Last Updated on December 3, 2020 by HortonTeam
If you have thought about selling your Evansville and Newburgh home in the next year or so, you should really consider selling now because this is the best time for sellers to sell.
The market could quickly turn into a buyers market due to the fact that 8% of all home mortgages nationwide have opted to put their loan payment into forbearance.
In 2004, when we became real estate agents, there were 1800+ homes for sale. Back then, 40% of the homes on the market did not sell – the real estate market simply rejected them. On average, there are 1200 to 1400 homes for sell in Warrick and Vanderburgh county. Last year at this time, there were only approximately 700 to 800 homes listed for sale, and we were telling people that we had never seen the market that low in inventory.
Currently, only 353 homes are listed for sale by agents in the local Multiple Listing Service (MLS). There are over 800 active local agents, most are working with home buyers who are eager to purchase and more often than not are getting into multiple offer situations.
Here is the good news for all home sellers. At this time of writing, there are 574 homes pending, meaning those that are under contract to purchase. The average number of days on market (DOM) is 28. That is a misnomer because the median DOM is a low 3 days. In other words, 288 homes sold in the first 3 days and an amazing 410 homes sold in the first two weeks. One home that took 1218 days finally sold, because of lack of inventory, which helped make that average DOM go up to 28 days.
Currently, the Horton Team have nine homes that are under contract and not one home listed for sale. It is typical for us to have 10 homes listed. 3 of the homes that we most recently pended, sold the very next day. The most recent was a $229k Newburgh home which received an almost full price offer, seller countered at full price with 30 days delayed possession, & the buyer accepted. The sellers purchased the home for $200k just last summer and it previously sold for $185k in 2017.
Your home may be worth much more than you realize. We can give you a free, accurate, home market analysis by calling (812) 518-0411 to set up a 10-15-minute walkthrough of your home with no obligation.
For more information on the local real estate market and how to get top dollar, check out our blogs and while you are there, check out our online résumé by going to www.hortonteam.com and click on the about us tab.