Are you looking at selling your house in Cincinnati? Is it worth what it was worth yesterday? Is it 2008?
The current housing market in Cincinnati is starting to change. Some places are really hot right now, like Norwood, Oakley, Hyde Park, Forest Park. But are they getting too hot?
Some people think that the current price of houses are getting too hot. Some experts say that the housing economy will crase just like it did in 2008. But what is the truth?
The reason behind the housing crises in 2008 was foreclosures, but what caused the foreclosures was the real issue. Back then it was easy to qualify for a mortgage, like, really easy, too easy. There were loans called NINJA loans. No Income, No Job, No assets. That means that borrowers could get a loan for $300,000 with no way of making any money. Well, people starting to find out about this and would buy houses they couldn’t afford.
This was just one part of the problem.
The other problem that was happaning at the same time was the apprasial issues. At this time apprasials were not goverend very well. There was sometimes no reason an apprasial would be as high as it was. The appraser would sometimes even get paid to “make sure it meets the price”.
But what does this have to do with today’s market?
Today we don’t have the same problems that we did in 2008……. Or so we think.
Today a NINJA loan is starting to come back. It’s not as popular as it was in 2008 but it is more popular than it should be. The vast majority of people shouldn’t ever use a NINJA loan. It is just too dangaurous.
The new issue are HELOC loan
With a HELOC loan you can easiy get the equity out of your house and not have to pay much per month for that service. But what people must watch out for is that most HELOC loans are not fixed interest loans, but variable loans. That means this month you payment could be $800 per month, but next month it could be $1200 per month. If you are very good with finances then it might not be a problem, but most people are not that good with finances.
Does that mean my house is going down in value?
If the housing market does hit as it did in 2008 then yes, your house will go down in value. Now no one knows the future, but if you think that the market will crash, you are not alone. Even professionals in real estate are starting to think the crash is going to happen very soon. Maybe even in 2019.
How to Sell Your House In Cincinnati?
If you are
We Buy Houses in Cincinnati!
We want to buy your house, even in this unsertan market. If you think that your house is going down in value or if you have a lot of problems with your house we still want to buy it. Just give us a call at 513-601-9876.