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Old 02-21-2014, 06:41 AM   #1
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Will rural markets take off like some cities have on home prices?


Hi all,

I just made a really tough decision - I retracted an offer on a house my wife and I were absolutely in love with; it was just a little too small for our final retirement home.

So now I'm wondering about the market. I notice that in some communities house prices have not just rebounded, the inventory is so low we keep hearing about bidding wars and selling prices at or above listed price.

Here in NE Indiana the market still seems pretty soft - with lots of properties still coming out of repossession.

Anybody here have a feel for the small town/rural market right now? Do you think we'll see huge changes soon or that the market will take years to filter out repossessions? I'd hate to break my wife's heart and never be able to get a smaller home due to being priced out of the market.
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Old 02-21-2014, 06:54 AM   #2
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So much depends on the area---In this area,zoning has made subdividing farms more difficult--so rural houses on smaller lots (1 to 3 acres ) are at a premium and have increased in value--

Your area was hit by the recession very hard---I believe a lot of folks abandoned Indiana for jobs in other states---

Your area might have affordable country houses for a while----

We need to hear from a member in Indiana---what countys are you most interested in?
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Old 02-21-2014, 06:57 AM   #3
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We live in Fort Wayne - Allen County would be our primary target. We're looking East of town over to the Ohio line.
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Old 02-21-2014, 11:37 PM   #4
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I think demand in the rural areas is always low.

Around here, demand goes up if a property tax abatement deal is offered, which decreases the interest in existing homes.
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Old 02-22-2014, 07:59 AM   #5
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Quote:
Originally Posted by imautoparts View Post
...or that the market will take years to filter out repossessions?
Every area still has MANY "repossessions" to ferret through. The price point that they (and every other property) finally settle in at will be about the median income in each area.
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Old 02-22-2014, 10:35 PM   #6
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I bought a repo last week and it had been "in foreclosure" for 4 years.

I had been trying to buy one in the fall and finally gave up for now. It has set empty for years and I couldn't buy it because the bank selling it couldn't produce a deed showing that they owned it.

Point is that foreclosures take a number of years to settle.
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