To buy or not to buy.

[Nate2]

Hello-
Any of you Hoosiers in or around the Bloomington/Bloomfield area? My brother relocated there recently, hows the market....is it worth buying right now or should he continue to rent? He is looking at a specific property in the Koleen area.

Thanks for any advice!

Nate

 

[Rufus]

Indiana as a whole shows basically stable values. Depending on which source you consult, you will see statistics from minus 1% to positive 1%. However, individual areas can show drastic declines such as 35% since last year in some Indianapolis inner city areas. In general, it appears to be areas where last years prices where $70,000 and under.

Bloomington has a large college and cities with colleges tend to fair better than those without. Most especially properties in close proximity to said college. Since Bloomington is south of my market and a different MLS, I cannot give any actual useful information.

 

[Nate2]

Thanks, He is asking me for advice and I obviously have no idea....he is looking at 32 acres with a house (GLA unknown) a hay barn, another barn with electric, a basketball court (which he has absolutely no use for)......approx. 6 acres are wooded and there apparently is a local farmer that hays the field (win-win: farmer gets hay, owner keeps property clear) All is within 2 miles of his place of employment, Naval Command Center. He is very heavy into target shooting and is looking for a place to possibly build an indoor shooting range. Lucky for me I will never get that appraisal order! List price is $150K, the house apparently is in poor shape.

Nate

 

[Doug Meyer]

Have him contact Marlene King, IFA in Bloomington. Perhaps she can help. Her number is 812.333.3001. Tell her that Doug Meyer, IFA in Indianapolis referred him.

 

[Nate2]

Thanks Doug, I forwarded the name and number along with your name, If he calls I will let you know!