For months now, we have seen, read, and heard people saying our market is cooling off all over the country. Indianapolis is no exception, unfortunately. We are clearly in a buyer's market with excess inventory, and a limited supply of buyers. Builders are not helping our current market situation with adding to the inventory every day. Interest rates are going up, our appreciation rates are still holding steady, if not declining at around 3%/year, and we are still one of the top foreclosure states in the nation. All of this makes for a very murky real estate market in Indianapolis.
So, what to do? Well, unfortunately not much. If you are a first-time homebuyer, you are in the best position of all since you don't have a home to sell. Buyers are calling all the shots and sellers are giving pretty good deals, just to get out of there and move on. Seven out of ten homes I see are vacant, which usually leaves sellers pretty motivated, as they are typically paying two mortgages.
Our market is going to start slowing up even more after school starts up again mid-August. At that time we will be in the fall market, which is our third slowest. That will continue until approximately mid-November, which the winter market sets in until after Superbowl, when the spring market starts heating up.
If you do have a house to sell now in Indianapolis, your best best is to make sure your home shows incredibly well. Have a pre-listing inspection and make the necessary repairs. Stage it well and stage it to sell. Then, price it competitively and market it well! You have about 18,000 other homes on the market competing with you at any given time right now in Indianapolis.
Let me know if I can help with your real estate needs. Best of luck!!!
