Spring is coming. The snow is beginning its slow thaw, the temperature is beginning its rise from its previously freezing temperatures and like the blooming spring flowers, the housing market in Northwest Indiana is beginning its rebound for 2015.
According to Realtor.com, many first-time homebuyers are expected to return to the market.
“Home prices are expected to increase by 3-4%,” says Nick Sommer, VP of Century 21 Alliance group.
Century 21 also reports that the inventory for houses are still low and despite the fact that it’s still winter, it’s the perfect time to list your home. The average sales price of single-family homes rose in both Lake and Porter Counties. In Lake County, the price rose from $138,325 in 2013 to $146,403 in 2014. In Porter County, the price in 2013 was $187,265 but rose in 2014 to $195,305.
“It’s not just first-time homeowners buying more for 2015, in fact only 33% of the housing buyers were first timers,” says Century 21 Alliance group founder Jeanne Sommer. “The market is improving as a whole, everyone is back in the market for a house.”
Sommers also notes that many people are choosing to live in Northwest Indiana than Illinois for a variety of reasons.
“There are jobs in Illinois, but many are willing to relocate to Northwest Indiana,” she says. “The taxes are higher in Illinois, there is much cheaper options for living and buying a house here.”
In terms of the most active housing areas of Northwest Indiana, Lake County is currently much stronger than Porter County.
“While I’m not completely sure of all the reasons, one of the main ones I feel has to do with construction,” says Sommers. “Currently there are many more construction projects happening in Lake County as opposed to Porter County. This naturally brings more people, more new people to the area.”
Along with the lower taxes and the lower cost of housing, buying a new house is a much more flexible activity no matter what someone’s financial situation may be.
“Before when it came time to purchasing a house you had to put 20% down and have excellent credit in order to purchase a house, now this is no longer the case,” says Sommers. “There are many more flexible options now for first time buyers and previous home owners. Where there was 20% before, now there is only a 3% down payment needed.”
For those on the fence about purchasing their new home, 2015 looks to be a great year to make the jump. From lower taxes to attractive community options available in Lake and Porter County, 2015 is the year to buy a house.