific period — say, 12 months. You can get this data from your local Realtor.
• Next, divide the number of homes by the number of months in the period — in this case, 12. This calculation gives a per month absorption rate.
• Last, divide the rate into the number of current listings. This yields the months’ supply of homes.

Six months’ supply is considered a balanced market — when the number of listings roughly equals the number of buyers. Numbers over six represent a buyers’ market and those below a sellers’ market.

To assess sales trends, you can also calculate supply over shorter six- and three-month periods. Price in real estate is mostly a matter of supply and demand, just like in every other industry.

Once you have these basic calculations down pat, you can focus on absorption in particular neighborhoods or price ranges. If you don’t price it realistically then the house will not sell and all the marketing dollars in the world will not sell an overpriced listing.

1. Make sure that your moving quote is based upon a visual survey.
One of the biggest mistakes that people make when booking a move is assuming that a phone quote is guaranteed. The only way to obtain a binding quote is to have your household goods visually surveyed by a moving company. Make sure that you get the quote in writing.

2. Read all documents before signing.
Once you have been provided a written quote, make sure you read before signing. The quote should document weight, distance, and services to be rendered. If you have verbally discussed any special services make sure that those needs are reflected in the estimate.

3. Make sure you have adequate valuation coverage.
Standard coverage for interstate moves, which all carriers are required to provide, is 60 cents per pound. This amount will be inadequate if an expensive item, such as a plasma television, is damaged in your move. Additional insurance can be purchased through the carrier or through your home insurance policy.

4. Use a reputable mover for your move.
The number of choices available for your move is enormous. Make sure that you are using a reputable mover who is licensed, bonded, and insured. A reputable mover will not ask for a deposit up front and will have moving trucks with their own company name on them.

5. Make sure the mover can contact you.

If you are planning to have your phone disconnected the day of your move, make sure that the moving company has your cell phone number or another way to reach you. This is also applicable for your new residence.

For more information, call The Move Advocate at 800-617-1918. The Move Advocate can arrange for multiple, no obligation quotes, based upon visual surveys by carefully selected van line providers.

Existing home sales, including single-family homes, townhomes, condos, and coops slipped 2.2 percent in December to a seasonally adjusted annual rate of 4.89 million units from an annual pace of 5 million in November. The December figure was 22 percent lower than the 6.27 million sales pace in December 2006.

Despite the steadily dropping sales throughout the year, 2007 ended up with the fifth highest sales of existing homes on record. 5,652,000 existing homes sold during the year but this was 12.8 percent fewer units than the 6,478,000 sold in 2006.

This data came on Thursday from the National Association of Realtors monthly release of existing home sales data. Information on new home sales will be available next Monday from the Census Department and the Department of Housing and Urban Development.