Indianapolis Real Estate Attorneys Discuss Indy's Surging Housing Market
Analysts are predicting a "whirlwind" year of activity for Indianapolis real estate.
The Indianapolis-Carmel-Anderson region is expected to be one of the top 5 housing markets in the United States in 2022.
This means that buying, selling, home prices, and rent are all going up, or are likely to increase, as more and more people seek to move here.
The Indianapolis area is number 4 on a list of 2022's top 10 hottest U.S. real estate markets. Compiled by Realtor.com, the ranking is based on home sales and pricing among other things. Indy home sales are expected to increase by almost 15 percent compared to last year. Meanwhile, prices are expected to climb by 5.5 percent.
Hocker Law, LLC has been helping people navigate the local real estate market since the 1990s - we get the appeal of Indiana and this area in particular. A hot housing market is often great news for locals and people looking for a better place to live. But it also means more competition and often legal complications as people vie for the best properties and renters swarm listings.
Common real estate legal issues
Legal issues that may arise when dealing with real estate can involve:
- More than one person may believe they have a right to a property
- Problems selling land purchased at a tax sale
- Proclaiming property ownership through a "quiet title action"
- Other real estate title issues
- Landlord representation and eviction services
- For sale by owner legal support
- Sheriff's sales
Hot Indianapolis neighborhoods and suburbs
People seem to be drawn to the top 10 hottest housing markets for similar reasons, according to Realtor.com research.
Concentrated in the Midwest, Mountain West, and outside Boston, the top housing markets are mostly in large cities that have a small-town feel. They all often have strong local economies, low unemployment rates, and a higher than normal number of tech jobs.
In Indianapolis, some of the most sought after neighborhoods for new and moving residents are:
- Broad Ripple
- Delaware Trails South
- Mile Square
Outside of Indy, some of the most popular suburbs are Carmel, Fishers, Zionsville, Meridian Hills, and Westfield.
Realtor.com praised Indianapolis for its ability to foster a close community despite being the 15th largest U.S. city. They also note that the market has an 8 percent lower cost of living than the national average.
New to town
There are a number of conditions that may be fueling local home sales. Analysts say people are moving out of mega metros for smaller cities due, in part, to the work-from-home movement and the flexibility that comes with it. Researchers found higher rates for job searches with terms like "remote work" in top markets.
Movement is most prevalent among younger and older people who are either starting families or retiring - two situations that often involve home purchases. A lot of these folks are moving from big cities.
All this demand in the top 10 housing markets is leading to higher prices. The average list price for a home in one of the top 10 markets is $431,000. Indianapolis bucks this trend, though. Homes are significantly more affordable here with the median home price listed as $272,401 and homes frequently listed below $300,000.
Our Indiana real estate attorneys are ready to help
Having an Indianapolis real estate attorney with you through your home buying, selling, or leasing process can protect your rights and interests. One wrong word in a contract, a missed deadline, or a misinterpretation of finances or design could cost you thousands of dollars in lost profits or through over-paying.
At Hocker Law, LLC, our real estate attorneys know the market and how to successfully negotiate. We can help you navigate your way through your real estate transaction every step of the way.
If you are planning a real estate move or have questions, we can help. Contact us to schedule a free consultation to learn more about how the law applies to your particular situation. We are ready to get to work for you.