Happy Hot July!
For those of you getting this for the first time, Portfolio Insights is a bi-weekly letter I send out to my data base of about 3,000 past clients, business partners, friends and acquaintances with insights I have gained over the past 10 years from my portfolio of 1500+ past listing and buyer sales totaling over $500 million in sales volume in NE Indiana. I also considered naming it “Just My Opinion” as these are largely just my opinions although I do site facts that drew me to these conclusions. And I often hear back from those whom have received this commentary with questions and comments and please keep them coming! I love the feedback. And please feel free to ask my opinion about any question you have about your real estate. I will do my best to reply to you OR even make it the topic of a future “P.I.”.
So, about this market….. It’s a strange one. On one hand we know there is a huge home supply/inventoryshortage, so you think everything is flying off the market. But that is ONLY in certain market price segments. I am so proud to present to you the most terrific quarterly market report I have ever seen for clients thanks to my new partnership with Encore Sotheby’s International Realty linked here. I think you will appreciate these comprehensive quarterly reports covering NE and Central Indiana/Indy metro area. The facts here in NE Indiana for Q2 of 2019:
We only have 1.9 months of inventory in Fort Wayne
Our average sales price was ~$189,000
The average days on market was 26 days.
On the other hand, the high-end is moving at a snail’s pace. The “luxury market” in any market is defined at the top 10% of the market. In Northeast Indiana that is $300k+. So even more difficult is the sliver of the market at $800,000 and up.
We have 6 months of inventory in the $800K+
Only 3 sales last quarter vs 1,427 under $800K (down 40% from 2018)
The 3 that sold were on the market an average of 44 days
My opinion here? Now more than ever in my tenure in real estate is the time to sell your home and upgrade to a home like 3027 Covington Lake Drive. Why?
The market is at a 10 year high in values. Recent market downturns were in ’91, ’01 and the fun ’07-’08 period. So, we are due for another one. Since we don’t have a crystal ball to tell us when the next downturn will strike, our best predictor of the future is history. That clearly tells us we are due soon. So ……what should you, your friends and family do before this occurs?
Sell now in this market high and buy BEFORE the next downturn before you NEED to sell and you are stuck in a bad market.
You know you can sell fast and probably for a profit if you hire a pro to sell it, but you fear you have to BUY at a premium, right? No, not necessarily. If you want to upgrade, my team and I can help you strike a great deal in the higher end since according to the National Association of Realtors, there is nearly a year’s worth of luxury inventory and only a 3 month supply in the lower end of the market nationally. Also, the over $750K inventory rose by 11% where the inventory of $200K or less fell 8%. Its supply and demand. We can help you negotiate a great deal if you decide to upgrade now. We are helping sellers get the highest prices ever in some neighborhoods.
So don’t just sit there in this awesome market—get moving! Call me for an appointment and we will show you how to navigate your optimal real estate transaction and transition.
All my best,
Lynn Reecer
