Hot Or Not? Central Indiana Housing Headline Not Quite Reality....
I fully understand the need for publications of all types to draw readers and clicks, really I do. Generally I despise media who are so one sided that you have NO sense of what actual reality is. To that end I only half way disagreed with the Indianapolis Star's assessment in last Sunday's paper when they said 'Now is a great time to sell.' That's not any where near the real story. They quoted Kurt and Kate Flock who I respect and like. They used some level of real market data which is also good. What they didn't tell you is that the stories of multiple offers and bidding wars happen on such a small percentage of transactions they are numerically insignificant. In July of 2104 in Marion County 2391 homes went under contract at an average of 68 days to contract. In July of 2015 2495 homes went under contract at an average of 73 days on the market. We sold 4% more actual housing units this year taking an average of 5 more days to do so (source: MIBOR). These numbers played out in many of the counties around the metro area. The article also mentioned how certain Indiana 'situations were more common in Sun Belt cities. The reality is that central Indiana is not even in the top 20 housing markets in the country in it's vitality. Further, we are heading for September. People that made home buys to be in by the time school started are done. Central Indiana home sales will cool significantly in the next 30 days but it does EVERY year at this time. It's not bad....it's just that this as the headline read is not a 'GREAT TIME TO SELL.' May would have been a great time to sell. This is a great time to reduce your price like thousands of other home sellers are doing right now to get done before the snow flies. Look...things are good here and improving but don't think that slapping up a for sale sign in mid August is going to create a bidding war for your home. It won't...no matter what the Indy Star tells you.
Posted by Greg Cooper at 11:30 AM