Is There a Silver Lining in Real Estate for Greater Cincinnati?
September 25th, 2008 categories: Cincinnati, Ohio, Real Estate News, Real Estate Selling, West Chester, Ohio
Housing sales and prices are plummeting….just a little.
This morning’s Cincinnati Enquirer Article covering the local housing market is full of doom and gloom. And yes, we are in a housing slowdown, but if you look at the numbers-properties continue to sell.
Let’s take a look at 14 days of real estate activity for single family homes in a few areas:
Without going into great detail, in most areas sellers continue to put their properties on the market and buyers are buying. During the last 14 days it appears that real estate is really moving in Beckett Ridge, Hyde Park, Liberty Township and Mason. Next week the numbers could just as easily show spurts in other neighborhoods.
The latest Real Trends commentary on the real estate market touched key points:
- “….the key point here. The longer that sellers and real estate professionals put off pricing homes at today’s market the longer the period of time it will take for the market to recover.”
- “Real Trends believes that the market bottom is still in the future as closings of home sales weakend in August from July.”
Mortgage rates remain low and money is available for qualified buyers.
As Wall Street and Washington DC contiue to grapple with bailout issues, the buying public is standing around waiting for some sign to jump back into the stock and real estate market. Meanwhile, in greater Cincinnati there are buyers househunting today-who will buy a home/condo in the next 30 days.
The “silver lining” is for the sellers who priced their property for the “next buyer”…and have sold and/or will sell their properties…and move on.
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