The real estate market in Cincinnati is considered to be one of the hottest in the country. This is good news for anyone who wants to sell house in Cincinnati. But even with a seller’s market, you should be informed and prepared before selling your house. Here’s your complete guide to selling a house in Cincinnati.
How to Sell Your House in Cincinnati
Selling a house can be challenging, especially for anyone who is doing it for the first time. The good news is when you sell a house in Cincinnati, with less inventory and more buyers, your home won’t be sitting on the market for a long time. Nonetheless, you still have to decide what’s the best way for you to sell your home. Here are your options when selling your home in Cincinnati:
Listing With A Real Estate Agent
The most common way to sell a house is still doing it the traditional way: promoting your property on listing services with a real estate agent. A typical buyer would find houses for sale in Cincinnati by checking online listing services.
It’s the job of the real estate agents to help connect sellers with potential buyers. They have a working knowledge of your local real estate market and specialize in buying and selling real estate properties such as single- and multi-family properties, apartments, townhouses, condos, and the like.
You are not required to hire an agent to sell a home in Cincinnati but selling a house involves several steps and can be a lengthy and tedious process. This is why many recommend hiring a real estate agent since they can provide invaluable insight and assistance to home sellers.
Real estate agents can negotiate a better deal and can help you overcome any potential issues that may occur during the home sale process. But you should also make sure to choose the right one who is familiar with your local market and has experience selling a home similar to yours.
When selecting a real estate agent, here are some tips to consider to speed up your search:
- Get recommendations from family and friends
- Search for agents with good reviews
- Determine what agents are listing other houses in your area
- Ask for recommendations from your mortgage lender
Working With A Flat-Fee or Discount Agent
There are real estate agents such as Reali and Redfin that provide agents that work on a discounted- or flat-fee structure. The advantage is they are cheaper but the services are limited. They are not as hands-on as a full-service agent. You are required to do more of the legwork, and you still need to do cleaning, staging, taking pictures of your property, showings, and open houses. You also may be required to pay an additional fee for the buyer’s agent.
Selling Your Home in Cincinnati to A Cash Buyer
Typical home buyers need some type of financing to afford to buy a property such as a mortgage. A cash home buyer, on the other hand, can purchase your home without any form of financial assistance.
Cash offers are usually lower than the full market value but it is the fastest way to sell a house. You also don’t have to worry about buyer financing falling through. Moreover, the lower offer price is compensated by you not having to invest time, money, and effort in selling, upgrading, and negotiating.
Usual steps to selling a home to a cash buyer
- Check how much your home is worth – Since cash offers are typically less than financed offers, you have at least a ballpark idea of your property’s current fair market value to avoid getting lowballed.
- Search for a buyer and request an offer – Ask family and friends if they can recommend a cash buyer. If they don’t know anyone, you can always search online for “We buy houses for cash” companies in Cincinnati. But make sure to do your due diligence. Read reviews. Check with the BBB if the cash buyer is legitimate.Once you find a cash buyer, you can request an offer, and typically, you’ll get one within 24 to 48 hours.
- Review the price and terms of your offer – Assessing the strength of an offer can be tricky since there’s no one-size-fits-all formula for it. Aside from the price, you should also consider the terms.Review the legitimacy of the offer. Is the buyer willing to deposit an appropriate amount of earnest money? How about her track record of closing transactions? If the buyer is not using a standard contract, have an attorney review the terms of the contract.
- Compare the cash offer to your trusted agent’s CMA of your home – Reach out to a real estate agent you trust to do a comparative market analysis (CMA) of your house. This calculates the market value of your property by pulling in a plethora of details about comps that have recently sold in your area. A real estate agent uses these sale prices as a benchmark to set a property’s list price.
- Accept the offer, and sign the contract – If you’re happy with the offer, it’s time to accept it and sign the contract. The contract should have the purchase price, deposit amount, and closing date indicated.
- Pass the home inspection – A home inspection is required by some cash buyers while others waive it. Buyers who opt for an inspection may renegotiate the price to cover necessary repairs.
- Clear title – Whether or not you are selling your house in Cincinnati to a cash buyer, a title search is required to close the sale. Any issues that can appear on your title can prevent the sale from pushing through. To avoid surprises, order a preliminary title report and fix any disputes or pay off liens ahead of time.
- Review and sign closing documents – During the closing you will sign the same documents as you would in a conventional sale, such as the deed and settlement statement, to mention a few. You can have the title company draft the necessary paperwork or have an attorney take care of it.
Sell Your Home by Yourself
Seven percent of sellers choose to sell their homes by themselves, known as an FSBO (For sale by owner). They get to enjoy more proceeds since there are no commissions or agent fees.
If you choose this route, you’ll need to market your house. You can list in on any FSBO-focused website, and you will be the one to coordinate showings with buyers and their agents. You will also handle the negotiations, contracts, and other details of the home sale on your own, but you can have a real estate attorney assist you.
FSBO is recommended if you are familiar with the home selling process. You are comfortable in pricing and marketing your home on your own. This is also best if you are not in a rush to sell your home in Cincinnati.
What’s the Best Way to Sell a Home?
There is no single best option that is applicable to all. It ultimately depends on your situation and your priorities. If you want to get the most money out of your home and are in no rush to sell your home, you can list it on your own or with an agent.
But if want to sell your home in Cincinnati quickly and conveniently, the best way is to sell it to a cash home buyer. Request a ballpark offer here.