Real Estate Update
Hi There! There have been so many questions lately on the state of the current real estate market. We hope to provide some information to help you!
As many of you know, Nicole represents Dave Ramsey as an Ramsey Trusted Pro. Dave Ramsey is a financial guru that helps people learn to live with financial freedom. His plan works for many people around the world to help them achieve their financial goals.
In this video from July of 2022, he provides some very intriguing data to reinforce his belief that there won’t be a housing market crash in 2022. In fact, he thinks home prices could continue over the next few years, despite rising mortgage interest rates and higher housing inventory.
What does this mean Locally in NW Indiana?
We aren't sure what you are hearing, but if it's what we think, the real estate market is going horribly…. We want to clear up some of that with some statistics pulled right from our own backyard. Since the beginning of 2022, our local market in NW Indiana has seen some slight changes. While prices are still up over 11.7% in Lake County over the past year according to NAR (the National Association of Realtors), we are seeing some homes sell quickly and with multiple offers, as is inspections, the whole jazz and others that are sitting a bit longer, seeing price drops and traditional inspection negotiation happening. We are seeing FHA, VA & contingent offers getting accepted which is creating some opportunity for buyers who may have felt they had to sit on the sidelines last year.
Interest rates have increased since January, but yet we are still seeing homes sell quickly and for great prices. The key is pricing according to the market and not going so far over that buyers disregard your listing. We know that the Fed's just raised the rates too and want to reassure you that we've spoken with our trusted lenders who have explained that this doesn't mean that mortgage rates are going up by that amount too! The have let us know that this move was priced into the rate market for some times and rates are actually doing a bit better right now because the Fed may slow the pace of rate hikes in future meetings, which is good news for buyers and sellers! Remember that even when things change, people buy & sell.
