2018 Real Estate Trends for Midwest Homeowners
We all know that the real estate market has ebbs and flows. What’s tricky is trying to predict the outcomes! Fortunately for homeowners in the Midwest, the market has been following an optimistic trend. All signs point to strong sales throughout 2018. Here are just a few of the things to get excited about as we enter the real “hot season” for buyers and sellers.
The Strong Midwest Economy
Friendly neighbors, safe communities, and hospitality are all staples of the Midwest persona. Yet living in this region comes with some other practical perks, too. Real estate in the Midwest has remained steady in recent years for its great cost of living, higher wages, and relatively low unemployment. In fact, the Midwest is slated to hold its reputation of being the most affordable area in the country, according to one 2018 Housing Market Outlook report. Buyers get a great amount of square footage for their budget, and sellers can enjoy a solid return on their home investment.
That’s probably part of the reason why a couple key Midwest cities were included on Amazon’s Top 20 List for its new headquarters’ location. In addition to power players like Chicago, Denver, and Philadelphia, we also saw Columbus, Ohio and Indianapolis, Indiana make the list. That’s high praise for the Midwest! And while Indianapolis may not be the final pick, the city isn’t out of the question. The quality of life here gives new residents—and long-time Hoosiers alike—access to plenty of great food, entertainment, and school systems. And with plenty of home options around Central Indiana, there are different price ranges for everyone!
Home Sales in Indiana
Most experts agree that millennial buyers are revving up for 2018, and it’s not just couples and young families that are ready to become homeowners. The millennial market shows a strong trend for single buyers that’s likely to continue in the near future. Settling down in the Midwest is a great choice for this generation. These buyers can often get “more house” for their money, plus all the amenities of living close to a major city, whether that’s Minneapolis or Indianapolis!
The Indiana real estate market in particular is experiencing a great start to the year. Central Indiana saw existing-home sales jump over 8 percent in February 2018—even though the inventory has been slimming down and prices have been rising. This is a nice continuation on the 5 percent boost that the average home sales price had in 2017. All evidence leads to an exciting time for sellers. Consider this: The average time on the market in 2017 was just 66 days. That’s nearly a 15 percent drop from the 2016 numbers. With professional home staging, your listing could sell even faster this year!
Even luxury homes in Indianapolis are seeing an uptick. In 2017, almost 150 homes in the $1 million price-point (and higher) were sold around the city. That’s a massive 143 percent jump from the 2012 numbers, when only 61 luxury homes were sold. These types of listings often take longer to sell because there are fewer buyers in this elite market. That’s a big part of why this boost in sales is encouraging to see. It’s a good indicator that the Indiana economy as a whole is poised for success.
A Great First Impression
Of course, even in a strong housing market there’s still competition. Sellers need to put their best foot forward if their home is going to grab the attention of this fast-paced environment. Buyers don’t want to settle for sub-par, so it’s important to have eye-catching pictures or at least a welcoming walk-through when potential buyers come to see your listing for the first time.
One of the best ways to make a great first impression in today’s real estate market is to work with a professional staging company for your home. Your listing deserves to be styled with a wow factor that suits your home’s architecture and main features—like a great master bath! The investment can quite literally pay for itself multiple times over, so there’s no reason to skip this step. Let our home stylists make your house a 10/10 for your target market.
A little staging can go a long way to help buyers imagine life in your house, so don’t keep your home ignored on the market. Contact Home Matters today to schedule your consultation!