Thursday, February 09, 2006

New Homes 'Flood' Indiana Market

Some reports from Indiana. "A standing-room-only crowd of approximately 250 people attended the 12th annual 'State of Real Estate.' 'It was a quite acceptable, although challenging 2005,' said F.C. Tucker owner/broker Lou Johnson. 'We saw more units sell and the average price experienced an increase. That's encouraging. And while our average home appreciation was conservative, we believe we'll be spared the housing bubble that other parts of the country are experiencing, and that's even more encouraging.'"

"Broker Denny Mitchell, who also serves as president of the Lafayette Regional Association of Realtors, said an increase in the number of vacated houses on the market, however, reflects more foreclosures than normal and recognition that appreciation rates are in many instances around 1 percent. 'It is apparent that many people are getting in over their heads and there is a less conservative attitude toward borrowing than there was 20 years ago,' Mitchell said."

And Realty Times reports on Indianapolis. "New home construction has flooded the market making existing home sales challenging. Marion County listed 29,232 homes selling only 52%. This is a buyers market when there are more homes to sell than buyers to buy. That means sellers homes have to be properly prepared to sell from the first day on the market."

"If you are considering a move this year you will want to prepare your home properly so you are not among the average of 46% of homes that did not sell. Proper pricing, marketing and staging are necessary to put your home in position to sell."

"As of 1/31/06 you can see 7,613 Indianapolis homes for sale, 23,000+ central Indiana listings and the top 300+ forelosures priced from $100,000 to $1.5 million."


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