Indianapolis Real Estate News and Information from HomeToIndy.com

7205 Nostalgia Lane | Indianapolis Home for Sale

2012-05-06T13:00:00-07:00

Indianapolis Home for Sale in Wayne Township One of a kind home in Chapel Bend on Indianpolis' west side. Great 2 story home with a Victorian style offers a large porch which wraps around the bay window. Located on a corner lot next to the pond with nothing but a canopy of trees behind you. 7205 Nostalgia Ln. Home Listing Detail Other features include: 3 large bedrooms Over 2100 square foot Formal living roon Formal dining Large family room Kitchen with breakfast bar Breakfast room Privacy fence Wood lined lot Call us today to find out more about this home and schedule a showing. Search all Homes in Indianapolis or homes in Wayne Township only.

House Hunting on the Internet

2012-03-23T17:26:00-07:00

Starting Your Home Search on the Internet The National Association of Realtors says that almost 80 % of home buyers start their search for their next home on the internet. Reading a little further you will find that NAR also says that most home buyers find the Realtor they will work with on the intranet as well. It is this combination of great local realtors, and their ability to make a home buyers on-line search easier that makes for a winning combination. Local Experts Guide Your Search Many home buyers start their search on national websites under the impression that they are being provided with the best information on the area they are looking in. Before long they start to spot a local realtor whose information comes up of in the search engines. They will start to build a relationship with that local agent as the expert in their market as they need their questions answered. They soon realize that when it comes to real estate a local expert is a necessary part of the formula to make an educated real estate decision. Local Realtors Add Life to the Online Search When it comes to a local market very often there are terms that are specific to the local real estate market. These are the terms that help your local realtor and you, as their client, learn to compare one home to another. In my market I often see a surprised look the first time we use the words “dry lot” or “triple split”. These terms refer to a type of building lot, and a type of floor plan that any local realtor would understand. These are the words that take a home off the search pages of the intranet and help to turn them into a home that you want to see, a home that you must see quickly, or a home that is placed on the discard list. With the help of a local realtor to guide you, spotting the homes that you “must see” will be easier. A local realtor will provide you with the information that will keep you focused on the home that someday you will buy. “Start Your Search on the Intranet” The National Association of Realtors says that approximately 80% of home buyers “start” on the intranet. The word “start” clearly means that there is a next step. We consider the next step to be a meeting with your local realtor who will then fine tune your intranet search and become the source for additional information on homes that meet your criteria. Focusing your time on homes that best meet your criteria will prevent you from spending time on homes that may cause you to miss the best opportunity in your market. Your local realtor has the tools to fine tune your search process and help you through the entire purchasing process. Eric Miller an award winning Ft Lauderdale, Florida Realtor is the author of this article, and is honored to publish it on this outstanding local real estate website. Thinking about Fort Lauderdale Real Estate out website at FortLauderdaleGroup.com provides complete information for buyers and seller of Ft Lauderdale Condominiums and Fort Lauderdale Waterfront Homes.

11093 Ellsworth Lane - Fishers Indiana Home for Sale

2012-04-13T18:33:00-07:00

This is truly one of those rare finds for a home in Fishers. When you compare the cost of building a new home and including all the upgrades already in this beautiful home, we think you'll agree. Check out the base cost of homes for sale in Sedona Woods, then make an appointment to see this home. You won't be disappointed! Over sized three bedroom, with two and a half baths in Hamilton Southeastern School district has 2500 square foot of living space. Open concept floor plan on the main level, with separate living and family rooms, large kitchen and sun room. Kitchen features hardwood floors, 42 inch cherry cabinets, island, walk-in pantry and breakfast bar. Upstairs are three huge bedrooms, plus a loft or bonus room. Master retreat has vaulted ceilings and enough space for a sitting room. Master bath features double sinks, jacuzzi garden tub, separate shower and large walk-in closet. Upgrades include: Incredible cherry wood flooring 42" cherry wood kitchen cabinets Graber custom wood blinds and shutters Bose in-ceiling speaker system 9' ceilings throughout Custom built ins Heated garage Fireplace in Family Room Sunroom with Hardwood Floors Large lot on Pond Custom Landscaping Find out more about this home at 11093 Ellsworth Lane in Fishers, Indiana Search Fishers Homes for Sale Homes for Sale in Sedona Woods

