Frightened by the Media?
Does the media got us all scared? Every time I watch the news, open the paper, read my e-mail, or take a call, it seems as though I listen to someone talking about the current real estate market. It is true, Indiana ranks 2nd with the number of foreclosures for the year 2006, with Ohio being 1st, but is it cause for alarm? I don't think so! Due to this unfortunate event, lenders are now requiring homebuyers to make smarter decisions about buying a home. We didn't have any idea that Midwestern jobs were unsteady. And we certainly don't understand why the sub-prime lending market plummeted leaving our current buyers in the dust. But we can look ahead to the future. Some ideas I have for all my customers and past clients.... Stay in tune with your credit report! Get a copy, look it over, and dispute anything that is a mistake. If you've had a past due bill turned over to collection, then get on a payment plan and keep to your budget. It is a little harder to buy a home now, so stay plugged in. For the future investor.....I feel now is the time to buy a small home to use as a current rental, and to sell in the future for a profit, after the market bounces back. Rentals are in high demand due to the rising number of foreclosures and the number of jobs created at the Four-Winds Casino. For the first-time homebuyer.....FHA is still the way to go. They were not affected by the hit and rates are sitting around 6.75% now.
As for some LaPorte County Statistics- From Jan 1, 2006 through Sept 15, 2006, there were 911 sold residential homes in LaPorte County. The same period in 2007 brought 839 sold homes. The median price increased by $4100, and the best price range to sell at this year, to receive the most amount of buyers is between 100k and 120K, in comparison to the 80k to 90k price range last year. Peace and Blessings to everyone.
