So far the 2015 market is shaping up to be a continuation of what we were experiencing in 2014 with a few differences. So here’s what’s going on in cincinnatimodern land (and beyond) as we see it:
- inventory continues to be at historic lows. Prices are starting to climb (in most areas), but slowly. Interest rates are back down to historic lows as well. This is creating a bonafide SELLERS MARKET.
- It’s a great time to buy if you are 1. patient. 2. pre approved for a mortgage and 3. have a strategy. This is where it pays to work with agents (like us) who can lead you to a good lender, supply you with listings the minute they hit the market (or before), and know how to negotiate in multiple offer situations!
- FHA has just substantially lowered the rate for its mortgage insurance, making it possible for many people to buy who previously thought they couldn’t qualify. It’s certainly worth a conversation with a knowledgable lender if you are thinking of buying any time in the near future. It does not cost anything to ask! For mortgage information and or preapprovals, contact Shawn Huss at Talmer Bank 513-703-6489.
- We are seeing the most demand for modern houses in the $150,000 - $400,000 range. We get calls regularly from other agents asking if we have anything coming to market for their clients. But OUR CLIENTS get first priority when we know of modern listings coming. It’s one of the benefits of working with us as your buyer’s agent. And it doesn’t cost you a thing. Why leave home buying to chance in such a competitive market?
- It’s also a great time to SELL (see above). We had many deals last year that were bid well over asking price. IF your house is in great condition and you price it at (or just below) market value, you have the best chance of getting the highest price. Price a house too high and no one takes it seriously.
- Many sellers think you should wait until Spring to list, but the best time to list in this market is NOW! Winter traditionally has the lowest inventory, AND we are in an inventory slump. There are rabid buyers just waiting to pounce on new listings right now (no offense to any of our rabid buyers :)!
We also have big changes coming to cincinnatimodern.com in the next month as we roll out our newly designed website (yay)! And don’t forget to mark your calendars for the 20th Century Cincinnati Show on February 21 and 22. Stop by and see us there - we’d love to talk about your buying or selling needs, or just gab about modern homes!
The Wyoming house went into multiple offers and was under contract in a week. As a matter of fact, our last 3 deals have gone into multiple offers. The market is back, baby!