FORT WAYNE, Ind. (WANE) - The housing market is on the rebound around the region, and those looking to sell can possibly cash in. Realtors in the area said they're seeing the fewest number of houses on the market that they've seen in the past decade.
According to UpState Alliance of Realtors (UPSTAR), an association of realtors from northeast Indiana, there were 2,905 homes on the selling block during March of this year. The same time in 2012, there were 3,458 homes up for sale. That's a 16 percent decrease from year-to-year.
According to Kyle Ness, a realtor with Ness Bros. Real Estate & Auction Co., the 2012 housing numbers matched the numbers of 2011, and was the first sign that the housing market was on the rebound.
"Now that the market has definitely flattened out and showing signs of an uptick, you have a big back log of buyers that are now stepping into the market place," Ness, who is also the vice president at UPSTAR, said. "You have the same amount of sellers and a back log of buyers. What it's doing is creating high demand for those properties that are available."
Ness said only about a third of buyers has a home that needs to be sold.
"Between first-time buyers and people moving out of the area, only a third of the buyers out there have product to sell," he said. "People who have product to sell, this is a good time to make it available."
According to Ness, typically homes around the area would stay on the market for an average of 90 to 100 days. But in recent weeks, homes have been listed for less than 60 days before being sold.
"They're expecting homes to sell in the first two weeks and that's just not a market we've had before," Ness said. "This is the craziest market I've seen in the 12 years I've been selling."
Jodi Skowronek, a realtor with North Eastern Group Realty, said she sold three homes recently that all sold four days after they hit the market.
Ness said the trend in northeast Indiana can be seen across the Midwest.
"The west and east coasts tanked before the Midwest," he said. "The coasts also recovered first, and now it's the Midwest's turn."
However, quick-selling homes have made it difficult for buyers.
Andrey Yaruchyk and his family sold their home in November of 2012. They have been looking for a new home ever since.
"We've been looking and looking and have had a little bit of trouble," Yaruchyk said. He and his family have been living with relatives while searching.
He said he and his wife have been looking for their ideal home, but have been either outbid or the home was sold before they had a chance to look at it.
"We had a couple scheduled to go look at and we were going to go on the following day and before we could get into the home, it's happened at three homes, and they sold," he said.
Ness said he couldn't project how long the market would stay this way, but guessed it would start to change sometime in the fall.
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