The recent national and local statistics for the lovely city of Cincinnati, Ohio are definitive. The rebound has clearly begun in for the Cincinnati real estate market. It was a long awaited change. However, the turn around began back in 2012 with a 16.5 percent jump in the Greater Cincinnati residential market. It effectively succeeded the national increase of 10.9 percent from the year before. Reportedly, the average sale prices on the residential Cincinnati real estate market have been increasing steadily since.
It is crucial to make the point however that short sales, foreclosures and lender involved sales are still representative of approximately one third of the local transactions. This subsequently signifies that these sales often involve a seller who may not be likely to purchase another home which makes the recovery of the local real estate market much less sustainable. This is no reason to give up hope though.
Those individuals who are doing markedly well in the Cincinnati real estate market do have some pointers. Have you considered investing in real estate?
The majority of the purchases that have proven to be lucrative investments on the market in recent years tend to be the single-family homes. Due to the increase in rent for single-family homes, there is simultaneously a massive decrease in pricing for the purchase of these same houses. It has been reported that institutional investors have raised billions of dollars each year simply to acquire these single-family homes for their rental income. On the other hand, investment pools are not alone in their purchases of local homes on the market.
Many private investors who are new to the real estate game have chosen to use their savings and retirement to purchase these profitable properties as well. The real estate research database referred to as Zillow has explained precisely why investors are seemingly competing for these Cincinnati properties. The home values in the city average about $123,800 which is up 1.8 percent from the year before. According to the Zillow Rent Index which effectively represents the midpoint of rent estimates for homes found locally stood at around $1,071. All of this successfully boils down to better cash flow for those who have invested in the real estate market locally.
Whether you are looking to buy, sell or invest Cincinnati real estate is a good bet.
Call The Mortgage Network today to get prequalified for your next purchase. Perhaps it would be simpler if you purchased your new home first, then make the move and then do the fix up/repairs, then place your “old” home on the market.