Last week Downtown Cincinnati Inc. (DCI) released their annual State of Downtown Report. The report contains graphs and numbers relating to the development of Downtown. This years report suggests that Downtown Cincinnati has seen a large increase in the number of people enjoying the array of restaurants and arts in the center city.
Arlene Koth, executive president and Chief Operating Officer of DCI, said that when they looked back at the numbers in 2010, there were a few things that really jumped out to them. One such item was the amount of development happening downtown; not just the number of projects that have been completed, but also the amount of investment that has gone into the projects downtown.
Two factors are at play, according to researchers who recently crunched the numbers, Ken Johnson of Florida International University and Eli Beracha of East Carolina University for a paper to be published in Real Estate Economics.
First, rents, though mostly stagnant the past few years, are expected to head higher as more people bitten by the housing bust turn to renting. Rents could rise 7% in each of the next two years, according to Peggy Alford, president of Rent.com.
Comey & Shepherd is the second-largest real estate firm in the Tri-State, with $1.5 billion in 2010 home sales volume.
2011 Rank: 2
2010 Rank: 5
via Cincinnati Business Courier
If you plan on moving anytime in 2011, you should strongly consider selling your house now rather than waiting. Here are five reasons why:
1.) This is when your house will get the most exposure
The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house . The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW!
2.) Foreclosures and short sales will increase in about 90 days
The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales that will still be coming to market.