Indiana Real Estate Market: When will My Home Value Return?

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Indiana Real Estate Market: When will Home Values Return?

Indiana is still struggling, along with many other states in the Midwest. This decline in the housing market and low home values are undoubtedly linked to the steep decline in manufacturing jobs, both in Indiana and throughout the industrial Midwest.

It’s not all bad news for Indiana, however. If you own a home in the state, the Fiserv Case-Shiller Analysis predicts that home values will return to their peak 2006 levels by the second quarter of 2013.

The Expiration of the Homebuyer Tax Credit

April saw a big boost in homes sales – up 28 percent from a year before – and a nearly 13 percent increase in home prices, according to the Indiana Association of Realtors. However, many real estate experts are more than a bit concerned that this upward trend will not continue due to the expiration of the homebuyer tax credit. Without the homebuyer tax incentive, Indiana could be in for a rough second half of 2010.

In fact, certain areas of Indiana are already showing plummeting home sales. Although the Association of Realtors reported that the tax credit did its job of stabilizing home prices, many believe that home prices had nowhere to go but up, considering that most of the homes sold in 2009 were foreclosures.

In other words, the homebuyer tax credit may have appeared to buoy home prices, but in reality, comparing foreclosure sales to normal sales cannot be considered a boost in home prices.

The Result of Foreclosures

In addition, many realtors are urging sellers to be very aggressive when it comes to pricing their homes. Many sellers may be fooled into thinking the Indiana market has turned around and therefore may price their homes to reflect this false sense of market improvement. The Indiana market, overall, has seen a flat appreciation, or in some cases, a slight depreciation from the 2006 market.

However, it is important to point out that the majority of the foreclosures have left the market, thereby allowing home prices – and home values – to return to their 2006 levels.

Overall, Indiana continues to struggle with an increase in foreclosures, slow home sales and declining home values. Although home values are sure to struggle following the expiration of the tax credit, hope is on the horizon. Your home’s value is expected to recover by the second quarter of 2013.


10 Largest Cities in Indiana

1. Indianapolis 791,926   6. Hammond 83,048
2. Fort Wayne 205,727 7. Bloomington 69,291
3. Evansville 121,582 8. Muncie 67,430
4. South Bend 107,789 9. Anderson 59,734
5. Gary 102,746 10. Terre Haute 59,614

 

 

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