No End in Sight for Hot Housing Market
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCentral Indiana’s red hot housing market is showing no signs of slowing down in 2021, as continued low mortgage rates are pushing prices higher and keeping inventory razor thin. Many home sellers are receiving multiple offers and fetching deals significantly above list price, as buyers scramble to find options. Real estate broker Greg Cooper of the Cooper Group says while some resisted putting their homes on the market because of the pandemic, that psychology may be shifting as vaccinations increase.
“What we have gone from is a fear of COVID, why people weren’t putting their homes on the market, to a true fear of oh my goodness, where am I going to go, my home’s going to sell in an hour and a half,” said Cooper, who notes similar conditions in markets around the state.
Cooper talked about market conditions and what buyers and sellers can expect in 2021 on this weekend’s edition of Inside INdiana Business with Gerry Dick.
A recent report from F.C. Tucker Co. showed inventory in Central Indiana plummeted 61.1 percent in March, compared to the same period a year ago, with home prices increasing 10.6 percent.
Every county in the region saw home inventory decreases of 23.3 percent or higher, and 12 of the 16 counties saw inventory decreases of 62.5 percent or higher.
“With spring and summer typically being a busy time for the residential real estate market, it will be interesting to see if this seller’s market continues its upward climb during the next few months,” said F.C. Tucker Co. Chief Executive Officer Jim Litten.