Indianapolis Real Estate Market Questions
I received a call today from a gentleman which made me think about questions I am routinely asked about the real estate market here in the Indianapolis area.
Referring to a previous post, he specifically wanted to know about buying a home in Indianapolis. Here’s a few of the questions I am asked and my response:
Q: Is it reasonable to expect to pay 10–20% less than the listed price?
A: It depends on the property and the area of town! Not every home on the market is overpriced and those which are priced correctly initially are still selling well. I have seen homes which have sold for less than 10–20% of the original listing price, but the formula does not apply to every home on the market.
Q: Will there be more homes on the market in a few months?
A: Yes and there will also be more buyers. Spring is the start of the busiest buying time of the year. Although you may have more selection – you will have more competition.
Q: Have we hit the bottom of the market?
A: Luckily, Indianapolis did not have the huge price increases some areas of the country had. Still, we have suffered the effects of a slow down in real estate sales. I personally believe this year will be the start of a turn around for the real estate market in Indianapolis.
Q: Where’s the next hotspot(s) around the city?
A: My bets are on the Northwestern portion of Indianapolis, the western portion of Hamilton County, Boone County around Zionsville and Anson, as well as Plainfield and the area around the new airport.
These answers are in no way intended to be used as general investment advice. Your personal investment and home purchase should be based on an understanding of the local market conditions within the area you choose to invest or buy.