“Every Auction Tells A Story”

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I wanted to take a moment today to share some reflections on just how interesting the auction business really is — and the wide variety of things I’ve seen over my nearly three decades in this profession.

When someone calls me, it’s usually one of two moments in their life. Sometimes, it’s a happy occasion — they’re retiring, downsizing, and moving to a sunny place to enjoy the next chapter. More often than not, though, it’s a stressful or emotional time. Families call to settle the estate of a parent who has passed, a surviving spouse needs to sell a home, a business is closing and needs to be liquidated, or a lender needs seized assets or real estate sold. And everything in between. As you can imagine, after nearly 30 years, I have truly seen it all. I often say I could write a book.

One rule has guided me throughout my career, and it’s a principle we live by at our firm: this is someone’s entire life we’re handling. Many times, it’s one of the most significant financial transactions they will ever make. We are entrusted with something bigger than just “selling stuff” — we are entrusted to tell their story. That’s why our motto is: “Every Auction Tells a Story — of People, of Legacy, of Things that Matter.”

Just in the past few weeks, I was reminded again of how unique every situation is. One day, I visited a non-descript country home. The family called after their brother had passed away and asked us to help. Walking through the barns on the property, I certainly didn’t expect what I found — four helicopters, along with a treasure trove of other unique items. It was a glimpse into a fascinating life.

Later that same week, I met with a family whose parents had decided to take life easier and move into a senior living community. The father, a remarkably handy and resourceful man, had spent his retirement restoring wooden boats. I stepped into his garage and found nearly 100 antique boat motors, carefully collected and preserved over the years.

Every day is different in the auction business. Every story is different. And that’s what makes it so special. I always say: to be a good auctioneer, you have to know a little bit about a lot of things.

It’s an honor to do what we do — helping families transition to their next chapter, preserving legacies, and sharing the stories behind the things that matter most.

As always, keep dreaming big, investing wisely, and remember—whether it’s homes, businesses, treasures, or transitions, we’re here to help you move forward.

Until next time,

Brandon Steffen

Lake Life – “Is A Cottage Right For You?”

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As some of you might have noticed, I’ve been absent from the newsletter for the past couple of weeks. Truth be told, our office has been extremely busy preparing an incredible lineup of spring auctions. I am also really excited about the residential and commercial properties that we have listed this spring and also the properties that will soon be coming on the market.

With the warmer weather finally here, it’s that time of year when lake dreams start to surface. I’ve had several conversations recently with clients asking: “Should I buy a lake cottage?” It’s a great question—and like most things in real estate, the answer is: it depends.

Owning a lake cottage can be one of the most rewarding investments, both financially and emotionally. Lazy mornings on the dock, summer evenings by the fire, and weekend getaways with friends and family create memories that last a lifetime. Our family has a cottage at Lake Wawasee, and the memories we make each summer are absolutely priceless. But I’ll be the first to tell you—it’s not all fun and games.

What You Need to Consider

  • Double the Expenses: Two homes mean double the utilities, maintenance, insurance, and unexpected repairs. Don’t forget boat gas, boat insurance, groceries, and a never-ending pile of laundry (especially towels).
  • Time and Commitment: A lake home is not just a weekend retreat—it’s also a lot of cooking, entertaining, cleaning, and caretaking.
  • Investment Value: On the flip side, lake homes tend to hold their value well and are typically in strong demand, especially in Northern Indiana. Plus, if you don’t plan to use it every weekend, many owners successfully rent their cottages seasonally to help offset costs.

Types of Lakes in Northern Indiana

  1. All-Sports Lakes: These allow high-speed boating, tubing, skiing, and jet skiing all day long. Perfect for families who want action and entertainment on the water.
  2. Modified All-Sports Lakes: These allow high-speed boating only during designated hours (often 1–5 PM), making mornings and evenings more peaceful for kayaking, paddleboarding, or fishing.
  3. Fishing/Non-Motorized Lakes: These are ideal for people seeking peace and quiet. They typically have speed restrictions and limit boat size, offering a serene, nature-focused environment.