Super Bowl Countdown

2012-01-30T20:50:00-07:00

Super Bowl XLVI will kickoff in just a matter of days. The anticipation and excitement is palpable everywhere you go, especially downtown Indianapolis! Take some time this week to do the Super Bowl Shuffle out of your normal routine and into the events surrounding this piece of sports history! Super Bowl Village will continue all week in downtown Indianapolis! Free concerts, zip-lines, the famous Roman numeral statue, the NFL Experience and more abound. More information about Super Bowl Village here. Check out the Map of Super Bowl Village Get the full schedule of free concerts Get NFL Superstar Autographs at the Super Bowl Village. Grab your sharpie and head down to the Autograph Stage. Call 1-888-NFL-CARD (635-2273) for list of players. TUESDAY 1/31 is Super Bowl Media Day at Lucas Oil Stadium. For the first time ever, the NFL is granting 5,000 fans access behind the scenes. Sit in the stands and watch as media from around the world interview members of the Patriots and Giants! THURSDAY 2/2 the Pepsi Super Bowl XLVI Fan Jam will be at the Indianapolis State Fairgrounds. Gym Class Heroes, B.o.B and All American Rejects will perform in the Pepsi Coliseum. Tickets are FREE. THURSDAY 2/2 the NFL Honors Award Show will be at the Murat Theatre. THURSDAY 2/2 the Sports Career Expo will be at the Pike Performing Arts Center. THURSDAY 2/2 the Tazon Latino VI Celebrity Flag Football Game will be at the Indiana Convention Center. FRIDAY 2/3 the Gospel Celebration will be at Clowes Memorial Hall. FRIDAY 2/3 the Pro Football Hall of Fame Luncheon will be at the Indianapolis Museum of Art. FRIDAY 2/3 the NFL Player of the Year Awards will be at the Scottish Rite Cathedral, Indianapolis. SATURDAY 2/4 the Super Bowl Breakfast will be at the Indiana State Fairgrounds Expo Hall. SATURDAY 2/4 the NFL Player Networking Event will be at the Hyatt Regency Indianapolis. SATURDAY 2/4 the Taste of the NFL will be at Gleaners Food Bank of Indiana. SATURDAY 2/4 the Pepsi Musica Super Bowl XLVI Fan Jam will air on Univision. Watch Don Omar, Larry Hernandez and Alejandra Guzman take the stage! SUNDAY 2/5 ~ SUPER BOWL SUNDAY Get out there and cheer on your team!! SUPER BOWL SUNDAY is jam-packed with fun for the whole family in downtown Indianapolis. Host your own tailgate party or check these events for Super Bowl Sunday. SUPER CELEBRATION SITES Can’t make it to Lucas Oil Stadium for the big game on Sunday? From Anderson to Zionsville, find additional super celebration sites here . SUPER BOWL FUN FACTS All commercials for the game this year were sold out by January 2, 2012. The average price of one 30-second ad is $3.5 million dollars. This is the highest rate for Super Bowl Ads in history! Former American Idol winner Kelly Clarkson will sing the National Anthem to open the 2012 game, plus the iconic Madonna will be performing live at half-time. Test your Super Bowl knowledge with this NFL 2-minute trivia game. Take the Quiz SUPER BOWL XLVI OFFICIAL VISITORS GUIDE OFFICIAL NFL SUPERBOWL WEBSITE INDIANAPOLIS HOST COMMITTEE WEBSITE Who do you think will win the Super Bowl?

