Indianapolis Housing Market Booms
As the dog days of summer come to an end, the Indianapolis housing market continues to barrel through records in a historically great summer for Indy real estate. The July numbers will not become available for the next week or so but the early forecast is that July will build off the incredible success the market had in June, where sales were nearly 16% greater than June 2014. One reason for the meteoric rise is the economy feeling more stable while interest rates and insurance rates remain low. Indianapolis is trending toward a seller’s market as prices continue to rise and seller’s are being offered multiple bids on many homes, some higher than asking price.
Our agency has felt the brunt of the active market this summer with many current clients buying homeowners insurance for new houses, while we’ve also received calls from new clients, specifically first-time home buyers. Much like interest rates, home insurance rates also remain relatively stable depending on the insurance carrier. We’ve seen a few of our companies become much more competitive in the past year, especially Travelers Insurance. Travelers is one of the many companies that are enforcing a higher minimum deductible ($1500), but with rising costs of repairs and lower annual premiums it’s becoming a more intriguing option to our clients. We continue to seek out more insurance companies to contract with in order to bring our clients the very best options we can offer. In this fluid, competitive environment it can sometimes be tough, but we try to stay ahead of the curve.
The areas we’ve seen the most activity throughout this summer are Broad Ripple, Meridian-Kessler, and all of Hamilton County. These areas usually generate slightly higher premiums than other areas throughout the Indianapolis metropolitan area: Broad Ripple (46220) and Meridian-Kessler (46208) mostly due to the age of the homes and Hamilton County (Carmel, Fishers, Westfield, etc.) mostly due to the size of the homes.
We’re very proud of the success and progress Indianapolis has had throughout the past few years and continue to root for the city to evolve and become better every year, just as we try to do. We always want to be considered as an option to represent your insurance needs in central Indiana and throughout the Hoosier State. If you’re looking to get in on this hot Indy market before the winter, please consider us when making your insurance decisions.