Saint Joseph County Seeing Home Prices Increase, Buyers Cautious
RealEstateRama   -   Real Estate   -   Government   -   Nonprofit   -   Web

Saint Joseph County Seeing Home Prices Increase, Buyers Cautious

-

SOUTH BEND, IN – April 29, 2011 – (RealEstateRama) — The St. Joseph County housing market is experiencing a slight increase in average home sales prices, which might be the reason buyers are taking more time to purchase. Sellers can be ahead of the game and increase the odds of a faster closing if they have inspections and repairs completed prior to the listing, says Marsha Lambright, broker/owner of RE/MAX 100 in Mishawaka.

“Houses need to be in great shape and move-in ready condition if sellers want to increase their chances of catching a buyer’s eye and selling more quickly,” Lambright said. “Buyers are looking to move in and unpack.”

The good thing for those selling their home is the average sales price went up 6.71 percent in St. Joseph County. South Bend saw slightly lower increases, but still showed a jump of over 5 percent making average home prices during the first quarter this year $93,247. The entire area is seeing less inventory on the market and a 21 percent increase in the number of days on market, up 13 days from this time last year.

St. Joseph County Q1 2011 Market Summary

 

 

2011  Home Sales

2010 Home Sales

% of  Growth

2011 Avg Home Sales Price

2010 Avg Home Sales Price

% of Growth

2011 Days on Market

2010 Days on Market

% of Change

 

“Some buyers are taking a longer time to make a decision on a home and when they do write an offer, sometimes there is another one competing against them,” Lambright said. “I had buyers last week who, armed with the knowledge of another offer, went well over the list price just to insure acceptance of the purchase offer.”

Trends consumers are seeing in the market today are perhaps the “new normal”. Sellers are pricing their homes to sell and making it appealing for buyers to make an offer. Appraisers are finding fewer comparable homes to rate against, and while that doesn’t always mean lower values, it does make for a competitive market, says Lambright.

“The ‘new normal’ represents a market where buyers are a little more cautious,” she said. “This means homes might be on the market a little longer, but it makes for happy buyers and sellers.”

CONTACTS:

Marsha Lambright, RE/MAX 100
Broker/Owner, Mishawaka IN
574.255.5858
marsha (at) marshalambright (dot) com
Leslie Payne, RE/MAX of Indiana
Director of Communications:
(p) 317.845.2005 x 209 (c) 317.370.3129
lpayne (at) remax-indiana (dot) com

About RE/MAX of Indiana: RE/MAX of Indiana is affiliated with RE/MAX, LLC. Since its inception in 1987, RE/MAX of Indiana has grown to over 80 offices with more than 1,200 sales associates throughout Indiana, providing residential and commercial real estate, as well as relocation and referral services. For more information, visit www.remax-indiana.com. Follow us on Facebook at www.facebook.com/remaxofindiana and on Twitter at www.twitter.com/remaxofindiana.

Source: Greater South Bend-Mishawaka Association of REALTORS® for the dates of January-March 2011 as compared to January-March 2010.

SHARE

Based in Denver, Colo., RE/MAX International oversees a network of nearly 100,000 Sales Associates in more than 75 countries, an international presence greater than any of its competitors.  Nobody in the world sells more real estate than RE/MAX.

RE/MAX has been honored as the leading real estate franchise in the "2009 Franchise Times Top 200," and has been the leading real estate organization in Entrepreneur magazine's "Franchise 500 Survey" for nine of the last 11 years.

Contact:

Allie Musso

Phone: 303-796-3662

Previous articleIndiana broker Brad Minear adopts IDX solution for his professional real estate website
Next articleCell phones added to Do Not Call List, consumers, homeowners protected