Summer Market = Seller’s Market
The spring and summer months have brought more closed sales and higher home prices to central Indiana. A report by the MIBOR REALTOR® Association shows closed sales through the first half of the year up 10 percent of the first six months of 2015 and prices are up a heath 4.1 percent in median sales price and 3.0 in average sales price.
New listings for the first half of the year are basically flat, up less than one percent and there is a four month supply of homes. What does it all mean? It’s a seller’s market. Real estate experts say less than six months supply of homes is advantageous to those wishing to sell. Simply put, there are more buyers than available homes meaning if you are thinking of selling, you should act now while the willing buyers are out there.
And with interest rates hovering around 3.5 percent, buyers can stretch their buying power. It makes the seller’s environment even better. So what’s next? Get your REALTOR® to assess your home and the comparable sales in the area, follow their advice on needed improvements, set your price and go. This just may be your time to capitalize on the right combination of plentiful buyers, low rates and tight inventory.