Preparing to Buy or Sell a Home: How is the Housing Market?

I’ll get straight to the point: the housing market for 2013 is looking good!

Both nationally and in Indianapolis, home sales are expected to continue to rise, after hitting their highest level in five years in 2012.

According to the National Association of Realtors, total home sales in 2012 were the highest in five years, while prices rose the most since 2005. Total existing-home sales were up 9.2 percent from 2011, with the highest sales volume since 2007.

Home sales, and prices, are being driven higher by interest rates, job growth, and falling supply.

•  Interest rates are averaging just over 3 percent for a standard 30-year fixed-rate mortgage. Rates aren’t expected to go lower unless the economic recovery falters.
• The unemployment rate is around 7 percent, down from its peak of 10 percent in the fall of 2010. A better job market is driving housing demand.
• The supply of homes for sale is just over 4 months—the lowest level since May 2005. Supply continues to dwindle in the face of rising demand and fewer foreclosures.

So whether you’re thinking of buying or selling, now is the time! Call me at 317.777.1805 or email me at Scott@LacySells.com to discuss your next move.