Tuesday, January 25 2011
The average sales price for residential homes in parts of the tri-state has jumped.
Local realtors say they are seeing an increase in demand when it comes to buying homes. With an increase of money people are getting for their homes, they say that combination could make for a strong housing market in 2011.
The Evansville Area Association of Realtors reports a 4.7 percent increase in both the average sale price and median sale price of homes sold in Vanderburgh, Warrick, Posey and Gibson counties, from 2009 to 2010.
"The fact that these have gone up means that people are buying more expensive homes which is good and prices have stabilized in the area," says Chris Dickson, President of the EAAR.
Other realtors are also happy with the news.
"For sellers right now it's a good time to list your home because you can get a little more for you home than in the past," says Walt Caswell, a realtor with ERA.
On top of that, more buyers are now looking and willing to spend.
"Historically, the mortgages, the interest rates are really low, so a lot of people are capitalizing on that and it's just a really good time to buy a home," says Caswell.
"They seem reasonable to me. I'm not an expert but they do seem reasonable," says potential buyer Lori Scott.
Scott is on the hunt for a new house, and says despite the increase in price, she is still ready to move.
"I would like to move and just find something bigger but there would be the problem of could we sell our house right now and then the money that we need to get out of it in order to afford something a little bigger."
Steve Minor and his wife just listed their home.
"Just got it listed this week and then, so there's an open house today. Hopefully there's a lot more movement," says Minor.
"It looks like 2011 is going to move in that direction. It's a good pace moving into 2011 so we're looking forward to it," says Caswell.
This also seems to be the trend nationally. Sales of existing homes jumped 12 percent in December.