Getting Prepped for Buying Season!
Being a buyer in the current housing market can be difficult. Understanding what to include in your offer for your dream home is as crucial as ever. However, it is also very important to consider, the location, price range, and general climate of each particular home.
Given the current real estate trends in Ohio for 2025, here are some of the best offer strategies for buyers:
Make a strong initial offer: With home prices continuing to rise in Ohio, it's crucial to start with a competitive offer close to the property's market value. Lowball offers are likely to be dismissed in high-demand areas.
Act quickly: Homes in Ohio are spending an average of 45 days on the market, indicating a competitive environment. Be prepared to make decisions and submit offers promptly to avoid missing out on desirable properties.
Use an escalation clause: This allows your offer to automatically increase if another buyer outbids you, up to a specified limit. It demonstrates your seriousness and helps you stay competitive in multiple-offer situations.
Increase your earnest money deposit: A larger deposit shows your commitment and financial stability, making your offer more attractive to sellers.
Consider waiving contingencies: In highly competitive markets like Shaker Heights and Sandusky, where homes often receive multiple offers, consider removing or limiting certain contingencies to strengthen your position. However, consult with your real estate agent about potential risks before doing so.
Offer above list price: With 40.4% of homes in Ohio selling above list price, be prepared to offer more than the asking price, especially for desirable properties in hot markets.
Be flexible on closing dates: Accommodating the seller's preferred timeline can make your offer stand out.
Get pre-approved for a mortgage: This demonstrates to sellers that you're a serious buyer with the financial means to complete the purchase.
Consider writing a personal letter: In some cases, a heartfelt letter to the seller can give you an edge over other buyers by creating an emotional connection.
Be prepared for potential bidding wars: In competitive areas, have a maximum budget in mind and stick to it to avoid overpaying in the heat of a bidding war.
Remember, the Ohio real estate market is expected to remain strong through 2025, with rising home prices and increased competition in many areas. Working closely with a knowledgeable local real estate agent can help you tailor these strategies to your specific situation and the local market conditions.