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July News in LaPorte County, Indiana

By
Real Estate Agent with Century 21 Affiliated RB14041377

  My July, 2007 Newsletter.......

Being inside of the local real estate market for almost 6 years now, I have seen a lot of changing trends. If you think of the market trend much like a fashion trend, it comes and goes. The current market is slower than in 2006, which leaves many sellers wondering.  In comparison to last year, the sales are down in the first half of the year by approximately 6% and the mortgage interest rates are slightly higher...but there is GOOD NEWS!! The average sale price of a home sale has improved in our local market by over 5% from $136,000 to $144,000, although it is taking sellers slightly longer to sell their home from last year. Days On Market, (or DOM in the real estate world) has risen from an average of 95 to 102 for the first half of this year. What I really found intriguing in my research is the difference in selling percent to list between homes with 2 versus 3 bedrooms It seems as though 2 bedroom homes are only getting an average of 89% of their asking price, whereas 3 bedroom homes are selling at 96% of the list price! What does this mean? It all boils down to a little patience, for both buyers and sellers. Is it higher gas prices and busy lives? It's hard to tell, but our community is a wonderful place to live and I am positive that the market will only improve in the upcoming months!

 Article written by: Theresa Prim     All information deemed reliable, but not guaranteed. Statistics taken from gniarmls.com and have been interpreted by Theresa Prim.