Central Indiana home sales showing turnaround
Home sales across the nation reached a five-year high in 2012. While sales are still below what is considered to be a healthy economic level, they're turning around in central Indiana.
Realtor Nina Klemm will officially list a Zionsville brick ranch home for sale Wednesday. The house, she says, is some what rare, not because of the layout or the kitchen. What makes the house rare is that it's for sale .
In the past year, Indianapolis home sales have shown signs of recovery, according to Dave Goff, who was the president of the Metropolitan Indianapolis Board of Realtors. Goff believes the real estate market has turned a corner.
"I would be encouraged by a couple of things if I were thinking about selling right now. First, the average sale price has gone up. We are almost back to where we were before the market had gone south," said Goff.
He also says the number of sellers who are getting their asking price is on the rise and points to the sharp decline of foreclosed and short sale homes available for sale as one reason prices are coming back up.
Regardless of the economy, low interest rates, coupled with lenders loosening up the purse strings are making it easier to buyers, with one exception.
"Active listings, because there are not a lot of them. The demand...I would say if people are on the fence about putting their home on the market, now is the time to put a home on the market," Klemm said.
The lack of existing homes for sale is helping new home construction. Goff expects a sharp increase in new home construction permits.
"The problem we are gonna see in the new home industry is there is gonna be a lack of land the developers because of what we have been through the past 5-6 years," he said.
Winter has typically not been the best time to sell, but this winter maybe the exception. The real test of the market will come this spring when more homes are put up for sale.