Interest rates are on the rise. A local trusted lender that I refer business to just went from 3.875% to 4.25% on a 30 year fixed mortgage loan. The industry was not expecting 4 percent or over until the end of the year.
The median price of a home in Indianapolis has dropped about $9000 from December 2021 to January 2022. Very typical in the winter months. Not as many buyers looking and not as many bidding wars where bidders will hike the prices. Sales dropped about 33 percent in January from the 2 previous months.
Average Days on the market have risen from 19 in October 2021 to 29 in January 2022. It will vary around the Indianapolis market. Where I live, it is around 10 days.
Want to win in this very competitive market? Here are 12 Tips to Win a Bid
Tim Lord