Most Popular Lakes in Northern Indiana

Here are a few standout lakes worth considering:

  • Lake Wawasee (Syracuse, IN): Indiana’s largest natural lake, known for its upscale homes, vibrant boating scene, and active summer social life. It’s a true all-sports lake and highly desirable.
    Average lakefront cottage: $1.0 M –$4.0M+
  • Lake James (Angola, IN): A large, all-sports lake with deep water, sandbars, and access to the chain of lakes in Pokagon State Park. A great mix of cottages and luxury homes.
    Average price: $750,000–$2.0M +
  • Clear Lake (Fremont, IN): A spring-fed, crystal-clear lake that’s ideal for swimming and boating. One of the cleanest lakes in the region.
    Average price: $700,000–$1.5M+
  • Lake Tippecanoe (Leesburg, IN): Indiana’s deepest natural lake and a haven for water enthusiasts. It connects to James Lake and Oswego Lake for additional boating territory.
    Average price: $700,000–$1.5M
  • Shriner Lake (Columbia City, IN): A smaller but beautiful all-sports lake with more modestly priced homes and a close-knit feel.
    Average price: $300,000–$600,000
  • Sylvan Lake (Rome City, IN): Offers over 600 acres of water, popular for boating, tubing, and fishing. It’s one of the more affordable lakefront options in the region.
    Average price: $300,000–$700,000
  • Webster Lake (North Webster, IN): Known for the Dixie Boat and charming community feel. A mix of seasonal cottages and year-round homes.
    Average price: $400,000–$900,000
  • Hamilton Lake (Hamilton, IN): A growing hot spot with a good mix of all-sports recreation and peaceful areas. Great for families.
    Average price: $500,000–$1.5M

* Prices listed are lake averages to be used only as a guide. Cottages may sell for more or less than the average prices listed, depending on location, frontage, condition, and amenities.

Final Thoughts

If you’ve been dreaming of a place on the water, make sure you do your research, talk with professionals, and truly understand your goals and lifestyle. Whether you’re looking for a quiet retreat or an action-packed getaway, Northern Indiana has a lake that fits.

As always, keep dreaming big, investing wisely, and remember—whether it’s homes, businesses, treasures, or transitions, we’re here to help you move forward.

Until next time,
Brandon Steffen

Spring into Action: Getting Your Home Ready to Sell – “If I Can Smell It – I Can’t Sell It”

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As I sit down to write this article on Tuesday evening, I’m reminded of how unpredictable spring weather can be. It’s chilly outside, and I can’t help but wonder—what happened to the nice weather we had over the past few weeks that gave us a glimpse of hope? Many of you are either enjoying spring break, preparing for it, or just returning home. Spring break often signals two things in my world: first, that we’ll be mowing grass in just a few weeks, and second, that people are starting to think about buying and selling real estate or thinking about having an auction. With that comes a flurry of activity, and we’re already starting to see people reaching out about listing their properties and scheduling their spring and summer auctions.

I’m excited to share that we already have some great properties and auctions coming up in the next several months, but before we start the season, I wanted to talk about getting your home ready for the market.

When I first got into real estate, a seasoned pro gave me a piece of advice that stuck with me. She said, “Brandon, if I can smell it, I can’t sell it.” While it’s a humorous saying, there’s definitely a lot of truth behind it. Over the years, I’ve seen my fair share of homes—some pristine, others in need of a little TLC. As you prepare to sell, you might be wondering what exactly you should be doing to get your home ready to put it on the market. After nearly thirty years in the business, here is my advice……

There are generally two types of sellers:

  1. The Immaculate Seller – This seller’s home is spotless, and you could literally put a “For Sale” sign in their yard any time. They typically ask, “What can I do to improve my home?”
  2. The Tidy-Up Seller – This seller’s home might need a little more attention before it’s ready to hit the market. And that’s perfectly okay! Sometimes, a little guidance is all it takes to transform a home into a buyer’s dream.

So, to help guide you, here’s my list of Brandon’s Must-Dos to get your home ready for sale:

1. Give Your Home a Deep Clean
This one’s a no-brainer. If buyers see a clean home, they’ll be more likely to imagine themselves living there. Pay special attention to high-traffic areas like kitchens and bathrooms, as these are places that buyers scrutinize the most.

2. Make Sure Everything’s Tidy for Showings
When showing your home or preparing for a photographer to take pictures, make sure beds are made, countertops are wiped down, and there are no dirty dishes in the sink. And here’s a tip that I see overlooked far too often—make sure the toilet seat is down. It’s a small detail, but trust me, it makes a big difference!

3. Organize Your Closets
Buyers will open every closet they can find. Make sure they don’t have to fight to shut the doors! Keep them neat, and make sure that they are not too full.

4. Consider Renting a Storage Unit
If your home is cluttered with too much furniture, toys, or other belongings, consider renting a storage unit. A clean, decluttered home will allow buyers to visualize their own things in the space.

5. Let the Light In
Before showings, open all your blinds and turn on all the lights. Natural light can make your home feel more inviting, and well-lit spaces will appear more spacious.

6. Take Care of Your Pets
If you have pets, try to ensure they’re not home during the showings. Tidy up pet toys, food bowls, and cages, and keep pet odors to a minimum. A clean, neutral space will make it easier for potential buyers to imagine themselves in your home.

