So you need to sell your Indianapolis home? Here's some advice for you.
Historically we've had slow appreciation here in the corn belt. Prior to the crash, we weren't seeing price rise too rapidly. The fact that we don't have any geographical boundaries to our city allowed for great suburban sprawl. New home builders built many new neighborhoods probably above the demand curve.
When the crash happened, we in Indianapolis were also affected. Home builders stopped building because of our oversupply of inventory of homes.
Also credit (mortgages) were more difficult to get. This has presented a historic buying opportunity for buyers.
Distressed homes in Indianapolis flooded in the market in 2008-2010 making great deals available. But this has hurt prospects for retail home sellers. While non-distress sale homes are selling, they need to be priced right and the best condition in the area.
There was an uptick in seller activity in Indianapolis last year around the homebuyer tax credit time period. After it lapsed, it really hurt activity though. We saw that this artificially drew most of the buyers out of the market. That made for a tough fall and winter for Indianapolis homes for sale.
So what now. Well right we have a window for home sellers. Because of litigation in the fall of last year and ongoing settlements with banks and servicers, foreclosures for the time being have been basically on hold.
Couple that with still very low interest rates and home sellers have a nice opportunity right now. Because inventory on market is low (foreclosures held back, new home builders not building), retail homesellers like me and you are in prime position to sell right now. We're approaching the end of summer which is typically the best time to sell - we still have a good window until foreclosures really start to hit the market again.
If you're on the fence, this is really something to consider if you have a home in Indianapolis or surrounding areas to sell.
If you're interesting in finding out how to sell your Indianapolis home, get a value on it, or find out how it best can be marketed - contact us today.
Chris Price
chrisprice@indypropertysource.com
317-225-5507
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