- Compared to January 2017 greater Cincinnati has -14% fewer homes and condos listed for sale.
- Historically low mortgage rates are finally beginning to climb slowly.
The snow has melted so expect the spring housing market to start blooming soon. Predictions that the housing market will be even more competitive this year because the limited supply of properties for sale doesn’t show any signs of changing.
Getting a mortgage can be an issue for some potential buyers. They need to make the time to start the process of credit checks and pulling together all the required documentation before they even begin to look at homes. Getting in touch with your lender really helps facilitate the buying process. Not sure if you should even start the process? Check out Will you be able to get a mortgage in 2018?.
There are -14% percent fewer homes and condos for sale compared to January 2016. 2017 set records for rising prices and all buyers heard about was bidding wars on newly listed homes. Still, lots of homes in Greater Cincinnati have been for sale for months. and maybe sellers looking for unrealistic prices will adjust their expectations and get real for spring.
2017 mortgage rates were record-setting too. Unusually low for most of 2017, interest rates are starting to inch up. are suddenly rising. The MBA Economists are predicting rated to move higher as the Federal Reserve raises rates and investors move away from the bond market.
Real estate is about supply and demand. The low number of homes/condos for sale plus slightly higher interest rates could impact some Cincinnati neighborhoods more than others. Hopefully, rising mortgage rates will make the housing more competitive and realistic because buyers might move faster to purchase before rates rise again.
Mortgage rates don’t affect buyers alone. Sellers hoping to move up or resize want to get the most from a sale. But mortgage rate shifts affect sellers too. Making sure that they aren’t priced out of their next purchase makes pricing even more important.
Mortgage rates rising will affect the local real estate market.
Understanding the impact of mortgage rates and having a good strategy for selling and buying will help you in the current real estate market.