Hot Housing Market

BE Mike

Grandmaster
Rating - 100%
14   0   0
Jul 23, 2008
6,146
48
New Albany
I don't know how it is in the other parts of the state, but here in the southern part of the state houses are selling as fast as they hit the market and often for more than the asking price. There seem to be some that look like bidding wars! I realize that interest rates are very low, but are there other reasons for this? Is there a housing shortage everywhere? I've never seen anything like this and probably wouldn't be aware, except my daughter and son-in-law are in the process of selling a house and buying one.
 

lovemachine

Grandmaster
Rating - 100%
17   0   0
Dec 14, 2009
15,478
99
Indiana
It’s crazy. My aunt is a realtor, and has sold houses before they ever hit the market. My uncles house sold a month ago, $25k over the asking price.

There is a housing shortage. You have 5 bidders on one house on average. It’s even affecting new houses. My wife and I looked into having a house built, but due to lack of materials, price is 90% higher than it was last year.
 

Brandon

Grandmaster
Rating - 100%
9   0   0
Jun 28, 2010
5,809
63
SE Indy
It was crazy last year, we were out bid on 3 houses and we bid over asking price by 5k.

Finally found our home and bid 8k over and got it.
 

hoosierdaddy1976

Grandmaster
Rating - 100%
14   0   0
Mar 17, 2011
5,520
84
newton county
Busy in nwi too. My granparents' house sold the day it was listed. On a related note, we got a no- look appraisal refinance earlier this year for a whole lot more than I would have thought.
 

phylodog

Grandmaster
Site Supporter
Rating - 100%
57   0   0
Mar 7, 2008
14,213
113
Arcadia
Covid and the peaceful protests have people fleeing urban areas in droves. I have a neighbor who is a realtor and says my place could easily sell for $50k more than I paid for it two years ago.
 

DoggyDaddy

Grandmaster
Site Supporter
Rating - 100%
73   0   1
Aug 18, 2011
38,733
77
Southside Indy
A buddy of mine was refinancing his house today, getting a fixed rate 30 year mortgage for 2.25%. I'm thinking of doing something similar but for 15 years. My mortgage broker is sending me stuff for 2.75% for 15 years. I'm currently at 3 or 3.25 I think (on a 30 year).
 

maxwelhse

Master
Site Supporter
Rating - 0%
0   0   0
Aug 21, 2018
4,027
119
Michiana
Been like that for 3 years now. I sold mine as soon as I called the realtor (literally had buyers already lined up for it) and have been waiting for the market to calm down to buy again ever since then and it really hasn't. The only stuff that sticks around long around me are things that are WAY over priced and/or in terrible locations.

My suspicion is that a change in national leadership is going to bring a slower economy and slow the market down. We shall see. I'm looking to be a buyer next summer regardless.
 

Fullmag

Expert
Rating - 100%
15   0   0
Sep 4, 2011
1,930
74
Wow a 90% increase in building materials! That makes sense for an increase in home prices. A few months back out of three houses for sale in my neighborhood one sold in one week then the other two sold within a month.
 

kawtech87

Grandmaster
Rating - 100%
32   0   0
Nov 17, 2011
6,533
63
Martinsville
We just went through an ordeal with the housing market. We were set to buy a house but when it came to the appraisal it came back at 35k UNDER asking price. Needless to say we backed out. We will be trying again next year

Oh and it needed a roof within 5 years
 
Last edited:

zer0day

Plinker
Site Supporter
Rating - 0%
0   0   0
Feb 1, 2019
110
16
Munster
Housing is incredibly hot right now. The boom is a mix of city folks fleeing to the burbs in light of covid and civil unrest. Also the school systems. The city schools are often underfunded and lack the needs to help the students excel. The other part is the low rates. Lowest in history for lending. People are getting qualified left and right. Good credit, halfway decent down payment and passable work history and youre in there. Another factor is cash surplus and stimulus. People have been sitting on cash and saving and havent done anything with it. Home builders have done interviews indicating the hike in price of materials and how its beginning to affect their bottom line. Lumber is at an all time high. Supplies are thinning out. Labor is stretched thin. Home builders like Olthof, Poulte and others have been securing lots and selling them the same day they get zoned. They raise the price and people still pay.

Couple things to look at here.
1) if you have a mortgage and your rate is above 3%, go for a refinance. Get your rate lower. Get your monthly lower.
2) you may want to do a "cash out" refinance. If you owe 20k on your house, refinance for $50k and go buy yourself a new car. Or do some home improvements. Or buy that McMillan 50cal :): . Pay off other debts you may have. You get the picture right..
3) If you've thought about selling, make the move. Plan ahead and secure youre new place. Like others in this thread have said, people are overpaying for houses right now. Just like with stock trading. Don't hesitate on your execution, you might miss your moment.
 

gregkl

Outlier
Site Supporter
Rating - 100%
27   0   0
Apr 8, 2012
8,407
27
Bloomington
To further fuel this is the fact that a lot of workers are going to be able to work from home permanently in the near future. Some studies have numbers as high as 30% of people who currently work in an office will be able to work from home.

