The Indianapolis real estate market decline from 2008 to 2007 continues through the end of the year. (See graph). We ended the year with a 19% decline in homes sold when compared to 2007. This article is for Indianapolis homes sold between $100,000 and $500,000 to exclude some outlier areas that are either bank owned or luxury homes. It is specifically for Lawrence Township which is just south of the Fishers real estate market; but within Marion County.
For December 2008 compared to 2007, we saw a decline of 31% for the month, one of the highest declines in 2008. We also saw the average price per home drop from $195,000 in December 2007 to $180,850 in December of 2008. The only good news came with the average days on the market. The homes in 2007 averaged 112 compared with only 93 in 2008.
In a market with stats like those shown above, pricing is important. If you really "have" to sell your home, you need to price it so the buyers can find it. You should be able to trust your Lawrence Township or Fishers real estate agent to handle tight negotiations if a low offer comes in on your home.
If you are a buyer, this the best time to buy! Homes in the Lawrence or Fishers Real Estate market are going to be at their best condition and their best price. Last week the interest rates were below 5%; that is the lowest of the year. In addition, the $7,500 first time buyer incentive is still available through purchases made by 6/30/09 and we hold First Time Buyer classes every month to help you understand the process of buying, inspecting, and lending. We have a real estate agent, a lender, an inspector and an interior decorator who goes over trends and ideas on how to stage your home.
Your Lawrence Township and your Fishers Real Estate Team are ready to help you sell your home or to help you buy your new home.