What is the Indianapolis Housing Market Like Today?

What is the Indianapolis housing market like? It seems the media is always trying to scare people and make them fearful of the housing market. The headlines are constantly about "housing bubble," "housing crash coming," etc... 

You have to remember, they need viewers, clicks and ratings. Fantastic headlines are clickbait and they sucker us all in. But are they painting an accurate picture of our local real estate market? 

Indianapolis Housing Market

The first question people ask us is what type of market are we in - Seller's or Buyer's?

For the last few years, we've been in a Seller's Market and that continues today in Central Indiana - no matter what the media is saying about the National Housing Market. Our home inventory is at historic lows and it's going to take a lot of time for that to change.

In most areas of Metro Indianapolis, we have roughly 1.6 months of inventory. That number would need to be approximately 6 months of inventory to transition to a Buyer's Market. Even with the mortgage interest rates rising above the historic lows during the pandemic, people still need homes and there simply aren't enough to go around.

The rates aren't bad if you look at history. For the past 50+ years, the average mortgage interest rate is actually 7.75% so we are still below that.

The homes around town with favorable locations and that are priced right for the condition, are the ones that are going fast and sometimes with multiple offers - still! 

If You are a Seller...

If you're a potential seller, selling during a Seller's Market makes it favorable to you. If you prepare your home for market and price it right, you could get multiple offers. And, the terms of an offer are usually better for a seller in this type of market. 

You still need to be careful... it's not the type of market where you can just name your price and get it. Buyers need to see value and emotionally connect with your home in order to get the best price and terms in an offer. 

The Evelo Team agents meet with you, tour your home and make suggestions for staging and/or repairs so your home will appeal to the largest segment of buyers in the market for a home. Don't mess with online home evaluations. Having an agent tour your home will get you the most accurate home valuation in this market. It's valuable insight and helps us get you the most money in the least amount of time. That's a win-win!  

If You are a Buyer...

On the other hand, if you are a potential buyer in this market, you need to make sure you have prepared for the process by getting your finances in order and getting pre approved with a lender. When you write an offer in this market, you have to also submit a pre approval letter for a mortgage or proof of funds for a cash sale. If you don't, you'll miss out. 

Being ready to write that offer as soon as you find your home puts you a step above the other buyers who aren't prepared. 

The Evelo Team agents can connect you with lenders to choose from who will get you pre approved quickly so we can start the search for your new home. 

Indianapolis Market Summary

Yes, things are still moving quickly in Indianapolis. Whether you are a buyer or a seller, be prepared can make all the difference. Call us today and we will guide you to buying your dream home or selling your currently home. Let's make your strategy plan together.