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Monday May 23, 2022

Potential home buyers could be in for another tough time this year – Indy News

Statewide – As we enter April we enter the busiest time of the year for people to try to buy a home.

Last year it was a sellers market where there were not many houses in the market but lots of people wanted to buy a house. Broker Greg Cooper, founder of Indiana Compass, told Inside Indiana Business that this year will not be good.

“We have such irresistible needs. A lot of people are still trying to get home, “Cooper said.” We had good runs for 12 to 15 years. Jobs were good for most people who had some disposable income. But, the reality is that inventory is very tight right now. “

Cooper says a few years ago one had a 37-month-old home on the market, which had more money supply and less demand. Now there are only four week homes for sale in the market. In one instance, he said his firm sold a home 28 hours after it was listed for 31-percent of the asking price.

One thing he says is that many people make the process of buying a home difficult for institutional buyers.

“Inflation has driven rents so high,” Cooper said. “We have an incredibly attractive place to approach institutional buyers, pay cash and then lease these homes. We have an incredible level of empathy for anyone trying to buy a home right now. It’s tough. “

Cooper doesn’t see the high mortgage interest rates from the Federal Reserve reducing demand for buying a home anytime soon. Still, he is confident that things will slow down as we enter the last months of summer.

Post potential home buyers may be having another difficult time this year with the first 93.1FM appearing on WIBC.

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