6379 Timberbluff Circle, Avon Indiana

2012-02-07T21:19:00-07:00

Reserve at Bridgewater The beautiful home in Reserve at Bridgewater is situated on a magnificent lot with mature trees and open green space in one of Avon Indiana's favorite neighborhoods. From the moment you view the estately home you'll find plenty of reasons to want to kick off your shoes and make it home. Situated on a corner lot with a wrap-around porch, you'll spend many summer evenings relaxing here. The neighborhood was built by Drees homes between 1998 - 2003 and consist mostly of two story homes with over 3000 square foot of living space on large lots of gently rolling hills. Most homes in Reserve at Bridgewater have a basement and three car garage. There's also a community pool in the neighborhood. The home at 6379 Timberbluff Circle offers a majestic two story entry and foyer, with gorgeous staircase and catwalk overlooking the expansive great room. Spacious island kitchen has an abundance of cabinets and counterspace, a breakfast bar, built in desk, walk-in pantry and large eating area. Kitchen opens to the two story great room which features a fireplace, wall of windows overlooking the lush green backyard and lots of space for entertaining family and friends. There's also a formal dining room with a double trey ceiling, as well as a formal living room. The master retreat has everything on your wish list. Vaulted ceilings with ceiling fans, two walk-in closets, dual vanities, separate tub and shower, plus a exercise, office, or sitting room. Three additional bedrooms and bathroom complete the upstairs. The basement is finished with a bonus room and office. Make an appointment to see this home today. It is the only home available in the Reserve at Bridgewater right now. Call Lesa Furman - 317-979-0578

What is Included in My Monthly Mortgage Payment?

2012-03-02T05:18:00-07:00

After taking out a mortgage loan to purchase a home, you will be provided with a dollar figure that you must pay each month in order to repay your loan. Whether interested in Bethesda condos or a home in Indianapolis, it is helpful to have a clear understanding of what is included in your monthly mortgage payment before you start searching for a home. This way, there will be no surprises when you sit down with the lender and negotiate a mortgage loan. Principle A portion of your monthly mortgage payment will go toward paying on the principle amount of your loan. The principle is the amount of money that you originally borrowed. If you make late payments or incur any other additional fees, these amounts will also be added to your principal balance. If you take out an interest-only loan, however, you will not pay toward the interest each month. Rather, the principal balance will become due all at once at a later date. Therefore, this type of loan is generally best-suited toward those who only plan to live in their home for a few years before selling it. Interest The amount you pay toward interest each month will depend upon the interest rate that you negotiate for you loan as well as the amount you initially borrowed. The less you borrow and the lower the interest rate, the lower your interest payments will be each month. Property Taxes Most mortgage lenders will include the estimated cost of your property taxes with your mortgage loan payment. By including this amount in your payment, the lender allows you to make small monthly payments toward the cost while also ensuring the taxes are paid as required. Not only is this more convenient for you, but it also helps to protect the lender by guaranteeing the taxes are paid. Homeowner's Insurance In addition to including your property taxes in your monthly payment, most lenders also include the cost of homeowner's insurance in the payment. While you are free to select the agency and policy of your choice, you must provide this information to the mortgage lender so the lender can make payments on your behalf. Again, by including the cost of your homeowner's insurance in your mortgage payment and by making the payments for you, the mortgage lender ensures the home is always protected with insurance coverage. The money that you pay toward your property taxes and homeowner's insurance are put into a special account known as an escrow account. If the lender overestimated the amount of these items, you may receive a refund at the end of the year. If these items were underestimated, the lender may give you the option of paying the balance in one payment or adding the amount due to future mortgage loan payments in smaller installments. Property Mortgage Insurance If you put less than 20% down payment, you may also have a monthly premium for property mortgage insurance, better known as PMI. Depending on whether your loan is an FHA or conventional, the monthly premium could be as high as 1.25 percent of the mortgage balance per year, divided by 12 months. About The Author - Kevin Koitz specializes in Bethesda homes for sale as a Realtor with the Maryland-based Koitz Group. Related Articles: 5 Costs to Consider When Buying a New Indianapolis Home Tips for First Time Home Buyers in Indianapolis

