Chillicothe Ohio Housing Market Ripe for First Time Home Buyers
According to the Chillicothe Gazette, the Ohio housing market is making a comeback. It seems confidence on the southern Ohio market is up and home prices have stabilized. This is good news for buyers and sellers alike. In fact it's a great sign for the first time home buyer crowd. Couple those stable prices with still-historically low interest rates and it's a simple numbers game.
Here's an excerpt from the Chillicothe Gazette article:
When May's numbers were released showing a dramatic uptick in average sales price locally, Scioto Valley Association of Realtors President Sandra Green indicated it likely was a sign that foreclosed properties selling at lower prices were beginning to clear from the market and that traditional housing inventories selling at more normal, competitive prices were beginning to move. Average sales price in May nearly matched that for May 2011 at $91,498.
Both statistics for the year to date indicate a local housing market rebound is under way. Total number of housing units sold in the Scioto Valley are up 14.1 percent over the first five months of 2011, while average sales price of $91,565 is up 3.7 percent over a year ago.
Just as important as the numbers, Miller said, is the rebound in confidence, as measured by the OAR Housing Market Confidence Index. The index tracks the perception Ohio Realtors have of the status of the housing market in their area.
It's to the point now where the rent vs buy debate in housing is becoming a no-brainer. Depending on the market, it makes more sense to become a first time home buyer than to rent an apartment. A great calculator tool featured in the New York Times helps you figure out the answer in your market.
If you're ready to get into this market, you can talk to our mortgage experts in Chillicothe. You can also start with the free eBook "The Essential Guide to Buying Your First Home." Download the free guide at the button below.
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