As January comes to a close, I want to thank YOU for a remarkable 2022.
“We work harder to make good things happen for our clients!”
Market News
“Crazy has left the building!”
That’s right. A seller can no longer expect to have 20 showings the first weekend and get eight offers above list price with no appraisal or inspections. That was so 2021. It just hasn’t been happening for months now.
Many buyers, staring at a mortgage sporting a 6+% interest rate, have taken their ball, and are sitting at home. True, some push on regardless- think those with a new baby, moving mom home, or moving to take a new job. But for the majority, they are waiting for something to come down- either rates or home prices, or some combination of the two.
November numbers are out, and there were fewer sales (down 29% from a year ago)— yet lower inventory (down 78%). And prices are sticky, being up 10% from a year ago but possibly having peaked (around $277,000 on average). It’s taking longer for homes to be sold, and Buyers are now securing deals at a 2% discount from ask. We are far from a balanced market, but it is getting healthier.
Sellers will need to put their house in good order (think about what was done to sell a home in 2019). And then be prepared to negotiate. On the other hand, Buyers can find Sellers offering interest-rate buydowns and other discounts to make their home more affordable.
This is a NEW market. You do not want to get caught fighting the last war. Call or text today to put together a winning strategy in this fast-changing market!!!
And just like that…
And just like that, the Seller’s Market has cooled. As I said last week, the days of multiple offers with crazy bidding wars have ended. Inspections are thankfully back! And it’s giving the Buyers some time to breathe and think about one of the largest purchases in their lifetime. ALL GREAT NEWS FOR TODAY’S BUYER.
The average house in the Indianapolis area is now listed at $300K. And the ones listed above are New Builds. We are getting long lists each week from area builders of their inventory – Ready to Move in’s and Soon to be Ready! Also, Good for the Buyer; Builders are throwing in lots of extras to entice you.
If you are ready to jump back in, call me at (317) 325-0655. Inventory is plentiful!
