How To Sell Your House Fast With Cash Home Buyers in Ohio

Inside the Ohio cash home buyers market

In Ohio, the cash home-buying market is primarily fueled by real estate investors, although other parties might also be interested in purchasing your home mortgage-free. Let’s take a closer look at these cash buyers to understand what drives them.

New residents seeking a lower cost of living

Ohio’s affordable cost of living makes it an attractive destination for new residents, particularly those moving from states with higher housing costs. Ohio’s population increased by about 26,238 residents, or 0.2%, in 2023. This marked the state’s first gain in three years, according to Census data. The Ohio Department of Development projects Central Ohio and five southwest Ohio counties to see the most robust population growth in the coming years.

Many of these new Ohioans, including retirees, young families, and remote workers, are able to purchase homes outright with cash. They are drawn to Ohio’s mix of urban and rural living options, lower property taxes, and a generally lower cost of living. For homeowners, this means an opportunity to attract cash buyers who are motivated by the affordability Ohio has to offer.

Baby Boomers

Over one-quarter, or more than 2.8 million, of Ohio’s residents are aged 60 or older, according to data from the Ohio Department of Aging. Research conducted by Miami University also projects that 1 in 4 Ohioans will be age 60 and older by 2030.

These mature buyers are increasingly likely to purchase homes in cash as they downsize or settle into retirement on a fixed income. Four Ohio cities, including Alliance, Steubenville, Cleveland, and Akron, recently made GOBankingRates’ list of the best cities to retire with a budget of $2,500 a month.

Across the country, 51% of Older Boomers (born 1946–1954) paid all cash for home purchases they made in 2023, as did 32% of Younger Boomers (born 1955–1964). If your Ohio house touts features that appeal to the Baby Boomer generation, like a first-floor primary suite, low-maintenance outdoor space, or curbless showers, highlight them in the listing description to grab the attention of cash-flush older buyers.

Property investors

Homeowners in Ohio are more likely to find success selling to property investors rather than traditional buyers willing to pay in cash. Common types of property investors include institutional buyers, house flippers, buy-and-hold investors, wholesale investors, and iBuyers.

Fueled by affordable home prices and a strong rental market, Ohio sees a high volume of real estate investor purchases. According to Parcl Labs, a residential real estate analytics firm, Ohio accounts for over 14% of all institutional investments nationwide. These investments come from large entities owning at least 500 properties.

Selling to real estate investors can often result in a faster and simpler home sale — especially if you’re located in Columbus or Cleveland, Ohio’s top markets for institutional landlords. These corporate buyers are usually well-funded and have the expertise to close deals quickly.

Pros of working with an Ohio cash home buyer

Cash offers can be an appealing choice for Ohio homeowners looking for a smooth and efficient sales process. Let’s explore some of the key benefits of working with cash home buyers in Ohio:

How to request a cash offer in Ohio

If you’re looking to secure a cash offer for your home without the hassle, HomeLight’s Simple Sale platform offers a streamlined solution. After submitting some basic information about your property, you’ll receive a no-obligation cash offer within just 24 hours. If you accept the offer, you could close the deal in as few as 10 days. This process allows you to skip repairs, staging, and numerous showings and gives you the flexibility to choose a move-out date that fits your schedule, up to 30 days after closing.

It’s important to note that cash buyers often pay less than what you might get by selling on the open market with a real estate agent. However, traditional sales come with costs that can consume 9% to 10% of your sale price. So, depending on your situation, a cash sale could still be financially beneficial.

How much are Ohio cash home buyers willing to pay?

Cash home buyers typically offer below market value in exchange for the speed and convenience they provide. A common guideline in house flipping is the 70% rule, where investors pay no more than 70% of the home’s after-repair value (ARV), minus the cost of repairs. This allows flippers to ensure profitability by accounting for renovation expenses and resale risks.

Conditions in the Ohio housing market can affect the strength of a cash offer. When the market is hot, cash offers may be closer to market value because of increased competition among buyers. On the other hand, during slower periods, cash offers tend to be significantly lower than market value, as competition wanes and investors grow more cautious. While a cash offer might be appealing for a quick sale, sellers should carefully weigh the trade-off between convenience and potential profit.

What’s the process of selling to an Ohio cash home buyer?

If your top priorities in a home sale are efficiency and ease, a cash offer could be a good fit. Here’s a quick breakdown of the steps involved:

Complete the Ohio Residential Property Disclosure Form

In Ohio, sellers are required to complete the Residential Property Disclosure Form. This document asks you to disclose any known issues with the property, such as structural defects, water damage, or environmental hazards. The goal is to provide potential buyers with a comprehensive overview of the home’s condition, creating transparency and trust in the transaction.

If you’re working with an Ohio “We Buy Houses” company, they will likely prepare all of the necessary documents for you, including this one. However, you can speed up the paperwork process by filling it out ahead of time. These companies conduct their own inspections and purchase homes in any condition, so filing the disclosure statement is more of a legal obligation from their perspective.

The buyer runs a title search on the property

The cash buyer will also verify the property’s title. This ensures you have legal ownership and checks for any liens or claims that could prevent a smooth sale. Some of the most common reasons for title issues include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery.

The seller pays any associated fee

A cash sale typically involves fewer closing costs than a traditional home sale. However, sellers may still have to pay some costs, such as transfer taxes, title insurance, escrow fees, and attorney fees. In Ohio, the seller is responsible for paying the transfer tax, which is referred to as the real property conveyance fee.

The statewide tax is levied at a rate of 1 mill, which equates to $1 per $1,000 of the home’s sale price. In addition, nearly all Ohio counties (with the exception of Ross County) impose their own real estate transfer taxes, ranging from 1 mill to 3 mills.

If you’re looking to avoid closing costs altogether, “We Buy Houses” companies will often pay them for you in exchange for an offer that’s below market value.

Deciding to sell to Ohio cash home buyers

Homeowners in Ohio stand a strong chance of selling for cash, given the state’s growing popularity among real estate investors. Whether you choose to compare buyers yourself, work with a local real estate agent, or request an offer through Simple Sale, HomeLight can connect you with top professionals and essential resources. We’ll help you navigate the Buckeye State’s investor-friendly market, finding a fast and efficient solution tailored to your needs.

Header Image Source: (Roger Starnes Sr/ Unsplash)