February Real Estate Update

Happy Valentine’s Day! We hope that 2022 is off to a good start and that this finds you happy and healthy. I think we are all hoping that 2022 is much healthier that 2020 and 2021 and we can finally start to move past this pandemic. Only time will tell…

The spring market arrived early this year and is in full swing already! Sellers are enjoying crazy good offers and buyers are seeing the continuation of a very competitive market. According to a report by REALTOR.com, Indianapolis is ranked #2 behind Seattle as expecting the biggest increase in sales from 2021 at 14.8%!! Seattle being 15.3%. While we do not know when this wild seller’s market will come to an end, we do know we are closer every year. My prediction is that we will see a noticeable slow-down in 2023, but will still move at a good clip for the next 3 years or so. Builders have increased production to the highest amount of new builds since 2008, but even with that, the National Association of Home Builders states we are still about 5-7 years away from being able to satisfy demand!

With all of this being said, knowing your home’s equity in a reliable manner (Zillow is NOT reliable) is more important now than ever before. You should have received an e-mail from me and a post card within the past couple of weeks encouraging you to schedule a quick 30-minute Equity Analysis. Many clients have taken us up on our offer. There is still time to schedule a quick Zoom consultation by clicking: https://calendly.com/steverupp/30min

Steve and his family are doing well and Tali is in the middle of cheer competition season and having a great time at competitions. Ana is preparing for her next Indianapolis Children’s Choir concert and keeping up with her studies and getting ready for her first ACT and SAT exams. She is enjoying driving her new car and the freedom that comes with it (and so are we!) Steve is looking forward to attending Keller Williams’ annual convention called Family Reunion in Orlando in the middle of February and then heads to Greer, SC to participate in a 2-day BMW M-School where he will be taking a course on racing BMWs. He takes Ana to a 2-day Teen Driving School at the same track in June.

Thea is keeping extremely busy with helping lots of buyers right now win competitive offers. She is enjoying driving a new car for the first time in many years and is putting lots of miles on it already!

Kylie, along with her family has avoided getting COVID…until last week. She has been working on getting better and we are anxious to have her back in the office again.

Patti has been working extra hard while Kylie has been out and finalizing our marketing calendar for the year as well as brand new client guides that incorporate all of the changes our industry has seen in just the past 2-years.

Speaking of changes, you have likely received calls/texts/e-mails/mailings regarding ‘instant offers’. They have even made it to TV commercials. While there is certainly a demographic that can benefit from these types of programs, on average after repair costs, fees (yes, they have some stiff fees) and a profit margin, people are leaving about 15% equity on the table by using these services just to avoid a day or two of showings. Know that if this is an option you would like to explore, we have a program called Keller Offers that is a competitor to these other instant offer services. It is very transparent and efficient and we can get you an offer within 48-hours of viewing your house and you can stay in your house for up to 6-months. This is not the best option if you are trying to maximize your cash at closing, but it is an option if you need to sell very quickly and don’t want to make any preparations for sale or have any showings.

We also have a new product called Keller Concierge. Simply put, this is a short-term (up to 12-months) loan based on your credit that advances you money in order to prepare your house for sale, so you don’t have to use any money out of pocket or liquidate any investments. The terms are VERY attractive. The loan is repaid when you close your house. This is perfect for people who want to make some repairs/updates to their house in order to maximize their sales price, but don’t have or want to spend their own money. Call us if you are interested in either of these programs and we can give/send you more info so you can see if they are a good fit for you.

Thank you to everyone who attended Happy Hour in January! We had a great turnout and lots of laughter and smiles were found throughout the evening. Thank you to 2-10 Home Warranty for sponsoring the evening! Please join us Thursday, February 17th from 5-6:30pm at Matt The Miller’s again for FREE drinks and appetizers. Thank you to Chris Odle with JLK Financial for sponsoring this month’s Happy Hour. Chris is a client and an experienced financial advisor.

Hope you have seen some info lately on our very first Quarterly Prize Giveaway of 2022 taking place on Tuesday, February 1st from 10am-4pm. All you have to do is call us at 317-426-6108. We will ask you a few questions and that is it!!! If you have someone that is thinking of buying, selling, or building a new home soon, give us their name/number and we will give you FIVE more entries. You are entering to win a luxury weekend at French Lick worth over $1,500!!! Thank you to Rojas Roofing and Walla Painting for co-sponsoring this amazing prize package!! You do NOT want to miss this contest!

We have mentioned how competitive the housing market continues to be and here are some stats from MIBOR comparing December 2021 to November 2021:

Median Sales Price=$255,000 >UP 1.2%
Closed Sales=3,323 units >DOWN 4.3%
New Listings=2,162 units >DOWN 29.6%
Pending Sales=2,510 units >DOWN 19.3%
Days on Market=26 days >UP 23.8%
Price per s.f.=$151 >UP 1.3%
% of Ask Received=100.0% >no change
Active Inventory=2,094 units >DOWN 13.7%
Absorption Rate=0.6 months >DOWN 14.3%

Keep in mind, these numbers are for the slower winter market. Expect to see inventory and sales increase dramatically as we transition into the spring market.

Finally, watch your e-mail and social media for a SPECIAL surprise on February 9th. This is something we have never done before and are SO excited to announce it. Be prepared to call us as soon as you see the e-mail/social media post at 317-426-6108.

Thank you for reading!!! We have so many fun events and contests planned for this year and love seeing you!! Hope to see you at one of them soon!!!

Your friends in real estate,

Steve, Kylie, Thea, and Patti

P.S. Please don’t keep us a secret!

Click here to read out February newsletter