After several years of low inventory, Northeast Indiana’s housing market has seen a steady increase in available homes over the last six months. This increase in inventory signals that home prices might finally stabilize, which is excellent news for home buyers.
HOME INVENTORY UP: MORE OPTIONS FOR YOU
“The Federal Reserve has raised benchmark interest rates in four of the past five months, and we’re seeing the impact on home sales in Indiana,” said the Indiana Association of Realtors® Chief Executive Officer, Mark Fisher. “But more homes are available for sale, and mortgage rates have dropped from mid-June as the market anticipates the Fed’s anti-inflation plans – for determined buyers, the climate has improved.”
HOME PRICES STABILIZING
Real estate has consistently been considered a good long-term investment because home prices tend to increase over time. Despite the recent sharp increase over the last few years in home value, prices seem to be stabilizing but show no signs of decreasing anytime soon.
Stable home values during this time of slower economic output offer reassurance in the viability of property investment.
“Home prices are settling towards a more sustainable pace, but still gained over 14 percent this year while the national economy shifted into reverse,” Fisher said. “For Hoosier homeowners and sellers, that’s a sign that housing remains a great wealth-building investment and a valuable commodity even as we enter a more balanced market.”
NOW IS A GREAT TIME TO INVEST
Now is the time if you have been waiting to buy a home in Northeast Indiana. The mortgage interest rates are still historically low despite the Federal Reserve rate hikes earlier this year. With expanding inventory throughout the region, finding the right home is possible.
The growing, thriving region of Northeast Indiana is one of the nation’s best places to live and work. With Mike Thomas Associates Realtors®, you get the best real estate professionals committed to helping buyers and sellers with all of their real estate needs. If you’re looking to buy or sell a home in Northeast Indiana, call us today.