2011 continued to be a rebuilding year for the real estate market in Indiana, but there are signs of hope on the horizon. Home prices and number of homes sold in Central Indiana in 2011 were almost identical to their 2010 numbers (down 0.34% and 0.99% respectively). Unfortunately, the length of time homes spent on the market increased in 2011, for an average of 104 days on the market before a sale. But don’t worry, all isn’t lost.
Specific counties actually saw tremendous growth, including Boone County (9.57% increase in units sold), Hendricks County (8.41% increase) and Hamilton County (1.42% increase). Marion County saw a 5.4% decrease in 2011 homes sold.
So what does this mean if you’re looking to buy or sell a home? If you’re looking to buy, this is still one of the best times in American history to own a home. With rock bottom home prices and low interest rates, the dream of home ownership is more attainable than ever before. However, if you’re looking to sell, the picture becomes more muddied. Homes are selling—it’s just taking longer. This underscores the importance of having an experienced real estate agent by your side who understands the Indianapolis area real estate market.
Some people will continue to struggle to find the right buyer in 2012, and these homeowners may want to consider leasing their homes. The steady cash flow allows you to move into a new home or otherwise get on with your life, and you’re still able to put your home back up for sale when the timing’s right.
If you need an experienced Indianapolis real estate agent, let Polaris Real Estate help you find the house of your dreams, or find the buyer you’ve been looking for.