If you feel like there are fewer houses on the market in the Indianapolis area, you're not going crazy. New numbers from the MIBOR Realtor Association show more closed sales and tighter inventory in May, shaping an already busy summer for real estate.
According to the most recent local market review from the realtor association, housing data shows that closed sales have increased 18.6 percent this May from a year ago. They also grew 13.8 percent in a quarterly comparison.
Pending sales also increased 5.7 percent in the last month, and 8.9 percent over the last three months. This busy season is contributing to a continuously tightening inventory in the area for the past four months, with new listings decreasing 1.9 percent in May.
While this is great news for sellers, it needn't discourage anyone hoping to buy a house in Indianapolis. Here are a few tips for navigating a sellers' market:
1. Be ready to make offers
In a market with low inventory, competition is tough among buyers. That means if you're serious about buying, you need to be able to put your money where your mouth is to get the house you want, according to Realtor.com. Get pre-approved for a mortgage and gather up other financial paperwork, like proof that you can cover a down payment, so you can show sellers just how ready you are to buy.
2. Rethink your wants and needs
Going into the home buying process, you need to prioritize your needs over your wants. When embarking on this process in a sellers' market, you'll need to be a little more lenient about what you "need." The more specific your desire, the harder it will be to find a home with less to choose from. Scrutinize your list of wants and needs and make some changes. The more willing you are to compromise on certain details, the more likely you'll be to find a great deal.
3. Enlist the help of a real estate agent
In a sellers' market, real estate agents are more valuable than ever. With their unmatched eyes for a deal and negotiation skills, you'll have an even better chance at nabbing the home of your dreams. Realtors know exactly how to navigate a real estate climate with low inventory and can help you find listings that match your needs, even when you have little to choose from.