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lthough the country is in a recession, now may be the time to purchase real estate.
According to Barb Chasteen, president-elect of the Middletown Board of Realtors, prices are low enough that it is the best time to buy.
"People that need to sell are being very free-willing with the pricing and you're going to get better pricing now more than ever," Chasteen said.
Chasteen said there are several advantages to buying real estate in Butler County, including the ability to obtain tax credits that help with the purchasing of real estate and real estate education classes, which give new buyers eligibility for assistance with buying or maintaining a house.
Interest rates have been fluctuating lately as well, but have stayed securely below 6 percent for a conventional loan this month, Tim Chupka, loan officer for Union Savings Bank, said.
"Today's interest rate for a conventional loan is about 5.5 percent for a 30-year fixed rate and about 5 percent for 15-year fixed loan," he said. "These rates are still a decent deal and have gone down a full percent from December," Chupka said.
According to Chupka, a conventional loan is common for most home buyers other than first-time home buyers.
Chupka said that the rate will continue to fluctuate at and around the present rate.
"There is some hope that the interest rate will get under 5 percent and stay there," Chasteen said. "It depends on who you talk to."
Chupka said that Union Savings has given out mostly refinancing loans lately as more people are refinancing, not purchasing. He said this is mostly due to the present economy, but also because of the season.
"Most people don't want to go out and look at homes in the winter weather," Chupka said. "It seems that people are also being rather conservative with their money and subsequent purchases due to the economy."
Though Oxford is a part of Butler County, Miami University's presence has changed the real estate market in Oxford.
"Oxford is a unique market that has a fairly stable workforce provided by Miami University, McCullough-Hyde and (the) Talawanda School District," said Oxford Economic Development Director Alan Kyger. "They are all making some cuts but overall, the local school district is going to be here and operate, Miami is going to be here and operate and McCullough-Hyde is going to be here and operate."
Kyger said he speculates the Oxford area is going to be less affected by the economy and the downturn of the market because it has a more stable workforce, resulting in less drastic prices.
"Oxford is not like other areas where they're continually losing jobs," Kyger said. "As the flow of job goes, the flow of real estate often goes too."
