Homebuyers can expect to see a very different housing market in 2013. According to Fox Business, a number of trends in the housing market indicate that homebuyers will face increased competition, rising home prices, and fewer homes to choose from in the year to come. The market is still certainly a buyer's market with prices much lower than they were before the housing bubble burst in 2007, but buyers will want to be smart and quick to act when making their purchasing decisions this year.
According to the article, home prices are expected to go up 6% this year -- in 2012, prices went up 7.5%. The Mortgage Bankers Association expects home loan applications to increase by 55% this year, an indication that many people who have been biding their time are now reentering the housing market. Additionally, housing inventories are down 40% across the nation compared to 2007. After the housing bubble burst, builders stopped construction on homes. Though construction has increased by 60% over the last two years, the number of homes currently up for sale is still far below normal levels.
An Indianapolis Real Estate Agent Can Help You Better Navigate the Market
Now is an excellent time for buyers to enter the market and purchase homes for a much lower price tag than they would've been able to in years past. However, the fact that competition is increasing and sellers are gaining more control underscores the need for a reliable and professional real estate agent.
Having an Indianapolis real estate agent on your team can help ensure that you're aware of the latest listings as soon as they go up, giving you a competitive edge. A great real estate agent can also give you the upper hand when you are forced to engage in a bidding war over the house of your dreams. In addition, a real estate agent can help ensure that you have all the information you need about a house before making a decision.
Contact a RE/MAX Advanced Realty agent by calling 317.298.0961 today to learn more about what to expect in the 2013 real estate market or to learn about current listings in and around Indianapolis.
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