6 Online Tools to Bridge the Home Buyers Gap Between Online Search to Offline Reality

2011-09-01T21:44:00-07:00

Why Doesn’t This Home Look Like the Pictures? The online view of homes is often distorted or not exactly like you thought it might be in person. Oh, there’s nothing wrong with your computer, but rarely does a home look exactly the same online as it does in real life. It is estimated almost 90% of home buyers start searching for their Indianapolis home online. It’s a great way to gather information and start narrowing down your search for an area or specific home. 10 of the most common problems home buyers won't see when searching online Equipment Failure! Does your computer screen actually display rich life-like colors? Was it a cloudy day when the photo was taken? Was it a sunny day when the photo was taken? Were the camera settings incorrectly configured? Is the lighting at the site or indeed where you are sitting in-front of your computer distorting your color sense? Geography! Is your dream home next to a power box? Living close to the school is nice, except when your back yard is a child's playground; day and night! For some, this is not ideal. You love using the bus, but not so much that having it next to your home is a perk rather than a pest. Those two abandoned lots/homes nearby may hold back the investment gains you could realize elsewhere. The train runs right behind your home every two hours like clockwork, shaking your windows and your nerves. These are important factors to consider when purchasing a home. How to you can make the Most of Online Tools When Searching for a Home How can you find out more detail and lessen the shock of viewing a home and find it’s not exactly what you thought? I don’t have any ideas for determining if the color is right. If you dig a little deeper online though, you can find out a lot of information not included in the pictures. Maps aren’t just for directions to a home: Online map features today can give you an up close view of a property. Birds Eye View will give you both a distant view or close enough to see if there is a fence, deck or patio. With Street View, you can pan the neighborhood, moving up and down the streets. Check for telephone and electrical poles or train tracks. Full size photos and virtual tours: Larger photos and virtual tours generally show more detail than the smaller photos initially displayed on most websites. Look at wall space and windows; this can give you a great idea of the layout of the room. What type of flooring is that? Flooring is the probably the most difficult feature to determine solely based on the photos. Laminate can look like hard wood and newer vinyl floors are almost an exact match for tile. In the details of the interior section, you can find the flooring description, which will answer the question of whether a room has hard wood, vinyl, tile or laminate flooring. The family room sure looked larger online! One of the best tools for marketing a home is a wide angle lens. This allows Realtors to show the full size of an interior room; even a small room. Online, this can make a room look larger than it feels when you are standing in it. The property description will tell you the exact room sizes. Local school information: When schools are important, it’s good to know how schools in a specific area rank. For some parents, distance to a school is equally important. Our map view of schools allows you to quickly see how close the nearest schools are and how they rank. Lifestyle and Neighborhood Amenities are often another factor in determining the right location for your next home in Indianapolis. Whether you want to look at homes close to the Monon Greenway in Carmel, near a park in Brownsburg, or within walking distance to the local coffee shop downtown, our “What’s Nearby” feature will answer your questions about how far you have to travel for your favorite activity.Many people are choosing lifestyle communities and walkable neighborhoods are a big hit. This same feature gives you the walkability score of the home you are looking at. If a walkable neighborhood is important, check out the walk score of the home you are buying. + Do you have any tips or tricks you would like to share from your online home buying experience? Please add your tip or trick below! Are you considering buying a home in or around Indianapolis? Contact Paula and her team of real estate professionals and make today's home buyers dream, tomorrow's reality.

Indianapolis Property Taxes - A Homebuyers Story

2008-09-10T03:05:00-07:00

A Phone Call A recent phone call from a gentleman about the amount of real estate property tax he had to pay for the reconciliation bill in July made me think about what a mess this whole year has been for homeowners, both those who are buying and those who are selling. This particular person closed on his home in July 2007, a really bad month to close on a home in Indianapolis. Let me explain – Last July was the month the property taxes were stayed by the Governor. When tax bills were received last year, (late, I might add) there was an uproar from homeowners in Indianapolis. The tax paying citizens of Indianapolis marched at the Governor’s home over the July 4th Holiday last year and back then, I thought, what irony. It was Independence Day and we definately needed some independence from property taxes and their effect on our freedom to live in our homes without fear property taxes would be the final straw to break the proverbial camels back. A Recap The property tax bill received in July 2007 was for taxes due for the first half of 2006. The people thought their voice was heard when the Governor placed a stay on taxes at 2005 rates, so all propety could be reassessed. It was a temporary reprieve, backed by a promise of a rebate. So, everyone paid the bill at the new temporary rate. They again paid the “new, temporary” rate in November of 2007. Okay – now we got through that year, except - whoops – the new assessments are in and now the “REAL” bill will go out for the difference. This bill was the reconciliation bill (C-bill) everyone receievd in June of this year. Now, remember, this is a reconciliation of taxes for 2006, payable in 2007; actually paid in 2008. I’m really sorry if I have lost you by now. It’s almost unbelievale, except for this homebuyers story A Homebuyer's Story The gentleman who called me bought his home in July, 2007 about the time the original 2006 tax bills were sent out. For his home, the taxes were around $7000. semi-annually and he would have received a full year plus almost a month of tax credit……oh, about, a little over $14,000………..but taxes were stayed and instead he received a credit based on the previous years taxes (2005) of about $4000. semi-annually. Guess what happened to the other $6000.00? Yes, that is SIX THOUSAND DOLLARS. He received a nice little bill from the county for that amount, commonly known as the C-Bill. Now, here’s the problem – he DID NOT live in the home in 2006. Here it is 2008, and he is paying $6000.00 in taxes for a home he did not occupy at the time the taxes were accrued. When the Governor made this nice little concession for all the great taxpayers of Indianapolis, there were no guidelines to go by for determining what tax the buyer would face in the future – no, we didn’t receive those reassessments until June 2008. All we could do was go by the current certified taxes, which were wrong! Or guess at an amount which could be negotiated for future taxes. Let’s see, how does one negotiate an unknown amount, especially when we don’t know if the new amount will be different? What's Next Remember, it’s not over yet – oh yeah, we now have assessments and real dollar amounts, but we still don’t have May 2008 bill, which may come out in November,(I’m guessing after the election) then we will have to wait for the November tax bill, then we will have the May tax bill again, hopefully in May 2009. That will be three tax bills payable in a six month period. Talk about confusing – if you have your taxes escrowed and they are paid by your lender, please read this story. I’d love to hear your stories about how the property tax situation has affected you.