How close they live to the office won't matter anymore. I have a buyer I work with who works for Tesla in Fremont, CA. He was told he could work from home and not have to come into the office. At all.

He moved to Austin, TX.
 

KJQ6945

Grandmaster
Site Supporter
Rating - 100%
4   0   0
Aug 5, 2012
36,658
149
The sign is going in my front yard this week. Strike while the iron is hot.
 

Super Bee

Master
Rating - 100%
3   0   0
Nov 2, 2011
2,627
84
Fort Wayne
We were hoping to have our house ready to sell by now, but we are running a bit behind.

My cousin is a realtor and already has a line of people waiting to see it. It will probably not even hit the market.
 

Sigblaster

Soon...
Site Supporter
Rating - 100%
48   0   0
Apr 2, 2008
518
44
Indy
As I've mentioned before, I'm looking to move into what will probably be my last home before I move into a pine box.

The areas that I'm looking in have very affordable homes, but I can't find one that "clicks".

My home, on the other hand, is in a kinda hot area. Homes sell pretty quick here, usually for more than their asking price.

I'd prefer to buy another house before I sell my current house, and take my time moving into the new house before I sell the old one and take my profit.

I hope this bubble lasts a bit in my area, because there are a lot of moving parts in what I want to do. The biggest obstacle to it all is my wife and I agreeing on the next house. :D
 

jand1911s

Plinker
Rating - 0%
0   0   0
Jun 24, 2008
50
6
Zionsville
Still super hot hot market all around the city. (Indy). It’s tempting to move but we just installed a big patio and outdoor fireplace - hope it stays hot for while.
 

Sigblaster

Soon...
Site Supporter
Rating - 100%
48   0   0
Apr 2, 2008
518
44
Indy
The sign is going in my front yard this week. Strike while the iron is hot.

Question for you and others who are in the "sell now" mindset.

Do you have a new place picked out, or are you just taking advantage of the high market in your area and planning to take up temporary housing until you find your next house?

Despite my age, I don't have a lot of experience with these types of moves. 22 year Army career doesn't lend itself to a lot of home purchases. A lot of moves, yes, but not a lot of home sales or purchases.
 

churchmouse

I still care....Really
Staff member
Administrator
Moderator
Site Supporter
Rating - 100%
177   0   0
Dec 7, 2011
176,812
0
Speedway area
As I've mentioned before, I'm looking to move into what will probably be my last home before I move into a pine box.

The areas that I'm looking in have very affordable homes, but I can't find one that "clicks".

My home, on the other hand, is in a kinda hot area. Homes sell pretty quick here, usually for more than their asking price.

I'd prefer to buy another house before I sell my current house, and take my time moving into the new house before I sell the old one and take my profit.

I hope this bubble lasts a bit in my area, because there are a lot of moving parts in what I want to do. The biggest obstacle to it all is my wife and I agreeing on the next house. :D

If you sit to long this will end. Bidden and his ilk will kill the money flow just like Barry did. Barry ended several mortgage company's with the over reach they put on the market. It killed the company my wife had 15 years at. Killed it.

Just saying, if you want to grab this big wave do it before it hits the beach.
 

Sigblaster

Soon...
Site Supporter
Rating - 100%
48   0   0
Apr 2, 2008
518
44
Indy
If you sit to long this will end. Bidden and his ilk will kill the money flow just like Barry did. Barry ended several mortgage company's with the over reach they put on the market. It killed the company my wife had 15 years at. Killed it.

Just saying, if you want to grab this big wave do it before it hits the beach.

Time is certainly one of the moving parts in this machine.

In the past, most of my moves have consisted of some crew coming over and packing up all my stuff at government expense, storing it at government expense, then delivering it at government expense wherever and whenever I asked them to. I just had to drive to my new location, locate suitable housing, and my stuff arrived when I asked for it.

When I got stationed in Indiana, I bought a small house for the first time in my life. It was a throwaway house, easy to buy and easy to sell, but for the first time in my life, it was my house. That felt good. I thought it would be a 3 year tour, buy and sell in 3 years, go somewhere else. But it ended up being extended to 6 years, which got me to retirement, and then some. Along the way, my wife and I fell in love with Indiana, and bought another house, where we live now. It's a nice house, with a fantastic back yard that took a lot of work to get it where it is.

Now, it's time to move again. We won't move out of Indiana, that's for sure, but we want to move somewhere more... or, somewhere less... something. We don't know what. We'll know it when we see it though. Yes, I'm going to do my part in surrendering the city, even though I live so far out of the city that I'm not even really in it, but I can't save the city on my own, and I'll be damned if I'm the last one left here to try to do so.
 
Top Bottom