Too Hot To Handle: Indy's Housing Market

INDIANAPOLIS, IN — If you're looking to buy a home in Central Indiana, you may have noticed you're not the only one looking to claim their stake in what realtors are calling a "hot market." It's not a new term, and its a good thing for the market. However, this can also lead to limited inventory and a battle for the best offer.

After almost four years of living apart, my significant other proposed in November 2016 and we knew we wanted to start looking to buy a home in February 2017. Our realtor, family and friends said it was the perfect time to do so as "the market is hot" and interest rates are low and will soon go up. Two months later we were homeowners. "Hot" was and still is an understatement.

"Housing in the Indy area is extremely hot right now," Sean O'Connor, real estate broker for Berkshire Hathaway HomeServices, said. "With limited inventory it is becoming common for sellers to receive multiple offers within days of listing." (For more information on this and other neighborhood stories, including including Wow! Houses for sale in your area, subscribe to Indianapolis Patch to receive daily newsletters and breaking news alerts and LIKE Indianapolis Patch on Facebook.)

O'Connor is right. Almost every home we looked at and wanted was sold within the next day or two, making us learn sooner than later to put an offer on a house immediately if it fit our criteria. Out of the nearly 15 homes we looked at, some owners weren't obligated to get back to you if they liked another offer. "15 homes? That's nothing!," some may say, and some told us they looked at dozens of homes "back in the day" before choosing. Well, time and homes are limited right now and that option isn't as realistic. Thankfully our realtor was able to get the deal done the same day we put an offer on our now Indy-area home.

See these Wow! Houses for sale:

• Wow! House: Carmel Cul-De-Sac Charmer
  
• Wow! House: Home On Pretty Private Drive In Carmel
  
• Wow! House: A Handyman's Dream Project Near Downtown Area

Fast-forward to July 2017, our friends currently looking to buy a home are facing the same market and inventory status.

"Fishers, Westfield and Carmel are the really hot areas," O'Connor said. "Also, homes that are in great condition sell almost immediately in any area."

It's hard to predict what will happen to the housing market months from now, but i'm glad we were told the time was now to buy a home. Little did we know this would remain true throughout the summer, and it's only going to continue.

"Neighborhood prices all over Central Indiana are continuing to rise, and do not show any signs of slowing down," O'Connor said.

If you can see yourself in a home and can afford it, don't waste another day.

More information and guidance: berkshirehathawayhs.com.