Market Update 3/13/23

So, I’m sure that we have all heard about Silicon Valley Bank at this time and there leads into the question of how will this affect the real estate market. SVB was a lender to a lot of large tech companies. The thing is that while we don’t see a direct affect from the bank, it will have a impact on the feds meeting next week, with many experts thinking that this will pause the rate hike from the feds next week.

Also, many experts predict that it may have a positive impact on mortgage interest rates. Some lenders are expecting them to drop later this week. If you are thinking of looking at a home in 2023, this may be a time to jump into the market. Let us know if you are looking, or even if you are thinking of it! We are here to help!

Remember, the way that we calculate a months supply of inventory is to find out home many homes are on the market today and the how many homes sold in the last 30 days. That said you divide the 1st number by the 2nd number and you get the months supply of inventory.

This means that if no other homes came on the market, you would sell out of all of the homes in that amount of time.

Porter County is looking pretty similar with inventory levels to Lake County. Remember that Valparaiso has some new construction going on affecting the numbers there similar to St. John or Crown Point. Overall though we are still in a lack of inventory. With Market supply meaning that if no more homes come on the market, we are essentially out of homes in 2.28 months max. Feel free to reach out with any specific questions!

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