Spring is here in Indianapolis, but we aren't home free yet. There are still 7.2 months of inventory currently on the market and builders aren't moving their inventory nearly as quickly as they would like. Most are down 20% in sales last year alone! A balanced market is 6 months of inventory. So...we are still in a buyer's market, which is great for people in the market for a home without one to sell.
For the first time since 1980-81, real estate in Indianapolis experienced a 5.2% DEPRECIATION in 2006. We expect to see us come out of our "correction" by the end of 2007 and builders should see their inventory shrink back to "normal" levels by mid-2008.
If you are in the market for a home, this is the time to buy. Interest rates for a 30-year fixed rate mortgage are around 6.125%, which is excellent!! If you have been waiting for the right time to buy, this is it!!
