There's a LOT of talk right now about how many homes are on the market or maybe how many homes AREN'T on the market. That's correct, after the titanic collapse from 2008 to '11 we actually now are seeing a scenario where there are less homes on the market than there were even a year ago. Some zip codes are down by as many as 20% fewer active homes for sale than in 2012. (Note..this weekend I'll be covering this topic state wide on Inside Indiana Business with Gerry Dick). I cannot tell you how many people have called, tweeted, texted or begged me to tell them first when I get new listings across a number of Indianapolis geographies. Several have sold their homes months ago and couldn't find the right fit for them to buy. They aren't alone. They're a little tired of the temporary housing that has them living next door to AC/DC guy and his relentless tracking of their complete musical collection, usually after a night on the town.
Why does this problem exist? Two reasons. First, there is trepidation. That's right, homeowners who were secure in their homes through the recession/depression are afraid of what their homes are worth and don't want to venture out into the big bad market place. Many of them are wrong but that doesn't change their fear. Whether that changes this year or not remains to be seen. Secondly, the bank owned properties are way down. That matters because without bank owned in the market there is less confusion about values and fewer choices which puts more pressure on other preexisting homes. This makes it very tough for some home buyers who simply cannot find a good match.
So what's the immediate solution? Simple. As a buyer you must be ready to act. You need the immediate email notifications (or have a really wired in broker) about new listings and then you had better get there to see them THAT DAY. If the home is close, act now, not in 48 hours. Have your lender info ready, your goals defined and have a GREAT broker to advise you. Time is of the essence. You don't have the option of deliberating or the home will be gone if it's a cherry. Final note to home buyers. This Spring will be one of the most competitive in half a decade. Be ready to go or enjoy another post midnight tracking of Highway To Hell.
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