TERRE HAUTE, Ind. (WTHI) - Local realtors are saying that now is a great time to sell your house. However, prospective buyers may not be so lucky.
Although the real estate market here in the Wabash Valley is seeing high demand, the current supply cannot keep up with it.
One local couple shared their recent home buying experience with news 10. Daniel and Julie Plasencia are recent homebuyers in Terre Haute.
"We bought our house via facetime,” Julie Plasencia said.
A unique experience for them to say the least, but they were not expecting to face as much competition as they did.
"It was wild,” Plasencia said. “We did not think the market was going to be as difficult as it was."
Demand for new homes is a trend that experts are seeing nationwide, despite a global pandemic. However, locally there is an underlying problem facing many homeowners, like Julie. It's an imbalance in supply and demand. This means there are not enough homes available for everyone wanting to buy one.
"Every time something came up, it was gone, right away," Plasencia said.
Bernice Helman is the Vice President of Coldwell Realtors Helman. She said inventory levels are at historical lows for the area. Normally, a balanced real estate market has about six months’ worth of homes to sell. Now it is less than 2 months with the decreased supply.
“Inventory is just so tight,” Helman said. “It's really crazy when a home hits the market and it's appropriately priced and in good condition. The activity is incredibly strong.”
This low supply is also driving up home prices in the area. According to Helman, In 2016, the average price of a home in West Central Indiana was $115,000. Now that number is near $150,000
The main reason for this increased demand and low inventory is that more people are moving to Indiana.
"Indiana is a great place to live and is very affordable. We are seeing some migration coming across the state line,” Helman said.
Whatever the reason... The Plascencia's are glad they were able to find their forever home. But in this market, experts say you'll have to act quickly if you want the same.