Cincinnati is actually the third largest city in Ohio and it is also the 65th biggest city in the United States of America. This city is seen as one of the most authentic American cities since it was the first city to be founded after the American revolution. In the most recent years, the real estate trends of this city has been changing and it has become a very popular city where many Fortune 500 companies are relocating. A few of the most well-known companies to have relocated here include General Electric, Proctor & Gamble, Macy’s, The Kroger Company and many more. The Cincinnati metro area is developing at an extremely fast rate and is actually one of the twenty-five fastest developing regions. It currently has a metro product of about $119 billion. So, in this article, we will take a closer look at the current real estate buying trends as well as the reasons behind these trends.
First of all, it is important to have an overall view of this city. It currently has 2.2 million people living in it and the median household income is a little over $56,000. The unemployment rate is at 4.7% and the typical home costs around $112,000. The median rent is a little over $1,000 and the approximate monthly cash flow of each citizen is about $1,000. Now, in order to have a deeper understanding of these numbers, you need to know how they relate to the national average.
The average home price in Cincinnati, Ohio is 40% below the national average whereas the average monthly rent is 26% above the national average. As a result, it is much better for people to buy a house than to rent. This has caused many people from other parts of the US to migrate to Cincinnati and buy homes here. There are many reasons why people prefer to live in Cincinnati than any other city and this is supported by Forbes calling Cincinnati the 9th best city to raise a family, 5th most affordable city and even the 2nd best city for the highest rental return. As you can see, all of these statistics make living in Cincinnati, Ohio quite attractive, not only to companies but also individuals and their families.
In addition to being extremely attractive to families, this city has also been named one the best cities for real estate investment. This means that if you’re getting into real estate, this is definitely a city that you should check out further. The low cost of homes and attractive living, makes it a prime space for savvy investors to make a significant profit.
The current trend in Cincinnati, as of February 2018, is that its a seller’s market. Home sales are very strong now as compared to the same time, last year. In addition to more home sales, the prices for these homes are also up by 3.87% for the same time period. These homes sales are projected to continue their upward trend throughout 2018 and this is due to the very strong and growing economy.
According to many real estate agents, people that put their homes for sale, typically get them sold within a few short weeks and even in less time. In many cases, homes get sold in mere days, once they’ve been placed for sale.
Since its a seller’s market, it can be extremely difficult to buy your dream home. So, if you’re looking to buy, it is essential that you act fast, once you see a home that you’re interested in. This means that you need to take time beforehand to know exactly what type of home you want, location and price range. Once a home that fits your criteria becomes available, you should make an offer right way. If you take too much time to over-analyze in a seller’s market, it will cost you.
Next, another tip is to make your best offer when placing a bid on a home that you want. This is extremely important since a lower bid than the sale price, could mean that you get turned down. Placing bids that are lower than the sale price are only successful when its a buyer’s market. Therefore, be sure to make your bid what you are willing to pay or even your personal best.
Another tip is that you should either come with a pre-approved loan or cash. As a home buyer, if you come into the market with cash or an already approved loan, then you will have a much stronger ability to negotiate than others who don’t. Therefore, when you’re looking for homes in Cincinnati, be sure to visit your bank and get your finances in order before you go to look for any property. This is absolutely critical because it is very likely that the home will get sold before you can get financing.
When it comes to selling a home, most sellers have an emotional connection to their home. This usually comes about because they have probably spent years living there and raising their family in that house. As a result, many sellers want to know that the potential buyer will take care of their home. So, as a buyer, it is a great idea to write a personal letter to the sellers to let them know how you intend to take care of their precious home. In many cases, when a house has multiple offers, sellers will often choose the person who wrote the “love letter” than others who didn’t.
Lastly, the final tip is to persevere. This means that you shouldn’t be too quick to back out of a bidding war or deal, especially when there are multiple bidders. In some cases, the top bidder may not go through with the sale, which means that you can still possibly get your dream home.
In conclusion, Cincinnati is truly a city that is facing a lot of growth and has an extremely hot real estate market, that only seems to be growing. So, if you’re considering buying a home, selling or investing, real estate Cincinnati is definitely the place to do so.