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Why a Condo Could Be Your Perfect First Home
If you’re looking to break into homeownership in Cincinnati or Northern Kentucky but the cost of single-family homes has you second-guessing, consider exploring the option of a condominium (condo) or townhome. These types of properties often offer a lower barrier to entry, making it easier to start building equity and enjoy the benefits of owning real estate sooner.
Since condos and townhomes are typically smaller than single-family homes, they can be more affordable, which is great for first-time buyers in Cincinnati and Northern Kentucky. Smaller square footage usually means a lower price tag, and according to recent data from Realtor.com, condos often have a more competitive asking price than single-family homes (see graph below):
Good news: builders are placing more emphasis on constructing townhomes. According to the National Association of Home Builders (NAHB), townhomes are experiencing a construction boom:
“The share of townhomes being built is at an all-time high.”
This means a greater selection of condos and townhomes may be available in your search. Expanding your home search to include these options could present opportunities that better fit your budget and lifestyle in the Cincinnati and Northern Kentucky real estate markets.
### The Perks of Condo Living
Condos offer several benefits, especially for first-time homebuyers in areas like Cincinnati and Northern Kentucky. Here are some reasons why condo living is appealing:
1. **Build Equity**: Owning a condo or townhome allows you to start building home equity and growing your net worth as you pay down your mortgage and your property value appreciates.
2. **Low Maintenance**: If you want to own property but prefer not to handle tasks like lawn care, snow removal, or roof repairs, a condo could be ideal. A real estate agent can explain any homeowner association (HOA) fees or maintenance details.
3. **Access to Amenities**: Many condo communities offer amenities like pools, dog parks, and parking spaces, without the responsibility of maintaining them. This adds to the convenience and appeal of condo living.
4. **Community Feel**: Condos often foster a sense of community, with shared spaces and opportunities to connect with neighbors. Many condo complexes host social events, helping create a close-knit environment.
### A Smart First Step in Cincinnati and Northern Kentucky Real Estate
Remember, your first home in Cincinnati or Northern Kentucky doesn’t have to be your forever home. The key is to get your foot in the door, start building equity, and take that important first step into homeownership. As your needs and preferences change, the equity you build can help you move up to a different type of property in the future.
Ultimately, choosing to live in a condo or townhome is a lifestyle decision. To explore whether it’s the right fit for your goals, speak with a local real estate agent familiar with the Cincinnati and Northern Kentucky markets. They can guide you through the options available in these regions.
### Bottom Line
Looking to find a home that meets your needs and budget? A condo or townhome might be the perfect fit for your first real estate purchase in Cincinnati or Northern Kentucky. Reach out to a local real estate agent today to begin your home search.
Buying Beats Renting in These Top Cities
Some Highlights
- Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.
- Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up.
- This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in your area, connect with a local agent.
How Much Does It Cost To Sell My House?
If you’re considering selling your home in Cincinnati or Northern Kentucky, one of your first questions might be, “How much will it cost?” The truth is, the total cost depends on various factors, such as the offer you accept, whether you contribute to the buyer’s closing costs, how many repairs you complete, and more.
To give you an idea of what to expect, here’s an overview of some common home-selling expenses (see graph below):
**Costs Breakdown**
But before you worry too much, keep in mind that many homeowners in Cincinnati and Northern Kentucky have substantial equity built up in their homes. This equity can help cover selling costs, allowing you to potentially profit from the sale and even put some money toward your next property.
Let’s go over some of the key costs from the chart above so you can better understand where your money is going and how you might save.
### Closing Costs and Commission
Closing costs are a major expense in selling your home. These fees cover various transaction elements, including agent commissions. You may also choose to help cover the buyer’s closing costs to make your offer more appealing. According to U.S. News Real Estate:
> “Closing costs are fees that are paid to finalize the transaction and transfer ownership of the home to the buyer . . . Sellers can expect to pay 2% to 4% of the sale price of the home in fees and taxes on top of the agent commission. Based on the national median home sale price, this means that closing costs in 2023 for sellers are about $7,740 to $15,480.”
Keep in mind, taxes and fees vary by state, so selling a home in Cincinnati or Northern Kentucky may have different rates. Your real estate agent will give you a more precise estimate based on your specific sale.
### Pre-Listing Inspection and Repairs
A pre-listing inspection can give you a heads-up on any repairs that might be requested by a buyer later in the process. This is especially useful if you’re selling in a competitive real estate market like Cincinnati or Northern Kentucky. By tackling repairs before listing, you can ensure your house is in top condition to attract buyers.
