For those of you looking to sell a home in Indianapolis, you're in luck. The close of the first quarter showed increased sales activity and prices compared to the same quarter in 2015, with selling conditions expected to continue improving in the next quarter.
According to the Indiana Real Estate Markets Report, closed home sales increased 9.3 percent, while the average sales price increased 3.9 percent. The inventory of homes for sale decreased 11.8 percent this March compared to the same month last year.
"New listings saw the usual seasonal increase this month, but strong sales kept inventory tight," Nancy Smith, the 2016 President of the Indiana Association of Realtors, said in a press release. "After holding out, more would-be sellers are realizing now is an excellent time to get their homes on the market."
The release also mentioned the latest IAR Sentiment Survey, in which 70 percent of participating Realtors predicted their respective markets would continue improving for sellers.
"It's possible to still afford the home of your dreams."
"Even more buyers are moving quick if they find a home they love," Smith added. "With consumer confidence high and interest rates low, our members can expect a bustling summer season."
While this all sounds positive for anyone selling a home, it's not so bad for buyers, either. With low interest rates, it's possible to still afford the home of your dreams. To land a good deal in this market, follow these four tips:
1. Consider your mortgage options
These days, mortgage rates are still low on average, but affordability can still be a concern. In this case, you may be able to find a lender who can give you a lower interest rate on your mortgage. There are also other ways you could qualify for a smaller down payment as well. Shop around for a mortgage and get preapproved, if you can, before you hunt for a house.
2. Prepare to move ASAP
With houses flying off the market, you'll need to act quickly to get the one you love, according to U.S. News & World Report. This means determining exactly what you need and want before you start looking, so you'll know it when you find it and can make a decision before it's too late.
3. Accept some imperfections
With low inventory, you won't have a wide selection of homes. This isn't necessarily a reason to avoid buying, though. It just means you need to think creatively about the homes you consider. Some may need a little work, but if you can get one for a decent price, it's all worth it in the end.
4. Use a Realtor
By buying through an agent, you can take advantage of their experience and negotiating skills to help you land a great deal, even as sales prices in the area are increasing.