Is it still a buyer’s market today in Fort Wayne? With how things are going with the shut down, we get asked this a lot.
The answer isn’t as simple as 100% yes or no. Let’s explain.
The State of the Market for Buyers in Fort Wayne IN
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – great neighborhoods, great school districts, close to shopping and other conveniences drive the market. These homes are flying off the shelves! Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market. A lot of buyers want room to grow and move in ready, so we’ve seen a lot of buyers wanting room for a growing family or aging parent to live with them.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Fort Wayne, but seem to be rebounding as the rental market increases. Certain areas are highly desirable for condos, townhouses and villas which offer little or no outdoor maintenance.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Fort Wayne market in unique ways. Many investors are fixing up distressed properties and selling them at a higher price for profit.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago. Lately, over just the last few weeks, we’ve seen interest rates change, credit score requirements go up, and other programs disappear that were once helping first buyers with down payment or other needs.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Fort Wayne because we believe in the community and the people here. Fort Wayne is a great place to live, with one of the lowest costs of living in the U.S.
If you need to sell a property near Fort Wayne, we can help you. Not only do we want to buy your home, we truly care about each one of our clients.
We buy properties like yours from people who need to sell fast.