Maybe you’re waiting for the market to go even lower, but it seems that the Indianapolis real estate market could soon be on the rise. According this article on Forbes.com the market is starting to bounce back in some areas. Of course, every city is different, and local economic conditions effect the housing market, but it looks like data is showing that the nationwide price of housing is starting to go back up a little.
The problem is that there are still so many homes on the market, and there is still so much to choose from. I have seen though, right here in Indianapolis, that sellers are realizing that if they don’t need to move, it isn’t really a great time to try to. Homes that have sat on the market are being taken off, and therefore, there are fewer to choose from. This is slowly helping to correct the balance of supply and demand.
In my neighborhood alone, last month there were 17 homes on the market, this month there are only 10. Of course, they didn’t all sell, some did but some were taken off the market for other reasons. A lot of sellers are tired of waiting for the buyers to come and are renting instead.
According to the Metropolitan Indianapolis Board of Realtors , home prices in the area have kept moving upwards over the past few years:
Even more telling, perhaps, is that the number of new listings is going down slightly:
It is my hope, that the shift will continue in this direction, for the sake of sellers, with prices stabilizing and fewer new listings on the market. However, for sellers, NOW is the time to jump, before things swing back the other way to a “seller’s market”. So, if you know anyone who might want to buy, it is a great time for them to get going!