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Home sales soar despite rising rates

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Cincinnati area mortgage rates are up a half point in the past two months.

Normally, that slows down the housing market. That is not the case in 2013, however. Home sales are setting records in many areas.

Realtor Lori Wellinghoff of Comey & Shepherd said "nationally, we know that inventories are down and prices are up. And those numbers continue to redouble themselves every month over month."

Wellinghoff says the Cincinnati area, like much of the country, is seeing the strongest home sales since the market collapse in 2008.

She says buyers want to lock in a deal before mortgage rates move higher. That has taken many people who were "on the fence" and pushed them into the market. The most recent numbers confirm that.

Latest Numbers, Jump in Sales and Prices

The Cincinnati Area Board of Realtors reports:

-2,800 home sales in the region in May 2013.

-That's up 18 percent from a year ago.    

 -It also reports prices are up 10 percent this year over 2012.

That means it takes a new strategy to compete in the housing market this year. What worked the past few years -- low-balling, taking your time -- no longer works, with so many buyers competing for homes.

How to Get an Edge

So what can you do to get an edge buying and selling?

Join us tonight at 11pm on WCPO TV for a survival guide for this hot housing market.

That way you don't waste your money.

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