Cincinnati Ranks Top 3 Among Best Locations for First-Time Homebuyers
Cincinnati, OH – A recent study from Bankrate.com ranked Cincinnati in the top 3 locations for first-time homebuyers.
Using an index of 11 factors, Bankrate determined the best and worst metro areas to buy your first house. These factors include housing affordability, employment opportunities, crime rates and public health.
Not only did Cincinnati rank just behind Pittsburgh and Minneapolis on Bankrate’s top list of the best places for first-time homebuyers, it also comes fourth in the most affordable housing market on the Bankrate index.
Southwest Ohio Mortgage expert Rick Pilger of Union Home Mortgage from The Solutions Group said, “A combination of diverse neighborhoods and a median price helps many first time buyers with the dream of home ownership.
This market is a unique one that has somehow found a blend of affordability and a focus on great neighborhoods that ensures its place in this list.
Currently the mortgage market includes several programs for first time buyers to choose from that have great options for the typical hurdles, such as credit and down payment, that first time home buyers face.
In addition, a recent increase in the area median income calculation has opened up some of these programs to a broader range of first time buyers in the Greater Cincinnati/ Dayton market.”
“From a Cincinnati Realtor’s perspective, buying a home in the greater Cincinnati area has been more affordable than most other parts of the U.S.
Yet the low supply of housing inventory has made it very challenging for buyers competing against each other. Home sellers have been receiving offers over the asking price and in some cases, home buyers have been waiving home inspections, implementing appraisal gap coverage and even sometimes paying some of the seller’s customary selling costs in addition to their own.
Home buyers may begin seeing more favorable buying conditions as they start to see a slow down in property values accelerating as mortgage rates have increased from the mid-3% range to the upper 5% to low 6% ranges”, Dan Weis from Comey and Shepherd Realtors also mentioned related to the Bankrate.com article.
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