The past two years have featured plenty of good news for anyone selling a home in Ohio. With not enough homes to meet buyer demand, prices have been on an upward trajectory. But the market started showing signs of a cooldown during the summer, which is typically the hottest time for real estate. In fact, the number of homes sold in Ohio in July 2022 decreased by more than 10 percent versus the same time one year ago.
The Buckeye State is reflecting a nationwide trend, as rising mortgage rates and high home prices have some buyers rethinking their plans. Despite those headwinds, now is still a good time to sell your house in Ohio — as long as you enter the market with the right pricing strategy to attract interest from buyers. Read on for a step-by-step guide to a successful Ohio home sale.
Are you ready to sell?
Should you sell your house now, or does the shifting market mean you should hold off for a while? If you’re thinking about waiting with the expectation that your house will continue to soar in value, think again: The housing market is actually beginning to slow down. That means the pace of appreciation is leveling off. So, if you’re ready to cash in, there’s not much of a reason to delay.
Keep in mind, though, that selling a home can be stressful — especially if you’re trying to buy another one at the same time. You need to have a contingency plan in place if you can’t sell your home as quickly as you’d like, or if you can’t find another one in time. Additionally, you should have a firm budget in mind for your next home. If you’re planning to relocate from Ohio to a new state, make sure you use Bankrate’s cost of living calculator to determine what your income will buy you in your new home state. For example, if you’re thinking about moving from Columbus to Dallas, Texas, you should be prepared for a 15 percent increase in your cost of living.
Preparing to sell
Once you have your personal finances in order, it’s time to get your home in order. Before you list your Ohio house, ask yourself these three key questions:
1. Is it worth upgrading your home before you sell?
Probably not. It’s tempting to assume that a major project, like remodeling your kitchen, will have major payoff — but it doesn’t exactly work that way. Most renovations, even the best ones for adding value, fail to recoup their full costs at resale. So, instead of hiring a contractor …….