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The Best Time to Buy a House in Indiana

Looking to buy a home in Indiana? Buying at the right time is more important than you might think. Before placing an offer on a home, use this guide to learn how to spend less by buying at the right time, finding the best place to live, and saving money during the buying process.
Looking to buy a home in Indiana? Buying at the right time is more important than you might think. Before placing an offer on a home, use this guide to learn how to spend less by buying at the right time, finding the best place to live, and saving money during the buying process.

Deciding to buy a home is a huge decision and often a major milestone. Most potential buyers believe the hardest part of the home buying process is finding the right house. While finding your dream home can be challenging, there are many other obstacles you’ll encounter, like finding the right time to buy a home in Indiana.

The real estate market fluctuates greatly from season to season across the country, and the market has its own unique tendencies in Indiana. From home pricing to mortgage interest rates, timing is everything in real estate. Buying at the wrong time could set you back tens of thousands over time.

When purchasing your first home in Indiana, it’s always a great idea to partner with a local real estate agent. But there are a few things all home buyers in Indiana should know before placing an offer on a home.

Best Time of Year to Buy in Indiana

Something interesting is currently happening in the real estate market in Indiana. While across the country home prices are continuing to increase, making it slightly more expensive for buyers to purchase homes, in Indiana, potential buyers are moving away from large cities to the suburbs and rural areas. This is increasing demand in an area where home sales were not historically high, which is driving home prices down.

With that in mind, mortgage rates are still expected to rise in Indiana in 2019, so buying sooner rather than later will help you lock in a lower interest rate. The springtime is when the selection in Indiana is at its highest, but it’s also when competition tends to drive pricing up.

As a result, most interested buyers should hold out on purchasing a home in Indiana until the end of summer, when the selection is still good, but prices are reduced. Waiting until the end of the year will leave home buyers with less of a selection, but lower home prices, though mortgage rates are anticipated to be much higher.

The Best Places to Buy a Home in Indiana

In general, Indiana home buyers will find the highest real estate prices in major cities. However, there are many suburbs and neighborhoods near these large cities with more affordable home prices and great standards of living. If you’re debating where to buy your home in Indiana, check out these 5 cities.

1. Fishers

This central Indiana city is just north of Indianapolis and home to 83,000 residents. Fishers was named the number one place to live in the country in 2017 and for good reason. Home values here average $216,900 which is affordable for many families. Fishers is also home to one of the top school districts in the country and has an extremely low crime rate.

2. Carmel

Slightly south of Fishers is the city of Carmel, roughly 16 miles away from the state’s capital. Like Fishers, Carmel has some of the best schools in the country and has a unique and downtown area and arts district. Homes here are slightly more expensive at around $304,400 on average, but Carmel also has a low unemployment rate and higher than average annual salaries for residents.

3. Zionsville

This Indianapolis suburb has been named the safest place to live in Indiana and has a smaller population of around 25,000 residents. Zionsville is slightly more rural than most suburbs but has quick access to amenities and city life. On the downside, home values are slightly higher at $337,900, but it is possible to find homes below this average rate.

4. Dyer

Nestled just south of Munster, Dyer is home to approximately 16,000 residents and boasts home of the highest residents’ incomes in the state. Despite the economic wealth in Dyer, average home prices are extremely affordable, coming in at around $191,000 on average. Gorgeous parks and attractions are also in surplus in this Hoosier town.

5. Noblesville

Another Indianapolis suburb, Noblesville offers high employment rates, low crime rates, and good school districts. Home prices are only $177,500 on average, making it one of the most affordable places to live in Indiana. With quick access to the city and attractions to boot, this Hoosier suburb is the perfect place to call home.

4 Ways to Get a Great Deal On a Home in Indiana

Knowing when and where to buy is a great start to owning a home in Indiana. But there are a few more steps potential home buyers should take when beginning the real estate buying process.

Find a Great Indiana Real Estate Agent

Teaming up with a great agent is the first step all potential home buyers should take in the buying process. A local real estate agent will understand your specific market and can make recommendations on neighborhoods to live and offer advice on financing and negotiating.

Agents will work on the buyer’s behalf to help them secure the home of their dreams for the best possible price.

Learn More: What Does a Real Estate Agent Do for a Buyer?

Assess Your Needs and Lay Out Your Goals

Finding the right home for you can take a lot of research and searching. Luckily, when you team up with a qualified agent, they can work with you to find out what features you want in a home and set up searches that include your desired areas and budget.

Agents also have access to homes before they hit major search sites like Zillow and Realtor.com, so you may be able to view a home before the general public is aware it’s available.

Learn More: What to Look for When Buying a Home

Find a Lender and Secure Financing

Deciding how to finance your home is a huge decision and one that a great real estate agent can help you with. From first-time home buyer grants and loans to state funding options to federal programs and conventional loans, your agent can walk you through the best financing options available near you.

Since the closing process typically takes 30 days, you’ll need to secure your financing in advance so that once you find your home, you’re already pre-approved and can quickly move through the financing process.

Learn More: A Step-By-Step Guide to the Home Loan Process

Negotiate for the Best Possible Price

Once you’ve found your dream home, your agent can get to work helping you decide on the right offer to make. From there, your agent will negotiate with the seller or seller’s agent and can walk you through the inspection process.

Sometimes the inspection report may lead to further negotiation, which your agent can offer expert advice on, to ensure you’re getting the best deal possible. Best of all, some agents even offer home buyer rebates, which can save you even more money during the buying process.

Learn More: How to Find a Buyer’s Agent That’s a Good Negotiator

If you’re ready to start searching for your new home in Indiana, get in touch with a Clever Partner Agent today. Just fill out the online form and a Clever representative will get in touch with you to answer your questions and connect you with a local agent.

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Thomas O'Shaughnessy

Tommy O'Shaughnessy is the Head of Research at Clever Real Estate, the free online service that connects you with top local agents to save on commission. Tommy's team of data scientists create surveys, gather data, and analyze trends in housing, real estate, and personal finance. He directs public relations efforts, acting as a "data communicator" between his team and the press. Clever studies have been featured in Politico, the LA Times, CNBC, Forbes, Yahoo Finance, and other publications.

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