If you choose not to do a pre-listing inspection, your real estate agent can still offer guidance on necessary repairs and updates that will maximize your home’s appeal and value.
### Home Staging
With the growing inventory in the Cincinnati and Northern Kentucky real estate markets, staging your home can help it stand out. Staging can involve renting furniture or décor to enhance the property’s appeal, whether it’s vacant or occupied. According to Bankrate:
> “Home sellers typically pay somewhere between $782 and $2,817 in home staging costs . . . but the price tag can vary widely.”
If staging isn’t in your budget, your real estate agent can provide tips to make your home look its best, from decluttering rooms to rearranging furniture for optimal flow.
### The Value of a Real Estate Agent
Working with an experienced real estate agent in Cincinnati or Northern Kentucky is essential to minimizing costs while maximizing your home’s value. Your agent will guide you on where to invest in repairs or updates and help you avoid unnecessary expenses, like staging or a pre-listing inspection, if they’re not necessary.
In addition to saving on costs, your agent will create a customized marketing strategy to showcase your home’s best features, ensuring it sells quickly and for the highest price possible.
### Bottom Line
Selling your home in Cincinnati or Northern Kentucky? Talk to a local real estate expert who knows the market well and can guide you through the process, ensuring you make the most of your sale and avoid unnecessary expenses.
Two Reasons Why the Housing Market Won’t Crash
Amidst recent chatter about the economy and concerns about a potential recession, many are wondering if a housing market crash is on the horizon, especially in the Cincinnati and northern Kentucky real estate markets. It’s natural to be concerned, but rest assured—the current housing market is not poised for a crash.
Real estate journalist Michele Lerner defines a housing market crash as occurring “when home values plummet due to a lack of demand for homes or an oversupply.” With this definition in mind, let’s look at two key reasons why a crash is unlikely in today’s real estate market, especially in our Cincinnati and northern Kentucky communities.
### 1. Demand for Homes in Cincinnati and Northern Kentucky Is Outpacing Supply
One of the major reasons for the 2008 housing market crash was an oversupply of homes. But today’s situation, including in the greater Cincinnati and northern Kentucky areas, is quite different.
A balanced real estate market generally has a six-month supply of homes, where supply and demand are equal. If the supply exceeds six months, it suggests an oversupply, and if it’s lower, demand is outpacing supply. Data from the National Association of Realtors (NAR) shows that in today’s market, supply is much lower than demand—currently around 4.2 months nationwide. Locally, Cincinnati and northern Kentucky continue to experience a shortage of available homes, keeping the market competitive and stable.
The graph below highlights these trends:
Lawrence Yun, Chief Economist at NAR, emphasizes the stability, stating: “We simply don’t have enough inventory. While some markets may see a slight price decline, a dramatic 30 percent drop like in 2008 is highly unlikely.” This rings true in our local Cincinnati and northern Kentucky real estate markets, where demand continues to drive the market.
### 2. Low Unemployment Bolsters Market Stability
Unemployment is another factor that greatly influences the housing market. In 2008, high unemployment rates led to widespread foreclosures as homeowners struggled to make mortgage payments. Today, however, the employment landscape is much stronger, both nationally and locally in Cincinnati and northern Kentucky.
The graph below shows a stark comparison of unemployment rates across three key periods:
As of now, the unemployment rate is 4.1%, far below the 8.3% seen during the 2008 financial crisis. People are working, paying their mortgages, and in many cases, buying homes, which keeps demand—and prices—up. The employment strength in our local Cincinnati and northern Kentucky economies further supports the health of our real estate markets.
### Cincinnati and Northern Kentucky’s Housing Market Is Stronger than in 2008
Concerns about economic uncertainty and recession are understandable, but today’s real estate market, especially in areas like Cincinnati and northern Kentucky, is far more resilient than in 2008. According to Rick Sharga, Founder and CEO of CJ Patrick Company, “Literally everything is different about today’s housing market dynamics than the conditions that led to the housing crisis.”
With demand outpacing supply and unemployment remaining low, there is little indication that the housing market will crash in the foreseeable future.
### Bottom Line
While the overall housing market is in a stronger position than it was in 2008, remember that real estate is always local. Cincinnati and northern Kentucky communities are experiencing healthy demand, limited supply, and steady employment—factors that help keep the real estate market stable.
If you have questions about how the national economic trends are affecting our local market, or if you’re thinking about buying or selling in Cincinnati or northern Kentucky, it’s always wise to consult with a knowledgeable local real estate agent. We’re here to help you navigate today’s market with confidence.
