The good news: The real estate market in Central Indiana is unlike anything in recent memory. The bad news: The real estate market in Central Indiana is unlike anything in recent memory.
Here's what local homebuyers need to know.
A market in its own pandemic
The pandemic has changed the way buyers and sellers operate in the Central Indiana real estate market because it has caused low inventory in the region. Combined with low interest rates, the market for houses right now is hyper-competitive. Deals that once took weeks are being settled in days or even hours.
Potential homebuyers who want to make a deal are learning that simply meeting a buyer’s asking price is not enough.
Preston and Melanie Bucher, a couple searching in the Nora area, said they were told by a real estate agent that offering $25,000 more than the advertised price was a waste of time because others were willing to pay $40,000 over the listed sale price.
While the hot market is profitable for sellers, buyers run the risk of rushing into a deal just for the sake of securing a property. It’s a decision that may regret sooner or later.
“Buyer’s remorse is going to happen at some point,” said Dan O’Brien of Trueblood Realty in Fishers. “You’re going to feel, did I make the right decision, did I make the wrong decision? But in this market where things are happening quickly and buyers make rapid-fire decisions on a huge investment, there’s an opportunity to make a mistake.”
Buyers can protect themselves from remorse by:
- Having their financing pre-approved.
- Knowing their legal options if they need to break a contract.
- Knowing the tax implications of selling a home that they regret purchasing.
Get creative – and uncomfortable – to get noticed
Real estate experts say the key to successfully purchasing a home is getting creative with an offer that stands out in a crowded market. A buyer may have to step outside their comfort zone to grab the attention of a seller who must choose from among a dozen or more possible deals.
That means buyers must consider dropping some of the traditional contingencies designed to protect themselves. For example, a buyer can bypass home inspections, home appraisals, and even the tax credits owed to them. Any of these may cause a seller to take notice and consider their offer.
For couples like Preston and Melanie Bucher, though, the process can transcend numbers as they continue to search the Nora area for their dream home.
Says Melanie: “Trying to be realistic, but at the same time, but also hopeful … hopeful is a good word.”
Get an attorney to help with all your Indiana real estate matters
For most people, buying a home is the biggest financial decision of their lives. They can search the internet, take classes, talk to their friends and relatives – and still wind up lost in a mind-boggling process that is subject to a puzzling collection of rules and laws. Real estate is no place for amateurs. An innocent mistake can set you back tens of thousands of dollars – or more – and haunt your personal finances for decades
The real estate lawyers at Hocker Law, LLC, a woman-owned firm based in Indianapolis, have been helping clients like yourself since 1993. As a small business, our staff can provide you with the kind of individual attention that is the difference between a tailor-made real estate solution and a textbook-driven answer that ignores the important details of your particular situation.
Find out what an experienced real estate attorney can do for you and let us guide you down the right path. Contact us today for a free consultation.