Cincinnati sits atop the list of the most vacant properties in a city. WCPO reported that there are about $4 million vacant properties nationwide. Cincinnati’s Over-the Rhine Neighborhood has the highest vacancy rate in the Tri-State area. Vacant homes can have a substantial impact on home values depending on their status. Foreclosures in particular can bring down neighborhood values simply becuase they will often for less money at auction.
My professional opinion about this situation as a Cincinnati Realtor is that property owners in areas where vacancy rates are elevated, can face delated property values. Before purchasing a property you should always be aware of the sales trend and vacancy rates in that specific area prior to signing any contracts.
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It is extremely wise to research the local area of a potential home. This is one of the main reason to be smart with your purchase. Home vacancy in a neighborhood really does hurt your chances of selling the home later on.
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