Northwest Indiana homes are still selling, despite the newly implemented halt on sub-prime lending. Our office has been growing at a rapid pace. Home Advantage Real Estate has been in business for just under 1 year and we will be bringing on our 9th Realtor this month. We probably would have grown even faster, if it weren't for our high standards when considering new agents. The Northwest Indiana market is good! We've been working with a lot of investors lately, who are from other areas where Real Estate sales have slowed considerably. One such market is Michigan(Detroit Suburbs). Chicago buyers have been buying many of our listings. I think that there are many Chicago investors who can see the potential in N.W. Indiana. Our proximity to Chicago and the lower home prices are our saving grace. Hopefully interest rates will stay low for a while.
Congratulations!
It seems like everyone is going to follow suit on the sub prime lenders huh?
my father in law lives on the South Loop in Chicago... now he has a 30 acre "farm" in New Buffalo... very nice country up there...and everyone there is a Chicagoan at a weekend home...
good thing 2nd home rates are so affordable right now!
Luke,
There are still a lot of good mortgage products out there for 1st time home buyers,etc. The 100% financing pull-back has certainly hurt our business here in Northwest Indiana though. How is your market there? Is it a buyers market, or a sellers market? Do you think a lot of investors are taking advantage of the situation with subprime lending? I've noticed a lot of signs popping up in our area that say "Owner Financing", "Rent to own", etc. Typically, what happens is the property owner does a Lease Purchase for 1 year, with the down payment money(usually several thousand dollars) going to the property owner if the buyer cannot get a loan within the time frame specified in the contract(usually 1 year). Investors in Florida have been doing this for many years, and it's making the owners very wealthy. The property stays rented and if the tenant leaves, the owner does another lease-purchase with a new renter. The idea is for the owner to get as much money possible as a down-payment. Many of these people have saved up a few thousand dollars, but typically have bad credit and want the "American Dream" of owning a home. I happen to think that some of these investors are despicable.
Hi Sherri,
I have to agree with you about NW Indiana. I thought with the halt on sub-prime lending, I would virtually come to a halt doing home inspections. Actually, this first quarter of 2007 has been the best ever for me since starting my HI business in 2001. I think that NW Indiana will get through this "soft" stage
Nathan,
Yeah, I think your right. What is the name of your home inspection company? Feel welcome to drop some cards/brochures off at our office. We are always looking for good home inspectors.
Sherri
Re: my father in law lives on the South Loop in Chicago...
David,
We have a lot of Chicagoans in the Dunes area too. NW Indiana is an easy getaway spot. I think that we have got a lot to offer here. New Buffalo is great....cute shops and eaterys.
Sherri
Hi Sherri,
Sorry about the late response to your question. I am just learning how to do this Active Rain. My inspection company is Superior Services Home and Environmental. Would love to come by with info on my Inspection Co.
Hi Nathan,
Sure. We are always looking for good home insp. companies to refer to our buyers. Call before you stop by the office, though. Because of the nature of our business, I'm on the road a lot going to listing appointments and showing buyers properties. The office number is :219-531-8700. Ask for Randy or Sherri.
Sherri
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