April marked the tenth straight month of improvement in the Cincinnati real estate market. The volume of local home sales continues to trend upwards. According to The Cincinnati Area Board of Realtors sales in April 2012 increased nearly 8 percent over April 2011. Even better is that closings are up almost 9 percent year to date.
Some contributing factors to the steady improvement are the slowly improving economy, growing consumer confidence and a strong inventory of affordable housing according to WVXU. Low interest rates for home loans are helping the situation as well. With the Federal Reserve dedicated to maintaining low long term borrowing rates it is reasonable to expect additional slow improvement over the next 12-18 months.
Challenges still persist in certain areas of the market, and buyers continue to look for great deals on home. The current buyers are more particular about home condition and finishes than before the housing bubble burst in 2007. Five years into this slow-down we continue to advise our buyers to be selective but reasonable and our sellers to make upgrades and improvements that we know buyers want to see.
Thinking about buying or selling a house in Cincinnati? Contact us for expert advice and guidance.