Are you a homeowner or property investor in Cincinnati OH?
Perhaps you are thinking about diving in, but you would like to know the market temperature and what to expect. There are deals to be had anywhere you look, but the fact of the matter is, it’s always a good idea to do overall market research in a particular area before you make a purchase. Let’s take a look at the market forecast for Cincinnati in terms of real estate in 2018.
Cincinnati’s Housing Market Forecast in 2018
Overall, the market is said to be warm, which by the way, is good for both buyers and sellers. That is a win-win, and I will tell you why. If the market were red hot, well that’s a seller’s market. You would be trying to buy a property when the seller has the advantage. If the market were cold, well, technically that’s a buyer’s market. Yet, it wouldn’t necessarily give you the confidence that you were making a solid investment in the future of real estate in a particular city.
In the case of Cincinnati , the market temperature falls right smack dab in the middle. That’s about as good as it gets. I know a prominent real estate investor who owns property in Cincinnati, and he has held those properties for decades. He knew where to buy then, and the man is wiser know than he was decades ago. Yes, it is definitely a good market in Cincinnati for real estate investors at 3cre. Let me explain a little more.
Cincinnati is known for its preservation of historical neighborhoods. These architectural preservations represent a collective philosophy about the way the city views its real estate. If you are going to look at new developments, that is where you have to be cautious. Now, my word of caution isn’t meant to dissuade you from purchasing new property, nor is it meant to suggest that new developments in Cincinnati aren’t red hot buys.
What I am trying to say is that you are much more likely to pay fair market price, if not a premium, for new developments. The developers know that they are initiating projects in a great city that represents lucrative opportunities for investors. They aren’t going to let the new properties be sold at heavy discounts, not with a warm market temperature. Again, that doesn’t mean that you can’t pick up a property at a good price. And it also doesn’t mean that those new properties won’t make for great investments for decades to come.
Personally, I would suggest looking at older properties that have been subjected to having ‘liptstick put on them’ if you know what I mean. Those are the types of properties, not necessarily fixer uppers, that would make for the best investment opportunity. In a market that strong, properties that are a few decades old represent buildings that were constructed using methods and materials that just aren’t in practice in today’s world. Those, in my opinion, are the pinnacle of your investment opportunity according to the housing market in Cincinnati OH in 2018.