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Central Indiana real estate market on fire

Posted at 7:01 PM, May 31, 2016
and last updated 2016-05-31 19:01:55-04

INDIANAPOLIS -- Central Indiana's real estate market is red hot, according to real estate experts.

The boom comes after years of flat sales. But now, it's sellers who are in the driver's seat.

Low interest rates and a good economy are the forces behind the growth. The problem is that there are not enough homes for sale in desirable areas, and that's pitted buyer against buyer.

"We're steady market and this is crazy what's happening right now," said real estate agent Angela Duggan.

Sales were up 12 percent in April alone over last year, with projections of continued growth through next year.

Homes are on the market in some cases for only a day, with buyers bidding against one another and paying thousands over the asking price.

Even though the market is hot, real estate agents say the same rules still apply: update your home and make it marketable before you sell.