RE/MAX Affiliate Matt Evans: Porter County Real Estate Market: "Working in Our Favor"

The housing market is doing pretty well in Valparaiso. We've certainly seen an uptick in interest in relocation to the Valparaiso area and Porter County in general. There are several things working in our favor that are drawing people to the region.

We have lower property taxes than Lake County and Illinois. We have a new hospital nearing completion. We have several businesses expanding or relocating within our borders. We have a vibrant downtown with a new amplitheatre and more amenities coming soon.

We have three universities in Valparaiso, with Valparaiso University, Purdue North Central, and Ivy Tech which adds to housing needs and aids in market movement. We see the steel mills, area auto manufacturers, and other businesses are hiring again. We have great schools and great parks. And we have several nearby amenities with Lake Michigan's beaches and Downtown Chicago under an hour away.

Every city in the region is different in terms of market health. In Valparaiso, below and near median price homes (approximately $175K) are now turning at a steady rate, closer to a balanced market in fact. And month's supply of inventory from $200K-$300K has been reduced greatly since the housing downturn.

Certainly the upper price ranges of the market ($350 and up) will continue to face some adversity with oversupply and lack of qualified buyers, so Sellers will need to remain patient, keep their homes in excellent show condition, and expect that price reductions may be needed to achieve sale.

While rampant building is not expected due to tighter lending, we are seeing many more housing starts the past year than previous years. We are indeed finding, in those at or near median prices, a lack of supply for certain discerning buyers. Coupled with low interest rates causing many buyers to shop now, may act to drive prices eventually higher for existing homes."

So as you can see, we are quite bullish on certain segments of the market.

--Matt Evans, RE/MAX Affiliates

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