Buying Cincinnati Real Estate: Is it the right time to Move?
In fact, US News & World Report recently named Cincinnati as one of the top 10 cities to get a steal in Real Estate. But how do you know if it is the right time for you to buy? Here are a few signs to help you decide:
- You need to know the market you are looking to buy in and have a realistic view of what it would cost to purchase your new Cincinnati home. Keep in contact with your Realtor for updates on market trends in Cincinnati real estate.
- It is a great time to buy but you need to have the capability to do so. If you are considering buying a new home in Cincinnati, you should have money saved for a down payment and closing costs. Gone are the days of no money down loans. Whether you are a first-time home buyer or you are trading up in the Cincinnati real estate market, you need to be prepared to put 10-20% down on the purchase of your new home.
- As a Buyer, you need to understand how much house you can afford. As a general rule of thumb for most lenders, your debt (housing expenses, car loans, credit card and other debt) should be no more than 30-40% of your gross income.
- Take into account the additional expenses owning a new home in Cincinnati will incur. Factor in the additional costs of homeowners insurance, utility bills and maintenance issues before you make the decision to purchase.
- Ensure that your credit is in good standing. When you are purchasing a new home, lenders will view your credit history to determine whether you qualify for a loan. With stricter qualifications in place, it is imperative that your credit be as clean as possible. Consider waiting on any major purchases- such as a new car- until after you close on your new home. Shop different lenders to know what you can comfortably afford. If you have watched the news lately, you know it is a great time to buy a home in Cincinnati. With the Homebuyer Tax Credit, historically low interest rates and a vast selection of inventory, Cincinnati real estate has never been more attractive.
In essence, it is a fantastic time to buy in the Cincinnati Real Estate market. If you have been on the fence about what to do, the incentive is there to make the dream of homeownership a reality.
