Category Archives: Market Reporting

What made house prices rise so quickly in the past 3 years?

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There are several factors that have contributed to the rapid rise in house prices over the past three years, including:

Low-interest rates: Interest rates have remained historically low, which has made borrowing more affordable and increased demand for homes.

Limited housing supply: There has been a shortage of available homes for sale in many markets, which has driven up prices as buyers compete for a limited supply of properties.

Population growth and demographic changes: Population growth, particularly in urban areas, has increased demand for housing, while demographic changes such as millennials entering the housing market have also driven up demand.

Changes in lifestyle and work patterns: The COVID-19 pandemic has led to many people re-evaluating their living situations, with some choosing to move to larger homes in suburban or rural areas. This has increased demand for homes in these areas and driven up prices.

Investor activity: Some investors have been buying up homes for rental properties or flipping, which has increased demand and driven up prices in some markets.

Overall, a combination of factors has contributed to the rapid rise in house prices over the past three years, and the exact mix of factors will vary by location and market conditions.

How Should Sellers Deal With Multiple Offers

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When a seller receives multiple offers on their property, they have several options for how to proceed. Here are some tips on how to handle multiple offers in real estate:

Evaluate each offer carefully: The seller should carefully review each offer, including the proposed purchase price, financing terms, contingencies, and closing date.

Consider the strength of each buyer: The seller should evaluate the strength of each buyer, including their financial capability to complete the transaction, their motivation to buy the property, and any contingencies they may have.

Set a deadline for accepting offers: The seller should set a deadline for accepting offers, which will create a sense of urgency among potential buyers and help to generate the best offers.

Make a counteroffer: If none of the offers are satisfactory, the seller can make a counteroffer to one or more of the buyers, negotiating on the purchase price or other terms.

Work with a real estate agent: A professional real estate agent can help the seller navigate the process of handling multiple offers and advise on the best course of action.

Ultimately, the seller should carefully consider all offers and choose the one that best meets their needs and objectives, whether that is the highest price, the strongest buyer, or the most favorable terms.

Indianapolis Real Estate

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Indianapolis is the capital city of Indiana, located in the Midwest region of the United States. The city is the largest in the state and has a population of over 877,000 people. In recent years, the Indianapolis real estate market has seen significant growth and development, making it an attractive location for both homebuyers and investors.

One of the key factors driving the growth of the Indianapolis real estate market is the city’s affordability. Compared to other major cities in the United States, Indianapolis has a lower cost of living, making it an appealing option for those looking to purchase a home or invest in property.

Another factor contributing to the growth of the Indianapolis real estate market is the city’s strong and diverse economy. Indianapolis is home to several major corporations, including Eli Lilly and Company, Anthem Inc., and Cummins Inc., among others. These companies provide job opportunities and attract workers to the city, increasing demand for housing.

Additionally, Indianapolis has a thriving cultural scene, with several museums, art galleries, and sports venues located in the city. The city is also home to several top-ranked universities and colleges, attracting students and faculty members to the area.

In terms of the types of properties available in the Indianapolis real estate market, there is a range of options to choose from, including single-family homes, townhouses, condos, and apartments. The median home price in Indianapolis is around $160,000, making it a relatively affordable option for those looking to purchase a home.

Overall, the Indianapolis real estate market offers a range of opportunities for both homebuyers and investors. With its affordable prices, strong economy, and diverse cultural scene, Indianapolis is an attractive location for those looking to settle down or invest in property.

How Interest Rates Can Affect Your Monthly Payments and Affordability

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Rising interest rates can lower affordability. This can add hundreds of dollars to your monthly payment which in turn will have the lender saying you have to look for a less expensive house.

Disclosure – Monthly payments are based on principle and interest only. Property taxes and insurance usually are required by the lender and added to the mortgage payment. Property taxes vary on the characteristics of the house and insurance is based on a number of different factors such as your age, the type of coverage that you want, the amount of coverage that you need, your personal information, your ZIP code, and other factors.