Homes are on Sale in Cincinnati!
Low mortgage rates on Cincinnati homes make all homes seem like they are on Sale! As the inventory starts to get snatched up this Spring, buyers feel like they are getting bargains.
Not only are they looking at the price of the home they are buying, which may be as low as prices in the 2000-2003 time frame, they are looking at the interest rates. Home affordability is setting all time records. Prices are down, but the interest rates are making even a bigger difference in your wallet.
Currently, the interest rate is under 4% for a 30-year fixed rate. When you compare it to historical average rates, it is pretty unbelievable.
Suppose you have a $1000 payment for principal and interest:
- Historical Average Rate (8.75%): a $1000 monthly payment allows you a $127,113 purchase price for your home.
- Today's Average Rate (3.66%): A $1000 monthly payment allows you a purchase price of $218,329.
So, what are you waiting for...it's time to buy. Whether you are a first time buyer or a move up buyer, this may be the opportunity of your lifetime to move into your dream home.