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Chris Wood

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Central Indiana Real Estate News Blog by Chris Wood, Realtor

January Market Watch

 

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January brings an 11.7 percent spike in Central Indiana home sales

F.C. Tucker reports average home prices continue to climb, time on market decreases

INDIANAPOLIS – F.C. Tucker Company’s monthly real estate market stats indicated the housing market is still going strong. January 2017 pended sales were up 11.7 percent compared to January 2016. Similarly, the average year-to-date home price for the 15-county Central Indiana region rose 7.1 percent to $180,866.

With the New Year came new resolutions of home ownership which contributed to 2,109 homes sold in Central Indiana, an increase from 1,851 homes sold in December. Hendricks and Hamilton counties showed the largest increase in the number of homes sold among suburban counties. In January, 10 of the 15 counties that F.C. Tucker tracks experienced an increase in sales. Specifically:

  • Hendricks and Hamilton counties displayed significant growth in homes sold. Hendricks County’s sales increased by 40.3 percent in January 2017 compared to January 2016, and Hamilton County’s sales increased 28.5 percent.

  • Putnam and Montgomery counties’ pended sales, in contrast, decreased by 47.5 percent and 36.8 percent, respectively, compared to January 2016.

In keeping with the previous...

How much is my home worth?

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Is your home value not quite right?

Have you ever heard of Zillow? If you’ve ever looked at houses online, odds are you have visited their website. Zillow, is really an advertising company but they don’t make money advertising homes for sale, however. They make their money selling advertising space to real estate agents like me. Once they get the data on the property the sell little ad spaces to real estate agents so that if you are interested you click on the little box and reach out to one of them.

They usually have at least 3 of the agents listed, and sometimes they will have the Listing agent listed there as well. All of this is well and good until you discover that when you search for Homes for sale in Fishers, IN - they all not all there. You see, the websites are only as useful as the data that they have and there is quite a decent percentage of inventory that just doesn’t show up on Zillow. To make matters worse, Zillow has this thing called the “Zestimate”, perhaps you’ve heard of that as well. It’s a dollar amount that their algorithm assigns to the property. The key part of the word is “estimate” it’s just a starting point and it’s only as accurate as the data. If you remove the data, you remove the accuracy. Currently Zillow itself gives its Zestimate an accuracy rating of 1 star out of 5 - that’s kind of like an F.

So when you go to list your home, buyers look it up on Zillow and find a zestimate that is quite inaccurate. Even...

Find Homes for Sale Online

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Are you on the hunt for a home in Fishers, Indiana or maybe even less populated parts of Indiana? How’s your search going? Have you discovered yet, that some of the homes listed for sale are not actually on some of those sites and tools you use? Or maybe even found a house you love only to discover that it sold...9 months ago? What’s up with that??!

As you begin your search, one thing to understand is how that data (that information) gets out there in the first place. Typically when someone lists their home with an agent it gets entered into what locally is called the BLC (Broker Listing Cooperative) - which is the same thing as the MLS (Multiple Listing Service). Locally they wanted to brand their own name to something that already has a name, with a name that means the exact same thing as the first name. Yeah - I know. You probably don’t care, and why should you, that particular bit, has very little to do with you.

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So the listing goes into the BLC, which is what we agents use to locate and advertise homes for sale - it is basically a big cooperative agreement between brokers. From here, this data goes out to a variety of third party websites - like realtor.com, trulia, zillow, every member broker that has a website, which is probably just about all of them. Some, don’t send their listing data to Zillow or Trulia,...