Real Estate Market Continues Balancing Out For Buyers and Sellers in July 2024
Real Estate Market Continues Balancing Out For Buyers and Sellers – Here is your Market Update for July 2024. Home prices leveled out in July as unit sales and volume increase 3.9% and 10.3% respectively in Northeast Indiana. Median Home Prices were flat -0.8% to $253,00 compared to July 2023 as inventory rose 23.1 to 1.6 months of supply in the same period. Pending Sales were down slightly 1.8%.
Nationally, the Upstate Alliance of REALTORS reports, “In the second quarter of 2024, 89% of 223 metro areas saw home price gains, with 13% experiencing double-digit increases. The median price of single-family homes increased by 2.4% from the previous month, and the monthly mortgage payment increased by 1%.”
They continue, “The 30-year fixed mortgage rate ranged from 6.82% to 7.22% in the second quarter. NAR’s chief economist, Lawrence Yun, predicts that the average mortgage rate will drop to 6.3% by the end of 2024, which could lead to a 30% increase in the number of properties available for sale. However, some say that mortgage rates may not be low enough for homeowners with mortgages under 4% to move unless there’s a compelling reason.”
Additionally they state, “NAR will implement practice changes on August 17, 2024, to resolve claims from home sellers regarding broker commissions. REALTOR MLSs must comply with these changes by the deadline to remain in compliance with NAR policy.”
As always, if you own a home and would like to to see what kind of price you could get for your property, don’t hesitate to call or text me at 260-579-1516 or email me at mike@mikearchbold.com. THE NORTHEAST INDIANA MARKET CONTINUES TO PROVIDE OPPORTUNITY FOR SELLERS AND INCREASED INVENTORY MEANS MORE CHOICES FOR BUYERS! PLEASE GIVE ME A CALL TODAY TO DISCUSS YOUR OPTIONS!
Why Does RE/MAX Results Stand Out Among the Competition?
Simply put: Relationships. We pride ourselves not only in our professional service but more importantly in the personal touch we bring to our business. Has an agent/lawyer/contractor/vendor ever treated you like you were just another paycheck? The reason our clients come back time and again and refer all their friends and family to us is because they know we are part of the family.
Genuinely caring about the people we serve enables us to do things other agencies can’t. Rest assured, we will ALWAYS have your best interest at heart and work vigorously to get you the best deal possible on your home or business.
The relationships we build with our clients enable us to work 100% by referral. The reason we are able to give top notch service to our clients is because our clients refer us a constant stream of quality family and friends to assist in their real estate needs. While other agents are out making cold calls and chasing “potential” leads, we are freed up by our referral base to service our clients like no other broker can. We are never too busy for your referrals!
Want to experience the difference for yourself? Call or text me today at 260-579-1516.
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Are you or someone you know considering a home purchase? Don’t hesitate to call or text me, Michael Archbold, at 260-579-1516 and I will connect you with the best mortgage professionals in the business who can get you your score, discuss ways to improve it if necessary, and put you on the path to home ownership. Click here to read more about our Buyer Services. Click here to browse listings NOW! Looking to sell your home? Call today to set up an appointment to begin developing your customized marketing plan. Click here to read more about our Seller Services.
Hoosier Home Listings by RE/MAX Results, is a full service real estate Web site serving Northeast Indiana. We assist residential and commercial clients in locating, buying, and selling real property in the State of Indiana including but not limited to the counties of Allen, Huntington, Wells, Adams, Whitley, Wabash, Kosciusko, Noble, Dekalb, Lagrange, Steuben and cities including Fort Wayne, Decatur, Bluffton, Huntington, Warsaw, Columbia City, Butler, and Angola. RE/MAX Results is an Equal Housing Opportunity company.
Hoosier Home Listings… Real Estate Market Continues Balancing Out For Buyers and Sellers in July 2024…
… brought to you by Michael Archbold, Hoosier Home Listings, and RE/MAX Results.
The consummate professional, Michael Archbold (Associate Broker, REALTOR, ePro) brings a diversified background to the world of real estate. Born and raised in Fort Wayne, Mike graduated Wayne High School in 1992. He received bachelors degrees in Accounting in 1997 from Indiana University and Information Technology in 2005 from Indiana Wesleyan University. Mike comes to RE/MAX with more than 20 years of experience in sales and accounting. He began his career in real estate in 2000 as an investor.
