Market News

How Do You Purchase a House in a Seller’s Market

It’s no doubt a Seller’s Market here in the Indianapolis area.  And has been for the last couple of years.

What does this exactly mean? Well, the Home Supply is low, and there is not enough inventory to meet Buyer Demand.

How do we know this?

 

 

 

 

 

 

What does this actually mean for you, the buyer?

  • You’ll face stiff competition
  • You might need to offer more than asking price
  • You may need to make concessions or waive contingencies
  • You’ll have fewer homes to choose from
  • It could take a while to buy a home
  • You may be outbid or see your offers rejected

You can still get into your dream house! Our past clients can attest:

“Bob was great and very swift with every response! From start to finish, he made the home buying process very easy and helped me through it.”

“Bob was great to work with. He went above and beyond for me and my family. Very smooth process. Highly recommend. And will return to him if I’m ever shopping for another new house.”

“We appreciate all of the work you did in such a short time for us. We will definitely recommend you anytime anyone we know is looking for a realtor. Thanks again.”

When you are ready, let’s talk! I can be reached at (317) 625-0655

Best States to Survive a Recession in 2020

With the talk of a looming 2020 recession, I recently came across this article that I found quite interesting.

Fit Small Business just released the results of its 2019 study that dug into national and state-based economic data to rank each state on how best equipped they were to survive a recession in 2020. All of them boast business diversity and minimal per-capita debt, but the changes over the last two years were remarkable.

Here’s what they said about our beautiful state of Indiana.

“Indiana is No. 4 in our recent 2019 study from Fit Small Business, up from the 10th position in 2017. Indiana’s debt-to-income ratio dropped from 1.34 in 2017 to 1.165 in 2019, while its GDP grew from $273 billion in 2008 to $367 billion in 2019. Indiana also has the eighth-highest exports per capita at $4,122.

The real estate market has also evolved in Indiana since 2017 with a drop in median home value from $186,000 to $147,000 in 2019. While this indicates a drop in demand, it also suggests more affordable housing for residents—key for those who want to get back on their feet after a hard-hitting recession. Last, but certainly not least, Indiana boasts a low income tax rate of 3.23%—the nation’s fourth lowest.”

This is excellent news for the real estate market in Indiana! So if you are thinking of buying/selling, it may be the right time for you. Give me a call at 317-625-0655.

Want to dive deeper into the study? The following 11 metrics were analyzed and compared to their 2017 study. The full report can be found here 

• Stabilization (aka surplus or emergency) funds available (15%)
• Economic strength and diversity (15%)
• Debt-to-income ratio (10%)
• Unemployment rate (10%)
• Median home value (10%)
• Exports per capita (10%)
• Export diversity (10%)
• Deposits per capita (7.5%)
• Average credit card debt (5%)
• State income tax rate (5%)
• 2008 recession performance (2.5%)

Until next time, make it a great day!

Three Must-Dos to Make your Home Winter Ready!

If we like it or not, Winter is coming! And it looks like we may have snow as early as Thursday. I am hoping the weatherman is dead wrong! If you have not gotten through our Fall Inspection Checklist from last month, below are three must-dos to make your home winter ready!

  1. Prep the Plumbing

Drain the water from your outdoor faucets and garden hoses and arrange to have any in-ground sprinkler pipes blown out. Roll up the garden hoses and store them inside. Identify any “problem” pipes that are prone to freezing in the house and consider using heat tape to keep them warm during freezing weather. If the worst happens, ensure everyone in the family knows how to turn off the water at the source. This will minimize leaking when and if a pipe bursts.

  1. Heat Things Up

Everyone enjoys cozy evenings by a crackling fire?  Ensure your fireplace is ready to provide warm nights all winter. Be sure to have the chimney inspected and cleaned by a professional before the first frost. Also, have a professional perform a routine check of the heating systems before cold weather arrives. This should include vacuuming the vents and other heating components. If your furnace has a filter, check to see if it needs replacing. For more energy savings, consider installing a setback thermostat that keeps the home cooler when you are asleep or away.

  1. Seal the Leaks

Keep drafts to a minimum this winter. If you have them, install storm windows and doors — and don’t overlook the basement. Add or replace worn weather stripping around the doors and windows and caulk any gaps. If doorstops are worn, replace them. If any pipes or ducts travel through an exterior wall, be sure to use caulking and weather-stripping around all entry points. These steps will block any potential entry points for cold air. That’s an idea you can warm up to.

For the Full Article, Click Here

Until next time, make it a great day!