The press has pushed many stories about my favorite subject over the past year.  Despite what you may have heard about home sales, many homes were sold in Carmel in 2008.  The quantity of sold homes was reduced from previous years by about 18%, but comparatively speaking, Carmel again proved to be one of the best places in the state to own a home. 

According to the Metropolitan Indianapolis Board of Realtors, 2008 Carmel sales data, 1276 listed properties were sold in a 28,000 household area.  Nearly 5 percent of all Carmel Clay properties exchanged hands.  These sales numbers were 326 properties below the prior year total.  This fact is not insignificant, but hardly worth major concern.  

Overall, I believe that the state of Carmel real estate is sound.  I don’t expect any major changes to sales figures locally in 2009 compared to 2008.  The quantity of Carmel home sales seem to be effected more over the previous 6 months in specific segments in the 150K to 450K, and over 650K price ranges.  Basically, there was a more significant drop in selling activity compared to the same period the prior year in these price ranges.  New construction supply will stabilize this year due to the fact that most builders now require a buyer contract and have pulled back from building speculative homes. 

In 2008, with the flood of nationwide defaults and fraud cases, banks tightened up their loan procedures and property evaluation practices.  Undoubtedly, this tightening of loaned funds has an effect on home sales, but is necessary to reduce the rate of foreclosure.  Those with good credit and proven job history will have no issue with financing.  The mortgage rates hover near 5 percent for 30 year fixed loans, which had improved as the year progressed and will continue to help spur sales in 2009.

Home sellers must know all of the property inventory that you are competing with not only at the initial time of listing, but ongoing so that you can make swift adjustments to position their home at a great value.  What you paid for the property really has no relevance.  Buyers are looking for the best value for the money and they have many options to choose from and are armed with daily updates as to what is on the market.

Higher inventory levels make it increasingly important to get advice from your real estate professional.  Paying attention to the details will make you more money.  Staging and decorating is moving from a luxury to a necessity.  Sellers are so close to their homes that they often don’t see what improvements will help them more positively present the home.  Bring in a professional for paint colors, furniture placement, and even furniture rental to provide the emotional appeal.  First impressions are incredibly important even more so due to the abundance of choices.  One less month on the market and one less mortgage payment will pay for it.  

Please send an email to John@JohnPacilio.com if you would like to know more details about your specific property.  Happy selling in 2009, Carmel is a great place to live and a great place to sell a home.

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