Home values go up in Evansville

Home values go up in Evansville

EVANSVILLE, IN (WFIE) - Across Evansville, home values are up by about 3.4 percent according to CoreLogic. That means if you're looking to buy, you better be quick.

"If there's a house that meets your criteria, be ready to make an offer quickly," Gretchen Muchnick with F.C. Tucker explained.

The study looked at data from May of 2016 until May of 2017. Local real estate professionals said it is consistent with their research.

"For Vanderburgh County, specifically, year-to-date this year versus last year, we are up about 2.6 percent; it's a very healthy appreciation," Muchnick told 14 News.

One factor causing the increase in price value is the lack of inventory. There simply aren't a lot of homes up for sale for the number of people looking to buy. Therefore, homes that may have stayed on the market a long time are now selling much faster.

"Year-to-date average days on market is 62 days, which is really at a record low," Michnick stated.

Looking ahead, CoreLogic anticipates an even bigger increase in home values over the coming year, up another 5 percent by next summer.

"I think that's probably higher than what we anticipate happening in our market," Muchnick added.

But it's not all bad news for the buyer; mortgage rates are also low.

Muchnick also said there are three key components to selling your home. First, make sure it is priced correctly. Secondly, the home needs to be in great condition. Lastly, buyers take the location of the home into consideration.

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