Why Real Estate Experts Say 2016 is Year to Sell

New housing data released this week for central Indiana paints a great picture for a strong year in housing. Closed sales, pending sales and median and average sale prices were all up in January compared to January of 2015. In fact, closed sales rose 8.2 percent for the month; a month not known for great housing activity in our cold weather market.

Pending sales increased 12.3 percent and this is a key data point because it means that February and March ought to be strong as well. Typically, all those pending sales become closed in the next 30 to 45 days.

Looking at the data, local REALTORS® say it means one thing – if you are thinking of selling, now is the time. Why?

  • Buyers are clearly eager
  • Inventory is at an all-time low which means your property will be attention
  • Interest rates are still low mean your potential buyer has more buying power

Beat the spring rush to market by listing your home now. If you are thinking about selling now, in the spring or even early summer, meet with your REALTOR® now to begin the process. And good luck, happy selling!

May data

Advertisements

Should we do that? Evaluating home improvements/upgrades

In a recent article for My Market Watch, a personal finance editor outlined several renovations that could actually decrease your home’s value. Really? Decrease? Yep – that’s right. Your motivation to make a few changes to your layout, throw some wallpaper on the walls or transform your garage into another living space might be ideal for your family – but it could hurt you when it’s time to sell.

Knock down a wall and create a larger master bedroom? Maybe not. According to Amy, more bedrooms can be better than a bigger master room because they can usually command a higher asking price.

Flip that garage into an extra living space? Think it over… Here in the Midwest, having a garage is a big benefit during inclement weather. The extra storage space is also a plus.

Read the full article here.

We also posed a question on our social media channels asking local REALTORS® their advice on home improvement projects.

MIBOR member Frank McManus suggests, “Generally speaking do not take on any project that isn’t going to be completed, (is) too complicated or you are not using a professional for, and/or is a diminishing return based on the neighborhood or general area.”

MIBOR member Brett Martin encourages you to work with an appraiser first, and really emphasizes that you need to get building permits if needed before doing any work so it is done legally and can be financed. Brett added, “HGTV shows most likely do not apply here. Condition and cleanliness go a long way. Be realistic: have your agent show you your competition and then, seriously consider whether or not you are priced to sell regardless of what you do.”

Do you have tips to share? Email us at miborcommunications@mibor.com.MW-BT330_Remode_20140125181036_MG.jpg

What is Your Home Search Process?

home search

 

Looking for a new home is exhausting and exhilarating all at once. It can be downright fun to imagine yourself in a new space, but let’s be honest – it’s a process. Local REALTORS® engaged in a study called the Home Buyer’s and Sellers Profile and one of the things they learned was how buyers approach the process of looking for that next dream homes.

Let’s talk a look.

Across the country, for 43 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 14 percent of buyers first contacted a REALTOR®. In Indianapolis, 50 percent looked online first and 13 percent contacted a REALTOR® as their first step.

Nationwide, buyers typically searched for 10 weeks and looked at a median of 10 homes. In Indianapolis, buyers searched for 8 weeks and looked at 10 homes.

Interestingly, the typical buyer who did not use the internet during their home search spent only five weeks searching and visited five homes, compared to those who did use the internet and searched for 10 weeks and visited 10 homes. In Indianapolis, those who did no search the internet looked at 4 homes over 8 weeks.

Among buyers who used the internet during their home search, 87 percent of buyers found photos and 84 percent found detailed information about properties for sale very useful.

So if you are thinking about moving, make sure to contact a REALTOR® early in the process. Remember, once you start seriously diving in, it could be 8-10 weeks before you make an offer and then another one to two months before closing and moving.