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Central Indiana homes are selling like crazy during “buyer’s market”

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INDIANAPOLIS, Ind. (May 14, 2014) — It’s a sign of the economic times.

Homes all over central Indiana are selling, and for one realtor, it’s the busiest he’s seen it.

“Yes, it definitely is,” said Mark Branch of Century 21 Scheetz in Indianapolis.

He said in the 10 Central Indiana counties served by the Metropolitan Indianapolis Board of Realtors, close to 300 properties sold in just the last two days. More than 450 others had sale pending signs out front in that same two days. The hottest counties, right now, are Hendricks, Boone, Johnson and Hamilton, though many properties are selling elsewhere.

“People are putting more down, in my personal experience, this year than they had previously. The interest rates are a lot lower, so they’re able to put more down,” Branch said.

Things are good if you’re selling, because you may get multiple offers on your home and get more than your list price. But, there is some bad.

“They have to find a good place to move to, and so, it can be a little troubling,” Branch said.

Claire Belby with the board of realtors says the average price for the first three months of this year is $160,968, an increase of 6.3 percent over last year. She says as sparse as the inventory is right now, it may have been even more sparse had we not had such a rough winter.

“It’s possible,” Belby said. “We definitely had a slow start to the year with the weather conditions that we had in the first couple of months of the year, we had entire weeks that were completely washed out.”

Those days are gone now, because people are buying.

“With low inventory there comes less competition, so if you don’t have as much competition, then it’s a good time to get out there,” Branch said.

If you’re selling, make sure your home’s repairs are made, it looks good and is in good shape. Those are the ones going faster. If you’re buying, be ready to act fast because the one you like may be purchased quickly. Also, if you’re buying or selling, be prepared financially. Buyers should do all pre-approvals ahead of time. Buyers and sellers are urged, as well, to go over their “wish” lists and “needs” lists carefully.

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