The housing inventory is LOW but Demand is HIGH!
Yesterday, the National Association of Realtors (NAR) released their Existing Home Sales Report. The numbers shocked many analysts as they revealed a 10.4% increase over the same month last year while the Greater Lafayette area had an 11.3% increase!
“After a quiet start to the year, sales activity picked up greatly throughout the country in March. The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.” Lawrence Yun, NAR’s chief economist
Here are latest stats from the Indiana Real Estate Markets Report…
- The number of closed home sales increased 9.5%
- The average price increased 6.1%
- The percent of original list price received increased 1.9%
- The number of pending home sales increased 13.4%
Now let’s take a look at the Lafayette Regional Association of Realtors!
Here are the latest stats for Residential Properties from January – March 2015 compared to the same period in 2014…
- The number of closed home sales increased 11.3%
- The average price increased 9.5%
- The percent of original list price received increased .14%
- The number days on the market decreased by nearly 10%
Bottom Line:
For Buyers: Low inventory means buyers should get ready to move fast if they find the right home. With the high demand for homes you may find yourself needing to be more competitive with your offer and possibly entering into multiple offer situations! A strong offer begins by getting your financing plan in place now and starting your pre-approval process with a mortgage lender, before you begin a serious search! A strong offers also means competitive terms including down payment, earnest money and time for closing. With low interest rates it’s time to buy! Start your home search NOW!
For Sellers: Houses are flying off the shelves throughout Greater Lafayette. Having your home prepared to hit the market is the best way to ensure top dollar and a quick offer! This may be the perfect time to sell yours. If you are curious to know your home’s CURRENT value contact us: 765.404.5095 or via email [email protected] or complete our online property valuation.
Source of Data: National Association of Realtors and Indiana Real Estate Markets Report and the Lafayette Regional Association of Realtors Residential Statistics for Board: LRAOR.
Why Choose The Romanski Group for Your Real Estate Needs? Our team is comprised of dedicated professionals specializing in each phase of real estate. In addition, our extensive knowledge of the Lafayette, West Lafayette, Delphi, Brookston, Rossville, Flora, Frankfort, Mulberry, Kokomo and surrounding areas allows our team to serve you the best. Just choose an area, and let us start working for you!
