Many homeowners are not sure if they want to jump headfirst into the housing market. The pandemic seems to be encouraging many sellers to take a wait and see approach. Will this tactic prove prudent, or will the market shift? Leaving many homeowners second guessing themselves.
There are signs that Indiana’s housing market is still going strong even during the coronavirus pandemic.
Some first-time home buyers are feeling a sudden hurry to buy, fearing higher prices if they wait. But they are also worried about the long-term outlook for home prices.
According to Mibor (The Metropolitan Indiana Board of Realtors). The median sales price rose 12.8percent in September compared to a year ago. Pending sales increased 28.5 percent in year over year comparison. New listings decreased 6.5 percent compared to last year. Therefore, we find ourselves in a sellers’ market.
While new listings recovered slightly these last several months, it is clear they are well below what’s needed to improve inventory levels.
That means homebuyers with still have need to be competitive when making offers on homes. I do not believe the increase in home prices will subside before early 2021.
It would be easy to assume that this market will go on forever, but that would require that we ignore the inevitable change in the market caused by this pandemic.
Stay tune!
R.Jones
