Is my impression of Indianapolis accurate? (Fishers, Carmel: rental, insurance, countertops)

[Don_Draper]

We've decided we have to go with Carmel for the high school. Housing overpriced and inventory low. Not looking forward to the search for something reasonable.

[sweetana3]

Get a local real estate agent involved who does it full time and has done it a long time. They will have contacts and info that will be invaluable.

[Kluch]

Originally Posted by Don_Draper

We've decided we have to go with Carmel for the high school. Housing overpriced and inventory low. Not looking forward to the search for something reasonable.

Rent first maybe?

[Durpie22]

Originally Posted by Don_Draper

We've decided we have to go with Carmel for the high school. Housing overpriced and inventory low. Not looking forward to the search for something reasonable.

But isn't housing "overpriced" everywhere? I would look in Fishers if you think Carmel is overpriced.

[ischyros]

Originally Posted by Durpie22

But isn't housing "overpriced" everywhere? I would look in Fishers if you think Carmel is overpriced.

As a Fishers resident, most of Fishers is overpriced as well. It's just not a good time to be trying to buy a house anywhere. People making cash offers over asking are getting outbid. It's ridiculous out there right now.

[Kluch]

Originally Posted by ischyros

As a Fishers resident, most of Fishers is overpriced as well. It's just not a good time to be trying to buy a house anywhere. People making cash offers over asking are getting outbid. It's ridiculous out there right now.

A co-worker of mine was trying to buy a house in Fishers back in 2021 after renting the few years prior. He basically confirmed what you're saying and consistently was out-bid, over and over again. He and his wife ended up buying their rental out from the guy who owned it (they negotiated a price and worked it out) and decided to just renovate the house over time since that option seemed significantly easier than bidding against other houses. He said people were coming from the coasts and were willing to pay significantly over the asking price without any questions asked. He just couldn't compete in that market. I imagine it's pretty similar to the market now. My wife and I are sticking with rentals for now.

[Don_Draper]

Originally Posted by Kluch

Rent first maybe?

Rents are $2500-$3k a month, so more than the mortgage I'm targeting. I hope my company will pay for temporary housing.

[Don_Draper]

Originally Posted by Durpie22

But isn't housing "overpriced" everywhere? I would look in Fishers if you think Carmel is overpriced.

I want to, but traffic is bad in Fishers and while the high school is good, it's not where my wife wants our son to go as the Carmel HS has a journalism program, which he's interested in. I keep telling her he's likely to change his mind, but she's not listening. We do have a great agent who knows what we want. Hopefully he finds something before it's listed. Probably our only shot because I refuse to get into a bidding war and end up with much less equity, and then watch the housing market crash like in 2007-2009.

[indy_317]

Originally Posted by Don_Draper

...I refuse to get into a bidding war and end up with much less equity, and then watch the housing market crash like in 2007-2009.

In normal times I'd agree with your assessment, but when rentals are now costing so much more than owning, even if one takes a 10-20% hit in house value, you still might come out ahead. If overall inflation isn't going to take a huge hit, then even somewhat overpriced things today, like homes and cars, won't have drastic reductions in prices.

The main issue with housing is that there are so many industries that sell it as an "investment" that people forget what the true purpose of a home was for, shelter from the elements to protect humans. Yes, housing is costly, especially now. In the past it made more financial sense to rent if one was wanting to wait a couple of years for the perfect house, save a decent down payment, etc.. Today, I've seen very small homes renting for $1,500-$2,000 in the sought after suburban school districts. So the question becomes, does one rent for three years at $1,500/month, $54,000 total, or take the chance on a home now and if it drops in price $54,000 in a year or so, was there ever really a financial loss in the grand scheme of things? Of course if a company was giving a decent housing stipend, then the renting path could be the better option.

[ColdAilment]

Originally Posted by indy_317

In normal times I'd agree with your assessment, but when rentals are now costing so much more than owning, even if one takes a 10-20% hit in house value, you still might come out ahead. If overall inflation isn't going to take a huge hit, then even somewhat overpriced things today, like homes and cars, won't have drastic reductions in prices.

The main issue with housing is that there are so many industries that sell it as an "investment" that people forget what the true purpose of a home was for, shelter from the elements to protect humans. Yes, housing is costly, especially now. In the past it made more financial sense to rent if one was wanting to wait a couple of years for the perfect house, save a decent down payment, etc.. Today, I've seen very small homes renting for $1,500-$2,000 in the sought after suburban school districts. So the question becomes, does one rent for three years at $1,500/month, $54,000 total, or take the chance on a home now and if it drops in price $54,000 in a year or so, was there ever really a financial loss in the grand scheme of things? Of course if a company was giving a decent housing stipend, then the renting path could be the better option.

Very well said, this is different than 2008 in number of ways, it's a whole new set of rules to operate under now.