Five Tips for First Time Indy Home Buyers

Five Tips for First-Time Home Buyers in the Indianapolis Area As Millennials graduate college and enter adulthood, now is the time many young Hoosiers are gearing up to purchase their first home. But, is Gen Y ready to buy?

Here are 5 tips from RE/MAX INTEGRA, Midwest any first-time buyer in the Indy area should know.

1. Keep your search options open. Any twenty-something

considering the big move should keep their options open when searching for areas to buy in. Due to low inventory on the market, many buyers are expanding their search parameters just to find a home that meets all of their “must-haves”.

Think all of Washington Township; not just Broad Ripple. Or, if up-and-coming piques your interest, consider looking beyond Fountain Square and into Irvington. Fountain Square prices are now approaching the high-end of what most first-timers can afford. You’ll be surprised how much house you can find within your budget just a few miles out of your search area.

2. Be prepared to put your best foot forward on an

RE/MAX agents rank second in satisfaction among first-time home buyers Source: 2015 J.D. Power Homebuyer/Seller Satisfaction Survey

78% of recent buyers found their real estate agent to be a very useful source of information Source: NAR 2015 Home Buyer and Seller Generational Trends Report

32% of all home buyers in 2015 were first-time home buyers Source: NAR 2015 Home Buyer and Seller Generational Trends Report

offer. If you’re putting an offer on a home that’s new on the market, understand that the sellers aren’t going to be coming down much on the list price. And, it’s very likely that there will be multiple offers. Homes in the Indianapolis area aren’t staying on the market long and it’s common to see multiple showings going on at the same time.

Pro Tip: Low-balling is a thing of the past.

3. Timing is everything. Your “first time” is never easy. It’s

hard to navigate through all the factors playing into your next big life decision: home ownership. It’s important to understand timing and market activity. The Indy area is seeing two types of sellers right now: #1: Those who are willing to put their home on the market and not quite as cornered about their next move (i.e. willing to rent short-term if their home sells quickly); #2: Those who are hesitant to list because they aren’t sure they’ll be able to find what they want in their next home due to low inventory.

In the Indy-area, this pent-up inventory of homes creates just the situation many first-time buyers are looking for. But, low inventory is stalling move-up buyers, which is taking a toll on first-time buyers. First-time homebuyers are waiting for “move-up” buyers to put their homes on the market. But

that means buyers should be on the lookout and prepared to move quickly once this begins to shift.

Shifts in the market are expected to take place as we enter the active summer months. It’s important to get ready now because new listings are soon to hit the market!

4. Secure your finances before you begin searching.

Online searching for homes can be a slippery slope – you can find a home you love in just minutes and set up a time to walk through the home that very same day. It’s also advised to meet with your realtor first, who can recommend you to a loan officer that best fits your needs. Always have a pre-approval letter in place before putting down your first offer. Otherwise, someone else will get the sale. There’s no time to wait for conversations with the lender – you will always lose out to another buyer.

5. Seek help from a realtor. First-time buyers can utilize a

realtor for step-by-step guidance through their first home purchase with no money out of their pocket. The buyer doesn’t pay for a realtor’s assistance; that’s a seller’s cost.

Rely on a realtor to guide you through all of the ins-and-outs of the home buying process. There are many variables to purchasing a home that first-time buyers may not consider, such as finding the right lender, negotiating the purchasing contract, and going through the inspection process.

About RE/MAX INTEGRA RE/MAX INTEGRA is a privately held company founded in 1980 by Canadian entrepreneurs. With regional headquarters in Toronto, Boston, Minneapolis, Zug, and Vienna, RE/MAX INTEGRA represents nearly a third of all RE/MAX Sales Associates worldwide. The company was founded on the premise of providing outstanding service and support both at the regional level, and to the end consumer.

Lafayette/West Lafayette, IN had the nation’s 4th highest percentage of Millennial buyers at 48%

The Ontario-Atlantic Canada region, has surpassed 10,000 quality Associates; The US regions — New England and the Midwest (including the following states: Minnesota, Wisconsin and Indiana) – account for more than 6,500 Associates with over 2,600 and 3,800 Associates respectively; and the European region leads with more than 16,000 Associates. For more information about RE/MAX INTEGRA, visit remaxintegra.com.

Source: Ellie Mae Millennial Tracker

Contacts Laura McCaffrey, Bose Public Affairs Group lmccaffrey@bosepublicaffairs.com | 317-684-5486

Only 8% of recent home sales were For Sale by Owner.

Sellers and buyers know the value of using a REALTOR! Source: 2015 Profile of Home Buyers and Sellers from National Association of Realtors

Bianca Zaklikowski, RE/MAX INTEGRA – Midwest BZaklikowski@remaxintegra.com | 317-601-4280 Nathan Pfahler, RE/MAX METRO npfahler@gmail.com | 317-450-1904