As a tumultuous year drew to a close in December 2020, the real estate market in Indianapolis continues to chug along at a blistering pace. Lack of inventory (number of homes for sale) continues to be the driving force in our market. With only 0.7 months of supply, median sales prices increased by an average of 14% year over year and average days on the market for homes in the area was a very short 34 days. We did see some positive signs with the number of new listings coming on in December increasing 20% compared to the number of homes listed in December 2019.
What does it mean for you, the consumer? It continues to be an excellent time to sell your home. Lack of competition in the market is leading to increased power for sellers to negotiate favorable terms in their offers such as selling homes as-is or getting buyers to agree to bring cash to closing if the home doesn’t appraise. If you’re curious what your home is worth in this market, we are happy to provide a free market analysis for you. For buyers, navigating this market can be tough. Rates continue to be near historic lows so borrowing money is cheaper than ever, but competition might have never been stiffer. We use specific tactics in our offers to protect our clients best interests while also winning them the deal. Speed to look at homes as they come on the market is key! The days of waiting until you can see a whole list of homes on a Saturday are unfortunately over. Decisions need to be made quickly and offers submitted decisively. Its important to have a seasoned team of pros on your side! If you’re wanting to buy a home this year, don’t risk it with an inexperienced agent who doesn’t know how to navigate this market. Give us a call today!