Posts made in July 2015

June Sales Were Strong!

No matter how you figured it, June sales in Central Indiana were strong.  Closed sales were up 18% over June 2014, and were up 7% year over year.

However, new listings did not come on line at the same pace.  Listings were up only 4% compared to June 2014 and year over year.  So, strongly increasing sales + fewer new listings = tighter inventory.  Inventory, or the supply of houses buyers have to choose from, was down 12% over June 2014, to just a 4.9 month supply.  That’s a limited supply of houses available, and as might be expected in a situation where demand is accelerating faster than supply, prices are up… 5% over a year ago.  The median average sale price now stands at $144,000.

So, with prices rising, why aren’t more home owners planting For Sale signs in their front yards?  

Zero down payment mortgages

A decade ago one could buy a house without having to put any money down.  But how times changed in the aftermath of the housing crisis and Great Recession.  In today’s market, zero down mortgages are few and far between.  However, there are several notable options.

#1)  VA— these zero down mortgages are available only to qualified veterans.  K

#2)  RD (or Rural Development)— as the name implies, these mortgages are available only on properties that are outside big city limits.

#3)  Indiana Housing— these mortgages may be used anywhere; although they are available only to first time home buyers except in certain targeted counties.

To see if you might qualify for one of these zero down loans, just ask!  I’ll be happy to get you answersor to point you in the right direction!