Lawrence County housing market improved in 2016, Bedford Realtor says

According to the Indiana Association of Realtors, 441 homes were sold in 2016, up from 421 in 2015.

Pat Mullis, a Bedford Realtor, said Bedford’s market was active, especially compared with 2015.

“There was an uptick in sales for all the agents,” Mullis said. “General Motors was doing a lot of hiring, and that has helped keep real estate in the area going strong. A lot of people (who are buying) are staying in the Bedford area, they are just moving up with homes.”

However, the number of homes available on the market was down from last year. In 2016, 218 homes were available at the end of December, compared with 258 in 2015.

Debbie Suddarth, president of the Bedford Board of Realtors, said the lack of inventory was evident in Mitchell. She said a lot of folks were looking for homes on the outskirts of the city, but “the homes were just not there.”

“Our biggest downside is the fact of the lack of houses on the market,” Suddarth said. “Our inventory is horrible. It seems like the houses that are out there have been out there for a while. Most people are wanting something with two to three acres on the outskirts and they’re just not there. That’s just from my perspective. ... Nobody is moving, either. It’s not a bad thing. There’s just not homes available for young families looking to get into larger homes.”

Many Mitchell families are looking for “the basic three-bedroom, two-bathroom house with a garage, that’s not stuck in a housing division,” Suddarth said.

Folks, who can afford it, also have the option of hiring a home builder for a brand new place that’s specific to their taste.

Dave Thorne, owner of Thorne’s Homes, said things have been steadily getting better for his company’s home building business since the nation’s housing market crisis in 2008.

“It’ll continue to get better, but nowhere like it was in 2007 and 2008,” Thorne said. “Still, we try to build 10 a year. 2016 was better than 2015, and 2015 was better than 2014. ... Business would be busier if banking was back like it was.”

And since the crisis, which caused many families to foreclose on their homes, banks are pickier about who they hand money to, according to Lawrence County Home Builders Association Vice President Morris Bennett.

“The height of the business was in 2008 and 2009,” Bennett said. “But the banks have tightened up now. You have to have a credit score of 640 before you can even talk about getting a home.”

Some builders, like Thorne, build homes that are more high end and cater to older folks, especially those who are retired.

Small home builders are having a tough time, Bennett said.

“Not a lot of homes were built in 2016,” he said. “There’s no boom here, and if homes are being built, they’re Amish built. I’d say about 80 percent of Lawrence and Orange counties are built by the Amish.”

He said this creates more competition from smaller businesses.

“They’ve expanded and got more modern,” he said. “You have to sell yourself as being a local contractor, keep your money local ... and just try to do a better job.”