The decline in the Fishers real estate market continued for most of 2008. This graph compares the 2008 to the 2007 sales by quarter. The only glimmer was in the third quarter when the 100% financing (i.e. Ameridream) sunset on 9/30/08 creating a rush of buyers to the table during that quarter. This graph tells us a few things about real estate; most home sell in the 2nd quarter and very few homes traditionally sell in the 4th quarter.
As we compare 2008 sales to the same periods in 2007 for homes in the both Fall Creek and Delaware townships (that make up Fishers Real Estate), we are seeing significant declines. November was the single highest decline this year, at 47%, while the YTD decline is 13.6%. Refer to our previous Fishers Real Estate Market report for an explanantion on the third quarter.
If you are a buyer, you should be buying a home in Fishers during this period of time when sellers are so motivated, interest rates are at an all time low (mid 5% last week) and the $7,500 incentive is still available through June 30, 2009 for first time home buyers. Sellers are anxiously waiting for a buyer to buy their home and will take less for the home than they would have a year ago; creating instant equity for you as the buyer. In some neighborhoods, we have seen 10% depreciation. Do keep in mind that while we have put a graph together for Fishers Homes, every neighborhood is different. We have reports on neighborhoods with the best resale value in Fishers.
As a seller, at first glance this may seem alarming but don't panic just yet. If you price your home right, stage it and be on the top internet sites that buyers search for a home, your home will sell. Choosing a great realtor in Fishers will help you sell your home and it can be done! While you may take less for your home than you would have last year, if you are buying another home you will get that same benefit on the buy side. If you are moving up, the gain will probably be even better. You may take several thousand less than you wanted on your existing home, but you may get the next home for $10,000 or even $15,000 less than that seller might have gotten a year ago. Just as a buyer in the Fishers Real Estate market needs to know things, so does a seller. How you sell your home and who you choose to sell your home in Fishers will make a difference.
There are many different views on when our housing market, our economy and our retirement plans will return to the levels we are used to, but for the time being the numbers in the graph show the reality we are currently facing. The Marchant Team has many resources and experience in both buying and selling homes in the Fishers real estate market; we hope to hear from you and look forward to making your transaction one you will want to share with your friends and that we will also want you to share!