Zillow released its Top Buyers’ and Sellers’ Market list yesterday, and who woulda thunk it but Cleveland, Ohio and Cincinnati, Ohio both rank in the Top 10 Buyers’ Markets, Cleveland at #3 and Cincinnati at #8.
So would exactly does Zillow look at when compiling their list of Sellers’ and Buyers’ Markets?
According to Zillow they “analyzed data on sale-to-list price ratio, number of days listings spent on Zillow and percent of homes on the market with a price cut, and ranked the 50 largest metro areas to determine whether buyers or sellers have more negotiating power in a given market……A buyers’ market is one where buyers have more bargaining power, thanks to listings lingering longer on the market and sellers being forced to cut asking prices.”
So what does this mean to you?
First and foremost, it means you, THE BUYER, hold the cards when purchasing a home in Cleveland or Cincinnati. Homes in these 2 metro areas have sat on the market longer, compared to other major metro areas, and sellers are forced to cut their listing price to get the homes to sell. That equates to lower sales prices to the buyer.
Combine that with historic low-interest rates, and Home Buyers in Ohio should be sitting pretty.
If you would like to discuss the steps to purchasing a home or review payment figures for different loan programs give me, T.C. Strait, a call at 513-777-8383 or complete the Ohio Pre-Qualification Request Form for a FREE, NO OBLIGATION quote.