Updated on March 18, 2020
Now is a good time to be selling a house in Ohio! According to Zillow Research, property values in the Buckeye State rose 4.92% in 2019, and are projected to rise a further 3.27% over the next year.
Of course, even the best Ohio properties will struggle to sell if you don’t price the home properly, do a poor job of marketing it, or don’t know how to handle the negotiations.
Read on to learn the eight steps to successfully selling your home in Ohio!
1. Finding a Ohio realtor
Selling a home isn’t easy. It’s a high-stakes, complex transaction and requires a considerable amount of time and expertise to get a good outcome. If you’re looking to sell your Ohio home for the best price — and minimize stress along the way — you need to find a top-rated real estate agent in your area.
The best Ohio listing agents know exactly what local buyers want and how to reach them. They’ll offer expert advice, guidance, and support every step of the way, from the initial listing all the way through closing.
In fact, sellers who work with real estate agents net 33% more, on average, than those who list on their own. For a $147,095 home — the median home value in Ohio, according to Zillow — that’s a premium of $48,541. In other words, hiring an agent is well worth the investment.
2. Deciding when to sell
Deciding when to sell your home can make a big difference when selling your home. Prices during the spring buying season tend to jump an average of about $15,000 from their winter low over the past five years. This is typically when most folks are looking to buy and lots of buyers create competition that drives up prices for sellers.
Seasonality and weather aren’t the only factors impacting prices in Ohio. Government regulations can also affect the market as interest rates rise and tax policy changes.
For example, federal tax changes have created opportunity zones, of which there are many in Ohio, that are generating lots of investment in low-income communities.
Best time to sell a house across the U.S.
Source: 2019 Redfin Data Center
Best time to sell a house in Ohio
|Best Month to Sell for Speed in Ohio||June||45 days on market||9 days faster than average|
|Best Month to Sell for Price in Ohio||June||$175,000 median sale price||9% more than average|
If you’re shooting for the fastest sale possible, listing in June is your best option. Homes listed in this month spend 45 days on market — significantly quicker than the Colorado average of 54 days on market.
To get the highest sales price, put your house on the market in June, as well. The median sale price of homes listed then is $197,000, which is almost $15,000 more than average.
Learn More: The Best Time to Sell a Home in Ohio
3. Pricing your home
A Comparative Market Analysis (CMA) is the best way to estimate how much your home is valued at. By comparing recent sales by size, bedrooms, neighborhood, or other conditions of your home, you can estimate what your listing price should be. A correct listing price will bring buyers to your home and help set expectations for your sale.
You may have special features or other things about your home that add value, but it is important to remember all buyers are different. The CMA will provide an objective view of your home’s value for you.
4. Preparing, marketing, and showing your home
You are going to want to clean and declutter your home before taking any photos, hosting open houses, or letting potential buyers see your home. You will want to make it easy for a buyer to imagine living in your home, which means making rooms seem large and open, a new paint job, proper staging, and even doing some repairs and renovations.
A knowledgeable agent will know the best ways to reach out to those potential buyers in Ohio. This means marketing your home in creative ways like creating a website, utilizing social media, and organizing open houses to show off the best features of your home.
For example, in Ohio having a large garage is a big benefit during the long, snowy winters. No one wants to be late for work because they spent an hour shoveling their car out of the snow. Highlighting special features like this are vital to attracting buyers.
Learn More: The Best Paint Colors For Selling A House
5. Fielding offers and negotiations
After all the preparation and work is done to prepare your home for listing, you’ll be disappointed if you don’t get a strong offer. But, negotiating a final price is inevitable, and can often be a frustrating process.
Buyers will typically submit their offer and leave you a limited amount of time to accept or respond. They usually provide you with a day or two and this time will be when you and your agent can submit a counter offer.
However, you can also reject the offer in hopes that a stronger one, will come in. Once you’ve accepted an offer, or negotiated a purchase price, you’ll then sign a purchase agreement.
In Ohio, this typically includes a three day review period, and then the final terms of the purchase agreement are worked out. Once a deposit is provided disclosures and inspections will be reviewed, and the title company will prepare documents for closing. The closing period is typically 30 days and gives buyers a final chance to back out of the deal.
Learn More: Real Estate Counter Offer Etiquette
6. Appraisal and inspections
Home inspections are part of the aforementioned process and often included as contingencies when the offer is made. Savvy buyers will typically have their own inspections done, and use these as a basis for further negotiations if necessary.
Appraisals also happen at this time and are an important part of the mortgage process. If a home doesn’t appraise at or near the purchasing price, buyers will usually need to come up with more cash to make the financing work. Failing to appraise can often delay closings or end a transaction altogether.
All of these issues can lead back to another round of negotiations over the final purchasing price. Other terms of negotiations can also include a rent back, renovations, or any other terms the buyer or seller may want to consider.
7. Paperwork and required Ohio disclosures
Ohio requires the seller to provide a Residential Property Disclosure Form to potential buyers. This form is required to be presented when the property goes into contract. Once they receive this form, buyers typically have the right to rescind their offer.
However, sellers are only required to disclose the issues they know about, which means they have no obligation to perform certain inspections. This is why most buyers will provide for inspection contingencies in their purchase contract.
Additionally, a lot of other legal paperwork goes into selling a house. Always consult your agent or attorney before signing or filing paperwork; they'll be able to walk you through all the paperwork and ensure you have everything you need for your situation.
Learn More: Disclosure Requirements in Ohio
8. The closing process
Closing is the final stage of the home selling process and typically takes place at the title office. All documents are reviewed and signed, and all closing costs are paid. If it is taking place at the property, a final walkthrough may also occur.
Closing costs typically total 2-3% of the purchase price and include taxes, realtor fees, and any final negotiations and credits can be discussed. The seller’s agent usually disburses realtor fees, and the buyer pays the majority of recording or transfer taxes. However, these can all be negotiated and likely have been done in advance.
Once all documents are signed and filed with the right agencies, keys are handed over to the buyer or their representative agent. For the buyer, the work of moving into their new home can now begin.
Learn More: How Much Are Seller Closing Costs in Ohio
Next steps: Sell your Ohio home and save thousands
Whether you’re looking to list your Ohio home immediately or 6-12 months from now, it’s never too early to start looking for an agent, getting advice, and making a plan.
Clever is here to help guide you through the home selling process — and save money along the way! In fact, homeowners who list with us save an average of $9,000 on home selling costs.
Top ways to sell your home in Ohio
- Discount real estate agents in Ohio
- We Buy Houses for Cash companies in Ohio
- Flat-fee MLS companies in Ohio