Where Are The Homes?

If you've been following our weekly virtual open houses and market updates for the 46033, there's been a recurring theme. Available inventory to purchase is way down. As in historically down. From 211 homes for sale in early February of '12 to just 115 today. So the question is, why? There are a number of things going on starting with post market crash residual fear. I talked about this on Inside Indiana Business on January 26. Many homeowners are afraid of what their homes are worth because all they've heard is how far it fell from 2008 on. Some of them have justification but those are generally on the high end (above $700K to $800K). Some have justification because of stylistic issues (they haven't updated).  Most do not have reason to be this afraid of their values but they just don't know it. 

The second reason for the shortage of available inventory is the lack of new home construction. Some homeowners would love to downsize or buy a newly built home but there is no new home supply. Banks have been so tough on lending to builders that they don't have a lot of available product. That means that the people who may buy the new homes don't move thereby keeping their current homes from being on the market as well. 

It's a vicious cycle that will most likely exist through the Spring. Buyers, here's your advice: Be ready. When a home comes up that meets your criteria go see it TODAY.  Not over the weekend and not next week because there's people just like you ready to pounce as well.  Have your financing in place and in fact have a conversation with your Realtor and lender about how to present your self in the best way possible to a seller. It's possible you could be in a multiple offer situation so put your best foot forward and be ready to go. This Summer will be one of the most competitive in years for buyers in an area like east Carmel where the schools and overall geography are HIGHLY desirable. greg cooper east carmel indiana homes for sale, east carmel indiana neighborhood, top selling carmel indiana realtor agent broker