Real estate markets tend to fluctuate wildly based on a variety of influences. Everything from the success of a local sports team to new businesses moving into the area can increase or decrease the value of homes. Just a few years ago, Akron was considered one of the more problematic markets in the state. However, things have changed in recent months. More recently, Akron was named one of the hottest real estate markets in Ohio, which poses special challenges for potential buyers
Be prepared to move quick and view many homes
The hot real estate market in Akron is great for people selling their homes. Overall home values are on the rise, so homeowners can cash in on their equity and make money if they sell their homes. Demand can outpace supply, meaning that the average seller may receive multiple offers for one property.
Unfortunately, that can make buying a home more difficult. Buyers will have to embrace the fact that they will be up against many other people for the property they want. Houses can come on and off the market in a matter of hours in some cases. That means you need to be ready to head straight over to a showing when your Realtor calls you with a new potential property.
It also means you have to be ready to make an offer as soon as you finish viewing the property. You will not have several days to weigh your options. If you want one of the more desirable homes in Akron, you will need to move fast. Prepare yourself for the possibility that you will have to make offers on multiple homes before you actually secure a purchase contract.
Find ways to sweeten your offer to sellers
Just because the real estate market is hot does not mean you need to languish in rental housing indefinitely. There are absolutely steps that you can take that will improve your chances of success when making an offer on a home. Obviously, many sellers are more than happy to accept offers that are over their asking price. However, offers over asking price are very common in a hot market. In other words, you may offer $5,000 over the list price, and other people may make the same offer or a higher one.
Thankfully, there are other concessions that you can make that will make your offer more appealing to sellers. These can include waiving the survey and inspections, allowing a longer time for the seller to move out of the house after closing, and coming to the table with a cash offer. It’s important to realize that while people once had the opportunity to write letters to appeal to potential home sellers, concerns about fair housing now preclude most real estate agents from passing those letters along to sellers. Your offer itself has to be strong enough to stand out from the other offers.
Whether you are a first-time home buyer or looking to move neighborhoods, prepare yourself for the competitive real estate market in Akron. Realistic expectations and patience can go a long way. However, remember that there are certain standards you do not want to compromise on, no matter how long you have to wait to buy the house of your dreams in Akron.