Should You Sell or Sit on the Sidelines?

Recent reports were released for the third quarter on the Central Indiana Real Estate market. I thought it was interesting because we have seen these kinds of statistics for a long time. Every new quarterly report that comes out I expect things to change, but they just seem to be going in a positive direction. I am not complaining at all, but it is just surprising, as I sometimes wonder how our local market can sustain such growth.

That being said, I wanted to share a few things that stuck out to me and bring them to your attention. Next time someone asks you about the real estate market, just throw out some numbers at them and it makes you sound really smart….that’s what I am trying to do right here!

When comparing the 3rd quarter foreclosure inventory to the same quarter of 2015, we have seen a 20.8 percent decrease. This is the number that I saw that made me want to share it with everyone. That is a huge decrease! Traditional inventory was also down compared to 2015, but not as drastic. However, the decrease was still significant at 13.4 percent lower than the 3rd quarter of 2015 (combined 13.8 percent decrease).

One of the things that we struggle with locally as Realtors, is the lack of inventory and the growing buyer interest. To understand what I mean by that, take the 3rd quarter sales for 2016. Sales increased 8.7 percent when compared to the 3rd quarter of 2015. Prices also increased 5 percent during the same period.

If you take a look at those numbers and put that in perspective, you will see the struggle that we face. Not only as Realtors, but buyers too. When you get a decrease in inventory of 13.8 percent and an increase in sales of 8.7 percent, it makes finding that perfect home a little more difficult.

While I have never seen a better time to sell your home, you are then faced with a tough challenge of finding a property to buy, which is a challenge at times. This is why many people that are interested in selling are still on the sidelines because they are nervous that they will list their home and it sells quickly and they won’t be able to find their next home. Overall, the market is fantastic and I don’t want to sound like I am complaining. I just wanted to give you information about what I am seeing and show you the numbers to back it up. If you are interested in reading more, click here to see the full report.

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