TERRE HAUTE — It may be tougher to get a loan, but now is a great time to buy a home in Terre Haute, according to local real estate professionals.
Around 100 people gathered Monday night for a public forum sponsored by the Terre Haute Area Association of Realtors at the Idle Creek banquet center.
While home prices have plunged as much as 40 percent on America’s coasts, prices have been far more stable in the Wabash Valley, forum participants said.
The average sale price of a Vigo County home hit an all-time high in April 2007 at more than $102,000, said Brian Conley of Conley Real Estate Appraisals in Terre Haute. Today’s average sale price is just more than $94,000 – a drop of just 8 percent, he said. The average sale price in 2000 was around $83,000, Conley said.
In the largest U.S. metropolitan areas, home prices experienced much greater swings than in the Wabash Valley market, Conley said. “We don’t see the high highs or the low lows,” he said.
Based on recent sales activity, Vigo County has a more than nine-month supply of homes for sale, Conley said, adding that anything greater than a six-month supply is considered a “buyers market.”
Despite the buyers market, you can sell a home today if it is priced right, said Troy Helman, a Realtor with Coldwell Banker Larry Helman in Terre Haute. It is important not to price your home too high when you first offer it for sale because the first four weeks a home is on the market is when it generates the most interest, Helman said.
“You can sell a home in today’s market,” Helman said, adding it is important to take emotions out of the process of setting an asking price.
When home prices hit their high in Vigo County, homes were selling for about 12 percent less than their asking prices, Conley said. Today, asking prices are averaging around 30 percent greater than final sale prices, he said. “The moral of the story is if you want to sell your home, you have to price it properly,” Conley said.
With a higher than usual number of homes on the market, now is a good time to buy a home, said Bert Williams of Williams & Associates in Terre Haute.
“It’s a great time to buy,” he said. Interest rates – around 6 percent – are low and the market should eventually recover, he said. “In a couple of years you’re going to be fine.”
Home prices in Vigo County – especially homes selling for more than $200,000 – were driven higher beginning in late 2002 when Pfizer started bringing in employees for its Exubera manufacturing facility here, said Chip Miller with Prudential Newlin Johnson.
From 2002 to 2007, Pfizer brought as many as 500 people to Terre Haute, Miller said. Then, when Exubera production was shut down, many of those people moved from the area, he said. All this created a large supply of high-end homes with low demand, driving prices down, Miller said. “It comes back to supply and demand and pure economics,” he said.
As much as 40 percent of current market activity in homes priced above $200,000 can be attributed to Pfizer, Miller said.
Foreclosures are another big factor in today’s Terre Haute area real estate market, forum participants said. Up to 25 percent of the homes for sale today are repossessed homes, they said; however, most of these homes are priced below $50,000 so their effect is mostly being felt in the lower price end of the market, participants said.
Banks and other lenders are using somewhat higher standards in writing mortgages today than a year or two ago, but loans are still available, forum participants noted.
“We’re all extremely busy right now,” said Ted Kraly of Old National Bank.
Credit scores have become a big factor in determining who can receive loans and the terms of those loans, said Phyllis Herb of First Financial Bank. It is also less common today for lenders to make loans with 100 percent financing, she said.
“It’s really back to the way it was 10 or 15 years ago,” said Jim Cheek with Wells Fargo Home Mortgage.
To sell a home quickly, price it correctly by asking a real estate professional to show you other homes in the price range you are considering, Williams said. Also, make sure the home is well maintained, avoid pet odors and try and make the house stand out in buyers’ minds, Helman added.
There are 86 homes sold each month in Vigo County, Conley said. That’s almost three closings per day, he said.
“It was a good meeting,” said Richard Nicoson of Terre Haute, who is trying to sell his home in the Collett Park neighborhood. Anyone buying or selling a home would have gotten very good information from the forum, he said.
Nicoson and his wife, Barbara, have had their home on the market for eight months and had three offers, he said. Still, the right buyer has yet to come along, he said.
“Everything [forum participants] said, we’ve been going through,” Nicoson said after the 90-minute forum, adding the meeting gave him some reassuring information. “I know there is a buyer out there.”
