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People in surrounding states seeking property bargains are finding them but usually not in their own state. Instead, people are moving to the Hoosier state, especially the Region. Peter Novak, Chief Executive Officer of GNIAR, Greater Northwest Indiana Association of Realtors, says "Indiana has a big advantage over some of our neighboring states." Novak says that for the most part, the state has pretty low property taxes, "capped by state property tax caps." So, compared to Illinois, Novak says there is a pretty big difference with Indiana right now. On Top of that, Novak says that locally there has been 16-months of increased sales and that that is "a very good sign for us locally." GNIAR partnered with the South Shore Convention and Visitor's Authority's new website to is easy for transplant to relocate to the Region, just by visiting the new website, http://www.southshorecva.com.
While it has been a basically a buyer's market for the past four to five years, an upward trend in real estate values in the Region is tempting homeowners to sell. However, Novak says something else is driving the upward trend, a lot of "pent up demand," that is a huge number of buyers "who put their life on hold for three or four years." These people want to move for a number of reasons but realized that it was not a great time to be a seller, as a result delaying their decision. But Novak says with the low interest rates and the fact that consumer confidence is increasing and the housing market is showing signs of new life, regular buyers are returning to the market.
Novak made those comments at Wednesday's unveiling of the new website for the South Shore Convention and Visitors Authority at the Indiana Welcome Center in Indiana.
Peter Novak, Chief Operating Officer, GINAR, (Greater Northwest Indiana Association of Realtors) at the Indiana Welcome Center in Hammond.
(photo courtesy of jstevens )
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