INDIANAPOLIS — Rent prices continue to rise. Some of the latest numbers show show rent hikes of more than 30% in several U.S. cites, and renters are feeling the squeeze. Some of them, like Kevin Brewster, say it makes financial sense to try and buy a home. In many cases, mortgages are cheaper and they allow the borrower to gain equity.
"I started looking about a couple months ago, looking for a house suitable for me. Single family. Nothing too big," Brewster said. "All the houses I've looked at, the next day, they're usually pending."
The trouble Brewster is having while looking for a house isn't uncommon according to Realtor Chris Brazis.
"My goodness. It's been a battle. Inventory is probably the lowest it has ever been," he said. "Homes are going live on Thursday and they're basically sold on Sunday night."
Brazis said on average, homes in Indiana are on the market around 24 days. However, that's the statewide average. For specific neighborhoods like Broad Ripple or Fountain Square, Brazis says the homes can go in a matter of days. There doesn't seem to be any relief in sight.
"I don't think it's going to let up at all. There's just so many buyers, not enough homes on the market," Brazis said.
Much of this housing market distress has been fueled by the pandemic. One part of it? Renters, who no longer needed to commute to work, had the option to buy homes in more affordable areas. Data from Zillow shows that was the case for nearly two million people.
It can help explain why now, among other reasons, there are hardly any single-family homes on the market. To try and combat this, people are rehabbing, renovating and selling older homes. This trend is happening all over the country but Brazis says there's a big reason why Indianapolis is a sought after market: lower tax rates in comparison to bigger Midwestern and coastal cities along with cheaper prices.
Brazis recommends home buyers be flexible in the type of home they want and the location. He also says you should be looking for homes cheaper than the amount for which you're approved.
That will allow you to have some wiggle room if the bank appraises the house at a lower price or if you have to offer more to compete with other buyers.
Despite the turbulent market, Brewster has been able to find a home he likes and is about to sign the purchasing agreement paperwork.
-
Indy Airport lands three new flights to Atlanta, Tampa and Portland
Starting in Spring of 2025, Allegiant will provide a new nonstop flight to Portland and Frontier Airlines will launch flights to Atlanta and Tampa.
Mozel Sanders Foundation will serve free Thanksgiving meals at these locations
For over 50 years, the Mozel Sanders Foundations has upheld its tradition of serving Thanksgiving Day meals to those in need, and they won't be stopping anytime soon.
Trump's mass deportation plan targets specific groups of immigrants
President-elect Donald Trump's mass deportation plan targets specific groups of immigrants. Here's what to know.
More than 12 arrests made during drug raids across Central Indiana
A series of raids led by the Drug Enforcement Agency (DEA) led to the arrest of more than 12 people Wednesday morning.
