Summer is here, but where are the buyers? Indianapolis is not unlike many other cities right now, which is in the dead-center of a buyer's market. There are approximately 26,000 homes for sale in central Indiana. Builders have experienced a 36% decline in sales this year and are offering some huge incentives to buyers as a result.
Sellers are struggling as inventory continues to soar and buyers can afford to be picky. Houses, which are selling right now are ones that are well-staged, in good locations, with good floor plans, and most importantly, are priced very competitively. Quite frankly, buyers don't care what you paid for your home, how much you put into it, or how much you "need" to get out of it. Buyers will pay you what the current market will support and that may not be very kind to you financially. Your option is not to sell.
If you must sell in today's market, be ever vigilant of your competition and price and stage your home accordingly and you will eventually be successful. Some sellers are fortunate and sell their home in a couple of days, but they are the exception, not the rule. The absorption rate for homes in Indianapolis right now is 8.2 months, which means if no other homes went on the market it would take 8.2 months to exhaust the current supply. The average is 6 months for a balanced market, believe it or not.
Feel free to contact us for more information or visit our website at www.Welcome2Indy.com for more resources.
