How to Overcome a Challenging Real Estate Market

Even though the real estate market has been difficult in many parts of the country, Ohio remains relatively strong. Still, while higher interest rates have made affordability a challenge compared to the historic lows of previous years, and inventory has decreased, Ohio’s housing market continues to show resilience. Cleveland, Columbus, and Cincinnati neighborhoods have experienced sustained demand and price growth, making the state attractive for buyers and real estate professionals. With the right strategies, agents can still find success in Ohio’s evolving market.

You may wonder if becoming a real estate agent in a challenging market is the right move. We’ll show you that, despite these hurdles, success is attainable with the right strategies and mindset.

Key Takeaways

• Ohio’s Real Estate Market Remains Resilient – Despite national challenges, Ohio continues to show strength in its housing market. While rising mortgage rates and reduced inventory create obstacles, demand remains high in cities like Columbus, Cleveland, and Cincinnati.
• Mindset and Adaptability Are Essential for Success – Thriving in a tough market requires real estate agents to shift their perspective, embrace market fluctuations, and stay persistent despite setbacks. Agents who remain flexible and proactive can still find success.
• Proven Strategies Can Help Agents Sell in a Tough Market – Developing hyper-local expertise, implementing strategic pricing, leveraging creative financing options, and utilizing effective marketing techniques are key to overcoming market challenges.
• Hondros College Prepares Agents for Any Market Conditions – Earning a real estate license now, even in a challenging market, positions agents for success when conditions improve. Hondros College offers the training and resources needed to navigate the toughest real estate markets.

Understanding Why the Market Feels So Difficult

Ohio’s housing market has been shaped by historically low mortgage rates – and a supply-demand imbalance due to less construction and population growth in major cities.

• Mortgage Rates in Ohio: Over the past several years, mortgage rates have hit historic lows, with the 30-year fixed mortgage rate dropping to as low as 2.65% in early 2021. However, rates have since risen, averaging 7.12% in 2024, making affordability a challenge for many buyers.
• Housing Supply and Demand: Ohio faces an inventory shortage like many other states. The National Association of Realtors reports an 11% year-over-year decline in available homes. This imbalance has led to bidding wars and higher prices, particularly in metro areas like Columbus and Cleveland. This is compounded by an increasing population in Ohio’s major cities. Columbus, for example, was one of the fastest-growing cities in the Midwest in 2023, according to the U.S. Census Bureau.
• Inflation and Construction Costs: Rising material and labor costs have limited new home construction. The U.S. Bureau of Labor Statistics notes that lumber prices rose by 25% from 2020 to 2023, making homebuilding more expensive and further straining inventory levels.

The Mindset Shift: Thriving Instead of Surviving

Despite the challenges, Ohio real estate agents continue to earn competitive incomes. (The average agent salary in Ohio is $165,250, according to Hondros College.) To succeed, consider the following approaches:

• Adjust Expectations and Embrace Adaptability: Recognize that market conditions change and be prepared to pivot your strategies.
• View Challenges as Opportunities for Growth: Use market fluctuations as opportunities to learn and innovate.
• Maintain Persistence Despite Setbacks: Resilience is key to staying competitive in the industry.

Proven Strategies to Sell Real Estate in a Tough Market

Whether you are considering a career change to real estate or are already licensed, here are some strategies for success.

1. Develop hyper-local expertise

Understanding the nuances of specific Ohio regions, such as Columbus or Cincinnati neighborhoods, allows you to provide tailored insights to clients. Keep track of recent sales, upcoming developments, and zoning changes to inform your clients effectively.

2. Implement strong pricing strategies

Assist sellers in setting realistic prices based on current market data. Use comparative market analysis (CMA) reports to educate sellers on pricing trends.

3. Explore creative financing options

Collaborate with lenders to offer solutions like adjustable-rate mortgages, seller financing, or down payment assistance programs to help buyers afford homes despite rising mortgage rates.

4. Leverage off-market opportunities

Build a robust referral network to access properties not yet listed publicly, providing clients with exclusive options.

5. Utilize effective marketing techniques

• Professional Staging and Photography: High-quality visuals attract more buyers.
• Video and Virtual Tours: Online home searches are increasingly common.
• Social Media Advertising: Platforms like Facebook, Instagram, and LinkedIn can help reach target buyers.
• Email Campaigns: Keep buyers engaged with market updates, new listings, and price reductions.

6. Strengthen client relationships and build trust

• Educate Clients on Market Conditions: Transparency builds confidence.
• Consistent Communication: Regular follow-ups help reassure clients.
• Offer Value-Added Services: Home valuation reports and improvement recommendations can enhance client satisfaction.

7. Expand your target audience

• Target Out-of-State Buyers: Ohio remains attractive due to its affordability compared to coastal markets.
• Work with Real Estate Investors: Investors often seek rental properties or fix-and-flip opportunities.
• Focus on First-Time Homebuyers: Educate buyers on grants and programs available in Ohio.

8. Improve your negotiation skills

• Understand Buyer Psychology: Recognize what motivates buyers to act in a slow market.
• Be Willing to Make Concessions: Offering incentives can make deals more attractive.
• Stay Up to Date on Market Data: Market knowledge strengthens negotiation positions.

9. Increase your online presence

• Enhance Your Website: Ensure your website is mobile-friendly and contains valuable resources.
• Engage in Content Marketing: Write market updates and home-buying tips to establish yourself as an expert.
• Encourage Client Reviews: Positive testimonials help attract new clients.

While the Ohio real estate market presents challenges, it’s still worth it to get licensed. Agents can navigate and thrive even in the toughest conditions by developing essential skills to succeed and leveraging market trends.

Hondros College has helped agents earn their real estate licenses for decades—even through the hardest times in real estate. It takes a few months to get licensed, so waiting for perfect conditions to enroll in pre-licensing coursework would be a mistake. Get started today and start building your brand—so you’re ready when the Ohio market shifts again.

Disclaimer: This report is informed by a blend of trusted perspectives, including insights from seasoned real estate instructors who serve as local experts and professionals deeply embedded in the Ohio housing market. Complementing their expertise are data and trends drawn from leading real estate publications, comprehensive market analyses, and reputable industry reports. Together, these sources provide a well-rounded depiction of the Ohio real estate landscape, ensuring that buyers, investors, and professionals alike have access to actionable and reliable information.