Why Now’s Not the Time To Take Your House Off the Market
Is your house in Cincinnati or Northern Kentucky sitting on the market longer than expected? If so, you’re likely feeling frustrated and may even be considering pulling the listing to wait and see what 2025 brings. However, what many homeowners in the local real estate market don’t realize is that this decision could actually cost you in the long run. Here’s why sticking with your current plan to sell could be the smarter move for the Cincinnati and Northern Kentucky areas.
**Other Sellers Are Pulling Back. Should You?**
Recent data from Altos Research shows that more homeowners are pulling their listings, particularly in the Cincinnati and Northern Kentucky markets, which reflects a broader national trend. As we enter the fall season, it’s typical for real estate activity to slow down, and some sellers opt to delay their plans until the new year. Mike Simonsen, Founder of Altos Research, notes:
> “. . . we’re seeing a more normal seasonal pattern now with inventory beginning to decline. We’re also seeing more home sellers withdrawing their listings to try again next year. In fact, for every two sales, there is another listing withdrawn from the market.”
But is pulling your home from the market in Cincinnati or Northern Kentucky the best move? While it may seem tempting, here’s why waiting may not pay off.
**Today’s Buyers in Cincinnati and Northern Kentucky Are Serious**
One of the most compelling reasons to keep your home on the market is that buyers in the region who are shopping right now are highly motivated.
These buyers have been holding off for improved affordability, and now that mortgage rates have eased from their peak, they’re ready to take action. Mortgage applications are on the rise, signaling that potential buyers are preparing to re-enter the market. Especially in the Cincinnati and Northern Kentucky areas, buyers who have delayed their search are now more eager than ever to find a home before the holiday season or winter weather sets in.
These aren’t just casual browsers—they are serious buyers looking to move quickly, which is exactly the type of buyer you want. As Freddie Mac points out:
> “During the fall months, serious homebuyers are eager to settle into a new home before the holiday season ramps up and the winter weather begins.”
By keeping your home listed, you improve your chances of connecting with serious buyers in the Cincinnati and Northern Kentucky real estate markets who are ready to make an offer.
**Bottom Line**
While some sellers in the Cincinnati and Northern Kentucky communities are choosing to pull their homes off the market, doing so may not be your best move. With serious buyers ready to act, this could be an ideal time to sell your home. Connect with your local real estate agent to ensure you have a strategy in place to navigate today’s housing market successfully.
Now’s the Time To Upgrade to Your Dream Home
If you’re thinking about selling your home and upgrading to a larger or more luxurious property in the Cincinnati or Northern Kentucky area, you’re not alone. A recent Inman survey reveals that the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):
However, like many others, you may have been delaying this decision due to the recent market challenges. It’s understandable—when upgrading to a bigger home that could increase your monthly housing expenses, affordability becomes a key factor. But there’s good news: now is actually a prime time to make your move. Here’s why.
**You Have Significant Equity to Leverage**
One of the biggest advantages in today’s real estate market, particularly in regions like Cincinnati and Northern Kentucky, is the equity homeowners have built in their current properties. Despite fluctuations in the housing market, national home prices have continued to appreciate steadily, adding to the equity you may have. Selma Hepp, Chief Economist at CoreLogic, puts it simply:
“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity, and almost $129,000 more than at the onset of the pandemic.”
For you, this means if you’ve been in your home for several years, you’re likely sitting on substantial equity that can be used as a down payment on your next home, making your upgrade more financially feasible. If you’re curious about your exact equity, reach out to a real estate agent in the Cincinnati or Northern Kentucky area for a professional assessment.
**Falling Mortgage Rates Increase Your Purchasing Power**
Another reason why now is a great time to upgrade is the trend in falling mortgage rates. Lower rates not only make your future monthly payments more affordable but also boost your purchasing power. Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:
“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.”
This increase in purchasing power can be a game-changer when shopping for homes in sought-after areas like Cincinnati’s neighborhoods or Northern Kentucky communities, where prices might have felt out of reach before. Consult with a trusted local lender to see how the current rates could work to your advantage.
**Bottom Line**
If you’re ready to sell your home in the Cincinnati or Northern Kentucky real estate market and move into the larger, nicer home you’ve been dreaming of, now is the time. With your accumulated equity and today’s lower mortgage rates, you’re in an excellent position to make the most of the current market conditions.
Partner with a trusted real estate professional in the Cincinnati and Northern Kentucky area who can guide you through the home-selling and buying process, ensuring you make the best financial decisions every step of the way.
