Figure 1 Ratio of Median Sales Price to Median Household Income, U.S. and Select Metro Areas
There is good news for Indiana and Ft. Wayne. “The single-family housing sector found its way back to stable growth in 2015, while the multi-family housing sector continued its strong run. Consumer confidence, job growth and low interest rates are the primary drivers that bring potential homebuyers to the housing market. Considering these factors, along with an important projected increase in new single-family inventory, the single-family housing market is forecasted to continue on a positive path in 2016,” says Douglas M. McCoy, Director of the Benecki Center for Real Estate Studies, Kelley School of Business, Indiana University, writes in the Indiana Business Review.
“For example, the National Association of Realtors forecasts that existing home sales will increase 3.5 percent from 2015 levels, and new single-family home sales will increase 29.3 percent nationally. Housing starts are projected to increase 17.2 percent, with single-family units increasing 23.2 percent and multi-family units up 6.5 percent. Median home prices for both existing and new homes are expected to increase 4.1 percent.
“In terms of existing home sales, Indiana beat the nation by 3 percentage points for the 12 months ending June 2015. In contrast, during this same period, Indiana lagged the nation in home price appreciation by 3.3 percentage points and in residential building permits by 13.2 percentage points. Considering these results together, they are probably the consequence of Indiana having a larger supply of existing inventory carrying over from the downturn—a positive for Hoosier homebuyers compared to others around the country that were facing a shortage of inventory.
“If Indiana’s economy continues its positive run through 2016, with more jobs and better wages, it will mean positive results for the housing market. On the other hand, if job growth slows, wages stagnate or interest rates rise more than expected, Hoosiers will still fare well compared to less stable parts of the country.”
We certainly are rooting for the experts to be right. Ultimately, you must choose your own path for you and your family.
Have you been waiting for the right time to downsize? Maybe now is the time to make a move as prices have certainly gone up a lot since the bottom in 2011. Holding out for the last dollar could leave you putting off your plans for a different life.
Are you a young family looking to buy your first house? Plenty of inventory is and small price increases favors the potential homebuyer. Now you need to make sure your quiver is fully loaded with the arrow of pre-qualification, an expert real estate broker, an arrow for the right neighborhood for your family, and the most important arrow, the down payment.
Are you financially strapped and holding out for prices to rise further so you can get out from under water? You are not alone. Nationwide 15% to 20% of homeowners are underwater and almost a third of homeowners couldn’t sell and have enough money left to buy another house after expenses and real estate commissions. If you think you will want to sell fast, you can either get your house ready to sell by doing the little things that improve curb appeal or call us, we buy houses as-is for cash.
JT Integrity Properties is here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today at 260-202-2222 to let us know what YOU need help with!