7. Enhance Your Curb Appeal
Spring is just around the corner, so now is the perfect time to spruce up your landscaping. Fresh mulch, mowed lawns, and a tidy yard can make a significant impact on the first impression your home makes.

I recently sold my own home, and I followed every step on the list I’ve shared with you. It can definitely be a lot of work, but trust me, it pays off. The more effort you put into preparing your home, the better the results you’ll get.

Here’s a final tip: If your home isn’t getting showings, when you leave for work, try leaving the bed unmade, leave dishes in the sink, and leave clothes on the floor. I guarantee you’ll have three showings that day! It’s a little tongue-in-cheek, but I’ve seen it happen more than once. 😊

Whether you’re planning to sell this spring or summer, or you’re just getting started, it’s never too early to begin preparing your property for the market. Remember, the more you do to make your home shine, the better your chances of selling for top dollar.

As always, keep dreaming big, investing wisely, and remember—whether it’s homes, businesses, treasures, or transitions, we’re here to help you move forward.

Cheers, Brandon Steffen

The Ever-Changing Auction Industry

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Remember the days when you would get up on a Saturday morning and drive to a live auction? It was a great place to grab a hotdog and coke and catch up with the neighbors under a tent while, at times, trying to outbid the same neighbors when the item you both wanted came across the block. The atmosphere was electric. The chant of a great Auctioneer is mesmerizing, exciting, and enticing. Any auction that could pull 100 bidders to attend was considered a huge success!

That all changed in 2020 when Covid hit. While the online auction platforms had been growing steadily since the mid-1990’s, they went into overdrive with the onslaught of Auctioneers needing to market their customer’s goods but not having the ability to have a crowd present. Honestly, everyone thought that this would be temporary and that most auctions would go back to the old way of business after things settled. However, there were unanticipated benefits to moving the bidding online; The reach of the auctions went global!

People ask us “Will you ever start doing live auctions again?” Aside from a unique circumstance that would be in the best interest of the seller, we do not see the live auction days returning.

As much as we miss the atmosphere and all that goes with the live auction, we believe that online auctions are the future of the industry. We have seen both growing and lasting benefits to online auctions. Among those is that auction registrations have risen from around 100 (at a good live auction) to a point that it is more common than not to have 500 plus bidders for an auction. The pool of bidders has also expanded to the entire world.

We have also observed that we are reaching a new market of younger bidders who will stay on their phone or computer all day long to watch items that they are interested in. In the latter years of live auctions, it was difficult to maintain a strong crowd presence after only a few hours. I am thankful that so many of our long-time bidders have easily made the transition to bidding on their phone or computer. I recently helped a 95-year-young woman set up her iPad to be able to bid at an auction. She showed up on pick-up day and, when I asked her how it went, she said “It was a blast!” with a huge smile. For my part, I have to say, it is pretty nice to sit in my easy chair and bid on something that I am interested in, especially when the weather is bad.

We will continue to have open house events for our auctions. We believe this is a true benefit to our local buyers who have the chance to walk through the auction and personally inspect the items that they are interested in.

Auction customers who sell with The Steffen Group receive the benefit of our in-house shipping service. This gives us an opportunity to ensure things are safely packed and affordably shipped which, in turn, helps create customer loyalty to our auctions. We have multiple out-of-state buyers who regularly buy from our auctions, and we have shipped items all over the world.

So, as we consider all that has changed in the auction industry in the past five years, we see that auction industry is healthy, strong, and continuing to grow. With eight Auctioneers and a complete support group to help with everything from setup and clean up to photography and marketing, we have the ability to help you market your merchandise to the world.

Rod Fetters

Inherited a Home with a Reverse Mortgage? Here’s What You Need to Know

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I hope everyone has had a great week! Our office has been incredibly busy with The Guinn Estate Auction and The Junk Ditch Liquidation Auction taking place this past weekend. Both auctions were very successful, and we’re happy to have wrapped them up for our clients.

Recently, I’ve worked with numerous clients who have encountered reverse mortgages after the passing of a parent or loved one. Often, these mortgages were not disclosed during the person’s lifetime, and family members only learn about them when settling the estate. This can lead to confusion and uncertainty about what happens next.

This week, I want to address some common questions about reverse mortgages and what you should know.

What is a Reverse Mortgage?

A reverse mortgage is a loan available to homeowners aged 62 and older that allows them to convert part of their home’s equity into cash. Unlike a traditional mortgage, where the borrower makes monthly payments, a reverse mortgage pays the homeowner, and the loan balance grows over time. The loan typically does not have to be repaid until the homeowner sells the property, moves out, or passes away.

How Do They Work?

Homeowners receive funds from the lender in the form of a lump sum, monthly payments, or a line of credit. Interest accrues over time, and the loan balance increases rather than decreases. The loan is secured by the home itself, meaning repayment is due when the homeowner no longer lives in the house.

