February 2020 Vs. 2019
Northwest Indiana Home Sales and Values
Home Sales in Northwest Indiana are going stronger than ever! Especially with these interest rates dropping the way they are. I’m hearing of 30-year rates under 3.5% which is amazing. The main reason for that is the highly talked about Coronavirus which has the stock markets going into a kind of panic.
Ok, back on track! Home sales are doing extremely well with amount of closed properties up 7.23% in February 2020 compared to 2019. Another big thing is the price per square foot which is also up 5.22%. Plus, houses are only staying on the market an average of 80.73 days in February 2020, down from 83.66 days in February 2019.
The Real Estate market here in Northwest Indiana is going extremely strong. Personally, I think it will remain that way with interest rates being so low. The one bad thing about lower rates is it creates a larger affordability factor which is great for sellers but horrible for buyers. It makes the average home go up quicker in value, plus it creates so many more additional buyers that may not have been able to afford that home previously. With that being said, buyers need to be ready to write an offer ASAP (so have your approvals ready) and sellers must be prepared to be bombarded with showings. If you want a fulltime Real Estate agent that isn’t just a Realtor part-time, please feel free to reach out. In markets like this you need someone that is ready when you are.