The real estate market in Central Indiana typically hits its peak every year April – July. 2018 is no exception, but it is an extraordinary year due to “inventory” levels. Real estate professionals use this term to refer to the number of houses actively for sale on the market. Our inventory across the region has been low for the last few years, but it has dropped to an all new low this year! This means we have a very strong seller’s market. If you own a home and are thinking about moving, this is the best possible time to sell.
Here is some data to give you a snapshot of the Hamilton County market:
1. Closed/Sold prices have increased 12% over spring 2017
2. Average home price is $328,000 ($292,000 last year)
3. Days on market has decreased by 31.4% over spring 2017
4. Average days on market is currently 43, although I’m seeing 2-15 days in Fishers and Carmel
Two questions come up in this type of market:
Where will I go if I sell my house since there aren’t many homes to choose from?
Why do I need a Realtor to help me in such a strong buyer’s market?
Let’s start with #1: Preparing your home for the market and pricing it appropriately are essential to pulling in a good buyer. Buyers may be willing to pay top dollar, but only for a home in good condition and one that is priced right. It is wise to have a Realtor’s insight when preparing for the market. After you get a buyer under contract, it is more challenging than ever to get the deal done. Handling multiple offers, negotiating inspections, and managing appraisal are very difficult for a homeowner or novice agent to navigate. Right now I see so many unreasonable inspection repair requests and low appraisals – I know how to set expectations from the start and head-off problems before they arise.
An expert Realtor also has an ear to the ground about upcoming listings. There are many things I do to find a home for my clients rather than just waiting for something to come along. This takes an expert agent with a good network and roots in the area where you want to live. In this market, you have to be proactive about buying and it is essential to put together a strong offer to get the house you want (and that doesn’t just mean a full price offer).
If you are a homeowner and thinking about moving within the next 1-3 years, I encourage you to put your house on the market this year. You don’t want to miss this seller’s market! I am here to help stage and price your home to sell, guide you through the challenges of the transaction, and get you settled in your next home.