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features | main feature Still Trending Real Estate Markets By Mary Jane Bogle HOT

Anyone following the real estate market in the past year knows that nothing is normal about current trends. Low interest rates, coupled with low inventory, have created rising prices and competition like never before. Real estate in northeast Indiana is no exception. If you’re venturing into the real estate market any time soon, here’s what you need to know.

1. Demand still trumps supply – by a long shot. Consider the numbers. MLS listings for single family homes in Allen County used to average 2,500 – 3,000 single-family homes at any given time. Those numbers range from 215 – 250 homes today. Needless to say, inventory is way down, making the market more competitive than ever before. 2. Be prepared to pay over list price. Most homes are receiving multiple offers, creating bidding wars. If you want to compete, consider the list price as a starting point, and be sure to know how far you’re willing to negotiate above that threshold ahead of time. 3. Get pre-approved. Tamara Braun of Team Tamara at Northeastern Group Realty recommends clients engage in candid conversations with their lenders in advance. Knowing what you can realistically spend will keep you from making rash decisions you might regret later.

4. Understand that homes are selling above apprais-

als. You read that right. Some buyers are offering what is called an appraisal guarantee, meaning they will come up with additional funds if the lender’s appraisal comes back lower than the negotiated price. 5. Consider buying first and selling later. No one wants to be in the position of selling a home sooner than expected and having nowhere to go. Just keep in mind that many sellers won’t consider contingencies that depend on the sale of another property.

6. Cash isn’t the only factor to consider when

making an offer. Some buyers are offering sellers the option of staying in the home for up to 60 days rent free, which might be more appealing than just a higher price or cash offer. 7. Secure an experienced realtor. Now more than ever, negotiations are key. Working with a realtor who knows the market and offers decades of experience in helping clients navigate real estate transactions will reap dividends in the long run.

Thinking of building instead? Be prepared to pay significantly more for a new build than you would have spent just a year ago. Glenn Claycomb, owner of Rivers Edge Construction & Remodeling, points to the pandemic as one cause of rising prices. Again, supply and demand play a huge role in the prices — for labor as well as for materials. Watch for more “spec” homes to enter the market, and keep in mind that renovations to an existing home might be worth it, especially if you like your neighbors and school district. One thing’s certain. While no one could have predicted a housing market like this, experts agree that it’s not changing any time soon.