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Total Properties Listed: 13,333
Month / Month Chng: -6.59%
Avg Days on Market: 103
New Listings Today: 12
Median List Price: $195,000
Month / Month Chng: -2.50%
 

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Let us have a conversation about the Real Estate market and lack of inventory.  Properties are going on the market but gone in the same day!  Hi there, this is Kim. I want to open a conversation about the Real Estate Market and find out your views.  What do you think is going on and will it continue?

I was in a class last week and we were discussing how some investors have such large capital backing that they are buying up every home they can with a price point between $125,000.00 and $350,000.00 per home.  Why do you think they want these homes?  The homes are not being used as "fix-N-flip", the homes are updated if needed and then rented.  In my opinion, some investors in the Real Estate world are counting on the age group between 22 and 30 years old remembering their parents struggling during the Real Estate episode where the bubble crashed in 2008.  Unlike the Great Depression, this crash only took 18 months. The stock market and housing crash had its origins in the unprecedented growth of the subprime mortgage market beginning in 1999. 

Now fast forward to 2020.  The market today has us agents placing the homes on the market and then there comes a bidding war.  Yes, I am in Indiana where the housing cost is respectable but what is going to happen in the near future?  I had a home here recently that went on the market and in 12 hours I had an offer price $8,000.00 higher than my asking price.  When the appraisal came in, the home value was equal to my listing price.  This financing was VA so my client accepted the appraised value and we closed.  A week later I had a client place an offer on a home that was $16,000.00 over the listing price.  The appraised value came in near the listing price but $8,000.00 short of our offer, so my client brought an extra $8,000.00 to the closing table. Events like this cause fear in some people, especially if during 2008ish their family lost their home.  Home investors acknowledge the internal voice of clients and they know a client may feel safer paying $100.00 a square foot for rental space rather than losing it all in the real estate market.  I do not agree with this tactic however I was blessed to stay busy and did not have the financial worry of some.  My son and his wife are 26 and 27 years old.  They purchased a home over 5 years ago.  They were both blessed with feeling secure in their family’s home but what if that were not the case?  What if they would have seen their family lose everything? 

I would love to know your thoughts and views on the upcoming 2021 market.  Please respond if you have news or facts that may help others.

Thank you:)

 

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