Time, Time, Time Is On My Side! Is it?
If you're thinking about buying an Indianapolis Home, time may not be on your side! The current market conditions will not hold for long. There will be changes, there always are. Everyday, someone will ask me if this is a good time to buy a house. My short answer is yes! My long answer depends on your purpose and your financial goals. The indicators are good for buying a home.
The Indianpolis real estate market is the most affordable housing in the nation. The income/housing ratio in Indianapolis is 20%, meaning the average homeowner in Indianapolis spends 20% of their income toward their housing costs. Did you know in some parts of the country the figure is 50% or more?
- Interest rates remain historically low.
- There is a lot of inventory available.
- It is a buyer's market!
It is currently a buyer's market in Indianapolis and the surrounding area, as well as most of the Unites States. Once the supply of homes decreases, the tide will turn to a more balanced market, interest rates may not hold and the cost to buy will increase. Time will change the factors!
To expound on my long answer -
If you are looking to flip a property for quick profit, there are some deals out there, but be careful. Your holding costs could be more than anticipated.
Looking to buy, hold and rent? Again, some great deals within many areas in Indianapolis where the rents will exceed the monthly costs.
Do you want to purchase your primary residence? It is a great time to buy a home. Whether you are an investor or homeowner, I would be happy to help you analyze your unique situation.