- BY: KATHERINE BULTEMA
- May 25 2022 10:51 AM
Is Now The Time To Sell or Buy Your Home? Current trends in the Northwest Indiana real estate market.
The 2022 NWI real estate market saw a strong first quarter, with home sales slightly surpassing 2021. As anticipated, the Covid pandemic continues to impact us, with families needing new spaces to accommodate new lifestyles—and we don’t expect it to change any time soon.
Our numbers were also impacted by an increase in first-time home buyers, and Illinoisans moving over seeking a higher quality of life with lower taxes, larger homes at less cost, and an overall reduction in the cost of living in Indiana. It’s no surprise people aren’t hesitating to jump over the border with NWI’s quick and easy commute to Chicago and our booming economic development. Indiana has also seen a boost in new companies moving here, which means more job opportunities. It’s no doubt we’re continuing to thrive as a “suburb” in the Chicagoland area.
Hoosier home owners are continuing to sell during this first half of 2022, taking advantage of netting more money in this aggressive market where the demand for property continues to rise. In addition, many home buyers understood the importance of listening to qualified experts in the real estate field, who have been encouraging buyers to take advantage of low interest rates, which currently remain below 6%.
However, the shortage of available homes continues to be our largest concern. With a significant lack of properties, NWI realtors are turning to home builders more than we are home sellers. This continues to drive our new construction industry up, and our builders do not expect the “on season” to abate. Custom home builders that can keep up with the rigorous schedule and product delays—and have a model to show interested buyers—will find 2022 to be another stellar year.
Finally, it is my professional observation that the rising interest rates we expect to occur will not deter most home buyers in our market. The demand for new homes in Northwest Indiana will continue to increase in 2022, and it will remain a sellers’ market throughout this season. So, without continuing to sound like a broken record—NOW is the time to put your home on the market! If you’ve been thinking of selling, you want to make sure you have all the information before the opportunity passes by. Reach out to us with your questions, we’re here to guide you home.