Home sales soared in October for Southeastern Indiana with a 30.1 percent increase. Here are the statistics:
October 2015 vs October 2014
- 30.1/% Increase in homes sold (121 homes vs 93 homes)
- 38.9% Increase in sales volume
- 6.8% Increase in average sale price ($148,055 vs $138,672)
- 4.7% Increase in median sale price ($135,000 vs $129,000)
January – October 2015 vs January – October 2014
- 13.7/% Increase in homes sold (1,006 homes vs 885 homes)
- 20.3% Increase in sales volume
- 5.8% Increase in average sale price ($145,331 vs $137,358)
- 2.8% Increase in median sale price ($130,000 vs $126,500)
It’s a great time to sell and buy a new home! Home values are rising. Mortgage interest rates are low. See homes for sale here.
Statistics courtesy of: Rick McMillin, VP/Sales Manager of Sibcy Cline Harrison and the SEIBR Home Sales Report, November 5, 2015
Gallup Survey, April 4-14-, 2013
Gallup’s annual Economy and Personal Finance survey (conducted April 4-14, 2013), polled Americans about housing. Here are some of their current views:
- 51% of Americans expect home prices to rise
- 73% of Americans say it is a good time to purchase a house
Read the survey results here.
When making a home purchase, the mortgage interest rate plays a very important factor into the cost of the home. Understanding where rates are headed can help in making a decision whether to buy a home now or wait.
Will Mortgage Rates Be Rising?
No one knows the future of the mortgage rates. The Fed has held rates down in order to stimulate the economy. As our economy improves, experts (such as the Mortgage Bankers Association) are predicting mortgage rates to increase.
The impact of even a one percent increase in the mortgage rate causes a higher payment for the new home buyer:
Example: For a $200,000 mortgage…
Again, no one knows what the mortgage rates will be in the future. But, many mortgage experts are predicting a point higher. If this holds true, now is the best time to buy a home and save on future monthly house costs!
Information courtesy of: The KCM Blog