Arthur Foulkes can be reached at (812) 231-4232 or arthur.foulkes@tribstar.com.
News
Real estate professionals say now is time to get a home in TH
- News
-
-
Magnolia gives in on rezoning
A potential $20-million investment in Terre Haute’s east side has been blocked by public opposition.
-
Expert sees ‘slow slog’ ahead for economy
While optimism flickers, the Wabash Valley and Indiana economy may see a “slow slog” this year amid a flat housing market, unemployment and political unrest.
-
Komen move won’t affect Indiana Planned Parenthood
Planned Parenthood of Indiana will not be affected by Susan G. Komen for the Cure’s decision to halt grant funding to Planned Parenthood affiliates nationwide.
-
Council discusses ideas for memorial ways
The Terre Haute City Council Thursday night discussed possible new rules for designating “memorial ways” in the community.
-
Madonna prepares our halftime feast
Suddenly, she arrived, with her famous bleached blond hair, the almond-shaped eyes, the ruby-red lips.
-
An advocate for the truth
The truth of the matter is, lying has consequences.
Pulitzer Prize winning author and New York Times columnist James B. Stewart offered an honest look at the trend of dishonesty inside Tilson Auditorium Thursday. His new book, “Tangled Webs: How False Statements are Undermining America: From Martha Stewart to Bernie Madoff” was featured as part of Indiana State University’s speaker series.
-
Super Bowl officials arrest "web pirate"
NFL Super Bowl officials were hoping to score some major media attention with the arrest of a “web pirate” accused of illegally streaming sporting events over the Internet.
-
Indy Super Bowl has cold-crisis master plan
Eager to avoid the winter-weather disaster that hit last year’s Super Bowl, this year’s host city has developed a cold-crisis master plan.
-
Steve Weatherford’s gifts keep on coming to hometown
The first time Steve Weatherford rolled through the New York Giants locker room with a laundry cart, collecting castoff tennis shoes and cleats, he made sure to tell teammates he wasn’t selling their stuff on eBay.
-
Shooting, chase leads to 23-year sentence
A Brazil man received a 23-year prison sentence for a 2010 incident in which he shot at Terre Haute Police during a car chase on the city’s east side.
-
State police release stats on K-9 work
More than $3 million in cash along with thousands of pounds of illegal drugs were removed from criminal enterprises in 2011 through the Indiana State Police K-9 program.
-
Linton-based Guard unit prepares for deployment
An Indiana National Guard unit from the southern part of the state that was deployed twice to Iraq since 2003 is now preparing to be deployed to Afghanistan.
-
Pa. groundhog ’predicts’ six more weeks of winter
Pennsylvania’s Punxsutawney Phil emerged from his lair to “see” his shadow today, in the process predicting six more weeks of winter.
But, at this rate, that might not be so bad. -
Greene County General Hospital announces expansion, renovations
Construction is expected to start in early spring on a new $6.5 million expansion-renovation of the Greene County General Hospital.
-
Renovations finished, airport prepared for Super Bowl traffic
The Super Bowl may be a few days off, but the “touchdowns” have already started at Terre Haute International Airport — Hulman Field.
-
MARK BENNETT: Super Bowl luck? His is mostly bad
I’ve learned to take a Seinfeld approach to Super Bowls.
In a flash of clairvoyance, Jerry excitedly reminded buddy George Costanza that “if every instinct you have is wrong, then the opposite would have to be right.” -
Ohio Blvd. rezoning draws opposition
Opponents of a planned senior-living complex on Ohio Boulevard near Deming Park showed up in force at Wednesday night’s Vigo County Area Plan Commission meeting.
-
Child molestation charges filed against Terre Haute man
Two counts of class-A felony child molestation have been filed against a Terre Haute man arrested last week on child pornography charges after police received a tip that he was offering a child for sex via instant messaging.
-
CASA kids among many receiving funds from trust
Because of the generosity of four long-ago leaders in Terre Haute, some at-risk children today can participate in extra-curricular activities that they couldn’t otherwise afford.
-
Speaker tries to educate others about Islam
A 36-year-old orthodox Muslim, Zohra Sarwari frequently confronts misconceptions and stereotypes — even prejudice — when she is in public.
