{"id":88,"date":"2020-03-18T20:03:41","date_gmt":"2020-03-18T20:03:41","guid":{"rendered":"http:\/\/stacygrove.com\/blog\/?p=88"},"modified":"2020-03-20T01:26:44","modified_gmt":"2020-03-20T01:26:44","slug":"spring-2020-market-update","status":"publish","type":"post","link":"https:\/\/stacygrove.com\/blog\/spring-2020-market-update\/","title":{"rendered":"Spring 2020 Market Update"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2020\/03\/2020-spring-market-update.jpg\" alt=\"2020 Spring Market Update\" class=\"wp-image-89\" srcset=\"https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2020\/03\/2020-spring-market-update.jpg 1024w, https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2020\/03\/2020-spring-market-update-300x146.jpg 300w, https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2020\/03\/2020-spring-market-update-768x373.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Spring has sprung in\nTippecanoe County, Indiana! It was definitely a mild winter (with noticeably\nabsent snowfall), and that has allowed the real estate market to fire right up.\nAnd things are vicious. Wow.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Buying a Home in\nTippecanoe County Right Now<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So, if you\u2019re jumping\ninto the fray as a buyer, put on your armor right now because you\u2019re going into\nbattle. Also, hug your Realtor and lender partners\u2014they\u2019re going to need it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Number of Homes on\nthe Market<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you want to buy a\nhome in Tippecanoe County right now, you have exactly 159 options. There are an\nadditional homes 38 homes that will allow you to submit a backup offer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What price range? What\nstyle of home? What town or city? That\u2019s total, y\u2019all. 159 homes are available\nright now in the entire county. If you want to be picky (like if you have any\nsort of search \u201ccriteria\u201d), you can imagine how quickly that list will whittle\ndown.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s see how adding\nin criteria lowers the number of home options. For instance:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>10 years old or newer\n(61 active homes)<\/li><li>One story (90 active\nhomes)<\/li><li>A lot of an acre or\nmore (39 active homes)<\/li><li>Under $150k (29 active\nhomes)<\/li><li>West Lafayette School\nCorporation (9 active homes)<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The more open-minded\nyou are, the more likely you are to be able to find something.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tactics That Can\nHelp<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To say the pickins\u2019\nare slim is an understatement. But don\u2019t feel discouraged if you\u2019re wanting to\nbuy a home. A realtor\u2019s job is to help you find a home that will meet your\nneeds, so hiring a good one who KNOWS the area you want to buy in is key.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, make\nsure your financing is lined up and that you\u2019ve gotten a pre-approval from a\nlender (not just a pre-qualification). A pre-approval shows that you\u2019ve already\nbeen vetted by a lender, and it may give you a leg up with sellers, especially\nin a multiple-offer situation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another thing you can\ndo is make sure you (and whomever you\u2019re buying a home with) have a clear list\nof needs and wants. This will help you know when a home will work for you,\nwhich means you can make an offer with little hesitation. This just may help\nyou snag a home before someone else gets it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Selling a Home in\nTippecanoe County Right Now<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">All right, let\u2019s have\na look at recent home sales. Since January 1 of this year, 297 Tippecanoe\nCounty homes have closed. An additional 234 are under contract in \u201cpending\u201d\nstatus. And, still another set are between pending and sold: \u201ccontingent\u2014accepting\nbackup offers.\u201d This means that there are still contingencies that have to be\nmet for the buyer to be willing to move forward (inspections, financing,\nappraisal, etc.), so buyers can put in a backup offer if they\u2019d like to.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking of backup offers,\nwe\u2019re seeing more and more of them this spring. This means that the seller and\nbuyer will negotiate the terms of an offer that waits in second place. If the\nfirst (currently pending) deal falls apart, the backup offer immediately goes\nin to play. We\u2019ve seen a few buyers move to the primary position in line after\nhaving been in backup offer position. (As many Realtors will tell you, deals\nfall apart often in these crazy markets when buyers make quick decisions under\npressure.)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Year-to-Year<\/a> Comparison<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;Now, for the\nsake of a year-to-year comparison, let\u2019s look back at this time last year\n(1\/1\/2019 to 3\/10\/2019).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Number of Homes Closed<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;At this time\nlast year, 263 homes had closed. So, in terms of units sold, we\u2019re ahead of the\ngame in 2020 (by 34 closings).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Days on Market<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;Now, let\u2019s talk\nabout days on market (or DOM\u2026 one of a gazillion acronyms used in the real\nestate industry). The average DOM for a home in Tippecanoe County in 2020 is 33\ndays. For the same time period in 2019, the average DOM was 46 days. So, you\ncan see how things are off to an even faster pace this year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sales Price<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Last but not least, let\u2019s talk about average sales price. The\naverage sales price to date in 2020 is $194,111. Last year for this time period\nwas $179,079. Less inventory=higher prices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Interest Rates<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It wouldn\u2019t be a market update without mentioning our ridiculously\nlow interest rates, which are certainly having an effect on the real estate\nmarket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Fed reduced interest rates by .50 percent last week in an emergency stimulus move. Mortgage interest rates have continued to drop, and they are at historic lows, giving buyers more buying power and encouraging a deluge of refinances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since writing this, the Fed has reduced rates yet again, which has caused a lot of volatility in the markets and with interest rates (investors have been nervous). It&#8217;s likely that rates will go down and stabilize at some point as things settle down.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s Coming Up\nThis Spring and Summer<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So, what\u2019s ahead for the market in Tippecanoe County as we head into the spring and summer season? Well, it\u2019s already a complete frenzy, as I mentioned above. With historically low inventory AND historically low interest rates, we\u2019re seeing insane activity. Some buyers with savvy agents are being matched up with the right home before it\u2019s even listed for sale (hooray for you if this happens).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Are you trying to jump\nin? Let me know how I can help!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">*All stats as per\nIRMLS (time periods specified) as of 3\/10\/20 and 3\/11\/20<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s your 2020 spring market update for the Greater Lafayette area!<\/p>\n","protected":false},"author":2,"featured_media":93,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-88","post","type-post","status-publish","format-standard","has-post-thumbnail","category-homeowner","entry"],"jetpack_featured_media_url":"https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2020\/03\/2020-spring-market-update1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/88","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/comments?post=88"}],"version-history":[{"count":2,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/88\/revisions"}],"predecessor-version":[{"id":92,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/88\/revisions\/92"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media\/93"}],"wp:attachment":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media?parent=88"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/categories?post=88"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/tags?post=88"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}