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Plainfield State of Real Estate July, 2009

Real Estate Report by m.s.Woods Real Estate, LLC. –  Located on the Westside of Indianapolis, Plainfield has seen a lot of growth in the last decade. Certainly anyone who has visited lately made a shopping trip to the wide array of stores available at the Metropolis Commons. Developers expected that the growth from the Indianapolis real estate market would spread westward into Plainfield as well as other cities like Avon and Brownsburg. The Plainfield real estate market has witnessed some interesting changes over the last decade as well due to this growth.

It’s nearly impossible to avoid the news reports about the state of today’s economy. The real estate market has really taken a hit as a result of the United States‘ declining financial system. Indiana has not escaped the impact on our real estate market. Although the number of Indianapolis homes for sale remains fairly consistent year-to-year, how is Plainfield fairing in terms of number of homes sold? According to research recently conducted by the Indiana Association of REALTORS®, home sales and median home prices across the state continue to fall but at a slower rate than before. The data representing 98% of all Indiana counties, presented at Indiana Is Home, shows that Hendricks County is feeling the impact of today’s struggling economy.

Comparing statistics from July, 2008 to those of July, 2009, Hendricks County recorded 207 homes in 2008 sold versus 180 homes sold in 2009, representing a 13% drop. The median sales price of homes sold was not as impacted falling just 2.8% from $144,000 to $139,945. In contrast, Plainfield homes are holding steady. From July, 2008 to July, 2009, there was no change in the number of homes sold per month. Consistently, thirty Plainfield homes were sold each of the two months.

Currently, there are 211 Plainfield homes for sale. Represented in this lot are homes ranging from $37,000 to $675,000. There are properties for sale into the millions that are being sold to developers as well. Data shows that about 14% of homes now on the market will sell which means that approximately for every eight homes on the market, one will sell. How can you make Plainfield homes stand out against the competition? Here are a few tips:

Sell your niche. Plainfield is removed from the hustle & bustle of other Indianapolis neighbhorhoods. Sell the quaintness of your town and the surrounding area. Leave a packet of information in your home that potential buyers can take with them talking about all the advantages of living in Plainfield.

Mow the lawn. Sounds simple, but keep up with your landscaping while your home is on the market. This is always true but can be especially important when selling a home with additional acreage. Keeping the property looking trimmed and neat can have the same impact as looking polished for a job interview.

Know your competition. When only one out of fifteen homes will likely sell any given month, knowing what other homes are on the market and how they are priced in comparison to yours is critical. Stay in close contact with your Plainfield REALTOR® to stay on top of what new homes are being listed each week. Also, continue to have discussions with your REALTOR® about the competitive pricing of your home.

Overall, currently there is good news for Plainfield. Home sales appear to be remaining steady from 2008 to 2009. One of the toughest issues Plainfield homeowners will face is stacking up against the competition. Use these tips to help you get started forming a good gameplan.