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If you’re a Cincinnati homeowner hoping to sell your house quickly, you’re in luck. Whether you’ve already bought another house or just need cash as soon as possible, you can benefit from Cincy’s strong seller’s market, where prices are rising, inventory is in low supply and homes are being snapped up swiftly. Here’s what to know.
How fast can you typically sell your house in Cincinnati?
At the moment, houses in Cincinnati are practically flying off the market. According to the latest data from the Realtor Alliance of Greater Cincinnati (RAGC), homes in Queen City spend a median of just three days on the market before they sell. Redfin data doubles that to six days, but that’s still remarkably fast — much quicker than other housing markets in Ohio, including Columbus (where homes typically spend 33 days on the market) and Cleveland (where it takes 29 days).
Need to sell even faster?
Can’t wait? If you want to sell even faster, try inputting your home’s info on the Opendoor site. This iBuyer operates in the Cincinnati area and provides preliminary cash offers within minutes. Or you can try reaching out to one of the many local and national cash-homebuying companies, which also provide super-speedy offers and quick closings.
Keep in mind, though, that while this option can simplify and speed up the home-selling process, it has one big drawback: In exchange for speed and convenience, they tend to offer much less money for your home than you’d get in a traditional sale.
Selling your home in Cincinnati
If you decide that a traditional sale with a real estate agent is right for you, here are some important questions to consider.
Is it worth upgrading your home before you sell?
You might be surprised to learn that pricey upgrades don’t usually make back their money when you sell. Before starting any renovations to increase your home’s value, make sure you understand how much they cost and how much you might recoup on them. Less expensive improvements, like adding fresh paint and sprucing up the landscaping, can also go a long way.
What should you fix before selling your home in Cincinnati?
Before opening up your home to buyers, think about getting a pre-listing inspection to identify any potential issues. It’s not required, but for a few hundred dollars, it can give you the confidence to know that you’re entering the market with your best foot forward. With that said, you don’t need to fix everything before selling. Consult with your Realtor on what is worth doing and what to leave for the buyer to handle.
Should you pay to stage your home?
When prospective buyers walk into your house, you want them to visualize themselves living there. Home staging can help make that happen. Depending on your house’s current condition, staging might involve adding new furniture, sprucing up the decor or rearranging what you already have. Staged homes can sell quicker and for more money than non-staged ones, but it might not be necessary for a home in good condition.
How should you price your listing?
Part of your agent’s job is to help determine how much your home is worth and set an appropriate asking price. As part of this process, they’ll look at real estate comps to understand how much similar houses have recently sold for in your area — if you can find an agent with experience in your specific neighborhood within Cincinnati, all the better. Agents can also prepare a comparative market analysis with in-depth details to help determine the pricing sweet spot for your home.
What do you need to disclose to a buyer?
Anyone who sells a home in Ohio will most likely need to submit a residential property disclosure form. In this document, you should detail the current condition of your home’s key components, including the water supply, electrical system and roof. You’re also responsible for describing any potential hazards that you’re aware of, like the presence of radon gas, lead or toxic mold. If the property is part of a homeowners association, you should also provide your buyer with HOA documents regarding bylaws, meeting minutes and finance-related information.
When you finally sit down at the closing table, there are a few last things to do, including transferring ownership of your property and paying closing costs.
Costs of selling a home in Cincinnati
As the seller, the bulk of your closing costs will go toward Realtor commissions, which usually come to between 5 and 6 percent of the home’s purchase price. RAGC data shows the median price for a Cincy home as of July 2023 was $290,000 — so, on a median-priced home, 6 percent comes to $17,400.
Here are some other typical closing costs for sellers:
- Transfer taxes: In Ohio, the tax rate to transfer property to a new owner is $1 per every $1,000 of the home’s sale price. But Hamilton County, where Cincinnati is located, charges an additional tax on top of this.
- Recording fee: Hamilton County’s fee for recording a new deed starts at $34 for the first two pages, then $8 for each additional page.
- Concessions: If you made any seller concessions when negotiating your deal — for example, agreeing to cover the cost of a needed repair — the funds usually come out of your cut of the sale at closing.
- Attorney fees: Ohio does not require home sellers to hire an attorney, but with this much money on the line, it’s smart to do anyway. Any legal fees will usually be due at closing time as well.
Cincinnati’s real estate market is hot right now, with houses selling in under a week — and often over asking price. If you’re ready to list your home, the best next step is to hire a local agent who understands the ins and outs of this competitive market, and your neighborhood specifically. They’ll use their expertise to help with pricing your property, advertising it to potential buyers and reviewing offers.
Yes. Even with mortgage rates still high, the Cincy market is hot right now. According to data from the Realtor Alliance of Greater Cincinnati, in July 2023 homes spent just three days on the market before selling. And prices are also on the rise, increasing 7.4 percent year-over-year.
No, Ohio does not require an attorney to oversee a home sale. However, contracts are complicated and there is a lot of money at stake — having a real estate attorney make sure matters are being handled properly is smart anyway.