As the leaves change colors and the air turns crisp, fall brings with it a unique charm to the Indiana real estate market. Whether you’re a homeowner looking to sell or a homebuyer seeking the perfect property, navigating the autumn market requires insights and guidance. In this fall real estate guide, we’ll equip you with tips and advice you need to make the most of the fall season in Indiana’s real estate market.
Take the Stress Out of Closing Day – Watch Our Video!
Indiana’s Fall Real Estate Market
Before diving into the specifics, let’s take a glimpse into the current state of the fall real estate market in Indiana. REALTOR® Carrie Holle says, “With less buyer competition and the beautiful autumn weather, buyer and seller activity surges before the cold weather arrives. We see a strong market until Thanksgiving when things tend to slow down through the first of the year.” This sentiment is supported by data from Redfin’s Indiana housing market overview. Although median housing supply in Indiana dropped by 12.7% in August compared to 2022, there has been a steady increase in homes for sale since April. If this trend continues upwards as housing demand cools down, we’ll see a shift in the market that gives buyers more power, which hasn’t been the case in the warmer months.
Fall Real Estate Tips for:
Buyers
Buying a home in the fall has its advantages and considerations. As the competition tends to ease, you have an opportunity to find the right property without the intensity of the spring market. As REALTOR® Rebecca Thomson notes in the National Association of Realtors’ Real Estate Today episode “The 2023 Fall Real Estate Market,” buyers are in a good position in the fall. “Buyers now have the flexibility to become much more discerning,” said Rebecca, “so, what would have originally sold overnight, buyers typically are now having more time to marinate on it.” Less competition means buyers can take their time going through valuable steps like a home inspection before committing to a purchase, and on top of this, they also have more negotiating power.
These aren’t the only benefits to entering the fall real estate market as a buyer. In an article by Yahoo Finance, global real estate expert, Jennifer Susanne Sommers, explains how purchasing a home in fall offers unique tax advantages. “Buyers who close on a property before the end of the year may be eligible for tax deductions, including mortgage interest, property taxes, and other related expenses. These deductions can significantly reduce the overall cost of homeownership, making fall an attractive time to invest in real estate.”
Sellers
Because buyers have more time to consider purchasing and more negation power during this season, it’s crucial for a homeowner who wants to sell to attract interest and maximize their chance of a successful sale. This means paying close attention to home staging, improving curve appeal with proper home maintenance, and making sure to do any necessary home repairs, as all of these are part of the factors that impact your home’s value. Not only will this make your home stand out to potential buyers, but having a higher appraisal will give you more negotiating power.
However, Rebecca warns sellers shouldn’t stray too far from market value price. “I know so many horror stories about people who’ve overpriced their homes,” she said, “a great realtor is not going to let a seller do that to themselves because ultimately if you’re overpricing while you’re sitting on the market… properties become stigmatized. People begin to think it’s not selling because something is wrong.” So, as you put your home on the market, remember to use a trusted realtor who can guide you through asking prices and negotiations.
Metropolitan Title: Your Year-Round Real Estate Resource
As fall settles in, Metropolitan Title is here to assist you with all your real estate needs. We’re here to help you navigate the real estate market with confidence and make the most of the unique opportunities presented not only this fall, but year-round. If you have any specific real estate needs or questions, don’t hesitate to reach out. We’re here to support you every step of the way, so let’s embrace the fall season and make your real estate dreams a reality together!
