Cold Weather No Match for Eager Buyers and Sellers
While March to September have long been thought “the” housing season in central Indiana, the truth is you just never know. That proved to be the case in January when sales shot up 12.8 percent over January a year ago and pending sales rose even further by 17.0 percent. A pending sale is one in which the sales contract has been signed by all parties, but the transaction hasn’t completely closed. Once a home is pending, it typically closes in 30 to 60 days. Only about three to four percent of those deals fall through in our market.
Even when you recall that 2014 laid claim to the worst winter any of us can remember, these are impressive gains. It shows that buyers are out there, ready to act. REALTORS® say clients that typically wait until spring are eager to get started now because the mortgage interest rates are so favorable. In fact, REALTORS® say it’s the number one reason business has picked up. It’s hard to beat a sub four percent loan rate. A mild January this year did not hurt either.
Another interesting finding, new listings jumped 23.9 percent in January and this is after they increased by 13.1 percent in December. Getting more homes available for sale should make for a great spring selling season. The number of available homes has been lacking for more than a year. With more to choose from, your home search will be more productive…and fun.