Residents of Indiana have a great opportunity right now to purchase homes that are bigger and better than they would've been able to afford in years past, and at a better mortgage rate.
Indianapolis, Indiana (PRWEB) February 06, 2013
RE/MAX Advanced Realty, a leading real estate team in the state of Indiana, is pleased to announce that home sales in Indianapolis jumped 18.5% in 2012 over the previous year. The realty firm takes this as an excellent sign for homebuyers and sellers alike, as this increase combined with a number of other important factors show that the housing market is improving steadily and that Indiana and can expect further signs of recovery and growth in 2013.
2012 marked the best year for the Indiana housing market since 2008, according to Indy Star. Indianapolis in particular saw 25,736 homes sold in 2012, a significant jump from the previous year. Home sales have increased every month in Indianapolis for the last twenty months.
The area encompassing Indianapolis outperformed the state of Indiana as a whole. Across the state sales were up 14.7% with the total number of homes sold hitting 66,516. The median price of homes sold grew by 4.5% across the state.
"Hoosiers have every reason to be excited about the current state of Indianapolis real estate," remarked Dennis Nottingham, Team Leader at RE/MAX Advanced Realty. "The housing market is an excellent indicator of the economy at large, and these robust numbers show that things are improving throughout our state and hopefully throughout the country."
Nottingham also commented that 2013 will be an opportune time for people who have been thinking about reentering the housing market to dive in. Beyond the exciting numbers that the Indiana real estate market is posting, a number of national trends are boosting the confidence of buyers in making now an ideal time to buy. Nottingham noted, "Federal mortgage rates are at an all-time low right now, and the affordability index has never been more favorable. Residents of Indiana have a great opportunity right now to purchase homes that are bigger and better than they would've been able to afford in years past, and at a better mortgage rate."
Nottingham was also quick to note that these circumstances won't last forever. Due to the slow economic growth of the last two years, there are currently many fewer houses available on the market than is typical. This means that the houses that are up for sale are selling quickly and are frequently being competed over.
Nottingham and his team suggest that homebuyers and sellers who are looking to make moves in 2013 be aware of the opportunities and challenges that may arise. Home sellers will have an excellent chance of selling their homes for the asking price within a matter of months, and sometimes just days. Buyers will have great opportunities to find wonderful homes at a reasonable price point, though they may face competition from other interested buyers.
He pointed out that people who are interested in purchasing a new home sometime this year should act sooner than later. This is because mortgage rates are likely to go back up in the coming months. Additionally, the increasing number of people who are reentering the housing market will inevitably slow down the purchasing process as lenders overwhelmed with applications will be slow with their approvals.
"The best move that any homebuyer or seller can make in this current market is finding a reliable and professional real estate agent to help them through the process," Nottingham urged."The right agent can help you sift through Indianapolis homes for sale and find the ones that are best for your budget and your family's needs. A good agent can also negotiate on your behalf during bidding wars and help ensure that your entire selling or purchasing process is handled smoothly."
About RE/MAX Advanced Realty: RE/MAX Advanced Realty is the number one selling team in the state of Indiana based on number of transactions closed. In 2012 alone the team at Advanced Realty closed 860 transactions throughout the state, primarily in the Indianapolis area. This team of Indianapolis real estate agents has years of experience working with Indiana residents to help them find the perfect home for their needs. To learn more about the team or about current Indianapolis homes for sale, visit the RE/MAX Advanced Realty website at http://www.indyhomepros.com/ or call the RE/MAX advanced Realty office at 317-298-0961.