Are Your Kids Delaying Your Home Search?
It's not a very fair question, those little darlings are worth it, right? The inventory of homes for sale in central Indiana is very low and has been for the last year. Right now, there is approximately four months of available inventory. That means if no additional homes are listed for sale, it would take four months to sell all available homes. Housing experts say a balanced market is closer to 6 months which means this is a seller's market. Sellers have the upper hand and buyers have less to choose from. This isn't exactly news and especially if you have been searching for that perfect dream home, you know this to be all too true. It's also definitely not an Indy problem. Inventory is tight all over the U.S. What is new is the theory that some demographic of buyers is harder hit or more inconvenienced by low inventory. And it might just be families with kids.
The National Association of REALTORS® (NAR) research staff has taken a look at the nationwide buyer ans seller trends to predict whether families will need to extend their home search into the fall versus the traditional spring and summer hunt due to low inventory. Their assertion is this; families who require a more exacting search due to school district needs and precise location demands are finding the inventory environment harder and the search longer.
The NAR Buyers and Sellers Profile finds that families are looking to move because their current home is too small (29 percent of families with children compared to only 9 percent with no children at home); job relocation (23 percent), or a change in their family situation such as birth of another child, or marriage or divorce (12 percent).
Makes sense. Will you be looking longer to make your school needs are met? If so, stay patient and know that a REALTOR® is your best asset. They know which homes are on the market and what might be coming up next. Your REALTOR® can help you navigate the tough choices as well. A tight market means more give and take, you'll want a trusted sounding board as your advocate.