Redidential Housing in Cincinnati by Jami Stutzman
Real Estate is a hot topic for most people these days and having this as your full time occupation means I’m never at a loss for words. Once people find out that I’m in real estate they quickly and almost reluctantly ask; “How is business? Are you doing okay?”
My reply is always, GREAT! Sure, I know what you’re probably thinking, how is it great? She must always be lying to people. Not so and here is why.
Cincinnati is really doing well despite what you hear on the national media. As most of you know all real estate is local. What happens in one part of the country doesn’t mean that it is happening in your back yard. Sure things are down when compared to only a few years ago, but if you look at the larger picture they are still up. Just like most markets, real estate is cyclical; you can expect highs and lows to happen. You just want to try and buy low and sell high, just like playing the stock market.
Let’s take a look at the history of residential sales in Hamilton County over the past 15 years. When looking at the numbers things don’t seem as bad as the media likes to report. You can see that 2005 was the height of the market in both sales price and # of listings sold. This is also true if you look at the nation wide trends. Historically speaking 2005 was the largest increase in home prices ever and the national average of wages just couldn’t keep up. People weren’t able to afford the homes they were buying. Something had to give and everyone should have been expecting the bubble to burst.
Burst it did and here we are 3 years later. So what is the good news? Cincinnati didn’t see the unusual highs that other parts of the country saw and therefore we can’t expect the extreme lows that they are showing either. We have a relatively strong economy and a great selection of homes.
Bottom line, if you bought your home in 2005, chances are your home hasn’t increased in value. If you don’t have to sell it, don’t. If you have to sell just realize that you’re buying another home and home prices and interest rates are both low so you’ll be taking advantage of this great buyers market.
Homes are still selling in Cincinnati, its just taking a little longer than sellers would like. People are always going to need housing and they’re always going to be moving. Lets be happy that we live where we do and enjoy the great market! The city is growing and flourishing with shops, restaurants, housing, etc. After all, where else in the county can you get remarkable city views for an unbeatable price?
Sibcy Cline Realtors
Environmentally Conscious Real Estate of Cincinnati
Environmental blog:
www.encorecincinnati.comReal Estate Blog:
www.livingcincinnati.com