COVID-19 NWI Real Estate Market!
Stay up to date with the current Northwest Indiana Real Estate Market
Lately with everything going on in the economy I have had a lot of people ask me how the Real Estate market is currently doing. So, I was thinking it would be good for me to create this page to keep you informed.
So, the truth is the market is still strong and stable in 2020 at least currently it is. Homes are still selling, and buyers are still buying. Now it is NOT as good as last year at least at the current moment. With a strong start to 2020 home sales are up this year compared to last. Now you do have to consider the fact that a transaction is 30 to 45 days out from the time it starts so we had an extraordinarily strong first quarter. To give you an idea March we were up about 12% compared to the previous year. However, new business has slowed with the current Coronavirus “covid-19” but that does not mean it stopped completely. It is just not as busy as it has been in the past for the same time period.
Part of the reason things have slowed (other than the virus) is a lack of inventory and then financing for buyers. Some buyers who are going FHA or VA have seen rates jump as well as points to purchase the home making it more expensive. It has gotten better than it was in March, but it is still not great! Then the lack of inventory in the market is keeping things moving a long rather well. I personally have listed a few homes and sold them within a few days.
What are we instore for? I would love to be able to answer this for you, but the truth is I do not have a crystal ball. Trust me, I wish I did. I do see a significant decrease in closings in May because of what I see with the pending and contingent deals on a day by day basis. Lately the market has been doing much better, so I am expecting home sales to rise in June compared to May but still not be inline with how the market was a year ago. A lot of this will really depend on how long this lasts and does everyone go back to work right away. I also hope everyone out of work can get unemployment and some of the other things being offered.
Please check back to see updates to the Real Estate Market!