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Pike Actives In Graphics

LivingInPike.com Posted on October 19, 2022 by TimOctober 19, 2022

The below graph shows all the houses/condos that are currently for sale. The left column shows at what price point. The bottom shows when it was listed. The orange dots are single-family homes. The blue dots are condos. Click here … Continue reading →

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Is The Pike Township Real Estate Market Changing?

LivingInPike.com Posted on September 23, 2022 by TimSeptember 23, 2022

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Is The Real Estate Market Changing In Pike Township?

LivingInPike.com Posted on August 5, 2022 by TimAugust 5, 2022

Click here for the full Is The Market Changing PDF

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Pike Township Real Estate Price Study

LivingInPike.com Posted on July 11, 2022 by TimJuly 11, 2022

Disclosure – Information Deemed Reliable, but Not Guaranteed. The information came from MIBOR’s (Metropolitan Indianapolis Board of Realtors) BLC (Broker Listing Cooperative).

Click here for PDF

Years ago I use to say

80 percent of the houses sold in Pike Township were under $150,000. Today, the numbers have changed. 80 percent of the houses sold in Pike Township are under $307,500. Years ago it was common to see houses on the market for 60 to 90 days. Now, the average this year is 9.42 days.

Interpreting the chart

By watching the bars in certain categories, you can spot when the market changed. For instance, in 2016 the under $50,000 category had 67 homes. In the first half of this year, there were none.

In the $50,000 to $99,999 category, in 2016 there were 311 houses/condos sold. In the first half of this year, there were only 6.

The decline of $100,000 to $149,999 houses/condos is the same. 466 in 2016 to 57 so far this year.

At the same time houses/condos from $150,000 to $199,999 and $200,000 to $249,999 rocketed upward.

Why the changes?

The mix of houses/condos sold has been the same. The new builds in Pike during the 1990s and early 2000s have slowed down to a crawl. Mostly because there is no place to build that would suit builders and residents in certain areas. It comes down to supply and demand. I can remember when there were over 1,000 houses/condos on the market in Pike. This morning there are only 48. Because of this, prices have skyrocketed. Multiple offers and bidding wars have been the norm.

Watch the shift

In 2016 the majority of houses/condos sold were between $0 and $199,000. Today the majority is between $150,000 and $299,999. The average price this year is $260,000 with the median price at $235,000. The top category in 2016 was $100,000 to $149,999. This year it is $200,000 to $249,000.

Misc…

Typically in a normal market, you see very few high-priced (over $500,000) houses on the market. They may take anywhere from 90 days to 2 years to sell. Last year there were 59 with average days on the market of 48 days.

26% of houses/condos sold so far in the first half of 2022 were cash sales. The average in the past 6 years has been around 20%. In a normal market, this usually runs about 10%. There is a saying in the trade “Cash is King”. Why? Because with a cash sale, you can close within 10 days. There are fewer costs to the buyer since there is no loan. Sellers would generally take less than the list price if it was a cash sale. In my experience, I don’t find this to be true unless the cash offer is over the list price. Usually, investors will rarely do this. In this bidding wars market, loan offers come in over list price. The challenge becomes the appraisal. The lender will only lend up to the appraisal amount. If the buyer has offered over the appraisal amount, will the seller lower the price to the appraisal amount? The difference between the appraisal amount and the offer price is known as the appraisal gap. Some sellers will insist that they want the offer price even though it did not appraise. That means that the buyer has to come up with the difference in cash. That can lead to new challenges for the seller.

With interest rates now in the 5’s, buyers are getting priced out of the market in terms of higher loan payments. Pike inventory (houses on the market) has increased this year. Last year it was around 20 to 25. Right now it is about twice that.

A balanced market (not a buyers market or sellers market) is usually 6 months of sales. We would need 500 to 600 homes/condos on the market to reach that goal.

Tim

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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.

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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

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Pike 2021 Neighborhood Review

LivingInPike.com Posted on March 25, 2022 by TimMarch 25, 2022

Interested in the value of the houses in your neighborhood? Click here to find out

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A Tale Of A Sale

LivingInPike.com Posted on February 21, 2022 by TimFebruary 21, 2022

For the past 5 years, I have had the privilege of working with a bankruptcy trustee. What does that mean? A bankruptcy trustee is assigned to someone who is going through bankruptcy. The trustee decides what happens to all of … Continue reading →

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The State of Real Estate In Pike Township – 2021

LivingInPike.com Posted on February 1, 2022 by TimFebruary 1, 2022

2021 was a wild year in real estate. In my 20 years of real estate sales, I thought I had seen it all, but I was wrong. Here is my review of Pike real estate in 2021; Click here for … Continue reading →

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12 Tips To Win a Bid In This Competitive Market

LivingInPike.com Posted on October 29, 2021 by TimOctober 29, 2021

According to Lawrence Yun, Chief Economist at the National Association of Realtors, “For every listing there are 5.1 offers. Half of the homes are being sold above list price.” It takes some real thought and desires to win in a … Continue reading →

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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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