Monday, August 13, 2018 / by Bryan Arnold
After hovering between 5000-5500 homes on the market for almost 6 months, housing inventory just increased to 8200+ from 7400 in one week. If you are looking to sell, don't delay because supply is increasing every day and will most likely continue to do so through November. Last October, inventory levels hit 12,000+. This means more choices for the buyer (i.e. competition for sellers), longer days on the market, and a lower chance of having a multiple offer situation.
This is great for buyer's. Less likelihood of having to write an offer the same day you see a home. After all, buying a home is a massive decision. Being able to sleep a night deciding if this home is for you is crucial to the buying process...and not a luxury most buyer's have experienced over the last 2 years. With interest rates at 4.625% for 30 years, I wouldn't wait too long to buy. Just a half point increase to 5.1%, which certainly could happen by the end of 2018, at the $250,000 price point will have you paying a. ...
Monday, June 11, 2018 / by Bryan Arnold
If you are waiting to buy, don't. You need to get into the market now. I cannot stress that enough. The new fed chairman Jerome Powell is likely raise interest rates this week, and could do it several more times this year. The time of 3.5% interest rates are gone, and they won't likely be back anytime soon. I expect them to go over 5% this week.
What does that mean for you? Going from 4.5% to 5.0% on a $250,000 home on a 5% down loan will increase your total interest paid over the life of the loan by roughly $27,000. If they go to 5.5%, that number increases even more dramatically.
If you are thinking about buying and are wondering where to start, don't hesitate to reach out. I'm available 8 am - 9 pm daily. Text or call 219-776-0622.
Thursday, April 26, 2018 / by Bryan Arnold
Why is the market the hottest it's ever been in Indianapolis/Surrounding Counties? The simple answer is lack of inventory. Typically, a healthy market in the Indianapolis area has roughly 15,000 homes on the market at any given time. In October of 2017, there were about 12,000 homes. Right now, there about 5,100 homes, and the market has been that way since mid-January.
Scarcity drives price, and the <$250,000 is where there is less than a week's worth inventory on the market in some areas. There are several reasons for the shortage:
-Cost of labor, land and materials (especially because of the Caribbean, Texas, and Florida hurricanes in 2017) have driven up the price of building. Buyer's tastes have also increased to wanting hardwood, granite, etc. This has put the price of building above the $150,000 price point in most cases. As the price of building increases are further and further out of reach for first time home buyers, those prices are bringing up the value of existing hom? ...
Tuesday, April 17, 2018 / by Bryan Arnold
Right now, there are very few homes on the market. This shortage of inventory has dramatically increased prices and made finding a home difficult for some. One big factor restricting the supply of homes on the market is potential sellers saying 'Bryan, my home is going to sell fast. The neighbor sold in one weekend. I'm worried about how I'm going to find somewhere to go. Every home I look at sells in a day.' I am constantly told that...and I completely understand that concern. I've been using one strategy to mitigate that issue, and it's worked well.
In this market, the seller holds the cards. One of my listings got under contract recently. It listed at $199,900 and we knew there would be a lot of interest. They had outgrown the home, so they needed to move. Their biggest worry was being able to find their next home quickly since they would be using the proceeds from their current home to buy their next. They HAVE to sell to buy.
Our strategy from the beginning was to price the homem ...