Indy's Real Estate Gurus
May 20, 2022

How is this economy affecting mortgages and housing?

How is this economy affecting mortgages and housing?

It's right in that timeframe. That's about two and a half months that they're off. And so many people want to start there. They want to start the school year, they don't want to move their kids during the year they want to move them at the start of having started with the rest of the kids.

We have the year-to-date sales, we have 10,318 year-to-date sales for the four months, and we had 12,520 year-to-date residential listings. So that gives us a current inventory active inventory of 1979 homes. Now that sounds like a lot of homes. But when you start splitting it up by price range and areas, there really aren't that many homes out there. No, not even close. I remember seeing back when I was a new home sales, there would be 12,000 homes available. And even new homes under construction, it was a much bigger number. This number is incredible to me. It was already low. But the average number of days on market for April was 15 days.

Yeah. And when you look at that 15 days, we dropped in one month, it dropped four days. That is crazy. So like we said even last month if you're not ready if you're not jumping in soon as that house is listed on the market and jumping in there to see that day that not the next day, you're probably going to be out of luck.

Yeah, all these numbers, every single one of these numbers is saying that if you're going to go looking at homes, you have to be ready to make an offer. And it's exactly what we're seeing when we talk to the real estate agents, you know, in the pre-approvals that we're doing in the purchase agreements that we're getting, they say that if you see a home you want, you better send an offer in right away. Do not hesitate. And there's it's really tough on people who are just starting because that's a hard thing to do when you're spending that much money to just go and say, okay, I like this house, I want to buy this house. Because you don't want buyer's remorse. You don't want all those other issues. And it's a tough situation for people. But it is the reality. If you don't, you're not going to get the house.

No, I mean, to say, oh, let's think about it tonight. Yeah, that doesn't work that might work in the car business, and we're gonna go buy a car. But right now, in the housing market, that is not working,