It's my personal opinion that the market is different! But it is still very much alive and active. There are pockets/price ranges that are selling like hotcakes, while others appear to be on slow bake.
Now! According to our local newspaper, our local Real Estate Board, and some Brokers and agents in town, "The County is showing Positive Housing Trends, while the Nation over-all is in a slump. The article goes on to state:The country is in a slump that it hasn't seen in more than a decade. Bartholomew County is seeing rising prices and a steady pace of new home construction".[Source; TheRepublic]
Five years of statistics from our Columbus Board of Realtors, and the County, show an overall strong local market. Sales prices for single family homes in Bartholomew county have steadily increased since 2000. This years average price is $164,677.00 is 10.5 percent higher than 2006[as of Sept.30]The overall average number of homes sold has increased every year for the last six years.
New home construction value already has topped $44 million this year. Compared with $45 million from January to September 2006. According to the county chief code enforcement officer, the number of permits issued for new home construction has remained steady. In 2006, 199 permits for new homes were issued from January through September, compared to 195 this year.
The number of homes sold is slowing, but local real estate agents are expecting a rebound seen by recent activity. Through the first nine months of this year, 778 homes have been sold, down 44 from the same period last year. The consensus is that this is tied to uncertainty about property taxes. However that should correct itself! Property tax bills were delayed this year and are expected to be mailed this week with the May and November payments due at the end of November.
The tax issue, could be playing a part in how long listings are remaining on the market. Average days on market this year is 120 days, two weeks longer than that of 2006.
Economist Morton Marcus noted in a recent column that Kokomo was the only Indiana city in which home prices fell compared to a year ago. Bloomington, Gary, and Columbus had increases of more than 4%, which is about the national average.
"The only thing we have to fear is fear itself! Today it is fear running through the financial markets, that is our greatest concern"quoted from Marcus. Part of the National Housing crisis is attributed to a natural correction in the market after values soared in recent years, to absolute record levels in some parts of the country.
According to U.S. Office of Federal Housing Enterprise Oversight, in Florida for example, home prices increased 95.3% in the last five years! Indiana's home values during the same period increased 16.5%. Indianapolis has been hit more severely by the crisis, partially because of high rate of foreclosures.
Indiana has the nations highest foreclosure rates, a trend that has also struck Bartholomew County. This year, 229 foreclosures have been filed, but in 2006 it was 307. So there is another improvement over the past. And an increased number of foreclosures typically means/leads to lower average home sale prices, which is what we see in the market today, nationally. But locally appraiser Timothy Scheidt has said he is seeing the opposite here in Columbus."We have had appreciation in values in spite of the foreclosure activity."
Some of the Local real estate agents I've spoken with believe the local market's strength can be attributed to such factors as the attractiveness of the community to homebuyers, and low interest rates. They also credit the local mortgage companies, lenders, appraisers, and Realtors with providing good service to buyers and sellers.
Which all leads back to the basics "If you Price Your Home Correctly, and its in good condition, it will sell". I just recently sold a home that had been listed on the market before, with another agent for over six months, and through another Broker. But I proposed to the seller's a very unique and "Out of the Box",marketing strategy and suggested a realistic price that was optimal for the home to sell, It Did 11 Days Later! What more can I say?
What's your opinion?
Disclaimer:
If your home is currently listed, or you are currently working with a Realtor, This is Not meant as a solicitation. The World Wide Web is open to anyone, it is your choice to visit this blog.
Martin Dorgan Coldwell Banker South Central Realty 1015 Third Street Columbus Indiana, 47201 Office: 812-378-3331 ext.122 Website: http://www.columbusareahomesforsale.com.
