Indianapolis Revs Housing Engine

Written by Posted On Sunday, 27 February 2005 16:00

After idling for a couple of years, the Indianapolis housing market is ready to race around the track again, with local Realtors reporting signs of the gas pedal being hit.

"Indianapolis is the nation's "best kept secret" when it comes to a great place to live," says Realtor Joyce Moore . "The Indianapolis real estate market is strong for buyers. New listings are up from a year ago. Most properties are closing within 30 days, indicating that buyers are entering the homebuying process ready to purchase. Homes on the market are experiencing a price change, indicating that sellers are willing to negotiate to get their property sold. Due to this year's property tax increases and some problems we have had in this state with foreclosures, the inventory is very diverse, including properties in some of the most desired areas of our city. Buyers will find that there are numerous down payment programs available to help them in their home buying, sellers will also find this to be an asset when competing to sell their home."

Advises Realtor M.S. Woods , "The average sale price in the Metro-Indianapolis area for 2004 was only two percent less than the asking price for homes priced above $100,000. I would have to say that the market has been very stable."

"We in Indianapolis are fans!," exclaims Realtor Shari Mills . "We enjoy sports and fast cars. We are a growing city -- you'll find what you're looking for here."

Mills suggests, "Right now in central Indiana, it's an awesome market, but many of the homes need a longer marketing period to sale. The average buyer has the opportunity to tour an average of 15-18 homes before making a decision, then negotiating the best price and terms. As a buyer there are three things you can do to ensure you get the home you really want:

  1. First know what you need in a home.

  2. Get your full loan approval before going home shopping. This way you won't get as disappointed.

  3. Get the market value comparables from your agent, then offer what it is worth, you do not want to lose your dream home because you wanted to deal!"

She adds, my best advice to sellers is to "Set your price competitively the first time, then review it every 30 days till it has an offer to purchase, Get rid of the clutter, and offer to assist with up-front closing costs. Create the best curb appeal you can, let the natural light in, focus on your walls, and be flexible."

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