If you are a potential home buyer in the Indianapolis area and are thinking about buying in the spring, you may want to re-consider your timing. I know what you're thinking...as a real estate agent of course I would say this is a great time to buy. There are facts however that can't be overlooked and should be considered.
- First Time Buyer Tax Credit has been Extended. Buyers must have an agreement prior to April 30, 2009 in order to qualify.
- Interest Rates are incredibly Low
- Builders are desperate to sell their current inventory.
- Sellers who are on the market now need to sell and may be more inclined to negotiate
We only need to look at the housing market for October and November of this year to see what happens to housing prices when outside factors (First Time Buyer Tax Credit) influence demand in the housing market. Buyers who waited until September and October to begin their home search were greeted with less homes to view and more competition. In many cases they ended up paying significantly more than they would have just 2 months earlier. In Carmel for example, the home prices in the 200-300K price range rose nearly 4 percent in those few months.
Waiting until spring means you will be competing with many more buyers for the same houses. More buyers means more demand. More demand leads to higher home prices. So if you are considering buying in the spring but can buy now, this is the season with the greatest opportunity. As full time agents in Fishers, Carmel, Noblesville, and Indianapolis the Borushko Team will be working throughout this incredible season. We have extensive knowledge of the market and 15 years experience working with builders. We would love the opportunity to put our knowledge and experience to work for you!