Is it still a buyer’s market today in CARLISLE? As experts in the CARLISLE real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in CARLISLE OH
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of CARLISLE, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Carlisle market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Analysis of The Market. Sales activity across Warren County housing marketplace slowed in February, while average price continued to rise, according to Ohio REALTORS. Homes sales in February 2023 reached 8,032, a 13.5% drop from the 9,284 sales recorded during the month a year ago. The average sales price across Ohio in February reached $245,459, a 4% increase from the $236,053 mark posted during the same month of 2022. The housing market shifted in February, as consumers faced rising interest rates resulting in slower sales.
Homebuyers Now Have the Advantage Over Sellers
Between rising mortgage rates, high inflation, sky-high real estate prices and an uncertain stock market, it’s really hard to buy a house now.
But after two years of pandemic-fueled price hikes and bidding wars, the balance of power in the housing market is finally shifting towards buyers — especially in western states like California.
That’s according to a new report from home-financing startup Knock, which finds that once-hot destinations like San Francisco, Phoenix and Boise City are cooling off and becoming a lot more buyer-friendly.
Knock uses data on home inventory, sales numbers, time on the market, list prices, sales prices and more to determine which cities are considered “buyer’s markets.” More inventory and lower sales prices mean that buyers have an easier time finding their dream home, while sellers are more likely to accept offers below their list price.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in CARLISLE because we believe in the community and the people here.
If you need to sell a property near CARLISLE, we can help you.
We buy properties like yours from people who need to sell fast.