Cincinnati August 2022

ASK THE EXPERT
rea estate
DID I MISS
SELLING AT
THE TOP OF
THE MARKET?
Given the current economic climate, many sellers
we have been meeting with lately are expressing
concerns that they “missed their window” to sell
their home for top dollar. While any observable
slowdowns will be highly dependent on the
specific location, a number of areas across the
country are seeing a definite shift in housing
market conditions. Rising interest rates, possible
recession fears, and escalating gas prices can
certainly be cited as nationwide contributing
factors.
In the Cincinnati market, we are currently
seeing a decline in showing activity and an
increase in available housing inventory.
However, our inventory has been in such
short supply over the past few years that it still
remains tight in most areas, despite the slight
increase. While you may begin to notice time on
market creeping up slowly and the beginning
of some price reductions for active listings, the
fact remains that our continued lack of supply
in many areas should prevent any significant
downward pressure on prices.
There are those that fear a 2008 housing
crash is on the horizon. Most experts agree
this is not the case. We entered 2008 with a
very high volume of inventory and much lower
buyer demand than we are experiencing today.
In our overall market, we are still observing a
shortage of homes to meet the current demand.
If this trend continues, the usual economic rule
of supply and demand should prevail. Less
showings and fewer offers being submitted
could potentially result in some lower sale
prices, but most would argue that home prices
have been artificially escalated in recent times
by a buying frenzy. Any notable downward trend
in pricing is not expected in the near future.
All that being said, pricing a property correctly
from the onset has always been an important
element in strategic marketing and maximizing
the ultimate sale price. Any missteps in pricing
when a property first hits the market will certainly
cost the consumer time and money in the long
run. This will become more important than ever
in a potentially changing market.
A typical late summer slowdown is definitely
on the horizon, regardless of the overall market
conditions. We are seeing many sellers who
were already planning to move interested in
selling sooner rather than later in order to avoid
any potential future changes to their property
value.
No matter where the market is headed, the
timeline to sell is a deeply personal one. Many
times there are other pressing reasons to sell
besides the current economic climate. Perhaps
you are relocating for a job, or your youngest
child is headed off to college in the fall, leaving
you with an “empty nest”. As you begin to
explore the right timeframe for you, it will be
important to consult an experienced real estate
agent. When you do, be sure to align with an
agent that “weathered” the 2008 storm and has
the expertise to price ahead of the market and
the tools to effectively protect one of your largest
investments.
ABOUT THE AUTHOR
Ellie Kowalchik, a real estate agent with Keller Williams Pinnacle Group, leads Cincinnati’s top-ranked Move2Team. A multi-million
dollar producer and company sales leader, she holds the advanced designations of Seller Representative Specialist, Certified
Residential Specialist, as well as e-Pro with a focus on technology. She has also been named one of America’s Best Real Estate
Agents by RealTrends for the past 5 years.
Have real estate questions you’d like to see answered in a future edition of Ask the Expert?
Give Ellie a call at (513) 616-2323 or email her at Ellie@Move2Team.com.
HTCI0722.020