Lafayette, Indiana – one of America’s Hottest Real Estate Markets!
Recently, per Realtor.com, Lafayette, Indiana was named as one of the nation’s HOTTEST real estate markets for March 2016. Our market was #20 out of #20 nationwide as a market where buyers are eager and homes are selling fast—listings get two to five times more views than the national average, and homes sell one or two months faster than in the rest of the country. The median list price continued its upward climb. Meanwhile, the inventory of homes for sale is increasing more steadily—but still not as fast as the high demand from buyers. Obviously, the heightened interest for a limited supply of housing is pushing up home prices.
A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, exclaimed: “All indicators point to this spring being the busiest since 2006.” Now, Freddie Mac has doubled down on that claim and is saying that 2016 will be the best year that the real estate industry has seen in a decade.
In their March Housing Outlook Report, Freddie Mac explained:
“Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.”
In 2015, home prices nationally rose 4%, following a 6.4% hike in 2014, and, home values rose in 236 of the 276 cities, according to Clear Capital, a provider of real estate data and analysis. In most parts of the U.S., prices are still regaining ground lost in the bust; they remain nearly 19% below their peak, on average.
Bottom Line
2016 looks to be shaping up as one of the best years for residential real estate in Lafayette, Indiana. “We are entering the busiest season of home buying with the lowest amount of inventory in three years. To be competitive, buyers should get pre-approved for a mortgage and be ready to act quickly if they find a home that meets their needs,” says Jonathan Smoke, chief economist of realtor.com.
“We are seeing homes hit the market, receive multiple offers and go pending within just a few days and even hours. Meeting with a Realtor for a buyer consultation prior to beginning your home search is your first step to helping your Realtor understand what you are needing and wanting in a new home. If you are considering selling your home, having a knowledgeable Realtor that provides a thorough market analysis to best determine your home’s current value is extremely crucial. You don’t want to give away some of the equity in your home nor do you want to out price your home for the market. Your Realtor should also provide you with a detailed marketing plan to get your home the most exposure as quickly as possible,”says Erin Romanski with The Romanski Group.
Whether you are thinking of buying or selling in the Greater Lafayette, Indiana area, now may be the time to sit down with someone from The Romanski Group to discuss the new opportunities that are arising.
Why choose The Romanski Group with Keller Williams Realty for your home buying and selling needs? We take a different approach to real estate; one built upon personal touch, win-win philosophy and positive results. Our team is comprised of dedicated professionals specializing in each phase of real estate. In addition, our extensive knowledge of the Lafayette and West Lafayette areas and surrounding communities including Carroll, Clinton, White, Warren, Benton and Howard counties, allows our team to serve you the best. Give us a call (765) 293.9300 or visit us online to get started! Begin your home search now: www.RomanskiGroup.com
