The 2012 Ohio Housing Market: What’s Next?
2012 is here. It’s time to look forward instead of back, and figure out what the 2012 housing market holds for home buyers in Northeast Ohio. Many experts are already making predictions for the 2012 housing market. But the fact is, we’re not crystal-ball-reading fortune tellers. No one know exactly what will happen over the next 12 months. Plus, too many factors (weather, stock market, interest rates) factor into the housing market. However, what we can do is look at some of the facts and get a good idea on what’s going on.
Looking at the 2011 housing market and recent years, we know that we’re in a slump. But as AmeriFirst President Mark A Jones says, like a football game we’re late in the third quarter and the end is in sight. We still have some work to do, but there’s hope. So while we may see the market falter more, we’re headed toward the promised land.
A Few Things to Look for in the 2012 Ohio Housing Market
Depending on who’s talking or writing, you’ll figure out pretty quickly that we’re in for more struggles in home prices, as well as some foreclosure fighting. We’re also looking forward to some great things this year. Without further ado, here are 4 things to look for in the 2012 Ohio real estate market.
1. Foreclosed homes for sale – You can buy Fannie Mae-owned homes under the HomePath Mortgage umbrella, reaping the benefits of increased seller concessions and low down payment requirements.
2. Home improvement loans like FHA 203k – The 203k loan program backed by FHA allows you to buy a home and make improvements, repairs or renovations, rolling the cost of the work into the same mortgage payment.
3. Renter’s Market vs Buyer’s Market – This is really a continuation of 2011. Low interest rates and low home prices add up to great deals for buyers. The rent vs buy debate continues.
4. Country Livin’ – The USDA Rural Development movement is gaining ground as one of the only zero-down mortgage programs. This means you can buy a house with no down payment. The “catch” is that the home needs to sit outside certain zones, more in the rural areas.
Looking over that list, one thing you should better understand is the world of home improvement loans. Whether it’s a bank-owned home or a vacant house, a lot of the current housing stock needs at least a little TLC. Don’t let that scare you off though. You can buy a house and have a licensed contractor like Holland Remodeling & Building make the improvements and repairs on the house.
Learn more about this renovation loan option with “The Ultimate Guide to Home Improvement Loans” at the button below. The free eBook will explain the process and list many of the projects eligible for this kind of financing. Get your copy today!
This is a guest post from Dan Moyle with AmeriFirst Home Mortgage. AmeriFirst is a leading FHA 203k lender. Dan has written hundreds of articles as the inbound marketing expert for AmeriFirst. Find the AmeriFirst blog here.
(2012 calendar: Flickr user Dan Moyle)
