TERRE HAUTE, Ind. (WTHI) - Experts say Terre Haute is seeing a shortage of housing inventory like the rest of the country. There are more buyers than homes.
Chip Miller is the Senior Vice President of Berkshire Hathaway Newlin-Miller, REALTORS in Terre Haute.
Miller says people are starting to feel better about buying homes after the economic crisis in 2008. He explains lenders have money available and interest rates are creeping up. Those factors are pushing more people into the market.
In Terre Haute, Miller says the average single-family home price is around $125,000 but the hottest market is for buyers making a "step up."
"When you get to prices of... $150,000 to $250,000 there's a very large pool of buyers in that market right now."
Miller says this price point is the most competitive locally, however, a third of home buyers are young people and a majority of them are looking for their first homes.
"The millennial age group, those that are thirty-six years and younger, they makeup or biggest buying pool of any generation that we've had. They surpass the baby boomer era and the National Association of Realtors continues to study this and they show the millennials are our largest buyer overall, nationwide."
We asked recent home buyers what they think of the local housing market. Some say it can be difficult to find a quality home that is still affordable.
Miller says, in general, it is still more affordable to buy than it is to rent. He explains there are programs available to help home buyers. He recommends working with a lender and realtor you trust to get the best deal.