Here’s a graphic representation showing the number of homes on the market in the nine county greater Indianapolis metro area vs. the number of sales there over the last 13 months. The numbers add some general perspective. Comparatively, the market now is slow in relation to earlier months or prior years with record number of transactions…and terrific if you compare to certain months or earlier years with low activity. If you are thinking about selling your home or buying another one, does it really matter how the market as a whole compares to another one? Well, an overall view of the market has it’s place I suppose. But each county, city, neighborhood and home itself is unique…and every Buyer and Seller has a unique set of circumstances that motivate them. Sales happen one at a time. Some homes still command top dollar and others do not.
I guess what I would take away from this graph though is…the market is not red hot like earlier periods…but still, it’s a good market, with lots of homes being bought and sold. Generally speaking, maybe it’s not the best time for someone to ask as much as possible for their home. But the flip side is, they can probably buy one for less now too. So the net effect is about the same as always, and maybe even better if they are moving up in price range. The only thing that will change that though is interest rates. I wondering what a graph like this will look like later when the low interest rates we’ve been accustomed to for a while begin to climb…which they will at some point. Higher interest rate translates into less affordability. Lots of people will wish that they had made their move earlier.
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