Portage Real Estate

Have We Hit The Bottom Yet in Portage Indiana Real Estate

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

Portage Real Estate

This Weekend–Fun Events Around Portage Indiana

Portage Indiana is the hub for a wide range of family friendly activities. If you are looking for something to do this weekend consider starting your search with these.  In addition to a long list of year-round leisure activities, here are a few special events to consider for this weekend only.

Farmers Markets

Portage Farmer’s Market,  Founder’s Square Park, Portage Indiana

Sundays 11-4pm,  ongoing through September

Chesterton European Market, Broadway & 3rd, Downtown Chesterton Indiana.

Saturdays 8am-2pm, ongoing through October

Amusement Fair & Expo

Taste of Porter County runs Friday evening, Saturday and Sunday all day. You will soon appreciate all that Porter has to offer when you tour this large venue and see all that our local community has to offer.  Plus, it is FREE admission to this event with a wide variety of family activities, music, cars & bikes, and vendors showcasing food and fun. Located at the Porter County Expo Center, Hwy 49, Valparaiso Indiana.

Boat Show

Michigan City kicks off the annual In-Water Boat Show, with a variety of yachts, sailboats, and runabouts on display from area boat dealers. The show runs Thursday through Sunday, 11am until dusk, in Washington Park, Michigan City Indiana.

Art Festival

Enjoy a Two-Fer in Michigan City Indiana with the Lubeznik Center for the Arts is  hosting their Lakefront Art Festival corresponding with the Boat Show. Both events are within walking distance of each other. Artists will have work on display to view and purchase. There are food vendors and hands-on art demonstrations. The Lubeznik Center is located North of Rte. 12 at the corner of Pine and 2nd St.

Baseball

Gary Railcats

This weekend it’s a pair of home games against the Rockford Riverhawks, Friday at 6p and Saturday at 2pm. Friday’s game features a post-game fireworks show.  On Wednesday a group of 25 dedicated fans from Ogden Dunes Indiana cheered on the Cats to defeat the Schaumburg Flyers at the Steelyard Stadium, Gary Indiana. Check their site for the complete schedule of upcoming games.

Check with these links to verify the schedules. Some events have admission and parking fees. And if you are visiting from outside Porter County, picture yourself living in one of these unique coastal communities. I can help you find out more.

Portage Real Estate

Understand Property Values Foot-By-Foot

To understand real estate property values one measurement that’s mentioned frequently  is Price-Per-Square-Foot. Simply put it is the PRICE of your home divided by its AREA. In other words,  how much you are paying for each 12 inch by 12 inch square. Easy right? If you have ever hired a contractor or bought carpet, they probably gave you a quote based on the size of the job or AREA of the rooms.

The most important reason for buyers and sellers to use this calculation is so you can compare  homes of different sizes. If one home is twice the size as another similar property it’s PRICE should be twice as much.

Comparing homes by price per square foot can give us great insights far beyond mere structure. Certainly we get a feel for it’s condition, and the quality of it’s construction, but beyond that are the amenities & landscaping, location of the home, even the surrounding community. All these add up to the home’s desirability or its’ value.

But let’s expand our view. Are there vacant homes on this block? Does one family have junk cars and trash all over? What price value can we put on a superior school system in dollar terms? Are there parks, a library, medical facilities  and shopping nearby? How much is a lakefront property worth more than one with just a lake view?

Taken together, do these outside  factors of the surrounding community give the house more value or take some value away? Understanding the price-per-foot measurement can be used not just for individual homes, but also for specific price segments, micro-neighborhoods, subdivisions, even entire towns.

Here is an example of how prices have fluctuated in Portage Indiana over the past year, measured in price per square foot terms. Notice  a 10% drop occurred in the average from $103 to $93 last Winter, then recently there has been a modest rebound.

So what changed exactly?  What made homes suddenly less desirable,  then become more valuable again?    Obviously none of the homes changed location.   Did the local home center have a clearance sale on granite counter-tops?  Probably not.  But the desirability of Portage Indiana real estate did change, first down, then up again, as reflected in hard dollars. Since the homes themselves didn’t change much, we will have to blame those mysterious “market forces”.

In future posts we will further break down the components that create and bend  these forces in more detail. For now just understand that the large sized numbers of real estate prices can be scaled down to the size of a shiny piece of 12 inch glazed ceramic tile that you can hold in your hand.

Portage Real Estate

Could You See Yourself In A Home Under 600 Square Feet

The rise in popularity of green building standards and smaller footprint homes in real estate has finally made it’s way to the heartland of America.

In case you missed it there has been lots of real estate media buzz over the Small Homes movement.

The best known advocate is Resources For Life. They are a green/sustainable advocacy group who is at the core of this new community. Their site describes developments across the US where the principles of sustainable resources for living are implemented.

Then there is Jay Shafer from Tumbleweed Tiny House Company. He has published a book on how to build your own tiny home. He even offers floor plans. Most notable is a model home that is just 70 square feet.

According to a survey by National Association of Home Builders, most Americans still prefer a home size averaging 2,070 square feet. The same survey also revealed that Americans WANT to downsize their yard work, prompting a home buying trend toward more compact lots. Consequently, more two-story homes and split level homes are replaicing ranch style homes since homes need to go up in height to build on a smaller size footprint.

Wait a second. You maybe asking yourself what does the small homes movement have to do with homeowners here in Portage Indiana?

You might be surprised that small homes is not a new phenomena here in Portage Indiana. Pictured above is one of the smallest homes in Portage Indiana. This home offers an expansive space of only 780 square feet and was built in 1943.

Believe it or not, tiny homes is just a remnant of our storied past.

Can you see yourself living in a “Tiny House” in Portage Indiana?