ADDRESS

8915 S Keystone Ave Ste C
Indianapolis, IN 46227

PHONE

317-657-8059

The last 7 days of realty in Greater Indianapolis and beyond (Central Indiana/MIBOR area)

A new week, and the dearth of homes on the market remains to be the number one issue affecting real estate in central Indiana.

The stats for the week are:

  • 1156 new listings
  • 261 homes came back on market
  • 816 homes are pending sale
  • 679 homes have sold
  • 79 have withdrawn from the market and
  • 355 listings have expired

That totals out to a net gain of 383 homes available on market. Which is a baby step in the direction of balancing this market. The problem is we need a leap to have any noticeable effect.

For those of you who do not subscribe to this blog or my newsletter, here is the catch up. We have a 20 year low in the number of listings in the Metropolitan Indianapolis Board of Realtors area. Buyers are out and in a frenzy as you would expect in the spring and while homes are starting to come back on market, it is not happening fast enough to prevent prices from skyrocketing and the shortage of available homes is expected to continue through summer. Basically it will take several weeks of 2000+ new listings at current sales levels just to slow the price increases to reasonable levels.

To give an idea of how fast homes are selling right now and the level of competition amongst buyers, I am going to talk a little about a buyer I am working with and my experience this last week.

We identified 7 houses that appeared to suit his needs (based on the mls sheet).

One in particular stood out to him, and looked like a good deal. Knowing that the market was tight, we didn’t wait for the weekend. We went to see it that afternoon. He and his wife loved it. We put in a full price offer. The seller accepted ANOTHER offer. So they either offered for above asking price, or didn’t ask for any closing assistance. Either way, my client didn’t get the house.

No big deal, there were 6 more that he liked. Friday comes and we go to schedule showings. Only 2 of the 6 that we had picked out were still on the market. So 5 out of the 7 houses he wanted to see on Thursday were sold before Friday afternoon. The good news was that a couple of houses fitting his parameters had come on the market that day. Plus the client has flexible needs so we loosened his parameters a little and made a new list.

None of the homes we selected had been on the market more than 34 days. In fact 5 of them had been on market for less than 18 days (with one of those only back on market that day after a sale fell through), 2 of them had been available for 5 days or less with one more that had just listed Friday morning. So we get these 6 scheduled for Saturday showings.

First thing Saturday morning I check my email (because I am serious about client care) and one of our showings had already cancelled as they accepted an offer the evening before. Fine, the buyer noticed the house that came back on market was there, so we added it in place of the one that sold. We go out and look at these 6 homes. While we are out we are informed (as we are walking out of the house both times) that the showing has been cancelled as 2 more homes have sold. That’s 3 more out of 7 today for those of you keep score at home. 2 day total, 8 out of 14 potential homes sold before the buyer could even analyze which one he liked best.

But the one he liked best made it through the day. So he lets me know what he wants to do. Another full price offer. I give a courtesy call to the listing agent and let them know an offer is coming over just as fast as we can get the paperwork together. Send the offer. Almost immediate response. We went with another offer.

9 out of 14 potential homes sold out from under my buyer with the two offers he made being full price. The other five were not as good as fits as the multiple listing service made them seem and one of them is overpriced by 15% (or is it?).

So what does that tell you about this market?

Do you think it is a good time to sell a house?

That should be an unqualified yes. Remember those 9 houses that sold are getting their listing price or better and none of them were on market for more than 34 days.

So if you have been on the fence about selling, give me a call at 317-657-8059 to set an appointment so that I can sit down and show you my plan to get your home sold.

And if you are looking to buy a home; be prequalified, be ready to jump on the home you want when it turns up and be prepared to make aggressive offers. I like to negotiate as well as anyone, but this is just not the time to bargain hunt.

We can also help you take the easier, but longer route… building a custom home makes a lot of sense in the current selling climate. Send me an email at robb@yourrealtylink.com or use my handy web form to schedule a buyers  (or sellers) consultation. Its free and there is no obligation.

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