Should I sell my house now? It’s Spring in Central Indiana and this has lots of people contemplating this question.
In 2020 to 2022, it was an insane Seller’s Market and some sellers today are kicking themselves for not taking advantage of it. However, I am a big believer in doing what’s best for you, when it’s best for you!
Today, while it’s still statistically a Seller’s Market, interest rates, rising inflation and the overall economic situation has changed.
But, people still need to sell and buy homes because of life events, so let’s take a look at some data to help you decide if now is the time to sell your house.
Should I Sell My House Now?
Reasons You Should Sell
The local data tells us there are some good reasons to sell your house now if you decide that’s best for you/your family.
Inventory of Homes for Sale is Still Historically Low
Comparing 2019 (Pre-Pandemic) to today’s inventory of homes for sale, we are down by over 50% in Central Indiana.
In March of 2019, there were 6,212 homes for sale. In March 2023 there are just 2,728 homes for sale.
There are lots of reasons for this including Baby boomers staying in their homes longer than past generations, multigenerational households where adult children and parents or grandparents both live, etc…
Home Prices Still Going Up
Even as the economy is questionable, Central Indiana homes are continuing to appreciate in value.
Home prices are cyclical – they definitely have seasonal changes. In January, the media made a big deal out of how home prices went down and Days on Market went up. Duh! That happens every year in the Metro Indianapolis area. Some parts of the county aren’t as affected by the season but we are.
January 2023 has a median sale price of $272,000. That was down 2.9% from December 2022, but was UP 11% over January 2022.
In February, the median sales price rose 0.7% t0 $275,000 over January and was up 9.1% of February 2022 when the price was $252,000.
Don’t pay as much attention to the National Housing Market as you do the local market. The National Stats often don’t reflect what’s happening in the local Central Indiana Market.
Homeowner Equity at an All-Time High
According to the latest reports, homeowners are enjoying a record amount of home equity in their homes. In fact, in Indiana, homeowners have seen their home price/value increase an average of 61.8% over the past five years. That’s quite an increase in a homeowner’s net worth.
Homeowners have record high equity in their homes with the biggest segment having 50%+ in equity. This is great news if you plan to buy another home.
If you sell your current home, the equity you have in it comes in the form of a check at closing. This money can be used as a down payment on a move-up home or if enough, might help you pay cash for your next home.
Spring Market brings More Buyers Out, Too
Spring is typically the season we see more and more buyers enter the market to buy a home. Regardless of what mortgage rates do, they tend to be more serious about buying in the spring.
Keep in mind, Spring is also the time more sellers enter the market and that will up your competition to woo buyers. Preparing your home to sell is the BEST strategy to increase your chances of a quick sale for the best price!
Should You Sell Your Home Now Or Wait?
The local housing market statistics can tell us a lot about selling or buying a home. However, your personal finances should be the determining factor.
Is it a good time to sell? The Market says Yes!
Is it personally a good time for you to sell? Only you know the answer to that question!
If your finances aren’t ready, then wait.
When they are ready, we’ll take a look at the market and the steps to selling a home in Indiana!
