Real Estate Market Conditions Indianapolis and Surrounding Areas as of 2007 ? (for sale, foreclosure)

[peabrain]

Im moving to the Indianapolis area and would like to know the current real estate market conditions both in and out of town. What have home prices been in the past, what are they like now and what are the price projections for Q4 2007 and 2008? Any sort of housing bubble here? What are new home prices doing in the surrounding areas? Is the Indy area growing and at what pace? Any input appreciated- Thankyou

[domergurl]

No bubble really. Just a horrendously screwed up property tax situation. Go to Indystar.com and search ... you'll find plenty of stories!

[sweetana3]

The realtor sites I have been looking at for years are reporting more time on he market and far more "price reduced" notices. Lots more for sale signs.

[Southside Shrek]

I am still seeing the same FOR SALE signs on homes which aren't moving. One man has had his house for sale going on two (2) years now.

Sellers need to be a little more creative in marketing their homes such as by 1) offering free house cleaning and maid service for a year 2) agreeing to fix the home should anything go wrong within the first six (6) months etc.

[escapeartist]

Personally, my gut tells me not to have much confidence in the Indy housing market. I've been looking for a house for over a year. What I have noted is that there are plenty of houses on the market- many that are in need of major updates, in my opinion- but many sellers are pricing homes as if Indy is a sellers market.

I've noticed recently that a few houses that have actually been on the market since early 2006 being pulled then relisted with an updated number at the same or higher list price. That coupled with the property tax issues and high foreclosure rates has given me great pause in terms of whether or not Indy is a good investment. I think values will continue to fall for the next year, maybe two.

In the end, I've decided to rent for a year or two (unless I stumble upon a great deal in a very specific neighborhood within the next few weeks). I'm in the midst of pursuing a career change and hope that in two to three years I can take those new and improved skills and advanced degree and go elsewhere.

Indy might be a good market for people who are looking to stay long-term, but it definitely isn't a market where I think one should necessarily buy if there is a good chance of being ready to move on in less than ten years.