“Prospective buyers waiting for the housing market to cool down shouldn’t hold their breath.” That’s the insight offered recently by Business Insider based on industry surveys. While the current hot Cincinnati housing market may feel intimidating, there are sound reasons to buy now.
Mortgage Rates Are Low
Interest rates are at historic lows. At the end of August, a 30-year fixed loan rate in Cincinnati was 2.96 percent, with a 15-year fixed rate of 2.3 percent, according to Realtor.com. Business Insider writes that the low rates trigger greater demand among buyers. “And while mortgage rates have risen from their pandemic-era floor, they still sit at historically low levels and should keep demand robust.”
Lower rates mean you pay less every month for your mortgage than you would have several years ago. It also means you may qualify for a larger loan amount, giving you more home for your money. You’ll also pay far less in interest over the course of the loan.
You can find out what you qualify for in terms of a mortgage by meeting with a local lender or consulting with an online lending service.
Homes Are in Short Supply
Inventory is falling well short of current demand, making now a good time to explore the option of building a new home, rather than purchasing something existing. Choosing new construction could be especially advantageous for current homeowners: Low inventory favors sellers right now.
In the greater Cincinnati area, some homes are selling above list price and most are moving fast. Since January, the average time on market has stayed under 25 days, according to Cincy MLS. Talking to a local real estate agent can help you determine a selling price for your home based on comparable sales in your particular area or neighborhood. The agent can also give you tips on getting your home ready to sell and look its best.
According to analysts, supply is going to continue to lag behind demand. “The resulting picture is one of a persistent supply-demand imbalance in the years ahead,” Goldman-Sachs economists predict. In other words, a plan to “wait out” the shortage may not be a smart strategy. Jumping into the home purchase process now puts you and your family into the queue.
Lot Inventory Is Low
Adding to the current overheated housing market is a shortage of buildable lots. The Balance quoted a Zonda chief economist, “The race to acquire lots is on as builders continue working to quickly get more homes on the ground.” Still, procuring and preparing lots for construction is often a time-consuming process.
If you are considering building a new home, talk to a real estate agent or local builders about your options for available single sites and new developments.
Navigating the Cincinnati Housing Market
Ready to make your move? Rivers Pointe Estates may be just what you’re looking for:
- Plenty of building lots: Our master-planned community includes hundreds of home sites arranged to foster community while providing access to green space.
- A variety of home sizes and styles: Whether you’re ready to downsize, move up or stop wasting money on rent, Rivers Pointe offers an option that’s just right, from custom luxury homes to patio homes to townhouses and condos.
- Room to breathe: If you’re searching for a neighborhood that allows you to connect easily to the great outdoors, Rivers Pointe offers acres of preserved green space, hiking trails, river views, wooded areas, and even a rustic streamside campsite.
- Best local builders: Our carefully selected, family-owned builders are eager to provide homeowners with the most desirable amenities and sought-after designs.
- A quality community. Your new home at Rivers Pointe will be part of a premier neighborhood–one that will retain value year after year.
Don’t let the current market keep you from finding your dream home. Come take a look at Rivers Pointe Estates community and our model homes and sales centers. You can also arrange for a personal tour by calling developer John Toebben (859) 512-2426.