Floyd County Market Continues to Improve for Home Sellers

Market conditions continue an upward trend for Floyd County home sales. Below is a graphic from the Indiana Association of REALTORS®. It shows statistics for two different time frames; the last three months, or the last twelve months.

Looking at the last three months, you can see that the number of sales and the median sales price have actually fallen by 7.7% and 4.5% respectively, compared to the same time frame last year. Though, a closer look also reveals that the number of new listings dropped 7.7% as well.

It's my opinion though, that we get a better gauge of the market by looking at the previous twelve months. Looking at those numbers we can see that number of sales and the median sales price both increased, while the number of new listings decreased. So there are less homes to choose from, with more buyers in the market, creating more demand.

This got me thinking about Months of Inventory. Months of Inventory is how long it would take to sell all the current inventory based on the number of recent sales. To determine, I take the number of homes currently on the market, and divide it by the average number of sales each month, for the last six months. This helps us determine if we're in a buyers market or a sellers market. Many experts feel that a balanced market consists of 5-8 months. Floyd County as a whole currently has eight Months of Inventory.

Below, I broke down the four biggest towns in Floyd County.

• New Albany, Indiana
• Number of Sales - 667
• Median Sales Price - $96,250
• Months of Inventory - 7.93
• Floyds Knobs, Indiana
• Number of Sales - 133
• Median Sales Price - $248,000
• Months of Inventory - 10.74
• Greenville, Indiana
• Number of Sales - 77
• Median Sales Price - $195,900
• Months of Inventory - 7.27
• Georgetown, Indiana
• Number of Sales - 164
• Median Sales Price - $171,000
• Months of Inventory - 7.25

So what does all of this mean? If you've been on the fence about selling your home, now is a great time. There are more and more buyers looking everyday and there are less homes to compete with.

I also think if you're thinking of buying a house within the next six months, now is the time. As we get into spring and summer, the number of people looking to buy is only going to increase creating even more competition for good homes. Acting early could be the difference in you obtaining your dream home or having to settle.

Check back for more market updates, or if you have specific questions about your town or neighborhood, reach out to me! My contact information is below.

Call or Text me : (502) 641-1677

Email me: brett@yourindianamove.com

10 Things New Albany Home Buyers Should NOT do when Applying for a Mortgage

Applying for a mortgage is a process that takes a little time. Unfortunately, many people think that once they are pre-approved, they're done. That simply is not the case. Below are things NOT to do while trying to obtain a loan.

• Do NOT change jobs!
• Lenders need to know that you have steady income. They will verify your employment usually twice, initially when the application is filed, and again just prior to closing.
• Do NOT co-sign for a loan with someone else!
• This could have a negative impact on your credit, not to mention it will increase your debt-to-income ratios, which lenders rely on.
• Do NOT buy a new car!
• Again, this will have an impact on both your credit and debt-to-income. So don't buy a car unless you plan on living in it!
• Do NOT go crazy with your credit cards!
• Don't start buying things in excess and putting it all on your card...and don't start skipping your payments either. Lenders need to know you are good at repaying your debt.
• Do NOT spend your down payment!
• Do some research to find out how much money you'll need for a down payment and closing costs. Set that money aside and leave it alone!
• Do NOT lie...or "not tell the whole truth"!
• Lenders will see everything on your credit, so leaving information out or lying about it will not get you anywhere.
• Do NOT finance appliances or furniture for the house.
• I know it can be tough. You really want to start getting things for your new home! Do NOT finance them! Do you sense a theme yet?
• Do NOT apply for credit anywhere!
• Every time you apply it has a negative impact on your credit. Lenders will check credit before closing and if there is anything new, more documentation will be needed.
• Do NOT make large deposits without checking with your lender!
• Lenders want to know where your money is coming from. So if a relative decides they want to help out and give you some money for your home, don't put it in the bank until after you talk to your lender.
• Do NOT pay off collections!
• Paying off collections actually has a negative impact on your credit, so wait until after you close to pay it off.

What will I find at Your Indiana Move?

What is Your Indiana Move?

My name is Brett Mumaw. I am a real estate Broker Associate with RE/MAX First in Jeffersonville, IN. I've been a REALTOR® since 2004 and have been a lifelong resident of Southern Indiana. I'm also a husband and father in my personal life.

Okay, enough about me. You might be asking yourself, "Why would I come here? What's in it for me?" This blog will cover a lot of topics. Here are a few examples for home buyers and sellers:

• What do I need to do to put me in position to buy a home in Floyd County?
• What are the most important things to address before selling a home in Clark County?
• How can I ensure I don't lose out on the house I love to someone else?
• What can I do to avoid getting low offers on my house?
• What are the current market trends for New Albany, Jeffersonville, Sellersburg, etc.?

What this blog will NOT be is a place that constantly posts/markets real estate listings or virtual tours. This blog is for discussion and education that I want people to feel comfortable with. If you want to Southern Indiana homes for sale, you can find them here.

So let me know what you think! Is there something specific you've wondered about? Send me a message, or leave me a comment below. Don't want to do that? Call me at 502-641-1677 if you have specific questions about Southern Indiana real estate.