The Indianapolis Busines Journal (IBJ) recently (10/11) printed an article describing the current market of inventory and realtors. We in the metro Indy and Fishers real estate market are seeing a large increase in inventory and MIBOR (our local real estate board) is seeing a corresponding decline in the number of real estate agents. Many realtors (me included) have great listings that should be showing. My benchmark is a $150,000 real estate listing I have in Fishers, Indiana. I had the neighbor next door about six months ago and the listing showed two to three times a week and sold in less than 90 days. Over the last month this current listing has not shown once (I do have a few more ideas to try with this home though!). It is a good indication of the lack of buyers in the market at this time.
This creates a financial strain on many realtors. They spend money on advertising, virtual tours, signage, open houses, etc and without a sale; are often in the red. They can only survive so long in that type of market. You typically need to sell at least $1,000,000 to $2,000,000 just to pay the bills associated with being a realtor and still have money to live on. Many realtors are throwing in the towel and seeking another occupation. I wrote an article on the decline of agents back in August when we began seeing the decline.
As for the increase in inventory, we currently have over an eight month supply of inventory compared with a normal inventory closer to five or six months. I use what is called an absorption rate when listing a home. It compares the number of sold properties in an area compared to what is currently on the market. If your neighborhood sold 12 homes last year, that is one per month. If your neighborhood currently has 8 active listings; you have an 8 month supply so you'll need to price accordingly.
In all the news of the economy, housing industry, Presidential election; I want to give you a silver lining. 
The inventory will probably resolve itself as those who don't "have" to move wait; giving those who do "have" to move a better chance. As stability in the economy begins to show again and the Presidential election happens, more buyers will start to venture out. If you use me as your realtor to sell your home in Fishers or another area of metro Indy, you can be assured you are getting experience, knowledge, ambition, creative ideas and success. We use a 30 plus point plan to sell your home. Last year I sold $10 million and this year to date I have sold $9 million so I am still selling houses, I can sell yours.
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