If you are selling your Cincinnati house in a seller’s market, you’re probably expecting to get an offer very soon, but once you get an offer, what should you do? In this blog post you’ll read how to prepare for the home buying offer in a seller’s market in Cincinnati OH.
In a seller’s market, you’re almost certain to get an offer on your house. But what should you do when you get an offer? Do you just accept it? Do you negotiate? How? What should you do?
When it comes to accepting offers in a seller’s market, it’s best to be prepared. The market has been hot in Cincinnati OH for the past 2+ years. Here’s how to prepare for the home buying offer in a seller’s market in Cincinnati…
How To Prepare For The Home Buying Offer In A Seller’s Market In Cincinnati
First, decide on the criteria that you want in the offer.
Ask yourself what’s most important to you. For example, do you want to sell quickly and get a fast possession date? Or maybe you want to get a high selling price. Yes, both of those might be important to you but one of them will be more important, so work prioritize ahead of time to help you determine if you can accept the offer or need to counteroffer.
Second, think about what you want for a bottom-line price.
In a seller’s market, you may get a higher price than your bottom-line price but it’s also very common for property owners to accidentally over-estimate the price they think they’ll get on their house. Therefore, determine your bottom-line price.
A good Cincinnati real estate agent can help you create a “net sheet”. This spreadsheet takes the gross offer and considers any additional taxes, closing costs and fees to give you an estimate of what you will net at closing. Chances are, you’ll get an offer that will net somewhere between your preferred price and bottom line price.
Third, think about the possession date you want and consider any flexibility you have.
You might want to move right away, for example, but you could potentially open yourself up to better offers if you don’t press for a specific possession date but instead find out what buyers are willing to offer.
Fourth, remember that you’re still the seller.
Even though it’s a seller’s market, remember that the buyer is still the one with the money and they could decide to buy a different house. Decide which terms and conditions are absolutely imperative for you and which ones you’re more flexible on. That way, if a buyer has all the money and no contingencies and is willing to close within your preferred timeline, you can work with any conditions they may have. Don’t get so greedy that you lose that buyer to another home
In a seller’s market, it’s often thought that the seller has the advantage, but there are times when you might want to sell now instead of putting your house up for sale, cleaning it up, and seeing what buyers will offer.
This is often the case if your home has a lot of repairs or updates that are needed. Or, if you need to sell your Cincinnati house fast for any reason, a cash offer will save you a lot of time and help you get to that closing table quickly. We buy houses in Cincinnati and NKY and can make you a free, no obligation cash offer.
That’s why we offer a house buying service at We Buy NKY Houses. We’ll give you a cash offer on your OH house. Just call our team at (859) 412-1940 or click here and enter your information on the form, and we’ll be in touch.