Buying and closing on a home: Here’s how much it actually costs
The process of buying a home isn’t done once your offer is accepted and you’ve secured a mortgage. Here’s how much you actually have to pay to close.
Home sales slowed down slightly in Indiana’s residential real estate market this September, though it is unlikely to be a signal that the historically record high home sale prices are going down any time soon, according to MIBOR Realtor Association’s latest market insights report and a new analysis by F.C. Tucker, the Indianapolis-based real estate company.
Central Indiana saw a summer of intense demand for homes, with record-high prices and record-low number of days that homes were on the market before being snatched up.
The median sale price for a central Indiana single-family home this September was $254,062, an increase of 12.9% from that time last year, while the median sale price of a condominium was $210,000.
Yet, compared to September 2020, pending home sales decreased by 6.9%.
‘Room for mischief’: Inside the secretive process to fill vacant seats without elections
F.C. Tucker CEO Jim Litten said that the slow down in sales is likely to be seasonal as children return to school, reducing the likelihood a family will make a big move. In addition, fewer prospective homebuyers seek to buy homes in the colder weather.
He expects it to pick up again in spring 2022 when the weather starts to moderate.
Available housing inventory continued to be low, decreasing by 18.6% compared to September 2020. If homes continue to sell at the current monthly sales rate, Central Indiana would sell out of homes within only 0.7 months.
On average, homes sold within 19 days, 45.7% faster than in 2020, according to FC Tucker’s analysis.
“Nationally, the housing market continues to do very well and is unquestionably strong,” said Elliot Eisenberg, an economist at GraphsandLaughs, LLC, an economic consulting firm, in MIBOR’s September Market Insights report. “We may be seeing some slight signs of slowing as inventories finally begin to rise just a bit, but this is more indicative of a market that is settling into a normal, healthy pattern instead of the frenetic pace we saw in the last half of 2020 and the first quarter of 2021.
“Year-over-year comparisons are going to suffer by sheer virtue of the fact that we were in such an overheated market last year, but prices will remain strong, although I anticipate closer to single-digit price appreciation going forward.”
What explains the hot real estate market?
Litten said that three primary factors drive the real estate market: low interest rates, low unemployment, and high consumer confidence.
“It’s like three legs on a stool, and if two of three things are positive, it would indicate to me that the…