I'm relocating to Indianapolis from the UK. Is now a good time to buy a house or should I rent until the?

Asked by Steve, Derby, UK Sun Mar 23, 2008

housing market has started to recover.

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Amy, Home Seller, Indiana
Tue Jan 12, 2010
How soon are you looking to buy a home? We live on the outskirts of Indianapolis,between Avon,Indiana and Brownsburg,Indiana. We have a 3 bd/2bth ranch style home with open concept design.The living room has a nice gas fireplace. Two car attached garage with attic storage above. Nice master bedroom with bath.All bedrooms have Nice walk in closets. We also have a room off of our kitchen that we call our Florida room nice to sit out thee and have a cappiciano or coffee before beginning your day. Our home is located in a very desirable subdivision. The subdivision has trails for walking and playground for little ones. Close to shopping and restaurants as well. The home is only 9 years old has a concrete driveway. If interested please feel free to email me at
a.cunningham07@yahoo.com
I willbe happy to answer any questions that I can for you.
Thank you
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Eric Karrfalt, Agent, Noblesville, IN
Mon Mar 24, 2008
Quick Answer, yes it's a good time. To be more accurate I need a little more information. Indianapolis is positioned quite well to come out of the real estate slump that is so prevalent in the media today. Our market has been pretty stable without big price swings in the market. No huge run up in prices, but no big losses either. I think we are again ready to be in the top 5 years of record sales. It's a growing region so housing is in demand. It all depends where you want to live and what you are budgeting for in a home purchase. There are always exceptions and I'm sure some posters here will contradict what I am saying so let me say generally speaking; the market is doing well here. The proof is in the numbers. The following report gives some further insight. As you can see we are holding our own and in some instances doing better than last year at this time.

2008 Home sales on the rise. Five of nine counties show increased sales over 2007
INDIANAPOLIS – Home sales in Central Indiana are starting to improve as the spring home-buying season begins. February pended sales were up 0.9 percent compared to February 2007, according to pended sales statistics compiled by F.C. Tucker Company.
Overall, 2,132 homes were sold in February 2008 compared to 2,113 in February 2007. It is the first time since April 2007 that pended sales have shown positive growth, which could indicate that the local housing market is starting to rebound.
Along with an increase in total February sales, five of the nine counties in the Indianapolis area posted an increase over February 2007. Hancock County reported 25 more homes pending than in February 2007, a 46.3 percent increase. Pended sales in Shelby County jumped 21.9 percent compared to February 2007. Morgan County pended home sales increased 19.6 percent.
To date, 4,079 homes have been closed or are pending, 6.1 percent less than the same time in 2007. The average sales price is down 4.1 percent from February 2007, decreasing from $143,174 to $137,363. Homes stayed on the market an average of 108 days, an increase from 92 days in February 2007. “We hope February’s encouraging numbers are an indication that the local housing market is starting to turn around,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “We’ll continue to review sales activity over the next few months to determine if this is a positive trend and if we are starting to gain momentum toward stronger sales in 2008.
“Presently, we are encouraged to see more prospective home buyers come off the sidelines and take a look at the inventory available. It shows that consumer confidence is improving.”
Inventory is up 4.7 percent compared to February 2007. Litten said, “This may be an indication that more home sellers are entering the market in hopes of a strong spring-buying season.”
Pended single-family and condominium home sales
County Feb 07 Feb08 % Change
Boone 53 43 -18.9%
Hamilton 390 383 -1.8%
Hancock 54 79 46.3%
Hendricks 176 167 -5.1%
Johnson 158 159 0.6%
Madison 128 114 -10.9%
Marion 1,071 1,087 1.5%
Morgan 51 61 19.6%
Shelby 32 39 21.9%
TOTAL 2,113 2,132 0.9%

Active listings
County Feb 07 Feb08 % Change
Boone 487 514 5.5%
Hamilton 2,705 2,932 8.4%
Hancock 636 640 0.6%
Hendricks 1,252 1,357 8.4%
Johnson 1,243 1,253 0.8%
Madison 1,102 1,049 -4.8%
Marion 8,948 9,362 4.6%
Morgan 576 614 6.6%
Shelby 349 382 9.5%
TOTAL 17,298 18,103 4.7%
# # #
Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on Mar. 7, 2008.
F.C. Tucker Company is the largest real estate firm in Indiana and is ranked among the largest independent real estate firms in the nation. Its family of businesses includes a full range of real estate services – mortgages, title insurance, relocation services, a full line of insurance products, auctioning, homeowner services vendors and warranty products. Started in Indianapolis 90 years ago, Tucker has 33 affiliate offices in Indiana, Kentucky and Florida, in addition to its 17 Indianapolis-area offices. We provide outstanding service to individuals and companies looking to buy or sell residential real estate, including first time homebuyers, move-up and move-down buyers and sellers, relocating buyers and sellers, and investors.
Since the Indy market is well poised to recover, how should you best take advantage of opportunities? I have been helping clients for 16 years gain a "competitive advantage" in the marketplace by taking a look at their "big picture" wants and needs. Location of your home, price range of your home in relation to the competition, how much do you want to budget, what are your financial goals, how soon do you intend to move and resell, are only a few questions I need to know to effectively structure a "competitive " purchase.
eric@karrfalt.net , anytime to discuss further.
0 votes
Tom Vornholt, , 46181
Sun Mar 23, 2008
With current interest rates at or a little below 6% and a good selection of homes on the market, it should be an excellent time to buy. New construction home builders are making great deals on models and already-built (spec) homes and a strong amount of existing home sellers seem fairly motivated. As with any comparison of buying or renting, you will need to take into account a number of factors. Please email me and I can assist you in your search and comparisons.
Thanks!
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