After a somewhat disappointing 2014, a Berkshire Hathaway Home Services broker is cautiously optimistic about this year's residential housing market in Indiana. Greg Cooper says pending home sales are trending higher so far in 2015 and the new construction market is also improving. He warns, however, that lower inventories lead to less choice for consumers and can “demotivate” them from buying a house. Cooper discussed the 2015 market and mortgage rates on this weekend's edition of Inside INdiana Business Television. Cooper says buyers in this year's market need to be prepared for an interest rate hike. He says, the later it is in the year, the more buyers are likely to have to pay. Cooper also recommends being ready to move quickly. With declining inventories, he says buyers won't have a long time to decide on a house.
Cooper says, while home sales have been a little better, sellers need to be aware of market demands, as houses that “match the market” are more likely to sell quickly.
Downtown area condo activity, specifically in Indianapolis, has also been on the rise. Cooper points to Baby Boomers whose children have left home for the growth, saying many want to downsize and enjoy the amenities of their city.
Source: Berkshire Hathaway