Market Trends

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!

Best Trends of 2019 for Updating Your Home

If you are thinking of selling soon or just want to update your home, we have been seeing these trends all year long. And of course, it’s no surprise if you are a regular viewer of HGTV. (Hello – Who isn’t??) Sellers who want a quick sale for the highest dollar are furiously updating their homes in hopes of finding that buyer.  These small updates can help set your home apart from the competition.

Smart Home Systems 

It’s for convenience and security.  You can install these yourself or you can have a system customized to your house. If you are selling and want to keep costs down, think automated thermostats and front door doorbell cameras.

Outdoor Living Rooms

Buyers are looking for outdoor spaces that are indeed an extension of the house. Think backyard living room. Staging it as a comfy gathering space with accent lighting can help them visualize.

Farmhouse Modern Look

This may not be your style though it’s easy to recreate this sought-out look with a few natural elements. You don’t have to spend a lot though it’s the look that most buyers are relating to when walking through a house.

Bold Accents

Again this may not be your style though it creates the WOW factor. No more all white on white kitchens. Buyers want color! Maybe a brick wall??

If this overwhelms you, please take a deep breath. Give me a call at 317-625-0655 or shoot me a text. I can give you an unbiased view on your home and let you know what is a “must” or “nice to do” when selling your home.

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