Latest in Indiana Real Estate

Housing Data for April 2020

Across 16 central Indiana counties, the Housing data released by the MIBOR BLC® comparing April 2019 to April 2020 shows:

An increase in Median Sales Price of 12.3 percent to $210,000
An decrease in Closed Sales of 16.8 percent to 2,522
New Listings decreased 32.8 percent to 2,782

“The April market saw much less of an impact from Covid-19 than might have been expected,” said Shelley Specchio, MIBOR CEO. “Median sales price of $210,000 was at an all-time high, gaining 12.3% over last year, although the price was almost flat compared to last month, where normally we would see solid gains in prices between March and April. Percentage of asking price to received of 98.3% was near an all-time high and median days on market remains at just 38, the same as last month. Although sales activity did slow, the numbers show that despite our current atmosphere, many are still eager to buy or sell.”

More specifically, in Marion County…

This is excellent news for those ready to buy or/and sell! When you are ready, Give me a call at (317) 625-0655

CARES Act Gives Today’s Buyer Options

I wanted to share this that I received from one of our trusted partners, Mike Wickham at Caliber Home Loans, just in case it could be applicable to you. The CARES Act gives a couple of 401k options that borrowers may be able to use.

Borrowers can now take out of their 401k and have three years to put it back in; or, you can take it out early without the 10% penalty, and then you can spread the “income” over multiple years.

We see this as being helpful in a couple of ways:

If someone with a 401k has a house to sell and they don’t want to sell before buying. Instead of coming up with the 3-5% (or in addition to), they can take it out of their 401k and then reimburse themselves once their home sells. This was true before, but most of the programs only allowed 60 days or so to do it. This gives the borrower more flexibility
Or, if they’re planning to take out of their 401k for their down-payment, they can do it without the 10% penalty

If this is something that you would like to explore, give me a call at (317) 625-0655 and I can help sort through your options.

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Another Reason to Call Indiana Home

Indiana doesn’t fit with what has taken place on either coast. Prices there are in “bubble” territory and subject to a significant correction. Here in Indy, not so true.

In ALL my years in the industry, we just don’t see the BIG swings in prices in Indiana. While we don’t gain massive amounts of price appreciation, we also don’t get hurt much when prices nationwide turn south
Our fundamentals are still solid. The median home price in Central Indiana is $209,000. With a 5% down mortgage, the payment on that priced home runs right around $1,275/month. Median household income is $60,000/year or $5,000/month. 1,275/5,000 = 25.5%. That’s less than the 28% qualifying guideline established by Fannie Mae and Freddie Mac, and much less than the 31% max over at FHA.

JUST ONE MORE REASON TO CALL INDIANA HOME

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