The Top 3 Reasons Affordability Is Improving
Some Highlights
- Affordability is based on three key factors: mortgage rates, home prices, and wages.
- And today, it’s improving quickly as rates come down, prices level off, and wages climb.
- If you put your search on pause because it was too expensive to buy, connect with an agent to talk about why now may be the perfect time to jump back in.
Home Values Rise Even as Median Prices Fall
The real estate market in Cincinnati and Northern Kentucky has seen headlines recently about the median asking price of homes dropping compared to last year, leading to confusion for both buyers and sellers. Many assume this means home prices are declining, but the reality is more complex, and understanding the local market trends is key.
On a national level, home values are actually increasing, even if the median price appears to be down. Let’s break down what’s happening so you can better understand the real estate market in Cincinnati, Northern Kentucky, and beyond without getting caught up in alarming headlines.
### Homes on the Market Right Now Are Smaller
One major reason for the dip in the median asking price is that the homes being sold right now are generally smaller. The median price reflects the middle point of all homes for sale at a given time, and this can change based on the mix of homes on the market.
Here’s a simple explanation of how the median works (see visual below). Imagine you have three coins of different values. If you have one nickel and two dimes, the median value is 10 cents. If you switch it to two nickels and one dime, the median drops to five cents, even though the value of each coin remains the same. Similarly, while there are more smaller homes on the market, home values themselves haven’t decreased.
Danielle Hale, Chief Economist at Realtor.com, explains it this way:
> “The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further.”
In Cincinnati and Northern Kentucky, the availability of more affordable, smaller homes could be influencing this trend locally, but it doesn’t mean the value of homes is falling.
### Price Per Square Foot Is Still Rising
A more accurate way to measure home values, especially in the Cincinnati and Northern Kentucky housing markets, is by looking at the price per square foot. This gives you a clearer picture of how much you’re paying for space within the home, regardless of the overall size of the property.
While the median asking price may be lower due to a mix of smaller homes, the price per square foot continues to rise, reflecting the true value of homes. The latest national and local data shows that even as the median asking price drops, home values are still on the rise. As Ralph McLaughlin, Senior Economist at Realtor.com, states:
> “When a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year.”
This trend is also seen in the Cincinnati and Northern Kentucky real estate markets. Though the region may have more smaller homes on the market right now, their price per square foot is still increasing, showing that overall home values are appreciating.
According to the Federal Housing Finance Agency (FHFA):
> “Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.”
So while headlines might make it sound like home prices are falling, it’s important to dig deeper into the data. In Cincinnati and Northern Kentucky, homes are still appreciating, and the market remains strong.
### Local Market Trends Matter
Remember, home prices can vary widely by region. The real estate market in Cincinnati and Northern Kentucky may experience different conditions than national trends, so it’s essential to consult with a knowledgeable local real estate agent. They can provide insights specific to your neighborhood, helping you understand whether it’s the right time to buy or sell.
### Bottom Line
A decrease in the median asking price doesn’t mean home values are declining in Cincinnati or Northern Kentucky. Instead, the lower median price is largely due to the increasing share of smaller, more affordable homes on the market. The most reliable metric to focus on is the price per square foot, which continues to rise, indicating that home values are still climbing.
If you’re curious about home prices in Cincinnati, Northern Kentucky, or your specific neighborhood, reach out to a trusted local real estate agent who can provide tailored advice based on the latest market trends in your community.
Secrets To Selling Your House Quickly
Seeing your home sit on the market without any offers is the ultimate frustration for sellers. Unfortunately, this is a reality some sellers in Cincinnati and northern Kentucky are experiencing today.
Data from the National Association of Realtors (NAR) shows that the average time a house spends on the market has increased over the past few years (see graph below):
A recent post from Realtor.com supports this trend, stating:
“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”
One key reason for this shift is the increase in housing inventory, giving buyers more options to choose from. Additionally, higher mortgage rates have slowed demand, especially in the Cincinnati and northern Kentucky real estate markets. While factors like these are out of your control, there is something you can manage—working with the right real estate agent.
With the right strategy and a knowledgeable real estate agent familiar with the Cincinnati and northern Kentucky communities, your home can still sell quickly, even in today’s evolving market.
If you’re looking to sell your home fast, you need to partner with a real estate agent who understands the current real estate landscape in Cincinnati and northern Kentucky. A local agent will be your expert guide, knowing what buyers in this region are seeking and how to position your home to meet their needs.
Here are some essential strategies a great real estate agent will walk you through. These may seem simple, but they can make a significant impact on how quickly your home sells.
