Central Indiana Summer Housing Market Sizzles
Summer is well underway and the heat is reflective of the selling season in the Indy area!
The big picture: This strong and steady market is good news for both buyers and sellers.
Four reasons the forecast is sunny:
- Prices are up 6% from this time last year. Central Indiana’s trend is one of steady increase. This, of course, is good news for sellers, but should also relieve a buyer who is not getting priced out of the market.
- Homes for sale are spending fewer days on the market. Homes sold 11 days faster in May 2017 than May 2016. That’s a 13.8% increase or 69 days as opposed to 80 days on the market.
- Homes in the median price range are often receiving multiple offers. The median list price for homes in the Indy area is between $200,000 and $300,000. If this is the price range you want to be in, you need to be ready to act quickly.
- Mortgage rates are low. Rates are currently in the 4’s. This means strong buying power. Speak with your REALTOR® or mortgage professional early in the process.
The takeaway: Inventory is low in Central Indiana right now. This means that now, more than ever, readiness is key.
Four ways for buyers and sellers to be ready to take advantage of today’s market:
- Go with a pro. Your local real estate agent is the best resource for getting the most of this market. For starters, they often know of homes before they come on the market. This is a huge advantage for the quick paced sale, especially in the median home price range.
- Make a list. Know what you want and need in a home before you begin the process so you can search with focus when the time comes.
- Be prepared. Get pre-approved for a loan now. If you want to stand out in the crowd of other home buyers in a competitive market, get pre-approved for a mortgage. This means you are ready to go when you do find the house. Your local REALTOR® is a solid resource for starting this process.
- Is new for you? Consider new construction. Hiring a REALTOR® to start this process affords you objective professional insight during all phases of the process from contract through closing.