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Home→Published 2022 → June
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Monthly Archives: June 2022

Pictures From IMPD – Northwest Community Day

LivingInPike.com Posted on June 30, 2022 by TimJune 30, 2022

Posted in Events | Leave a reply

Good News From Your Pike Township Schools

LivingInPike.com Posted on June 30, 2022 by TimJune 30, 2022

Click here for article

Posted in School News | Leave a reply

Could This Be The End For ibuyers?

LivingInPike.com Posted on June 28, 2022 by TimJune 29, 2022

What does iBuyer stand for?
Instant BUYER
(Instant BUYER) A real estate company that buys homes from sellers who sign up online. After receiving a description of the property, the iBuyer makes an offer to the seller within a couple of days…

Metropolitan Indianapolis got hit with iBuyers this year.

This chart represents when the iBuyer sells the property they just bought.
This chart only represents the top 2 and most popular iBuyers in the MIBOR area. Information taken from MIBOR’s (Metropolitan Indianapolis Board of Realtors) BLC (Broker Listing Cooperative). Information Deemed Reliable, but not Guaranteed

Their business plan demands that market prices will rise. They will buy your house close to market value, then turn around and sell it at above-market values. This works in the current seller’s market because prices are rising so fast that when they sell it, their above-market price will be normal market value by then.

The advantage? It works in some cases. If the owner got transferred and needed to sell their house quickly or if their company paid for the costs of the sale. Maybe it is an estate and the beneficiaries were more concerned about getting rid of it quickly and not so much about the money.

The disadvantages? Money! You will be charged 2 to 3 times what a traditional real estate sale would cost. You won’t pay commission fees BUT you may pay experience fees, repair fees, a 5% service fee, and market risk or holding fee. In total, these fees can add up to between 10 to 15 percent of the selling price for the seller.

This works in the current market. What happens when the market flattens out or drops? It won’t work. The iBuyer can’t make money when the market is flat or dropping. Their whole business plan is based on prices rising.

It will be interesting to see what happens in the coming year.

Posted in A Look At The Market | Leave a reply

Price Reductions Could Be On The Rise

LivingInPike.com Posted on June 28, 2022 by TimJune 29, 2022

Typically price reductions are made when the house for sale is not sold in a market-average amount of time. Twenty years ago the average amount of time on the market was close to 90 days. Today the average is around 10 days. During this “seller’s market” there has been no need to reduce prices since the demand is much greater than the supply and because prices are rising. You can see this in the chart;

This year I think we have hit bottom with price reductions. With mortgage rates around 6 percent, buyers are dropping out of the market because now they can not afford to get a loan for the average-priced house. That usually means that sellers might lower the price of their house in order to sell.

It is interesting to see what has happened this year;

Price reductions are just one of many indicators that Realtors look for to forecast a changing market.

Please note – Information is taken from MIBOR’s (Metropolitan Indianapolis Board of Realtors) BLC (Broker Listing Cooperative). Information Deemed Reliable, but Not Guaranteed

Posted in A Look At The Market | Leave a reply

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Pike Links

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  • About Tim Lord

    Tim Lord has been a Realtor for over twenty years. In late 2016, Tim opened Lord Real Estate Group. He prides himself on understanding client needs and working tirelessly on their behalf. Althought familiar with several central Indiana communities, living in Pike Township over the past thirty years has created a level of awareness for the area that is second to none. Tim's knowledge of internet marketing is also critical in successfully navigating today's real estate market. His involvement in area community organizations has created a personal connection that contributes to his being the expert in Pike Township. In addition to the local groups, Tim is a member of several industry associations.

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