"Insulated" Market has Area Realtors Optimistic

Local realtors from the Tri-State think the home mortgage crunch and the soft US economy that have caused problems in several housing markets across the country are not effecting things here. At FC Tucker Emges annual State of Real Estate conference, those who make their living selling property seemed very optimistic about the regional market. According to data from the Vanderburgh County Assessors office, home sales in the county hit a 5 year high in 2003 with 5060 homes sold. In 2006, 4704 homes sold, and in 2007, that number was 4246. Veteran realtor Kenny Newcomb Jr. calls the dip in units sold a "market correction." "This is not a feast or famine market," Newcomb Jr. said. "The slowdown now, at least in our area, is not considered a recession. " he added, saying, "Can we sustain growth weve had in the past? Its reasonable to say we can." Newcomb says the regional real estate picture is bigger than just Evansville or Vanderburgh County. He also says a good indicator of how the local economy and realty markets are doing is how much commercial investment there is. With a new Lowes store planned for North First Ave., a Menards slated for North Green River Road, and a Walmart in the plans for Newburgh, Newcomb says national retailers are showing faith in the local market. But many realtors admit, clients are worried that national trends might influence the local market. Residential reator John Briscoe says homes sell in greater Evansville, on average, in 85 to 90 days. He reassures clients, telling them, "People will always need to buy and sell homes, families are growing every day, people are changing jobs." He tells his worried home sellers to be patient during what he calls a "tighter" market. Briscoe says clients are paying attention to what realtors advise them to do, and often make improvements to their homes to help them stand out. Home buyers often preview ten to 20 properties before making an offer, and he says it is important to make your property rise above the rest. "Its a competition out there," he said. While the "tighter" market may put a pinch on high end, high price homes, Briscoe says homes priced in the $100,000 to $200,000 are still moving at a brisk pace. Realtors seem to agree, while few folks make wild profits in the greater Evansville area off of real estate during the bubble market of the last few years, an equally small number will be squeezed financially by the national downturn. "The people who were making $100,000 (profit) on flips," said Ken Newcomb Jr., "are in the markets today that were the bust markets."