### 1. Competitive Pricing
Pricing your home correctly is one of the most critical factors in a fast sale. A local real estate agent will conduct a competitive market analysis by reviewing recent sales and current listings in the Cincinnati and northern Kentucky areas. Using this data, your agent will ensure your home is priced right for today’s market, which is essential for attracting buyers quickly. Mispricing can cause delays. As U.S. News explains:
“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”
### 2. Home Condition
Homes in excellent condition, with strong curb appeal and modern finishes, tend to sell faster. To make your home stand out in the competitive Cincinnati and northern Kentucky real estate markets, ensure it creates a lasting first impression. A local agent will know what improvements buyers in these communities value most and can advise on whether staging or minor repairs are needed before listing. Ramsey Solutions adds:
“In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.”
### 3. Offering Incentives
In today’s real estate market, standing out is crucial. Offering buyer incentives or concessions, such as covering closing costs, providing a home warranty, or including appliances with the sale, can make your home more appealing in the Cincinnati and northern Kentucky markets. A savvy agent will know which incentives work best based on the local market conditions, helping you speed up the sale process.
### Bottom Line
Selling a home quickly in a shifting real estate market, like that of Cincinnati and northern Kentucky, requires a well-thought-out strategy and deep understanding of local buyer expectations. That’s why partnering with a knowledgeable local real estate agent is key. As Forbes states:
“When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.”
If you’re planning to sell your home in Cincinnati or northern Kentucky, connect with an experienced real estate agent today to ensure you’re set up for success.
This Is the Sweet Spot Homebuyers Have Been Waiting For
After months of waiting, many potential homebuyers in Cincinnati and Northern Kentucky who were priced out due to high mortgage rates and affordability challenges now have a chance to enter the real estate market. With mortgage rates trending down, the current market is a prime opportunity for buyers, and this window may not last long.
If you’ve been delaying your move, here’s why now might be the ideal time to revisit your plans.
As you evaluate your options and decide whether to buy now or wait, consider this: What do you think other homebuyers in the Cincinnati and Northern Kentucky areas will do?
The reality is, if mortgage rates continue to decline as experts forecast, more buyers will flood back into the housing market. A recent Bankrate survey reveals that over half of homeowners would be motivated to purchase a home if mortgage rates drop below 6% (see graph below):
With rates already hovering in the low 6% range, we are not far off from hitting that mark. When rates drop into the 5% range, buyer activity is expected to increase, leading to more competition in markets like Cincinnati and Northern Kentucky.
This rise in demand is likely to push home prices higher, potentially erasing some of the benefits of securing a slightly lower interest rate. Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), highlights:
“The downside of increased demand is that it puts upward pressure on home prices as multiple buyers compete for a limited number of homes. In markets with ongoing housing shortages, this price increase can offset some of the affordability gains from lower mortgage rates.”
So while waiting to buy might seem like a good idea, it could backfire if home prices rise faster than your savings from a reduced rate.
**What This Means for Cincinnati and Northern Kentucky Buyers**
Right now, you have the opportunity to get ahead of the increased competition. The current real estate market in Cincinnati and Northern Kentucky offers a buyer’s sweet spot. Why? Because many buyers are still waiting on the sidelines, which means less competition for homes. This is an advantage for you.
Affordability has already improved. Recent drops in mortgage rates have made homeownership more accessible in both the Cincinnati and Northern Kentucky markets. As Mike Simonsen, Founder of Altos Research, explains:
“Mortgage payments on the typical-priced home are 7% lower than last year and are 13% lower than the peak in May 2024.”
Additionally, while the supply of homes remains limited, it’s higher than it has been in years. Ralph McLaughlin, Senior Economist at Realtor.com, points out:
“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”
This means you have more housing options in Cincinnati and Northern Kentucky than you’ve had in recent years.
With fewer buyers currently searching, improving affordability, and a greater selection of homes, now is the time to find your perfect property before competition heats up again.
**Why Waiting Could Cost You**
If you’re holding off for the “perfect” time to buy, remember that it’s nearly impossible to time the real estate market perfectly. The longer you wait, the higher the chance that market conditions in Cincinnati and Northern Kentucky will change—and not necessarily in your favor. Greg McBride, Chief Financial Analyst at Bankrate, warns:
“It’s one of those things where you should be careful what you wish for. A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”
**Bottom Line**
Don’t wait until competition and prices rise further. Right now, you have the opportunity to buy a home in Cincinnati or Northern Kentucky while the market is in a favorable position for buyers. Connect with a local real estate agent to ensure you’re taking full advantage of this sweet spot.
