INDIANAPOLIS, Ind.– Buying a home is a huge decision, but these days if you mull over that decision too long, the house you looked at will probably have a “sold” sign on it.
“We are in a market like no other,” said real estate broker Susan Tibbs with F.C. Tucker Company.
She said even in the past six months the market has shifted in favor of sellers.
“It’s a perfect example of just supply and demand. We have buyers in the market, they are ready, we’ve been waiting for them and there’s just not enough inventory,” Tibbs said.
She said the rebounding economy means more people looking to get away from renting and own a home instead. However, some long-time homeowners still aren’t ready to sell as they continue to recover from the mortgage crisis and an unsteady job market. New home construction also slowed when the housing market stalled a few years ago.
According to the Metropolitan Indianapolis Board of Realtors (MIBOR), in May of last year, there were more than 15,000 homes for sale in Central Indiana. Now that number is 13,000. The average price of a home has gone up about $8,000 and in the last quareter alone closed home sales increased 23 percent.
First-time homeowner Marissa Cleland said she took Tibbs’ advice and made a specific list of what was important to her in a home.
“Interest rates are low right now, there aren’t a lot of homes in the market, she did tell me that, and prepared me to act fast, if you see something you want, then go for it,” Cleland said.
Interest rates are starting to creep up and so are home values, both signs that the unusual market situation is starting to balance out.
Tibbs said if you’re thinking of selling your home, now is a good time because high competition will lead to higher bids. She said the same rules still apply to guarantee getting the best bids: price your home well, stage it well and consider getting a realtor.