Real Estate Market is Brighter in Fishers
Unlike other parts of Hamilton County, Indiana, the real estate statistics in Fishers paint a rosier picture for home sellers. Since before the end of last year, the statistics for the number of homes sold have been declining across the country. There have also been regional trends where the average sales prices have been decreasing, but not in Fishers.
According to the Metropolitan Indianapolis Board of Realtors (MIBOR), the average sales price of homes in July 2006 was down .9% from July 2005 in Hamilton County. The secretary for the Hamilton County Division of MIBOR, Stacey O’Hara, explained that the average price for a home sold in Hamilton County in July 2005 dropped nearly $2,300 from the July 2006 average. “This was not the case for either Delaware or Fall Creek Township, however. These two Fishers townships have actually seen a significant increase in home sales prices,” states O’Hara, who indicated that they rose from between $10,000 and $12,000.
“This is great news for home sellers in the Fishers area because it means their property values are continuing to climb despite the nationwide slump or plateau that has been occurring elsewhere,” states O’Hara, who is also a successful Realtor with Liberty Financial Realty (www.libertyfinancialrealty.com). “I think this demonstrates that Fishers is still a highly desirable area for people seeking a safe home and community in a convenient suburb of Metro-Indy.”
Although the property values and sales prices have continued to climb in Fishers, the community has seen some of the effects of the current nationwide economic sag. Stacey O’Hara points out that the average number of days that a house sits on the market did increase slightly over last year in both townships. For Delaware Township, it rose by 3 days in 2006, and in Fall Creek Township, it rose by 4 days. That means that a seller in Fishers can expect their house to be on the market between 60 and 78 days on average.
Stacey O’Hara adds that there have also been fewer closings this year in Fishers than last year. “While this may not indicate the best conditions for home sellers, the fact that sales prices have risen means that Fishers is a place where people are still ahead in the real estate game.”
To combat some of the factors adversely affecting home sales these days, Realtor Stacey O’Hara suggests a couple of simple strategies for improving the odds of successfully attracting interested home buyers. “The first and most important step is to make sure the property is competitively priced for the area. Sellers frequently overprice their homes when they first list it because they want to see if they might get lucky. Although this wasn’t such a bad idea in previous years, this strategy is not appropriate for the current real estate market.”
Homes that sit on the market for long periods of time due to overpricing will eventually make buyers wonder what is wrong with the property. When buyers go to see a house with this kind of concern, the seller is already at a slight disadvantage, even though their home may be in perfect condition. “Sellers should always remember that buyers are acutely aware of the caveat ‘buyer beware’ anyway. They shouldn’t give them any more reasons to be critical of the home before the first showing,” advises O’Hara. “The best strategy is to attract potential buyers who are excited at the prospect of finding a fairly priced home.”
Once interested buyers have scheduled a showing to see the house, home sellers need to be sure that the structure and property are well presented. Stacey explains, “The extremely competitive nature of the real estate market today means that lots of other home sellers are taking the extra steps to make sure their house appears in tip-top shape.” This often means updating older appliances and fixtures, as well as spending a little time in the garden. “People often focus more on making the interior of the home the primary attraction, and forget that potential buyers will begin forming their first impressions as they pull up in front of the house. The property needs to welcome them.”
By keeping these strategies in mind, home sellers in Fishers can continue to experience a better-than-average degree of success. This, in turn, can allow the community to continue attracting vibrant and upbeat members, and help promote further economic development in the area.