For the first time in almost a decade, there's a new group at No. 1 in the IBJ All-Star team ranking: Dennis Nottingham’s Indy Home Pros Team. Meanwhile, there's a familiar name atop the list of solo agents.
A low inventory of homes for sale is driving up prices to the point that many sellers are fielding multiple offers, some for even more than the list price, making it harder for appraisers to determine a fair market value.
Locally, the number of homes flipped in 2015 jumped 9 percent from the previous year. Nationally, 2015 marked the first annual increase in the percentage of homes flipped following four straight years of decreases
Nationwide prices are increasing more quickly than incomes as buyers compete for the dwindling supply of available homes. The ongoing imbalance in the housing market could stifle sales in coming months.
A Zillow study found the median home value in Indianapolis is $130,000 this year and the supply of those homes is high. It also found it takes just 11 percent of a buyer’s monthly income to make the average mortgage payment.