S and P Case Shiller Index
The Greater Fort Wayne Business Weekly, reported yesterday, “Home prices reflected in the S and P Case Shiller Index (S&P/Case-Shiller Index) in 20 U.S. cities rose 5 percent in July from the same month a year earlier, propelled by improving demand and limited supply. The increase in the S and P Case Shiller Index (S&P/Case-Shiller Index) of property values followed a 4.9 percent advance in June, the group said Tuesday in New York. The median estimate of economists surveyed by Bloomberg called for a 5.2 percent year-over-year gain. Nationally, prices rose 4.7 percent over the 12-month period.”
What is the S&P/Case-Shiller index?
Two economists Karl Case and Robert Shiller, started keeping track of home resale prices and calculated the home price index back to 1890. That index is normalized to have 1890 start with a value of 100. If, for example, you bought your house in 1995 at $155,000 and sold it today for $475,000, it would be considered a home resale and figure into the index. Calculating these home resale prices over time would give you a feel for the direction of home prices.
Some might look at this latest chart and see another collapse in home prices coming and run straight to a real estate investor screaming, “I need to sell now. Can you help?” Others might look at the latest news and just smile, thinking prices always weaken in the fall. We do notice that despite all the money the Federal Reserve has shoveled into the economy and low interest rates for over five years, housing has not regained the peaks set in 2006-2007.
It is interesting that Schiller argued that contrary to popular thinking, there is not a continuous uptrend in home prices. He argued that “…since homes are relatively infrequent purchases, people tend to remember the purchase price of a home from long ago and are surprised at the difference between then and now. However, most of the difference in the prices can be explained by inflation.”
If you have been holding off selling for prices to move higher, maybe now’s the time. We buy “as is” houses. You don’t need an inspector to go through your house, telling you what items to fix before you can sell. You don’t have to reduce your sale price by the cost of the repairs pointed out by the inspector. There are no realtor commissions of 5 to 6% to pay out of your proceeds. In fact, there are no fees whatsoever. There are no open houses to live through and no fears that something goes wrong when it’s time to close and you lose the buyer.
When we say you can sell your house now, we are usually talking 30 to 45 days, though in some cases we have closed in a week. That means you could be out before winter officially starts, basking in some warm tropical sunshine.
How does it work? We know your neighborhood and the house prices. We do a walk-through of your house, note any deficiencies, and figure out what it will cost to fix those items and what price we could sell the refurbished house. We calculate the profit we need on our investment and offer you a price. We will explain how we arrived at our offer to you and answer any questions you might have. Then it’s up to you to accept our offer or go the traditional selling route. One call, no obligation.
Isn’t that what you want?
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!