How is the Greater Cincinnati Housing Market?
June 24th, 2009 categories: Cincinnati, Ohio, Real Estate Sales, West Chester, Ohio
Let’s take out the crystal ball and predict housing future for greater Cincinnati, West Chester, Mason and surrounding communities.
Currently the real estate markets in Butler, Clermont, Hamilton and Warren Counties is below in both sales volume and number of units sold. The good news is the number of pending sales continues to creep up -ever so slightly.
If you are looking for at resales (single family or condos) there is plenty of inventory to chose from….but if you are moving into town and want to by a newly built single family home- there aren’t many available. Builders are not building a huge number of homes and waiting for buyers to come along. The condo market, especially in the city, has a good supply of new construction available.
So while we are not breaking any sales records, the signs are pointing in an upward direction. Mortgage rates are still low (not as low as last month), the supply of housing stock remains steady. Most important of all is the stability of the area’s economy- some businesses are struggling but we have not seen massive corporate layoffs.
The question every buyer has is “what will my home be worth in 2 or 3 years?” and with the new world of real estate the better question might be- do I want to make this purchase if I break even or lose 2-3% if I sell in 2-3 years?
Recently Business Week published an article “Where Will Housing be in 2012?” which highlights several markets (unfortunately our market is not included) and the Cincinnati Enquirer covered an USA Today article about housing starts. Lots of people are digging into the numbers trying to predict the future of real estate. From my perspective it is fairly simple- low mortgage rates equal good time to buy and sell. As rates increase fewer buyer qualify for mortgages…..so fewer properties are sold.
If you are thinking about jumping into the market and need some help-call or email.
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