How’s the local real estate market looking?

WLFI Viewing Area—COVID slowed a lot of things down but the real estate market wasn’t one of them.

“It was a totally unpredictable year in 2020, we got off to a really strong start,” said Real Estate expert and broker Charlie Shook.

A strong start indeed. Real Estate Broker and expert Charlie Shook says despite the pandemic 2020 ended on par with 2019.

“When things began to open up after the vaccinations were available I think that’s one of the reasons we’ve seen so much demand.”

A buying demand with little supply. In August 2019 there were over 11,000 homes for sale in Tippecanoe County this year there were just over 9,000 for sale.

“If you take a snapshot of Tippecanoe County and the surrounding counties as of about a week ago we have 12 percent fewer listings than a year ago so that’s like going to the grocery store and one out of ten shelves are empty, said Shook.

“We were certainly accustomed to multiple offers but we weren’t accustomed to having multiple showings and multiple buyers in the same house at the same time looking at it,” said Shook.

Operating Partner for Keller Williams in Lafayette, Ken Cary said the market has seen a slight shift.

Cary said people may miss the shift because of volume numbers. That means what you are getting for your home compared to two years ago has gone up.

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“I will say the lower end of the market from 100 to 250, we’ve had such an inventory shortage in there it’s difficult to build, to accommodate a first-time buyer at a price that a first-time buyer can afford,” said Cary

Cary also said right now there are two large generations competing in the same market space. He said baby boomers are selling their old family homes and moving into smaller homes and millennials have moved into that same market.

“The market needs more listings,” said Cary. “What the market needs more than anything else right now is for people to not be afraid to sell. That’s the thing we need more than we need anything else, we need sellers to sell.”

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