By now we've all heard about the First Time Homebuyer Tax Credit -- I mean, who hasn't? In fact, if you're already a homeowner, you're probably a little frustrated and maybe even a tad resentful. After all, you could have used $8000 when you bought your first house!
But many experts say it's the housing market which will lead us out of the recession, so the important question is -- is the stimulus working? In Indianapolis and surrounding areas like Greenwood and Carmel, the answer is a definite "Yes". Early in the year, first time buyers were trickling into the market, but in the last 4 weeks the flood gates have opened. Recently Steve and I have experienced several instances where we've had multiple offers on properties -- we'd heard stories about this happening in "the good old days" but had never experienced it ourselves! Now this is how Real Estate was meant to be!
Just last week I was setting up several showings in the Geist area and was told that 4 of the 6 homes were no longer available because the sellers had accepted offers the day before. Yesterday I emailed a client with some potential Greenwood properties, but when she responded back the very next day, 2 of the 6 had already pended. And it's not just in the lower price ranges. Typically the first time buyer in Indiana is looking for a home under $200,000. Now that those homes are selling, we're seeing a trickle up effect. The heightened activity seems to be reaching up into the mid $300,000 range, and with fewer of those homes on the market, if a buyer sees something they like, they need to be prepared to move quickly.
So is the market truly recovering? It's too soon to tell, but it's looking good and we're hopeful. In fact, if you know of someone considering selling, let them know that there are plenty of qualified buyers out there looking for the "Perfect Place" and we would welcome the opportunity to share with them how to successfully sell in this market. And if you know someone considering buying - have them contact an experience real estate professional! Interest rates are still low, (under 6% today) the tax incentive is in effect until December 1, 2009 (properties must close by this date to qualify, so it's essential to be under contract by mid October), and there are still plenty of great homes on the market - but be prepared - the good ones disappearing quickly!