Ever seen a drop of water sizzle on a hot iron skillet?
This 3BRM/2.5BA home was on the market for such a scant time, even I was amazed.
We listed on Monday, had multiple offers by Wednesday and were under contract by Sunday evening.
When I tell you that we are in a seller's market, I'm not kidding.
Back to that drop of water and the skillet...you know how it dances about for a moment, then evaporates into vapor?
Yeah, the market is a little like that.
Okay, a lot like that.
Don't believe me?
Check out the stats for yourself:
That's just for Lawrence Township. Note the bottom number that says "0.4 absorption rate". The absorption rate is a metric used by real estate economists to calculate the time it takes for a property to get off the market and is also indicative of available inventory. Here in Indianapolis, we are looking at less than half a month of available inventory. We are down over 11% last month and a whopping 75% from this time last year.
That's...that's not a lot of inventory out there.
Right now, multiple offers are the norm and there's a reason real estate brokers are grumpy, especially if they represent buyers. I'm starting to see some interesting practices in the market: offering a significant amount over list price, waiving inspection, sight unseen offers, and so on. I'm not saying it's a good idea to waive inspection (it's not, and you're gonna have to twist my arm to get me to do that for you), but if you're a seller, the time is now.
Read that again:
If you have a home to sell, the time is now.
How much longer this seller's market will last is the subject of intense speculation in real estate circles. We don't really know but one thing is for certain: conditions favor sellers right now, and we don't know for how long.
Also, a special shout out to my sellers: they did an incredible amount of work on their house (installed granite counter tops, remodeled their master bath into a high-end hotel-boutique inspired space, etc.) all while working from home, scheduling showings and packing up for their move. Success is not an accident--high inventory market or not--and their efforts are a big reason why their house sold so quickly.
Thinking about making a move?
Miriam Odegard, Real Estate Broker
United Real Estate Indianapolis
1425 East 82nd Street, Suite 200
Indianapolis, IN 46240
text/mobile: (317) 220-5397