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The Perfect Time to Buy a Home?
I was recently looking at the local MLS statistics for June 2009. What I found was somewhat surprising on one level. And on another level it demonstrates that the Obama tax incentives for first-time homebuyers are incredibly effective.
Before I get into the meat of the story, let me offer some background. The Cincinnati, Ohio real estate market has always been fairly stable. The average year-over-year house price increase has always been around 3%. Some neighborhoods a little more, some a little less. So we’ve never seen the kind of increases seen in places like California, Florida, Phoenix or Las Vegas. So what is it that makes me write today? Our Cincinnati MLS statistics reveal that in June 2008, the median home sale price was approximately $190,000. In June 2009 – twelve months later – the median home sale price was right at the high of $130,000.
What? Cincinnati home values down 35% in 8 months? No! What is happening is that the Obama tax incentives are doing exactly what they are intended to do – they are stimulating the home market on the part of the first time buyer.
First-time home buyers aren’t buying $200,000 homes. They buy homes in the $100,000-$150,000 range. And since the number of homes purchased by first-time buyers far outnumbers commercial home buyers, the effect on the median home sale price is quite staggering. And why won’t people buy a house now? There has never been a time when houses were so affordable.
First, they can get an $8,000 tax credit. Second, they can take advantage of some incredibly low interest rates on 30-year financing – currently in the 5% to 6% range. And third, home prices recently fell for the first time since we’ve been tracking. Largely as a result of economic impact – in the form of short sales and foreclosures.
And that won’t last. The echo boomer generation is entering the prime home buying era. And their numbers – far greater than the baby boom generation – will fuel an unprecedented demand for housing – far greater than that of the baby boomers. Obviously, such demand should push prices higher.
So I recommend to anyone thinking of buying a home in Cincinnati – get serious this year. Find a great Cincinnati Realtor, get on the Cincinnati MLS and find their dream home for less than they’ll ever do again! There is no substitute for the Cincinnati MLS for the buyer looking to buy a home in Cincinnati.
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