-
Law firm offering rides home
The Fleschner, Stark, Tanoos & Newlin law firm plans to sponsor free taxi rides home from bars and restaurants to those who who have too much to drink on Super Bowl Sunday.
-
City woman facing arson charge
A Terre Haute woman faces a charge of arson related to a Jan. 10 apartment building fire in the 600 block of South Center Street.
-
VIDEO: Steve Weatherford homecoming
The only three New York Giants players who touched the football on a field goal that propelled their team into Sunday’s Super Bowl against the New England Patriots visited Terre Haute North Vigo High School Tuesday — where a throng of Patriots cheered for the Giants.
-
South student serving as Super Bowl ambassador
For more than five hours on Monday, Molly Nasser tied ribbons on gift baskets intended for hospitalized children across the country, part of an unprecedented service project undertaken by a Super Bowl host city.
-
SLIDESHOW: Indy has built rep from ground up
Leaders of Indiana’s capital city spent decades gussying up their downtown by building big sports and convention venues and luring upscale hotels, popular restaurants and a four-story shopping mall to locate here.
-
Vigo County trial date changed
The trial date has changed for a defendant in the April 2011 death of a Terre Haute man.
-
Vigo Commissioners strive to cut expenses
In an effort to remove possible overtime and compensation time issues, the Vigo County Board of Commissioners Tuesday approved a “letter of engagement” for a Muncie-based firm to conduct a time analysis study and a self audit/analysis for compliance with the federal Fair Labor Standards Act.
-
Sports museum helped Indy land big game
During the competition for Super Bowl XLVI, it didn’t exactly hurt Indianapolis to be able to throw the National Art Museum of Sports name into the mix.
-
House of Hope back in business
Less than a year after being closed by state officials, a Clay County mission center has re-opened to serve people with histories of drugs, alcohol and emotional problems.
The House of Hope, on U.S. 40 west of Brazil, has been receiving new residents since December. -
Indy’s zippy, but Haute’s hospitable
Brandon Briley did his part to welcome Super Bowl visitors to Terre Haute.
- More News Headlines
-
Fla. Man Adopts Girlfriend in Legal Battle
Komen Reverses Planned Parenthood Cuts
GOP: Jobs Numbers Welcome, Can Do Better
2nd Teacher From LA School Arrested on Sex Claim
NY Police Shoot Dead Unarmed Man
More Deaths As Egypt Clashes Continue
Raw Video: Michelle Vs. Ellen in Pushup Contest
Past Complaint About LA Teacher Comes to Light
Raw Video: Australia Towns Isolated by Floods
'Lucky' 9-Year-Old Receives 6-Organ Transplant
Raw Video: Prince William in Falklands
Madonna Nervous About Super Bowl Halftime Show
Foreclosures Down 34 Percent in 2011
Reaction Heated on Planned Parenthood-Komen Rift
Obama: Still Far Too Many Americans Need Jobs
Raw Video: Punxsutawney Phil Sees Shadow
Hiring Burst Pushes Jobless Rate Down to 8.3%
Egpyt Protesters Blame Police for Soccer Deaths
Trump Backs Romney, Despite Gingrich Staff Claim
Cat in Cockpit Causes Four-hour Flight Delay
SB XLVI: Adam Sandler
Bronx Zoo Selling Valentine's Day Roaches
Adam Levine: Shame on Randy Jackson
Tim Tebow Addresses His Fans and Faith
Gossip Girl's Steamy Spread
AG Holder defends actions in heated hearing
First Look: Kim Kardashian on 'Last Man Standing'
Panetta said to expect Israel attack on Iran in spring
Madonna channels Victor Cruz
Christina Hendricks Stuns in Sexy Dress
Raw Video: Snow Causes 20-Car Pileup in Italy
College Football Prospect Chooses Team Based on Chick-Fil-A
EXCLUSIVE: Katy Perry's Sims 3 Commercial BTS
Ads get social at Super Bowl
Man Adopts 42-Year-Old Girlfriend
Kim Kardashian Looking to Start Bible Study Group
