Month: April 2022

Market Update

MARCH 2022 MARKET UPDATE

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March’s Residential Real Estate Market Remains Active as Increases in Both Homes Sales and Prices Continue

March 2022 has proven to be an active month for residential real estate with increases in home prices, sales, and listings. Monthly real estate statistics from F.C. Tucker Company revealed that March 2022 pended home sales increased 2 percent compared to March 2021, while year-to-date home sale prices increased 2.1 percent. Central Indiana housing inventory increased 1.5 percent compared to this time last year.

  • The average March home sale price for the 16-county central Indiana region was $303,561, an increase of 17.1 percent compared to March 2021.

  • Pended home sales increased, up 2 percent compared to this time last year.

  • Available housing inventory increased, up 1.5 percent compared to March 2021.

Monthly Newsletter

APRIL 2022 NEWSLETTER

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Happy April Fools Day & Happy Birthday to Pat! 🙂

The Best Week To List Your House Is Just Around the Corner

Are you thinking about selling your house? If so, you may want to make it a priority to start the process soon. The sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says: The week of April 10-16 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”

  • You should see more buyer activity
  • Your house is expected to sell quickly
  • Hour house will be in the spotlight

Full article here.

Where are Mortgage Rates Going From Here?

With both mortgage rates and home values expected to increase throughout the year, it would be better to buy sooner rather than later if you’re able. That’s because it’ll cost you more the longer you wait. But, there is a possible silver lining to buying a home right now. While you’ll be paying a higher price and a higher mortgage rate than you would have last year, rising prices do have a long-term benefit once you buy.

If you purchase a home today valued at $400,000 and put 10% down, you would be taking out a $360,000 mortgage. According to mortgagecalculator.net, at a 4.42% fixed mortgage rate, your mortgage payment would be $1,807 a month (this does not include insurance, taxes, and other fees because those vary by location).

Now, let’s put that mortgage payment into a new perspective based on the substantial growth in equity that comes with the escalation in home prices. Every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts about their expectations for future home prices in the United States. Last week, Pulsenomics released their latest Home Price Expectation Survey. The survey reveals that the average of the experts’ forecasts calls for a 9% increase in home values in 2022.

Based on those projections, a $400,000 house you buy today could be valued at $436,000 by this time next year. If you break that down, that means the equity in your home would increase by $3,000 a month over that period. That’s greater than the estimated monthly payment above. Granted, the increase in your net worth is tied to the home, but it is one way to put the home price appreciation to use in a way that benefits you.

Bottom Line

Paying a higher price for a home and a higher mortgage rate can be a difficult pill to swallow. However, waiting will just cost you more. If you’re ready, willing, and able to buy a home, now will be a better time than a year, or even six months from now. Let’s connect to begin the process today.

I’m here to help!

All my best, 

Shawna