If you’re in the market for a new house in Huntington County, there’s just not as many houses available out there right now as there were a year ago.
Steve Ness, co-owner of Ness Brothers Real Estate & Auction Company with his nephew, Kurt, said the market inventory across the United States and locally has shrunk.
“In January of last year there were 123 residential properties for sale. This year, there are only 96. It is down 22 percent,” Ness said.
He said that when the market was tough, people stayed where they were. New construction dried up for a number of years.
“It’s like anything else. When something dries up, it will take awhile to pick up and for the inventory to pick up,” Ness said. He also noted that interest rates are attractive right now.
He said when people are looking to invest in a home, they are seeking all of the amenities that will meet their family’s needs.
“What is typical is two to three bathrooms, larger kitchens, and open concepts,” said Ness. “Dining rooms are of the past.”
Ness Brothers started out in 1961. Now, they have offices in Fort Wayne and Huntington, with eight realtors.
Ness said the company sold 400 homes in 2017 in Huntington, Allen and surrounding counties. Real estate is sold at public auction or by a realtor.
His goals for the company in 2018 are to increase the inventory. Technology has changed the market a great deal, according to Ness.
“There is social media where homes are advertised and people can look on websites for homes,” Ness said.
Last year in January there were 31 new listings in Huntington County. This year, there are 24, a 22 percent difference.
In January 2017, there were 21 closed sales. This year, during that time frame, there were 15. That is tied to the low inventory, said Ness.
Chris Parker, realtor with Century 21 Bradley, on the Consultation and Marketing Group team, agreed with those figures. Parker has been a realtor with the company for nine years. He sold over 100 homes in Huntington County last year.
“The inventory market has definitely shrunk,” said Parker. “We wrestle with supply and demand. Demand is very high, but supply is down.”
He said people are looking to make improvements to their home instead of moving.
He attributed the decline in inventory to millennials who are purchasing new homes at a rate that is higher than analysis predicted. He also noted that new construction is down.
“We don’t have that many neighborhoods for new construction in Huntington County,” Parker said. At the same time, costs for new construction are up.
He observed that students are not going into the building trades, and a lot of the carpenters, roofers, electricians and plumbers are older. There are not many new, younger employees coming in to offset costs.
He addressed the topic of social media usage in the realty business.
“I leverage the technology and understand how consumers are using technology in the market place,” Parker said.
He is recognizing most people are shopping for homes online at 9:30 at night.
“People used to call a realtor and wanted to see a house in town, but now they have access to the inventory online and can see what the home looks like from the comfort of their own home,” Parker said.
He said popular real estate in Huntington County is a ranch home with a basement on two acres with a pole barn. He said they are at an affordable price point in the neighorhood of $225,000 to $275,000.
As for the pole barn, Parker said, “It’s not a man cave, but gives dad a place to park his stuff. It’s either storage or a place for a four wheeler, a boat or whatever his projects are,” Parker said.