If you’ve been holding off selling your house, now may be a perfect time. This is probably one of the best times to sell in the last couple of years. The beginning of 2020 is showing fewer homes on the market and higher home prices benefiting sellers and encouraging buyers to strategically compete.
The Central Indiana housing market is currently extremely competitive. Homes are receiving multiple offers, go under contract within a couple of weeks and hot homes or those priced competitively have been known to go under contract in less than six days.
Home prices throughout the market have increased by nearly 13% since last year at this time and those considering a sale should jump on the motivation. According to Realtor.com, December’s data revealed a tight housing market with very few options for potential homebuyers. The inventory of homes throughout Central Indiana has declined to its lowest point since January 2018. This means that more homes and properties are selling faster than last year and listing prices continue to rise. The total number of homes available for sale continues to decline at an unprecedented pace both nationally and within the Central Indiana real estate market. The inventory is currently at its lowest point in nearly 2 years. The volume of newly listed properties has decreased by nearly 12% since last year and in November 2019, inventory of higher-priced properties over $1 million began to decline on a year-over-year basis for the first time since 2018.
What does all this mean? An excellent return for sellers and homeowners. Homeowners Should Sell Now for the Best Price
Here are some current stats for the Central Indiana real estate market:
- Median Sale Price: $195,000
- Year-over-year appreciation is 9.9%
- Average days on market or 60
- Sale Price Vs. List Price: 97%
- Active Inventory Down 11.1%
Currently, many home buyers are paying above asking price for homes in the Central Indiana Metro area. Because of this, it’s driven up home values across the market. Buyers are finding themselves in bidding wars, which is a great move for sellers and homeowners, but it can be tricky for buyers looking to lock down the right property.
Homebuilders are even seeing a crunch not being able to keep up with the demand for inventory. This is great news for current homeowners that need to sell existing homes or resell properties. Certain homes sell faster than others such as craftsmen, bungalows, newer homes, or those in the perfect price range between $150,000 and $350,000. Higher-end homes tend to stay on the market slightly longer, but even those homes are seeing multiple bids depending on the location and condition.
Other factors playing into the demand for housing are the low-interest rates. These rates continue to be low and after we saw an increase in 2017 and 2018, they have since dropped to around 3% to 3.5% depending on the type of home loan.
Bottom line: all factors are key for buyers to compete for your home and get a great interest rate while they’re at it. Many analysts and economists feel that interest rates will slowly creep up throughout the year and as we head into the spring season, more homes will become available lowering the competition and possibly stagnating home values. Now is definitely the time to list and sell for top dollar.
Contact our office today to get a comprehensive evaluation of your home as-is, suggestions and tips for selling for top dollar, and how fast your home could sell throughout the Central Indiana real estate market. Homeowners Should Sell Now for the Best Price
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