Hoosier Home Buyers Still Face Tight Market

An Indiana real estate expert says several factors will play into what he believes will be a hot market this year throughout the state. Berkshire Hathaway Home Services Indiana Manager Greg Cooper says inventory remains a "big, big, big" issue for potential home buyers and newly-renovated homes won’t last long once they go up for sale. Cooper also says indicators suggest mortgage rates could continue to rise throughout the year, applying market pressure even before the traditional home-buying season kicks in.

During an interview with Inside INdiana Business Television, Cooper says Millennial will play a larger role than ever in home buying. "The Millennial marketplace and the Millennial effect on home buying this year may be bigger than the babyboomers ever was. There could be a third of all home sales influenced by the Millennial home purchase and that is really significant," he said. Cooper adds that quality-of-life amenities offered by a location are very important to the generation "without having to drive halfway across the state."

Overall, Cooper advises home buyers to be "ready to jump" when a buying opportunity comes along, because he believed well-priced, well cared-for homes at all price-points that have received renovations will move quickly.