More Houses On The Way?
If you've paid attention to social media, the news, or anyone who is talking about real estate through their mask at a socially distanced mid-pandemic event, then you probably know that the number of houses available for sale is at an all-time low across Southern Indiana.
This has created a variety of challenges for both buyers and sellers who plan to buy back into our local market.
While we at the 812 Living Group have had success helping many of our buyers move forward, the lack of inventory has forced us to get creative at times.
Despite the challenges in real estate over the last couple of months, we are encouraged that more houses are on the way for our buyers. Below is a chart showing the seasonal ebb and flow of housing inventory across the state of Indiana over the last 15-years. The chart clearly shows that in Indiana, spring time gives birth to more sellers and with it, their houses. This momentum of homes for sale carries through the summer and into early fall until sellers begin to retreat again as they hide from the harsh Indiana winter and turn their attention to holiday trifecta that is Thanksgiving, Christmas, and New Years.
So while it's been a long winter, we are expecting an uptick in listings as we move into March and beyond. We have already seen an uptick in new construction homes breaking ground and those homes will only add to the inventory of available properties this summer.
For those who can wait to move, we can help you lock in a home now that is currently under construction, at today's prices. Depending on where it's at in the construction phase, the house will be ready to move into generally in the next 3-6 months. For those in hurry, just know more houses are on coming on line every day.
But here's the catch, even with rising home inventory, it is still likely to remain a competitive environment for quite a while. Here are some tips we are giving our clients to help them WIN their dream house in this market:
Look for homes daily - New houses are constantly coming on the market, Miss a day and you might miss your next house (see below about our 'First Alert' notifications.
Get help from an experienced agent - An experienced agent knows where to look and can give you a leg up on buyers who are simply looking online.
Get your finances ready - Make sure you are financially ready when you find the right house. Do you have money for closing costs? Down payment? Inspections? If you need to know how much money you'll need in order to get they keys to a new home, contact us, we can help.
Get pre-approved - Most (i.e. all) sellers will require a pre-approval letter to even consider your offer. You don't want to wait until you find the perfect house to find out you can't buy it. Need a lender to get you pre-approved? Ask us for a referral.
Write strong offers - There are very few deals (i.e. no deals) in this market. When you find the house you want, you need to be ready to write an offer and make it strong. An experienced agent can help guide you through this process.
If you would like to be the first to know about new properties that hit the market, be sure to sign up for our 'First Alert' notifications list by clicking on this link: https://www.searchallproperties.com/freereport/mschoon1/Clark+County+Indiana-1072457
Image courtesy of Indiana Association of Realtors