It's your favorite realtor, with the latest housing market report.
While demand is still strong, the market appears to be slightly slowing down.
Last month we saw a modest decrease (about half a percentage point) in the amount of asking price received by sellers.
Days on Market (DOM) are up slightly, and the absorption rate has risen by almost an entire percentage point.
What does this mean?
Maybe a lot of things: lack of inventory, high demand, and/or buyer fatigue.
Speaking of which...let's talk about buyer fatigue.
If you're a buyer and put in X number of offers on homes in the spring, take heart. The market is slowing down. I'm seeing a lot of price reductions and longer DOMs (yes, I track those, too).
Also, there is some volatility in the Asian markets this morning. China's global real estate giant, China Evergrande Group, is one of several Asian real estate titans having trouble paying back their billion-dollar debts. In turn, this stokes investor fears and causes stock prices to plunge. Since China is a major player in the global real estate market, we need to be vigilant as to how this will affect us.
Even in Indiana.
Especially in Indiana.
I've written before about how these hedge fund managers have moved aggressively into our local housing market; they offer cash at or slightly above list price, and include language in their purchase agreements that eviscerate seller protections. They are edging out traditional residential buyers in an attempt to turn our communities into giant rental markets.
This practice is a disservice to hardworking Hoosier families.
Homeownership is a cornerstone of a solid, stable community. I could go on, but you get the point.
All this to say that if you're a buyer, the market may be poised to turn in your favor.
Stay the course.
Thinking about giving the market another try?
Real Estate Broker/Owner, Odegard Real Estate Group
United Realty Indianapolis
1425 East 82nd Street, Suite 200
Indianapolis, IN 46240
text/mobile: (317) 220-5397