Things Are Finally Looking Up For The Cincinnati Property Market
by Gemma Rushton
Now is a great time for the Cincinnati real estate market, with prime property in high demand across the state. Whilst sale levels remain below the levels that they had hit prior to the 2007 property market crash, the industry is definitely buoyant and increasing numbers of first time and family buyers are looking for single family homes and condos to suit their changing needs. Things are looking up for the Cincinnati property market, and now is the ideal time to apply for your first mortgage or start looking for your first property:
Now is Prime Time For First Time Buyer Purchases
Property prices and mortgage rates across the country continue to rise, and The National Association of Realtors have forecast that property sale rates will reach their highest levels since 2006 by the end of 2015. However whilst in terms of the wider economy this is good news, there are concerns that this could put a brake on the market, causing it to stagnate because the high prices and high mortgage rates are likely to act as a deterrent to first time buyers and encourage current property owners to remain in their homes rather than think about trading up. The fact is that buying your first home can be both massively daunting and hugely expensive. Not only do you have to work hard to save your down payment, you also have to be sure you can afford to pay your monthly repayments whilst simultaneously covering all the other costs involved in home ownership: costs such as the upkeep on your property, your home insurance, and your other bills and rates. With mortgage rates set to rise by the end of the year, then , now is the perfect time for first time buyers to lock in a lower mortgage rate and get on the property ladder whilst it is still an affordable option for them.
The Effects Of The Recession
During the recession the industry that was hardest hit in Cincinnati was the housing market and recovery of the market has been slow: much slower than in other states across the United States. There were many reasons for this. Losses of employment, investments and significant drops in income all plagued the state as a result of the 2007 recession and these things took time to recover: but that recovery is finally well underway. However this has made some potential buyers reluctant to buy property and the more transient rental market seem much more appealing for its convenience and the lack of high costs involved. Purchasing a property can seem difficult (and for those on middle or low incomes the costs involved can seem insurmountable) but there are services such as our own that can help you to secure a mortgage, search for the right property and complete the purchase of your dream property with ease, and without hassle.
The Time To Act is Now
Because so many first time buyers are recognizing that now is the perfect time to get on to the property ladder, inventory levels in the most desirable and highly regarded regions within the state are low. This is creating situations where open houses are leading to multiple offers just hours after the initial viewings. This quick pace is giving the market a renewed rigor and energy, with the average property in Cincinnati selling within 80 days but property in certain areas (such as Independence, Burlington and Fort Mitchel) selling much, much faster. There is no better time to look at getting yourself on the property market, particularly as home builders are beginning to create property at a renewed pace in the state aimed specifically at first time buyers. First time buyers investing in newly built property is key both to the revitalization of the building and development markets as well as of the American economy as a whole. There is strong demand within the Cincinnati property market, and that demand is only set to rise, making now the perfect time to invest in property in the state.