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How The Entire State Ended Up In 2010

by The Worrell Group

Statewide, when comparing 2010 to 2009:

  • The number of closed home sales decreased 6.6% to 57,765; and the median sale price of homes increased 1.8% to $112,000.

“The federal homebuyer tax credit was only in play for a third of last year.  And yet, the numbers show the market on par with 2009, which might take some who listen to non-local news by surprise,” said Karl Berron, Chief Executive Officer.

“Admittedly, activity is not as high as we want it to be,” he continued.  “The good news is that prices are up, which is important to not just homeowners and families, but also to communities and the state.  In fact, the median sale price of homes has increased 13 out of the last 15 months."

The usual month-over-month comparison shows that statewide, in December 2010:

  • The number of closed home sales decreased 8.9 percent from December 2009 to 4,288;
  • The number of pending home sales decreased 10.3 percent from December 2009 to 3,247;
  • The average sale price of homes increased 4.4 percent from December 2009 to $132,811; and
  • The median sale price of homes increased 3.9 percent from December 2009 to $109,000.

“Most industry experts and the association’s leadership believe real estate markets will continue to improve, albeit slowly,” he continued.  “What we do know is that there’s no better time to be a buyer than now.  Interest rates remain low, though ticking upward, and there is a higher than normal inventory of homes available.”

Will Many 2010 Predictions Come True In 2011?

by The Worrell Group

With 2011 now here, home buyers are wondering if the perfect time to buy is now and concerned sellers are hoping their houses are able to compete with the foreclosures and short sales currently on the marketplace.

Predicting the future is difficult at best, sometimes it can be downright scary. What does the future hold for the real estate community? The Home Buying Institute lists the following 4 predictions concerning 2011:

1. An article in Time magazine pointed out that many housing-market experts believe prices will bottom out in 2010.  But it may be 2013 before the market noticeably rebounds.  This prediction was made in January 2010.

2. Warren Buffett predicted that the real estate slump will be behind us by 2011.  In his annual letter to shareholders of Berkshire Hathaway, Buffet wrote that "Within a year or so, residential housing problems should largely be behind us."  This prediction was made in February 2010.

3. The National Association of Business Economics (NABE) released the results of a survey of economists pointing toward a significant increase in housing starts in 2011.  This prediction was made in October 2010.

4. Freddie Mac published an economic forecast that included various housing predictions.  Among other things, the company feels that mortgage rates will stay below 5% until the end of 2011.  This prediction was made in October 2010.

I think that in many different areas around Central Indiana, sales will be lively this Spring.

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The Randy Worrell Team
RE/MAX Legends Group
5645 Castle Creek Pkwy N
Indianapolis IN 46250
Direct: 317-819-3330
Voicemail: 317-644-0086

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