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"What pandemic? When it comes to home buying, historically low interest rates are trumping any fear of COVID-19 and a dearth of inventory, as those in the realty and mortgage lending industries describe a frenzy of activity that has resulted in quick sales and in some cases, bidding wars that end in prices higher than the seller’s listing amount. “It’s kind of crazy,” said Peter Novak Jr., CEO of Greater Northwest Indiana Association of Realtors. “This market is high demand and high prices,” he said. According to monthly statistics released by GNIAR, median sales prices were up just under 10% in Lake and Porter counties in July compared to the same month last year, while housing units sold soared 24% in Porter County and climbed more than 10% in Lake County. The median sales price in Lake County in July was $194,900 compared to $178,000 in July 2019; in Porter County the median price was $236,900 compared to $216,000. There were 683 houses sold in Lake County in July compared to 619 during the same month last year; in Porter County there were 301 houses sold compared to 243. A home being built in the Burr Ridge subdivision by Providence Homes on Sapphire Way in the development south of U.S. 30 off of Burr Street in Schererville. Combining all seven counties in GNIAR’s region -- Lake, Porter, LaPorte, Newton, Jasper, Starke and Pulaski -- median sales prices were up 12.2% and sales increased 13%. Novak said August is looking to be just as strong. Centier Bank is doing more mortgage lending business than ever, according to Bryan Traylor, its senior vice president of residential lending and current president of the Indiana Mortgage Bankers Association. “The market is so hot right now people are willing to pay more than the list price just to get a house,” he said. “It’s a welcome sign that we may bounce back from COVID sooner than we thought,” Traylor said. Joseph Moke, broker-owner with Weichert Realtors-The Moke Agency in Crown Point, called the current housing market \"very unusual. “It’s almost like the opposite of 2008-2009, when we had lots of listings and no buyers. Now we have lots of buyers and no houses,” Moke said. Novak said there were less than 2,000 homes for sale in July across the seven-county region and 1,227 of them were sold. Moke said in Crown Point, there were only three houses listed the week of Sept. 13 for under $200,000, one of which was a real fixer-upper on the south side of the city. He said there were just eight active properties in the $225,000 to $275,000 price range in the city. “People are fighting over properties,” Moke said. He said he had interested individuals competing for a house in the Green Acres area of Hobart that was listed at $159,000 and ended up selling for $171,000. While fear over COVID-19 isn’t deterring many potential buyers, Moke said it could be a factor contributing to the low inventory along with the low interest rates. He said some people may not want people in their homes and may not want to go out and look at homes themselves. The higher prices could be another factor. While homeowners may get substantially more money for their current house now, they also will probably have to pay more for a different one, Moke said. Traylor said the mortgage business slowed a little during the beginning of the pandemic, but then people began seeing some positive economic signs and low interest rates, and found they could buy more house than they could a year ago. A third factor in the housing boon, Traylor said, is a migration of people to the suburbs, fueled by people working remotely from home during the pandemic. “A lot of businesses are letting their employees work from home. They’re finding they can work just as productively at home as in an office,” Traylor said. Moke said another factor leading the housing boon in Northwest Indiana is the continued influx of Illinois residents crossing the border. “People want out of Illinois and the city,” he said. But Novak said this phenomena isn’t limited to Northwest Indiana. He said the housing market has been strong across the nation over the last couple of months as well. “It’s crazy to me, with the inventory being so low. But I don’t think interest rates have ever been this low. Everyone’s taking advantage of them, whether it’s to buy, remodel or refinance,” Novak said. Traylor said the person with the least amount of contingencies with their offer, including the sale of their own house, have the best advantage in securing a house. “If people aren’t ready to buy a house they’re looking at, it might slip out from under them,” he said. Karen Caffarini is a freelance reporter for the Post-Tribune."
<https://www.chicagotribune.com/suburbs/post-tribune/ct-ptb-region-housing-stats-st-0921-20200918-65wajquoozcn7ohwgf3f6rsoj4-story.html>