Buyer Have the Advantage in This Market and Northwest Indiana is No Expection

Originally posted 2009-07-24 05:00:24. Republished by Blog Post Promoter

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.