January 2013 marks my inaugural real estate blog post. My blog is dedicated to educating current and future homeowners in the Indy Metro area on local, national and international trends, changing regulations and opportunities that impact the real estate market, and ultimately you as a buyer and seller. My blog will cover all areas of real estate including reporting pertinent local real estate statistics based upon Metropolitan Indianapolis Board of REALTORS (MIBOR) information, local development trends, mortgage financing issues, in-depth analysis of neighborhoods, and much more! Please feel free to send me your real estate questions or issues, and I will respond with relevant information in either an email or blog post.
The current state of affairs:
Economic trends continue to point to a turnaround in the national and local real estate arenas. Home sale prices continue to increase supported by historically low interest rates. Financial institution’s lending criteria have considerably tightened since the economic downturn in 2008, making it difficult for homeowners in various situations to either purchase a new home (in the case of those with poor credit or new jobs) or refinance their current mortgage (in the case of those with jumbo mortgages or helocs). Investors and first-time homebuyers continue to take advantage of the supply of short sales and foreclosures, which are still abundant in the Indy Metro area. These opportunities can be great deals, if one is willing to do repair and renovation work. Many of the short sale/foreclosure deals are sold to investors in all cash deals, indicating the lack of financing available to non-owner occupant owners, and the desire of owner occupants to purchase a move-in ready conditioned home. Because there are a wide variety of homes available and low interest rates, now is a great time to be a buyer. But a large supply of homes speaks nothing to the quality of the homes available. This leaves a great opportunity for sellers if their home is in great condition.
This ends my first blog entry which hopefully provided a general overview of the real estate market at this time. My future blogs will be more targeted and provide specific information that can hopefully be referred to or assist in your decision-making.
Thanks for visiting,
Let’s go househunting!