Market Conditions for Indianapolis, Indiana Reported by Joyce Moore, REALTOR, ASP, ePro, RECS, SRES Updated October 10, 2009.

Current Market Rating: 1 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

The housing market is beginning to show signs of getting prices back to reality, but it is still a very slow process! I think the reports of the housing market rebounding are somewhat premature. We still have a long way to go before we see real progress. Part of the problem is mortgages are very hard to obtain. Banking and mortgage companies have not freed up resources needed to do so at this time.
In the Indianapolis market, sales are down 5 to 6% and sales prices dropped 3-4%. The time to sale a property dropped from almost 11 months to 9 months, reflecting the drop in sales price. Approximately 24% of all homes sold were foreclosures and 16% of all new listings were foreclosures.
There are a lot of investors running around with their clipboards, canvassing neighborhoods in Indianapolis to capitalize on the high number of homes for sale in the area due to foreclosures and increased property taxes. They are in line to strike while the iron is hot and take advantage of the market glut inventory, short sale and discounted home prices. It is a buyer's market, but buyers beware. All that glitters may not be gold. While it is a good time to invest, please do your homework and due diligence. Researching your purchases before you buy will prove to serve you well in the long run. Learn what you are buying, what needs to be done to the property, or how long it will take to rent, or "flip" your investment. Buyers are very angry at losing their homes and I have seen properties stripped of everything down to the door knobs! Including furnaces, toilets, water heaters, and bath tubs! They are literally deconstructing these homes and I don't see banks or mortgage companies making much of a change in their listing prices to reflect this happening. I would not expect the financial institutions to do so in our present economy.
The average time for homes to be on the market is reported to be between nine to twelve months. Sellers need take this reality to heart when listing their homes and they need to make sure all of the "cosmetics" are taken care of before putting their home on the market, or be willing to suffer the consequences of not doing so. Buyers are in control and can afford to be very picky, however - neither the mortgage holders nor sellers are willing to "give" away their property. In this economy, who can afford to take a large loss?
This is a good opportunity to invest in real estate, but be careful and do your homework. It's time to stop the greed, and learn to be prudent investors and home buyers. Please, if you are serious, have your money in hand so you can take advantage of the market. Don't wait until you find that perfect property to get financing. You could possible miss out on a great opportunity. Be ready and funded before you begin your search. It will pay off for you, in the long run.


ZIP Codes: 46201, 46202, 46203, 46204, 46205, 46206, 46207, 46208, 46211, 46212, 46213, 46214, 46215, 46216, 46217, 46218, 46219, 46220, 46221, 46222, 46223, 46224, 46225, 46226, 46227, 46228, 46229, 46230, 46231, 46234, 46235, 46236, 46225, 46229, 46237, 46238, 46239, 46240, 46241, 46242, 46244, 46247, 46250, 46251, 46253, 46256, 46259, 46260, 46275, 46278, 46280, 46290

Approximate Location Boundaries: Marion County and the 9 surrounding Counties

Location Characteristics: My Secret Love - INDIANAPOLIS!
I am a fourth generation Hoosier, who moved away to live in Chicago (and I loved living in Chicago) for a few years, but who came back to Indianapolis to raise a family. People often questioned our decision to move back home.
I can remember telling friends and family that we came back because I know something everyone else did not - and that is that Indianapolis is the best kept secret in America as far as being a great place to live raises a family and retire. The all laughed at me. Well, time as proved me right!
Once again we find ourselves in the news in this regard. We have recently had several of our communities reported as "The Best Place to Live in America" or "The Best Place to Raise a Family" by surveys conducted by such media giants as Forbes and Money Magazine for the last two years running. Carmel, Zionsville, Hamilton County, and Fishers are all communities having this distinguished honor. Low crime, growth and good schools are some of the criteria used to rank these areas. These Indianapolis suburbs and its surrounding nine counties also have one of the most affordable housing markets in the nation. A 1800 sq. ft home with three to four bedroom homes, and two plus baths can range from a mere $120,000 to an average of $200,000, an unheard of price in the rest of America.
Downtown is bustling with growth projects such as the new home of the Champion Colts, Lucas Stadium, a new Marion County Library, several museums, and a plethora of new housing projects and condos. One can only wonder, what kind of growth projects the event of the 2012 Super Bowl will bring to the city. If you are looking for a safe, clean, growing, place to live; raise a family and retire; a place that has culture, is a "Piece of Americana" and affordable, look no farther! Because - as the old song says; "My secret love's, no secret anymore!"

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