July Zionsville Updates

312 Homes for sale
53 Homes sold in June
64 Average days on the market for sold homes in June
$359,900 Median price of homes currently for sale
$310,000 Median price of homes sold in June

Don’t sit on the sidelines…find your dream home!! 

Despite the non-stop news of a continued downturn, four major media players, The Wall Street Journal, CBS Money Watch, Forbes Magazine, and National Public Radio, have recently pronounced – now is the time to buy.

With prices declining throughout the US, some of this may seem counterintuitive, but each of these reports recognizes that PRICE is not as critical as COST.  The cost of a home can go up even if prices continue to fall.  Here is some data to consider:

INTEREST RATES

Interest rates are at historic lows; however, the National Association of REALTORS® is anticipating a 1% increase in mortgage rates in the next 12 months.  A 1% increase negates a 10% fall in prices.

QUALITY RESIDENTIAL MORTGAGE (QRM) BILL

Legislatures are currently developing this piece of legislation to tighten lending standards.  If this bill is passed the following will occur:

1.       The qualification process for loans will be more difficult

2.       The cost of a loan will increase

The bottom line is, however the market price of homes may rise or fall in the next 12-24 months, the cost of a home will soon increase due to these measures.  Now is the time to buy due to the impending increase in home cost.