Greetings, my lovelies, fellow nerds and/or anyone who remains FASCINATED with the current state of the market.
The latest market statistics were released today by the Metropolitan Board of Indianapolis Realtors (MIBOR) and...
...well, you know that phrase, "the more things change, they stay the same"?
That's kind of what is happening here.
While the market is still cooling down, it's only very slightly. I liken it to a volcano: when a volcano spews magma, it's comes out as red-hot lava. After a short time, it cools down, but you can still see the simmering smoulder just below the surface.
*Red hot magma or the state of our current housing market? Can you spot the difference? I know I can't.
Percentage of ask received by the sellers is STILL hovering at 100%. I know, I know...that number can be manipulated (point taken, Josh Dilmaghani) but in my practice and out in the field, it's legit happening. I'm seeing offers that are SIGNIFICANTLY over list, by $20,000 or more.
What does this mean to you as a buyer?
Well, it means you need to figure out what your target property is. Why? Because when it pops up on the Multiple Listing Service (MLS), you need to make a decisive move. Call me and let's go see it--and if it's the one you want, I'mma look at that house the way that sensei from Kobra Kai looks at Daniel. For reals. We're going to craft a strong offer and go in hot. I ain't play around.
*Sweep the leg. Also this floor. If you're going to put your house on the market, at least clean it first. Dang.
What does this mean to you as a seller?
Hear me and hear me now: have your home pre-inspected. Why? Because once the excitement of the winning bid has worn off, the buyer starts to panic. They're afraid they're overpaying and making a bad decision. That burned out light bulb? To them, it means the entire electrical system is shot. A dirty furnace filter? The furnace needs to be replaced at once! That small shingle that's blown off the roof? OMG THE HOUSE IS ABOUT TO FALL DOWN WHY GOD WHY. The seller ends up being presented with a huge laundry list of items (usually small, maintenance-style things), feels insulted (but it's a seller's market!) and after harsh words and epithets, both parties go their separate ways.
Not a good way to spend the next 30 days, particularly if you are selling your current home to purchase another one.
*He swept my leg. But not the floor. There was no need to, because we listened to Miriam and had the house pre-inspected!
If you are thinking about making a move, do yourself a favor and do some market research first.
The days of low-ball offers were so 2014...I'm not saying those days won't return, but they won't be tomorrow. Or next week. Or the week after.
I could go on forever, but I don't want to bore you...plus, Karate Kid 2 is about to start on Netflix, and I need to get my binge-watch on.
With epic '80's movies gratitude,
Real Estate Broker/Owner, Odegard Real Estate Group
United Realty Indianapolis
1425 East 82nd Street, Suite 200
Indianapolis, IN 46240
text/mobile: (317) 220-5397