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How is the market around Indianapolis, IN?

Asked by Voices Member, Wed Jan 7, 2009

I have a current buyer who has a home for sale in the Indianapolis area. They have had one offer on which the financing fell through. My client is not in a financial hardship but just wants to get to TX so is thinking about lowering their price $45k. Any comments or advice for that area of the country? I do not have contact with his local IN agent.

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Faye, I want to share something with you that most people in this area, and most across the country would not, and simply can't believe. I know the local lenders didn't believe it until it was fully explained to them how it was possible. We recently invited a local appraiser to our office to discuss the property values in our specific area of downtown Indianapolis. According to his stats, the property values actually increased over 3% last year. He further stated that he saw no indication that would change this year for that same area. Now, take into account that less than twenty miles from that area, property values are down 13%. I don't like to see anyone take an unnecessary hit on the sale of their property, but I think your client needs to have a serious conversation with his Realtor about the specific area his property is in. Not knowing how long he has had his property listed, and the price it is listed at, just going by the tone of the question, it does sound like the pricing might need some adjustment. $45K might be too much, or it might not be enough.
0 votes Thank Flag Link Mon Feb 23, 2009
I am agree with everyone else Real Estate is about Price here in Indy. I would say that the higher end housing 250k and up is the slowest, but it is picking up. You also have to look at the area your client is trying to sell in. They have to understand what kind of inventory they have to compete with. I know in my area in Johnson County which is directly south of Indy we have some areas with over a Years worth. So their agent here might need to tell them their area has a lot of inventory. But all in all the market seems to be picking up. To put it in prospective I did not have my first buyer client until March last year. I have just picked up My first buyer of the year this week. 2 months earlier. Looks like it will be a good year!!!
Web Reference: http://bosbornehomes.com
0 votes Thank Flag Link Fri Jan 9, 2009
Hello Faye,

I am 3 hrs north of Indy in the heart of the RV industry meltdown and you would think with over 12% (and still climbing) unemployment, things would be dismal. They are slower than they were 3 yrs ago, but right now I have more buyers working actively with me than I have had in the last 12 months. I think some of the "fence sitters" are starting to move, with the low mortgage rates and the 8% price drops we have experienced over the last couple of years. 2009 is still going to be a slow climb upwards, but I think the motion is heading in the right direction. I would advise your client to have their listing agent run 60 day comps on the solds in their area and price accordingly, just a tad under what they have sold for and they should be on their way to TX soon, provided there are no other "flaws" like poor location or poor physical condition of the property.
0 votes Thank Flag Link Thu Jan 8, 2009
The answer to that question is always the same: it depends.

The old saying that real estate is local has perhaps never been more true. As disparities between neighborhoods and communities become more divergent, rifts in the local real estate landscape become even more delineated. So while one side of a township might be doing OK, the other side might not be. That could be a factor of schools, property tax assessments, localized crime or a dozen other criteria important to Buyers.

Many Sellers in this market have found themselves in the position of chasing the market downwards, trying to catch up to valuation drops. If the Seller started out $10,000 too high, a reduction 90 days later might not make up for the fact that the market for that home ha actually dropped $15,000 in those 90 days. My recommendation to Sellers is fairly universal: drop it till it hurts, then drop it 5% more. You MIGHT then be low enough. And don't worry about underpricing. We'll have multiple offers if that happens.

Ultimately, a well-priced home in move-in condition with decent contingency terms will sell in any market.

Good luck.

joe shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group
joe@joeshoe.com
317 413.8501
0 votes Thank Flag Link Wed Jan 7, 2009
Well, the market is not bad as a matter of fact everything seems to be picking up. Price is still everything and Indianapolis is such a large area that depending upon where they are located, a $45,000 price reduction might not be a bad idea. If you have an address I could tell you more.
0 votes Thank Flag Link Wed Jan 7, 2009
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