Random Thoughts, Real Estate

Have We Hit The Bottom Yet in Portage Indiana Real Estate

August 25, 2010 by · 2 Comments 

People across Portage Indiana have been asking me lately about real estate prices. “Do we see light in the tunnel?” they ask.  Since real estate markets move in up and down cycles, economists and homeowners alike all want to know when market trends are entering a new phase. Can they time their move to be positioned ahead of the next wave? 

Whether you are talking about the stock market, real estate, or gold bars, timing the market is not so easy to predict. And in real estate, it depends on where you live.

This week we have had economists from the National Association of Realtors and the National Association of Home Builders both giving generally negative views about the real estate market. This suggests to many homeowners and armchair Realtors that the market for Portage Indiana is headed for even more price declines.

It’s not that simple. When analyzing home sales data from other nearby communities, we see the real estate market has acted differently, depending on the location.

And don’t forget about those first 3 rules of real estate: Location, Location, Location.

Since the recession began in 2007 Portage Indiana real estate market has had a roller coaster ride as median home prices have dipped 3 separate times with rallies in between. Your community may be different. For example, median home prices in Crown Point Indiana crashed about 15% way back in 2008 and they have skidded around at roughly the same median home price ever since.

Consider that, overall,  real estate has been in the current down cycle for over 3 years now. We also know that it is the lack of jobs that is holding back the overall economy.

So we do not really need the help of technical books and investment seminars to know that, in general, as long as you have a decent job, this is a terrific time to buy a home in Portage Indiana. Home affordability is at an all time high with interest rates at historic lows and depressed home prices all around. 

Will home prices go down further? Maybe yes. Maybe no. If you wait too long for home prices to hit rock bottom in Portage Indiana, you may find yourself getting in after the real estate market has already gone up.  Or if interest rates have clicked up another notch, your delay in taking action will affect your payment even more.

My advice? Do what is best for your family and your situation. Your house is shelter first; an investment second. If you are trading up, don’t stress out about how much your current home was worth in 2005. Rather, focus on the great deal you are getting on a better home which you might not have been able to afford back then.

Change will always come. Experienced Realtors are here to provide you with the information you need to make informed decisions in any market. If you’re ready to learn more about the Portage Indiana real estate market and what steps you need achieve home ownership, contact me to help get you moved.

*Photo: Market Timing for Dummies by Joe Duarte MD – BN.com

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Steve Cardwell

Steve Cardwell is an Indiana Realtor working with residential buyers and sellers throughout Northwest Indiana. He likes to stay current on the housing market by analyzing real estate trends with a focus on the towns of Highland and Munster Indiana. His broker affiliation is Red Key Realty Leaders in St John, Indiana. Learn more about Steve and visit www.SteveCardwell.com.

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Comments

2 Responses to “Have We Hit The Bottom Yet in Portage Indiana Real Estate”
  1. I concur with your sentiment that homeowners should stop looking back to 2005 home prices as their benchmark for selling their home in Portage Indiana today. As you alluded, see today’s real estate opportunity to move up to a home that was previously out of your price range while home affordablity is at all time highs.

    With that being said, which subdivisions are the hot real estate markets in Portage Indiana right now?

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