Housing slump hits home

by Samuel King (king@wsbt.com)

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Housing prices have dropped in Elkhart County for the first time in 17 years

Housing prices have dropped in Elkhart County for the first time in 17 years. (WSBT photo)

By Tiffany Griffin

ELKHART COUNTY — It's a problem cities face around the country, and the depressed housing market is hitting home. Data from the Office of Federal Housing Enterprise Oversight found housing prices have dropped in Elkhart County for the first time in 17 years.

In the last quarter of 2007, the average home price there dropped by 0.3 percent. In the South Bend metro area, which includes St. Joseph County and Cass County, prices were up, but not as much as in years past.

The tougher market is leaving people trying to sell their homes in a tough spot. Kristi Buss of Concord Township has been trying to sell her home for a month.

"We've looked at a couple of other houses and they've been on the market six months now, and they haven't moved yet either," Buss said. "We can still lower our prices, that's still an option."

That's what Amanda Ingram had to do to sell her house on Mishawaka Road. It sold after four months on the market.

"I think that was the difference in selling, because there are other houses for sale along this road, that have been on the market longer than what we’ve had ours," Ingram said.

It's a story appraiser Mark Kramer, of Kramer Appraisal Services in Goshen, is hearing more and more often.

"I’d say it’s leveled off," Kramer said. "There’s a lot of inventory right now, a lot available, so I’d say it’s a buyer’s market."

And those buyers are a lot more picky than just two or three years ago.

"The house has to show nice, it really has to stand out in the market, to be able to sell," Kramer said.

The Buss family will host another open house on Sunday, trying to sell their house, so they can move into another.

"Just kind of hope and pray that the other house we want doesn't sell in the meantime, I guess," Buss said.

Experts say the market should pick up during the spring and summer, but there could be some softening before things get better.

Thursday, Apr 17 at 1:59 PM kendrick wrote ...

There are plenty of houses on the market. If people are spending in the upward 100k they should not have to do any work

Thursday, Apr 17 at 9:50 AM R. wrote ...

MAybe people should take better care of their homes when they have them. We just bought a house and the inspections came back Failed with $11000.00 worth of work need to be done to pass code. This is unreal.

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