Well, that all depends on whether you’re buying, selling, or renting.
Sure Ohio Sales Prices slipped 2.7% this May versus May of 2006, and the amount of homes sold dropped 3.4%. But is all the negative press really necessary?
The true crisis for residential housing was the Boom a few years ago. Buyers were getting in over their heads with inflated prices and risky loan programs and sellers couldn’t make a good deal unless they were willing to move to a much cheaper market. The majority of people were stuck.
There is still plenty of opportunity for Sellers in today’smarket, if they’re willing to adjust their home’s price to reflect it’s market value for today and not 2 years ago. And sellers will still reap the benefits of being on the buying end. If they’re moving up in home price, the 5% discount you’re receiving on the purchase is worth more than the 5% price reduction on the sale of their less expensive, prior home.
So if you ask me whether the housing market in Cincinnati is “Good” or “Bad”, my response will simply and always be “Both”.
If you’re a buyer or renter, the market is GREAT and you couldn’t hope for a better situation. This is your opportunity to take advantage of the great deals in the market. If you’re a renter, don’t expect your landlord to be raising yourrent anytime soon.
Sure Ohio Sales Prices slipped 2.7% this May versus May of 2006, and the amount of homes sold dropped 3.4%. But is all the negative press really necessary?
When gas prices shot up, people cried FOUL! But now that they’re starting to lower to more appropriate levels, no one is showing sympathy towards the oil companies. So why is it that we’re labeling the similar situation in the housing market a “Crisis”? We’re simply going through an adjustment period to better establish reasonable market value.
The true crisis for residential housing was the Boom a few years ago. Buyers were getting in over their heads with inflated prices and risky loan programs and sellers couldn’t make a good deal unless they were willing to move to a much cheaper market. The majority of people were stuck.
There is still plenty of opportunity for Sellers in today’smarket, if they’re willing to adjust their home’s price to reflect it’s market value for today and not 2 years ago. And sellers will still reap the benefits of being on the buying end. If they’re moving up in home price, the 5% discount you’re receiving on the purchase is worth more than the 5% price reduction on the sale of their less expensive, prior home.
So if you ask me whether the housing market in Cincinnati is “Good” or “Bad”, my response will simply and always be “Both”.
- Brett Keppler
