When there is a crisis of any kind impacting people in Indiana and across the nation, there is an understandable fear that it will cause a ripple effect and hinder other aspects of life. This can involve real estate, business and family concerns. Still, it is often said that crisis can also present opportunity. For those in Indiana who have considered getting involved in the real estate market whether that means selling their home or buying a home, it is wise to understand the current circumstances and housing demand. As with any significant financial and personal decision with legal ramifications, it is important to have professional advice.
Indiana sees a surprising housing boom amid pandemic
Statistically and anecdotally, 2020 had a major uptick in people looking to purchase property in Indiana. It is somewhat confusing given the state of the economy in the United States with the lack of certainty as to when things might return to some semblance of normalcy. Experts in the real estate industry were also stunned at the strength of the market. Not only is the economy struggling, but supplies to build and improve have been limited and prices have increased.
Even with that, there are benefits for people who are considering buying. Interest rates are low, people who have been working from home might be able to continue doing so after the health crisis has subsided, and people are choosing to move to Indiana. The state is recognized for its schools and affordability compared to other locations. Building has been rising steadily in the past five years with permits increasing from nearly 18,500 in 2015 to more than 22,300 in 2019. In 2020, there were around 96,000 home sales – a rise of 6.4% from the previous year. Demand is significant for 2021. This lends credence to the idea that the market is in good standing and people wanting to buy or sell can profit from it financially and personally.
Having experienced assistance may be essential
Market aside, there is much to consider when buying or selling real estate. Understanding the details of the transaction, crafting a purchase agreement, negotiating, checking for title defects, addressing restrictions and overseeing the closing are just some of the duties that can be fulfilled. If there are disputes or issues that arise, it becomes even more vital to have professional assistance. When buying or selling, having legal advice may be key and calling experienced real estate law professionals is the first step.