Realtor: Irvington housing market is ‘surreal’

INDIANAPOLIS (WISH) — People who live in Irvington once called their historic, east-side community “Indy’s best kept secret.” Now, the secret is out. Real estate agents say the housing market in Irvington is hotter than ever before, as more and more people want to move into the thriving area.

Just about 10 minutes from downtown Indianapolis, Irvington has the benefits of a big city, but the historic district also has a tight-knit community of neighbors and local businesses.That combination could be why homes are flying off the market so quickly.

Brian Gooch has lived in Irvington for two-and-a-half years. He and his wife decided to downsize and opted to sell their four-bedroom, 90-year-old home. They weren’t ready for what happened next.

“The house was sold before it hit the market,” said Gooch.

“That’s the new normal for Irvington,” said realtor Deb Kent. “It’s surreal it’s like what is going on here…this is the first time I’ve seen my listings consistently go into multiple offers and sell for over list price.”

Gooch said sellers have to move fast because demand for Irvington homes is so high.

“It’s definitely a sellers market in the sense that we’re getting multiple offers within 24 hours and with that, comes pretty swift deadlines. You get an offer at noon, you have to have a decision made by 4 p.m.,” said Gooch.

The fast-pace goes for buyers too.

“People are starting to put in offers on houses — sight unseen,” said Kent.

Erin Nichols soon found her dream home in Irvington, but lost it just as fast.

“We actually found out when we were looking at the house that the house had already sold. The same day it was listed it had three offers, so that was a little bit heartbreaking,” said Nichols.

The heartbreak taught Nichols to work quickly. She and her husband got pre-approved, worked with an agent to get listing alerts, made a list of “must haves” and eventually she found their Irvington home.

“That’s a really big thing to make a really quick decision on. It was definitely nerve-wracking,” said Nichols.

“If it’s the house for you, you have to make the offer right away.You can’t wait. That offer needs to be a strong offer. That’s not something I would ever tell people in the past because it sounds like I’m pressuring them, because it’s common in the negotiating process to offer a little bit less. But you can’t do that now,” said Kent.

Kent and Gooch warned sellers not to get distracted by having multiple offers.

“It’s really easy to get almost intoxicated by having your house be the subject of multiple offers, to be swept away by that experience and maybe even get a little greedy. When you see these offers coming in, and you’re trying to get the price up as high as it possibly can go. I understand that impulse and it’s very attractive to be on the receiving end of that kind of courtship, but the thing you have to remember is your house may not appraise,” said Kent.

Gooch had multiple offers on his home, but the first two fell through.

“You’re going to get offers that might be awesome on paper, but they might not be realistic. You just have to make the right decision and go with your gut,” said Gooch.

Nichols, Kent and Gooch agreed the sense of community, local businesses and historic houses are drawing people into the area.

“Irvington has steadily been growing as a popular neighborhood but just in the past year it’s been astonishing,” said Kent.

Irvington is home to Black Acre Brewery, Jockamo Pizza and many other local shops and restaurants. Anyone who lives in Irvington will tell you, this is just the beginning.

“It’s crazy how a lot of these new restaurants are attracting a younger, more hip crowd. It’s definitely changing. Black Acre is right down the street, and they’ve become one of the best breweries in Indianapolis, so it’s definitely a spot people at work are always talking about,” said Gooch.

“I kind of have felt this coming for a while now, but I can say for sure — this is our moment,” said Kent.WATCH this video for more of Kent’s tips for buyers and sellers: