Just on the outskirts of Indianapolis, Lebanon is a thriving community. While many of its surrounding towns, like Zionsville, have seen its rural land eaten up by development, choices in Lebanon homes have retained their opportunities to live in a country setting. However, there are a wide variety of Lebanon homes available ranging from new development to quaint homes near the town center. With the recent negative press of today’s economy, where does the Lebanon real estate market fall in terms of homes sold and how does it compare to the rest of the Indianapolis real estate market?
A recent study was conducted by the Indiana Association of REALTORS® looking at the number of homes sold for two July months, one in 2008 and the second in 2009. Overall this research listed at Indiana is Home showed that, across 98% of Indiana counties, the impact on Indianapolis homes for sale continues to show a decline. While this is not good news, there is optimism in the fact that the decline is slowing down. Boone County sales did not feel much of a drop overall with only a 1.3% decrease in sales from 2008 to 2009, selling approximately 78 homes each year. The greater impact was felt in the median sales price of homes which declined 28.7% from $230,000 to $164,000.
Lebanon homes are holding steady as well. Each year showed 24 homes sold. Right now there are 181 Lebanon homes for sale. With a range of asking prices from $18,000 to just over $1 million, there are not shortage of choices for housing in the Lebanon market. If you’re thinking about listing your home currently, statistics reveal that 13%, or approximately one out of every eight homes, will sell in today’s climate. While those numbers are not overly discouraging, it will still be important to follow a few basic rules of real estate when listing your home for sale:
The price is right. Work with your Lebanon REALTOR® to run comparisons of neighboring homes for sale, and recent solds, to make sure your home is priced competitively. Your best showing traffic will come just after you first list your home so if your price is right to start, the more likely you are to sell your home in a timely matter.
90-day rule. It’s common to be encouraged to consider dropping the price of your home if you receive no offers within the first 90 days. Again, make sure you are comparing this new price with the activity currently in your neigborhood and surrounding community.
Being show-ready. Very little turns a buyer off more than a home that is not well-kept. You may or may not need to go as far as staging your home to attract potential buyers but it’s critical to keep up with simple things like tidying up and trimming the landscape.
Lebanon is a beautiful community to live and work. It will continue to attract buyers to its quaint community for years to come. Contact a REALTOR® when you are ready to sell for more tips on listing your home as there are many buyers out there still looking to take advantage of the $8000 First-time Buyer Tax Credit.