County Housing Market Sizzles

County Housing Market Sizzles

County Housing Market Sizzles

April 20, 2006 – Paraphrased Article from Indianapolis Star

By:  Bruce C. Smith

When Christopher and Mary McCarthy needed more bedrooms for their expanding family, they wanted to stay in Hamilton County, one of the hottest real estate markets in the country.

Their reason for staying in Fishers will ring familiar to the thousands of people buying new and existing homes in the county each year.

It's the family lifestyle, schools, shopping and amenities.

Real estate experts say rising interest rates haven't made much difference.

About 3,400 new construction starts are expected this year, and the flow of buyers doesn't seem to be slowing.

"All of Hamilton is hotter than a pistol," said Kelly Dather, an agent at the F.C. Tucker office in eastern Fishers.

Some want to be close to jobs or shopping, but price and a favorable school district are the more important factors, he said.

Even though mortgage interest rates have risen slightly, they're still near historic low levels, so real estate agents and builders said they haven't noticed much drop in demand.

"I have buyers who remember interest rates that were under 6 percent for 30-year mortgages. Rates are up closer to 65/8 percent, and that doesn't seem to be affecting buyers very much," Dather said.

The hot spots in Fishers include the town's eastern areas, plus areas marked for annexation, around and north of Geist or east of Olio Road where the Saxony mixed development of houses, townhomes, businesses and office is taking shape.