Are Reverse Mortgages a Good Idea?

Reverse mortgages can be beneficial for retirees needing supplemental income, but they are not right for everyone. While they provide financial relief, they also reduce home equity, which can impact inheritance. Additionally, borrowers must keep up with property taxes, insurance, and home maintenance—failing to do so can lead to foreclosure.

Can I Still Sell a Home with a Reverse Mortgage?

Yes! If the homeowner passes away or decides to sell, the home can still be sold. However, the reverse mortgage must be paid off from the proceeds of the sale. If the loan balance exceeds the home’s value, the heirs are not personally responsible for the difference—federal insurance covers the shortfall.

Does It Matter Where I Get My Reverse Mortgage?

Absolutely. Not all lenders are the same, and terms can vary. It’s crucial to work with a reputable lender and fully understand the loan terms. Seeking guidance from a financial advisor or attorney before committing to a reverse mortgage can help avoid surprises down the road.

Final Thoughts

If you or a loved one is considering a reverse mortgage, communication is key. Families should openly discuss these decisions to avoid unexpected challenges later. While reverse mortgages can be a useful financial tool, they should be approached with a full understanding of their long-term impact.

If you have any questions about reverse mortgages or real estate in general, feel free to reach out to one of our team members.

As always, keep dreaming big, investing wisely, and remember—whether it’s homes, businesses, treasures, or transitions, we’re here to help you move forward.

Cheers,
Brandon Steffen

 

Is Indiana Farmland a Good Investment? A Look at Values from 2000 to 2024

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I hope everyone has had a great week! As I sit down to write this column, the sun is finally shining, and today’s high is expected to reach 56 degrees. With a glimpse of spring on the horizon, thoughts turn to planting season, farms changing hands, and new beginnings for the next generation of farmers.

In my role as an auctioneer and real estate broker, I work with three primary types of farmland clients:

  1. Farmers purchasing land to expand their operations.
  2. Investors adding farmland to their portfolios for diversification.
  3. Sellers who are either retiring from farming or settling an inherited estate.

A common question I hear from all three groups is: Is farmland a good investment? Alongside that, I’m often asked about current land values and where prices might be headed in the future.

Indiana Farmland Prices: 2000–2024

Over the past 24 years, Indiana farmland has proven to be a strong and stable investment. While there have been fluctuations due to economic conditions, interest rates, and commodity prices, the overall trend has been upward.

Average Indiana Farmland Prices Per Acre (2000–2024)

  • 2000 – $2,715
  • 2001 – $2,802
  • 2002 – $2,892
  • 2003 – $3,305
  • 2004 – $3,278
  • 2005 – $3,556
  • 2006 – $3,770
  • 2007 – $4,407
  • 2008 – $5,003
  • 2009 – $4,994
  • 2010 – $5,310
  • 2011 – $6,521
  • 2012 – $7,704
  • 2013 – $9,177
  • 2014 – $9,177
  • 2015 – $9,266
  • 2016 – $8,508
  • 2017 – $8,529
  • 2018 – $8,668
  • 2019 – $9,178
  • 2020 – $8,579
  • 2021 – $9,785
  • 2022 – $10,598
  • 2023 – $13,739
  • 2024 – $14,392

Key Takeaways from the Data

  • Strong Long-Term Growth: From 2000 to 2024, Indiana farmland values increased over 430%, demonstrating strong appreciation.
  • Rapid Growth Periods: The most significant jumps occurred from 2010 to 2014, when prices nearly doubled due to high commodity prices and low interest rates.
  • Market Corrections: Prices dipped slightly from 2015 to 2020, but remained stable before surging again in 2021–2024 due to inflation concerns, investor demand, and limited land supply.

Why Farmland Remains a Strong Investment

  1. Steady Appreciation: Over the long term, farmland has consistently outpaced inflation, making it a reliable store of value.
  2. Tangible Asset: Unlike stocks, farmland is a physical asset that generates income through rental agreements or crop production.
  3. Limited Supply: Farmland is a finite resource, and demand continues to grow as global food needs increase.

What Will Happen to Prices in the Future?

While no one has a crystal ball, Indiana farmland is expected to remain a stable and attractive investment. Interest rates, commodity prices, and economic conditions will influence short-term fluctuations, but long-term demand is likely to keep values strong.

Whether you are a farmer looking to expand, an investor seeking portfolio diversification, or a seller considering a transition, understanding farmland values is crucial. If you are thinking about buying or selling, contact one of our team members to advice as to your specific situation.

As always, keep dreaming big, investing wisely, and remember—whether it’s homes, businesses, treasures, or transitions, we’re here to help you move forward.

Cheers,
Brandon Steffen