Happy Fourth of July!!! It seems like summer just started and now we are almost at the halfway mark. Historically, July tends to be the month for vacations…and we certainly feel it in the real estate market! Activity generally goes down for about 4-6 weeks and then picks back up again until mid-November. We hope you have a fun, safe and enjoyable Fourth of July holiday whether you are staying home or traveling.
First and foremost, you read in our newsletter last month that Thea and Michael had their first baby in May. They are all doing great and loving being parents. While we sure do miss Thea, we know her most important job is being a mom to Parks. She is enjoying spending lots of time with him and is scheduled to come back to work around July 24th at this point.
Helena has been helping us and filling in for Thea while she is on maternity leave. She has been a huge help with our buyers! She just returned from a 2-week trip to Australia and loved every minute of it!!! That is one of many places on our bucket list. Have you ever been?? If so, drop me an e-mail or call as I would love to hear your travel advice.
Kylie and her family are enjoying the summer sun and spending time at the pool. She is teaching a class at our office on Reiki and how it works and the benefits people can realize from it. She loves teaching about it and our team has seen some real health benefits from it.
The end of June and beginning of July are busy weeks for our family. Ana has new student orientation at IU at the end of June, Tali is with all 7 cheer gyms from ICE up in Michigan for a camp from July 1-3 and then we leave on July 4th to Florida to celebrate Brigid’s parents’ 50th wedding anniversary. Family is flying in from all over the country for their re-commitment ceremony and then we spend a few days at Disney before returning home.
Thank you to everyone who attended our June Happy Hour sponsored by CREW Property Improvement Specialists! They are the company we recommend for any handyman items. They do a great job, guarantee their work and are licensed and bonded. Give me a call if you want their info. Hope you have down on your calendars to join us for our July Happy Hour on Thursday, July 20th from 5-6:30pm at Matt The Miller’s in Carmel. This month is sponsored by EcoBak Restoration. They handle all of our restoration needs, including water, fire and mold. Great, locally-owned company! Come and say hello!
The next Home Seller Workshop will be on Tuesday, July 11th from 7-8:30pm via Zoom only. E-mail kylie@Welcome2Indy.com if you or someone you care about would like to register. This is a low-key, interactive workshop showing you the Top 10 Mistakes to Avoid When Listing Your House…these can literally cost you thousands of $$$.
Our next Home Buyer Workshop is come back upon Thea’s return and is tentatively scheduled for July. More info will be coming out soon!
Be on the lookout for your Football calendar magnet from us later this summer. Snap a photo of it on your fridge or wherever you like to keep it and post it to your Facebook and Instagram page and tag us and we will enter you to win a $100 gift card to a restaurant of your choosing!
The real estate market has been strange lately. Inventory is still extremely low and interest rates have come down a bit and are projected to continue to fall to maybe the mid 5% range sometime this fall. We are expecting a very busy fall as a result, which is welcome for many people as the spring market was not nearly as robust as usual due to low inventory, high home prices and high mortgage interest rates (relatively speaking, of course).
Until interest rates come down below the 6% range, the gap between the rate homeowners have now and what the current rates are is keeping many sellers on the sidelines further suppressing inventory and keeping housing prices high. Builders are extremely optimistic right now and are building more inventory than they have since before the recession. That will help, but won’t be anywhere remotely close enough to bridge the supply gap we have at 1 month right now.
Here are some stats from MIBOR comparing April 2023 to May 2023 in the 16 counties they service:
Median Sales Price UP 3.4% to $300,000
Closed Sales UP 17.2% to 2,901 units
New Listings UP 13.0% to 3,319 units
Pending Sales UP 8.1% to 3,035 units
Average Days on Market UP 62.0% to 81 days
Median Days on Market NO CHANGE at 7 days
Price per s.f. UP 2.0% to $156
% of Asking Price Received UP 0.6% to 99.5%
Active Inventory DOWN 5.6% to 3,026 units
Absorption Rate DOWN 23.1% to 1.0 months
You can see that these numbers are all trending in the right direction. We just need more inventory. So, if you know someone thinking about selling, please give us a call. We would love to talk with them about their options and show them how our listings sell, on average for 7.9% MORE than the average real estate agent gets. For a $300,000 house, that is $23,700 back in their pocket! Of course, we would love to help with any buying or building needs as well. Give us a call today-317-339-7698!
Happy Independence Day!! We hope you enjoy our July newsletter! Click here to read it.
Your Friends in Real Estate,
Steve, Kylie, Thea, Helena, and Mark
P.S. Please don’t keep us a secret!
