How's the market? Has anyone been asked that questions recently? They ask me that question with a grimace on their face like I may be in pain. And sure the market is different than it was a couple of years ago but in our area it's not too bad! I am in Northwest Indiana and specialize in Valparaiso, Portage, and Chesterton.
Several areas of the country experienced sharp appreciation over the past several years. Northwest Indiana wasn't necessarily one of those markets. Sure we appreciated during that time and the real estate market was solid in our area, but we were at around 5% a year in appreciation. So now that markets are adjusting the media has swarmed with a doomsday message that real estate has imploded and we are now in a recession. Media has delivered this message for going on two years now, and in several areas of the country has succeeded in driving down the market.
But here in good old Northwest Indiana we have no legitimate reason for a slowdown. Sure the implosion of subprime eliminated a number of buyers, but they should not have been buyers in the first place. Our local economy is good, we are close to the third largest city in the country, our property taxes (especially in Porter County), are not bad, and our schools are very good. So don't let the media dictate your life, now is a fantastic time to buy a home!
When I'm asked "How's the market", I reply that I hear there is a real slowdown but I have chosen not to participate. Real estate is local and it always will be. Buy! Buy! Buy!!
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