Market Trends

Look just Reached an All Time High…

NAR (National Association of Realtors) conducts an annual survey of home buyers and sellers who recently completed a transaction within the last 12 months.

One highlight that did not surprise me a bit was that BUYERS ARE MOVING FURTHER. The median distance purchasers moved from their previous homes reached an all-time high of 50 miles. Historically, the median distance moved has been between 10 and 15 miles.

Why the huge uptick? Buyers are being driven to the market to be closer to family and friends, with affordability at the top of their minds. Small towns and rural areas are now being considered as inventory is low.

When you are ready, know that our service territory ➡️extends from Columbus and Brown County on the south to Tipton up north and from Greencastle to New Castle. L👀 k at that map! In recent years, we have sold homes in counties all over central Indiana.

Regardless of where you want to move— we can help you get the job done right. We work harder to make good things happen!

This Market Looks Different

Gone (I say) gone are the days when a Buyer had to waive inspections and appraisals and pay all of their own closing costs. The market we are standing in is totally different. Having appraisals and inspections done are now standard practice, as it should be. These practices put safeguards in place for all parties and keep everyone honest. And asking the Seller to do repairs or pay for some of the Buyer’s closing costs is definitely on the table.

With that being said, now MORE DEALS ARE BEING MADE. We just closed on one and have a few in the making. For lots of reasons, You need an Expert in your Corner! Give me a call/text (317) 625-0655 to see what we can do for you!

For more on this chart/report, click the link

“Crazy has left the building!”

That’s right. A seller can no longer expect to have 20 showings the first weekend and get eight offers above list price with no appraisal or inspections. That was so 2021. It just hasn’t been happening for months now.

Many buyers, staring at a mortgage sporting a 6+% interest rate, have taken their ball, and are sitting at home. True, some push on regardless- think those with a new baby, moving mom home, or moving to take a new job. But for the majority, they are waiting for something to come down- either rates or home prices, or some combination of the two.

November numbers are out, and there were fewer sales (down 29% from a year ago)— yet lower inventory (down 78%). And prices are sticky, being up 10% from a year ago but possibly having peaked (around $277,000 on average). It’s taking longer for homes to be sold, and Buyers are now securing deals at a 2% discount from ask. We are far from a balanced market, but it is getting healthier.

Sellers will need to put their house in good order (think about what was done to sell a home in 2019). And then be prepared to negotiate. On the other hand, Buyers can find Sellers offering interest-rate buydowns and other discounts to make their home more affordable.

This is a NEW market. You do not want to get caught fighting the last war. Call or text today to put together a winning strategy in this fast-changing market!!!

Click HERE for Full PDF Market Report