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
For the Full Article
Showings are ½ of last year… but those who want to buy or sell are moving at lightning⚡ speed. According to the National Association of REALTORS (NAR) survey, [CLICK HERE] the median number of homes being toured has gone down during the pandemic. Previously, buyers looked at nine homes before purchasing. Now that number is down to three—they’re moving faster amid crisis concerns.
This holds true in the Indy area. Our New Listing last week had 15 showings in the 1st three days, two good offers and I am happy to announce it “SOLD”! We also helped two buyers to secure accepted purchase agreements over the weekend. We may be working a little differently these days, but we are still making good things happen!
March 2020 was definitely a unique month for the housing market. While the early part of the month was strong, the “stay at home” executive order was implemented in the latter part of the month.
Like others, I have been working differently to provide new home buying and selling experiences for my clients. I have conducted more virtual showings this month than I had in my entire 30+ year career. Who would have predicted that?? So if you have been eyeing a listing (CLICK HERE for new listings), give me a call or text at (317) 325-0655. I would be happy to walk it with you in real-time.
Now for the data…Across 16 central Indiana counties, the Housing Data released by the MIBOR BLC® comparing March 2019 to March 2020 shows:
• An increase in Median Sales Price of 14.8 percent to $209,000
• An increase in Closed Sales of 5.8 percent to 2,903
• New Listings increased 1.5 percent to 3,636