Mornin', peeps!
The Metropolitan Indianapolis Board of Realtors (MIBOR) just released the latest housing market statistics for the Indy Metro Area, and well...
Remember that tire fire that happened in your youth, the one in the next town over where all the volunteer firefighters tried for days and days and days to put it out and finally had to call in the National Guard?
Well, the Indy Housing Market is a lot like this:
Still hot.
Still smoldering.
Still going.
Not a lot of difference between this and market demand.
Gotta be honest: I'm SO TIRED* of the talking heads feeding the public misinformation about how we're in a buyer's market.
*See what I did there? Tire-d?
I'll see myself out.
Check out the Month's Supply of Inventory (MSI): while it's up over 68% from this time last year, it's still down over 3% from this time last month.
Does that sound like a buyer's market to you?
But Miriam, what even IS a buyer's market?
Excellent question.
By definition, a buyer's market is one where there is over six months of inventory.
What do we see here?
A scant 1.2 months of inventory.
That...that ain't match up with the definition of a buyer's market.
A balanced market is one where there is an approximate five to six months of inventory.
What do we see here?
A scant 1.2 months of inventory.
Okay, Smarty Pants...well, what's the definition of a seller's market, then?
Anything less than five months.
What do we see here?
A scant 1.2 months of inventory.
Actual picture of the author wearing her smarty pants. Spoiler alert: they double as her sassy pants, too!
So, the point I'm trying to make is this:
Remember kids, it's not polite to point.
Unless you're pointing at a graph telling you about how strong of a seller's market this is.
When it comes to your equity, PLEASE PLEASE PLEASE strongly consider how much you have and how hot the market is.
You only get one chance to sell you home--and only one chance preserve all of your equity.
PLEASE PLEASE PLEASE don't give yourself away too cheaply.
If you are a buyer, please know that the market is still competitive. Want that bid accepted? Be prepared to go up against multiple offers, and strongly consider partnering with an agent who knows how to write a strong one.
I said what I said.
With No Scant Amount of Gratitude,
Miriam
p.s. Want your very own personalized market report specific to your area?
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