In today's article from the National Association of Realtors we see that prices have continued to fall nationwide in 2008 vs. 2007. I have also seen that here in the Cincinnati, Ohio Metro Area. In our sales meeting Wednesday at Keller Williams we read an analysis showing that in the entire Cincinnati Metro area the Median Price has fallen 32% from the same month in 2006. It went from a median price of $131,000 to $88,750. Yet, the median price for a listing has only gone down 3% in that same time period.
So the result is that the prices of homes listed are higher than what most buyers are willing to pay. Also, nationwide, distressed properties are selling at 45% of the total number of home sales. That is crazy!
In regard to the number of units sold, we sold 1,213 units in January 2007 vs. only 808 units in January of 2009. So the number of homes sold has also been drastically reduced by 33%.
Despite all of the bad news, customers are still seeing great buys out there. If you are planning to trade up, there has never been a better time than now. Although you may loose some on the house you are selling, you should be able to make that up on the house you are purchasing. If you are a first time home buyer, the rates are low, there are a ton of options for low down payments, the selection is great and the prices are low. What else can you ask for?
If you have any direct needs or questions, please don't hesitate to call me directly at 513-478-3794. I can also refer you to a lender to get a great interest rate on your home.
Have a great day!
Derek Tye
Derek Tye has been an influential Realtor in the Greater Cincinnati Ohio Market for over 4 years. For more information about our Greater Cincinnati Ohio Real Estate services we offer please call us at 513-732-2720 or visit our website at www.CincyOhioHomes.com . Don't miss our Testimonials!
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