As your real estate resource center,
we’re committed to keeping you up to date on changes in the market—and what
they mean to you. Based on the following numbers, it looks like
we’re slowly but surely coming out of the recession. This is what happened in the fourth quarter of 2012 in Cincinnati and Northern Kentucky:
·
Active inventory had
a huge decrease of 13.7% to 10,380 homes on the market.
·
The total number of
sales increased by 5.2% to 1,530 homes sold.
·
The average price of
homes went up by 5.7% to $142,741.
What does this mean for
you? Since there are far fewer homes on the market, there’s
lots of competition for those available homes because interest rates are still
so low. Here are a few tips for both buyers and sellers.
When a
home that you’re interested in hits the market, plan to see it as soon as
possible and make the best possible offer that’s at an appropriate price point
for the seller.
Remember, inventory is low. If you hesitate, the property could be gone tomorrow because others
will be making offers.
Keep in mind that mortgage loan rates are still
fantastic, which makes buying a home more affordable than ever. A 30-year fixed-rate mortgage hovered at
record-low rates during 2012, but the rates won’t last forever, so there’s not a
better time to buy than now. If you wait
and interest rates rise, you could get locked into spending a few hundred extra
dollars a month on your payment.
And
if you want to get top dollar for your property, you should
take advantage of the low inventory.
Here’s the thing: supply and
demand affect what you’ll get for your home.
When everyone who has been thinking about selling their home puts their
home on the market is not the time to dive in—if you want to get the most out
of your home. If you wait until spring
(the typical time people put the For Sale sign up), you’ll have lots of homes
to compete with. When the supply of
homes goes up, the price you’ll get for your home inevitably goes down. At the end of the day, you have a better
chance at success if you decide to sell now, instead of waiting until all the
Joneses get into the market.
~
We’d love to hear from you. You can reach us to find out about the best
deals for 2013 by contacting us today at (859) 727-4663 in Kentucky or (513)
300-7653 in Ohio.
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