State of Cincinnati Real Estate February 2011
The State of The Cincinnati Real Estate market continues to change and buyers and sellers must be prepared to adapt to the market realities. According to RIS Media nationwide hosing prices were at their lowest point at the end of last year based on the Case-Shiller home price index.
As is typical in Cincinnati prices and activity are down in the coldest months of the year and pick up in the spring, but there are some external factors buyers need to consider this spring. Mortgage rates are starting to rise courtesy of a slowly improving economy, rising stock market, and government pressures from Freddie Mac and Fannie Mae to move more lending to private banks and away from the government entities. As we move into the spring expect these trends to slowly increase the cost of a loan.
In addition the recent unemployment numbers are showing signs of an economy that is recovering and adding jobs. This is significant because many Americans have put of first time home purchases because of concerns about job security. With inventories of consumer owned homes down and potentially more first time buyers in the market there could actually be some competition in the small starter home market.
The bottom line is that each tier of the housing market is going to be impacted differently and expect to see stagnation and fast paced movement in various price points within the same geographical market. If you are thinking about buying or selling this year call me, e-mail me, or fill out the contact form for an analysis of your local market and price point.
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