So how is the home market going in the Cincinnati area? Considering the overall market of the country right now, the city of Cincinnati and surrounding areas are actually holding pretty strong. There have also been numerous programs given to the public to take advantage of to promote first time home buying, and to promote people to move to the area. These programs also help people from being forced from their home, and give them the financial ability to continue to live in the area.
One of the most beneficial programs for people to take advantage of is actually targeted towards people that are currently have a job educating, firefighters, and police officers. The program is called the “Good Neighbor Next Door” program, and its benefits are almost too good to be true. How the programs work is that it is specifically used for HUD homes. If you are currently in one of these professions, and have decided to purchase a HUD home, you are allowed to actually take out two separate mortgages for the home, at 50% of the loan amount per loan. Once you borrow both mortgages, you are required to stay in the home for 36 months. During that time period, you pay on only one of the mortgages, and the other one sits in limbo and accrues interest. After the 36 months, the idle 50% mortgage literally goes away, and you will be able to have a home that is worth a lot more than you owe, or you can decide to sell for a profit. This really helps men and women that have a profession that really helps the community.
The current market in the Cincinnati area is actually showing optimism in home prices. They are holding pretty steady, which is good for people who have just purchased a home, and for people wishing to sell their house.
Foreclosures are still on the rise, but not enough to affect other values of comparable homes yet. The new construction market is still a slow go, but despite the value of new construction homes not being where they once were, the prices of homes that aren’t new have held steady. This is very promising considering what many other areas of the country are going through. Once the new construction homes start selling, and see a gradual increase in their value, this will completely help the value of all homes in the Cincinnati area, and hopefully every aspect of real estate starts to climb in value, making buying and living in Cincinnati a great investment.