Indianapolis is one of the best kept secrets in America. A city with a growing diverse population and great schools, this is a fabulous place to raise a family.

"The world famous mecca of motor sports, Indianapolis is a fun, family-oriented community," says Realtor Kathleen Chiras notes, "It's a slow market in Indianapolis right now. One local broker reports his transactions as down 50 percent from last year. With a huge inventory and slumping values, buyers should have no trouble finding what they want for a reasonable price. The new construction market is slightly faster, but home-seekers still have a wide selection. If you are looking to buy in Indianapolis, begin with the representation of a buyer only agent. Unlike a traditional agent, a buyer only agent is free to serve your needs, without worrying about increasing their commission by selling you their own listing. A buyer only agent is motivated to get the best possible deal for a home purchaser."

Realtor Joyce Moore says, "We are definitely in a buyer's market. There are many good properties available creating high investor activity, many from out of state. The large inventory of properties for sale may be a result of last years' property tax increase and/or downsizing of the "Baby Boom" generation. Interest rates are expected to drop. The number of homes for sale and pending has increased, and most are closing in record time."

She adds, "There is an increase in home sales activity in the inner city due to revitalization efforts. New construction in Marion County experienced a significant increase of 10.5 percent, while average sales price for homes in Marion County has declined slightly. Home prices, in general in the metropolitan and surrounding counties are up 3 percent since this time (July) in 2004. The Downtown area is flourishing with new developments of Town homes, condominiums, and loft apartments. Downtown is becoming a great place to live. Earlier this year, Hamilton county made the list as one of the "Best places to live" in America."

Moore continues, "New housing data census numbers show Hendricks and Hamilton counties are among the 25 fastest-growing nationwide in terms of housing construction, and some local experts say suburban migrants are fueling the boom here due to the cost of homes verses the cost in other areas of the country. The "housing bubble has not yet affected us" even with the history of numerous foreclosures in the area, however we have a lot of FSBO activity. Investors should take note of this because this can influence our comparables. FSBO properties are not recorded into our MLS and reporting is not regulated. There have been instances of inflated figures."

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Published: October 25, 2005

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