ResalesIndianapolis Buyer"s Market No Longer In The Pits
The Indianapolis housing market has been stalled in a buyer"s market, but local Realtors say they see signs that it is emerging from its pitstop.
"In Indianapolis and Marion County, the general market is showing good signs of recovery from the holidays," says Realtor Ken Fisher. "Average sales prices dropped by eight percent, but units sold improved by two percent for the fourth quarter."
Fisher explains, "In the MLS overall, there were 9,917 new listings, 6,165 listings were pended as sold, 6,165 listings reduced their prices and 2,800 listings expired and did not sell during the period. Average sale prices in Marion County were $111,667, down by 8 percent."
He advises, "Smoke and mirrors continue to reign in the real estate marketing business. Spring is just around the corner and the early birds are starting to enter the market with new property listings and home buying intentions. Numerous homes that did not sell last year have been re-listed as new listings to give it another try and to confuse potential buyers and their agents.
"There are currently well over 13,000 homes for sale," he says. "The really good news is that mortgage rates are holding at below 6.0 percent for now (contact your mortgage broker for details). Listing prices will start to rise in the next few weeks anticipating a strong spring selling market."
Says Realtor Shari Mills, "Right now in Central Indiana it is still an awesome buyer"s market with many of the homes needing a longer marketing period to sell. The average buyer has the opportunity to tour an average of 10-12 homes before making a decision, and then negotiating the best price and terms."
Mills suggests, "As a buyer there are three things you can do to ensure you get the home you really want:
First, know what you need in a home.
Get your full loan approval before going home shopping. This way you won"t get as disappointed.
Get the market value comparables from your agent then offer what it is worth, you do not want to lose your dream home because you wanted to deal!
"My best advise to sellers is: Set your price competitively the first time. Then review it every 30 days till it has an offer to purchase. Get rid of the clutter, and offer to assist with closing costs up front. Create the best curb appeal that you can. Let the natural light in. Focus on your walls. Be flexible."
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