Housing market still crazy in North Central IN

[SnoopLoggyDog]

Our Greentown house went on the market two hours ago. We already have three showings scheduled for this afternoon/evening. Going to be an interesting 24 hours.

The house we bought in Warsaw was on the market for less than 24 hours when we submitted an offer. The offer was accepted at the 72 hour mark, with a total of five standing offers.

 

[Basher]

Yeah, we know… When we moved here, we couldn’t find a house available that met our needs, in town, at a reasonable price. So we’ve been getting raped at $1800/mo for a townhouse we’re not real impressed with. Hope you get by alright as a seller!

 

[Super Bee]

Seeing things slow down here in The Fort. Houses in our neighborhood were on the market on Friday and a sold sign up by Sunday. Now, most are sitting 30, 60, 90 days.

Seeing things slow down in the car market as well. Auction prices are really dropping and repos are up.

 

[SnoopLoggyDog]

Update: House went on the market at 11am. Since then, there have been five showings, with a repeat showing scheduled for tomorrow. Interesting times.

 

[SnoopLoggyDog]

Yeah, we know… When we moved here, we couldn’t find a house available that met our needs, in town, at a reasonable price. So we’ve been getting raped at $1800/mo for a townhouse we’re not real impressed with. Hope you get by alright as a seller!

The house we bought in Warsaw needs a lot of work. It is ok to live in, if you like mid-70's features and decor. My beloved wifeyboo will have me doing upgrades for the next five years.

 

[mmpsteve]

The house we bought in Warsaw needs a lot of work. It is ok to live in, if you like mid-70's features and decor. My beloved wifeyboo will have me doing upgrades for the next five years.

You think you'll get off with only the next 5 years? Hahaha. It never ends, ever ...

.

 

[SnoopLoggyDog]

You think you'll get off with only the next 5 years? Hahaha. It never ends, ever ...

.

I figure I've got five years until cancer or economic collapse/government taxation resets our priorities.

 

[oze]

Seeing things slow down here in The Fort. Houses in our neighborhood were on the market on Friday and a sold sign up by Sunday. Now, most are sitting 30, 60, 90 days.

Seeing things slow down in the car market as well. Auction prices are really dropping and repos are up.

Our neighbor's house here in SW Fort Wayne had 7 showings and 5 offers within 24 hours of listing. They accepted the one that was for $15K over list, waived inspection and home warranty. So it must vary by location . I know that when we escaped The People's Republic of Ill 10 years ago, Southwest Allen County schools were a definite draw for us.

 

[Creedmoor]

You think you'll get off with only the next 5 years? Hahaha. It never ends, ever ...

.

Without a wife, it ends when you say it ends.

 

[Ingomike]

There are still those out there that are not yet affected by the interest rate hikes and other market changes. Oze is right it varies by location and even home style.

Area homebuilders see 8th straight month of falling construction permits - Indianapolis Business Journal

Rising mortgage rates, supply-chain issues, increasing costs and limited lot availability are hampering the market, according to industry experts.

www.ibj.com

 

[04FXSTS]

Talking with a friend who went to school with a realtor in the Covington IN area; exit #8 off I-74. She told him the asking price is a starting point and it goes up from there. Lots of the buyers are from the Danville Illinois area which is only around 20 miles away. Three to four years ago before we bought a lot and put in a modular we had looked at that area. We saw homes we considered overpriced then, pretty sure it is worse now. Jim.

 

[oze]

There are still those out there that are not yet affected by the interest rate hikes and other market changes. Oze is right it varies by location and even home style.

Area homebuilders see 8th straight month of falling construction permits - Indianapolis Business Journal

Rising mortgage rates, supply-chain issues, increasing costs and limited lot availability are hampering the market, according to industry experts.

www.ibj.com

I just saw that 30yr. mortgages are now 6%!

 

[firecadet613]

I just saw that 30yr. mortgages are now 6%!

And they'll continue to go up...

In my subdivision in a suburb of Indy, home are now seeing 30+ days on the market before going pending... earlier this year they'd be pending in under 48 hours from the listing going live...

 

[Super Bee]

Our neighbor's house here in SW Fort Wayne had 7 showings and 5 offers within 24 hours of listing. They accepted the one that was for $15K over list, waived inspection and home warranty. So it must vary by location .

I agree.

The SW side of town has always been very popular. I grew up out there and mom still lives out off Liberty Mills Rd.

My buddy just sold his house out off Aboite Center for $40K more than he paid for it a couple years ago.

I am in the Forest Park area and we have two neighbors whos homes have been sitting for three months at least.

 

[SnoopLoggyDog]

In the first 24 hours on the market, we've had six showings and two offers. Eastern Howard School corp has a great reputation and that helps.

 

[tim87tr]

And they'll continue to go up...

In my subdivision in a suburb of Indy, home are now seeing 30+ days on the market before going pending... earlier this year they'd be pending in under 48 hours from the listing going live...

I'd looked at rates recently out of curiosity since the last two years I've been saying it's a huge real estate bubble. Probably make the 08/09 crash look small.

Had ran some quick numbers and with 30yr rates going from 3 to a 6.3 average since early this year, it increases a mortgage $200 per 100k. With houses being several 100k you can see how $600 to $800 a month increase in payment (300 to 400k mortgage) is knocking many out of the market.

I believe the fed reserve just raised the rate another 0.75% so not sure if current mortgage rates reflect that yet.

 

[printcraft]

In the first 24 hours on the market, we've had six showings and two offers. Eastern Howard School corp has a great reputation and that helps.

There are a lot of "investors" out there right now, careful as they will offer above the regular buyers to push them out then try to low ball you for everything after inspections.
Ran in to a lot of that when selling dads place after he died last year.

 

[Tactically Fat]

Location, location, location....

The market as cooled a bit where we live. Still lively, but not nearly as lively as it has been the previous two years.

Rising interest rates are the issue, I believe.

Still a relatively low inventory - so even if we were inclined to move, there's no where to go within our chosen locations

 

[Ingomike]

I believe the fed reserve just raised the rate another 0.75% so not sure if current mortgage rates reflect that yet

The Fed says what they plan to do, banks adjust rates based on that information, Fed makes adjustment, if it is what was what they said, bank rates often go down a bit, if more then rates rise super fast to meet it.

 

[PGRChaplain]

Buyers trying to get in Before the Fed Kicks the Interest Rate again.......