ADDRESS

8915 S Keystone Ave Ste C
Indianapolis, IN 46227

PHONE

317-657-8059

Central Indiana Residential Real Estate Market Update- a 7 day snapshot by the numbers.

After another week into the spring listing season we would normally expect new listings through the roof, and the number of sold homes to be steadily rising.

Neither of these things are true.

Over the last 7 days there have been

  • 1139 new listings
  • 213 homes came back on market
  • 797 homes are pending sale
  • 551 homes have sold
  • 103 have withdrawn from the market and
  • 321 listings have expired

All of this together is a net movement of 470 more homes on market than last week, which is at least a step in the right direction.

For those of you who haven’t been following this blog or the real estate market in general, we have a problem…and the market growing that slow isn’t going to fix it quickly enough. What has been happening is that people are hesitant to list their homes. Some of them can’t afford to sell even though they desire to because they refinanced during the recession and haven’t built enough equity yet. Some of them can and don’t think they can because prices have moved upward much more than many people think. Lastly, quite a few people just don’t know what a great time to be selling a house it is.

With a 20 year low for the total number of houses on the market in the Metropolitan Indianapolis Board of Realtors area, and a glut of new buyers actively looking for homes (and being disappointed in their search daily) there has never been a better time to get your home on the market.

I mean seriously, the number of sold homes dropped by 269 homes from last week. This is not the result of a lack of buyers. I do not know a single real estate agent who is not currently working with a qualified buyer. I do however know more than a few who are having trouble finding what the buyer wants, have buyers getting disappointed because showings are cancelled when the seller accepts another (and sometimes even a back up) offer, and all of us are getting serious about counselling our buyers to look into new construction.

So nothing has really changed other than the situation is getting worse rather than better…and if this continues it will make for a banner year for builders (Go here if you are thinking of having a new home built) and make for an interesting market, complete with price surges, bidding wars for houses, and appraisers whose numbers wont reflect the actual market.

The advice I would give based on this information is the same as before.

  • If you are thinking of listing your home, give me a call at 657-8059 and we will get you moving. Priced right and presented well your home will sell quickly.
  • If you have a home on the market and it hasn’t sold yet. Talk to your realtor and figure out what is stopping it. If they can’t solve the problem and your contract expires without the home being sold, shoot me an email at robb@yourrealtylink.com so we  can solve the problem and actually get your home sold.
  • If you are looking to buy a home, give yourself plenty of time to search (6 months vs the normal 3)…have your finances in order, a preapproval, and be ready to make an offer when we find the house you want. It wont be on the market long if it is priced well. Of course buyers can call or email too.

 

So that is what is going on in the central Indiana housing market right now. Let me know what you think of this report. I plan to make it a weekly feature here at Realty With Robb, and want to tailor it to provide the maximum benefit for my readers and my clients.

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