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Market Update – March

Posted by kim carpenter on March 29, 2016
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Market Report Graphic - 3.29.16

The real estate market in the Indianapolis metro area is off to a great start this spring. In the month of February, closed sales were up 10% and pending sales were up a whopping 14% compared to this time last year! For the same time frame, the number of homes currently for sale is down 6%. These numbers sound substantial, but how does this affect you, our customer?

What does it mean for sellers?

Since the number of quality listings right now is below where it has been in past years, good homes are going quick! We are often seeing homes go on the market and sell within the first few days. Sellers should prepare for lots of showings immediately upon the listing hitting the market and to be out of their home in as little as 30-45 days after listing. With many quality listings, sellers are not only having their timelines accelerated, they are also receiving close to list price or even above list in some cases. Multiple offers are not uncommon in today’s market! In short, if you are looking to sell your home in the next year, now might be the time. Low inventory of available listings means shorter time on the market and a better sales price for you!


What does it mean for buyers?

Since the number of listings are down and accepted offers are up, buyers must be decisive and act quickly! We make sure our buyers understand the current market conditions and need to get out to see a home as soon as possible if it is something they are interested in. A lot of times, waiting until the weekend to go look at homes is too late with these market conditions. Also, when it comes time to offer, buyers must be aggressive if this is a property they really want to purchase. We always encourage our buyers to make sure you are paying what you feel comfortable with, but if it is a home you really want we will advise you to come with your best offer rather than playing the counter offer game. In the time it takes the seller to consider your initial offer, they may be receiving other offers! Additionally, buyers in this market cannot be upset if they miss out on a home. With multiple offer situations happening more frequently, some buyers are overpaying for homes and others are getting beat out. We always tell our buyers that everything happens for a reason. There will always be another home coming on the market and we are willing to work with you until you find the right one!


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