Buyer Have the Advantage in This Market and Northwest Indiana is No Expection
Posted By admin on July 24, 2009
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Whatever a buyer is looking for is available in today’s market. In Northwest Indiana there has been an increase in sales from May to June. In May 2009, there was 363 homes sold. In June 2009, there were 408 homes sold for a 12.4 percent increase in home sales.
Porter County, on the other hand, experienced a more dramatic increase with 45 percent. In May 2009, there was 111 homes sold in Porter County. In June 2009, the county had an increase in home sales to 161.
What do we attritube these home sales increase to? The Greater Northwest Indiana Association of Realtors and several Realtors including myself attritube the increase in sales to the tax credit and lower than ever home prices. Investors and first time home buyers alike are able to find just what they are looking for whether it is a fixer upper or a move in ready home.
It is highly recommended that buyers move now because interest rate will not stay low forever.
The current fix rate for a 30 year loan is 5.14 percent down from the previous week’s rate of 5.20 percent. One year ago, though, the rate for a 30 year fixed rate loan was 6.26 percent.
It is equally important to note that the median sales price, over the same one year period is down by 11.8 percent. Even though sales are up the median sales prices are not up.
The decrease in median sales is a blow to sellers, but iti is a good thinkg for buyers. Only time will increase value of homes. There may not be a great increase in equity as seen in the recent past, but equity and values will rebound. You will just have to keep your home longer before you realize an increase in value.
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read this: WASHINGTON (MarketWatch) — Several members of the Federal Reserve are impatient about the size of the Federal Reserve’s $2 trillion balance sheet and want to start gradually selling some assets in the near future, according to a summary of their January closed door meeting released on Wednesday. However, others on the FOMC were worried that the assets sales could cause market disruptions and damage the recovery if they began before the economy was on solid footing. In general, the minutes reflect a wide range of views on the FOMC about the Fed’s exit from its ultra-low interest rate policy. The committee rejected one member’s attempt to add flexibility to its purchase plan of mortgage-backed securities to give the Fed the flexibility to buy or sell additional securities. The Fed’s economic outlook was little changed from its last forecast in November. The committee still expects a moderate recovery with the labor market remaining weak. Committee members continued to disagree on the inflation outlook, with one camp worried about deflation and another concerned about the risk of rising prices.