After coming back from the National Convention for the National Association of REALTORS®, I feel it is important to take some time to reflect on our market here in Columbus, Indiana. My suspicion was proven correct: there are some really tough real estate markets out there across the country, but ours is NOT one of them. The areas that seem to have been hardest are the coastal areas and major metropolitan areas. I spoke with a Realtor from Ft Myers, Florida where they have seen their supply of homes multipy by nearly 5 x in the past year. Needless to say, the demand for homes has not only not gone up, but actually gone down!!!
In all fairness, many of these coastal areas in Florida and California have seen massive increases in home values over the past five years. Builders and Realtors alike have been speculating new home and condominium construction at an alarming rate…a rate that the demand did not keep up with. Coupled with risky loans, the market in those areas are in big trouble.
Columbus, Indiana is another story. We, like most smaller communities in the midwest, never saw the massive home appreciation like these big metro areas. Our unemployment rate is low, interest rates are low, and our supply of homes is in pretty good balance with our demand. Many of our homes locally have seen healthy appreciation because of the reasonable number of homes available for sale. If you are interested in some information about the value of your home, feel free to contact me at firstname.lastname@example.org. A free CMA is yours for the asking.
Our national news has been telling some pretty scary stories about high foreclosure rates, bad mortgage programs, and tough real estate markets. All of these stories are true in the context of their location, but real estate continues to be a local economic condition. Today is a great time to buy and sell in Columbus, Indiana. Great loan programs from local lenders, wonderful existing and new construction homes are available, and there are buyers for your existing home.
Be sure to price your home right, make sure it is in good resale condition, and hire a great Realtor to represent you. There is a house out there for you and a great loan program to make it all come together.
All for now. Happy House Hunting!