Seller's market makes for hard times for home buyers

Fewer homes are available for sale, making it a seller's market.
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It's harder to find homes for sale in central Indiana, which means it's a seller's market.

That could be good if you are selling, but not so good if you're trying to buy.

Bob and Bonnie Hoffman are having a difficult time figuring out what home to buy, because there aren't many options.

"I am actually a real estate agent-turned-buyer. I can sympathize with the buyers out there. It's an entirely different market. It's a seller's market. It's stressful," said Bob Hoffman.

The Hoffmans put their Putnam County home on the market last week. The Hoffman's house sold in one day at full asking price. The couple is looking for a home closer to Indianapolis.

The Metropolitan Indianapolis Board of REALTORSĀ® said with more than 2,500 fewer homes on the market in April from this time last year.

"It may not be the home you are looking for, but you settle because that is all that is available," said Bonnie Hoffman.

To help fix the supply issue, for the first time in his 28-year career, real estate agent Greg Cooper has been knocking on doors trying to find interested sellers in popular neighborhoods.

"The fear. I think it's the residual fear. People are worrying about what the real value of their properties after the crash we went through. So a lot of that is putting people still afraid to enter into the home market," said Cooper.

The real estate agent said everything but high-end homes over $800,000 are selling in less than a few days, sometimes more than asking price.

Indianapolis isn't the only city dealing with a seller's market.

According to the National Association of Realtors, existing-home sales rose in April, but remain below underlying demand because of limited inventory and tight credit.