Fun Times in Indianapolis for Super Bowl

2012-01-24T00:48:00-07:00

SUPER BOWL XLVI in Indianapolis Unless you’ve been hiding under a rock, you should know that Indianapolis will be the host city of Super Bowl XLVI (46). On Sunday, February 5, 2012 Lucas Oil Stadium will be filled to the brim with eager fans cheering on the New England Patriots and the New York Giants. This is the first time Indianapolis has ever hosted a Super Bowl and we couldn’t be more excited! A plethora of fanfare surrounding this epic event awaits all Central Indiana football fans. Even if you don’t love football, you will love all of the happenings around town leading up to the big game. GET YOUR SUPER BOWL XLVI OFFICIAL VISITORS GUIDE HERE SUPER BOWL HAPPENINGS THIS WEEK ~ MONDAY 1/23 – SUNDAY 1/29 Super Bowl XLVI Lucas Oil Stadium Tours begin on Monday 1/23 and run through Tuesday 2/7. Highlights of the tour include: both team locker rooms, media room, a walk on the field and insider look at Super Bowl preparations, the stadium and grounds. Get your tickets through Ticketmaster or the Lucas Oil Stadium box office. The NLF Experience begins on Friday 1/27 and runs through Saturday 2/4 at the Indiana Convention Center. Don’t miss what the NFL calls “pro football's interactive theme park offering over 30 participatory games, displays, entertainment attractions, kids' football clinics, free autograph sessions and the largest football memorabilia show ever”! Super Bowl Village. The heart of downtown Indianapolis will be transformed into Super Bowl Village beginning Friday 1/27 through Super Bowl Sunday 2/5. With continuous events for ten days, until midnight each night, this three-block festival will have something for everyone! Too many events abound to list, but a few highlights include: 60+ free concerts on two stages, zip-lines over Capitol Avenue, nightly pyrotechnic shows, live ESPN t.v. show broadcasts and the roman numeral sculpture on monument circle! More information about Super Bowl Village here http://www.indianapolissuperbowl.com/super-bowl-village/Check out the Map of Super Bowl Village. Get a full list of free concerts here Super Cars will be on display Friday 1/27 through Sunday 1/29 in the heart of downtown Indianapolis. Iconic Indy cars have been fused with NFL franchises to create awe and “provide unique photo opportunities for fans of every team”. More information here The Legacy Loop 5K / HealthBowl will take place on Saturday 1/28 from 9 a.m. until 2 p.m. Register for this walk/run on-site at Arsenal Tech High School, 1500 East Michigan Street, Indianapolis. Super Tools for Teachers are available to get your classrooms in on the action! Multiple programs are offered giving educators Super Bowl themed lesson plans. Check out these exciting programs:Super Learning in a Super State (SLSS) is an official Indiana Host Committee sanctioned youth outreach program for grades K-12. Focus is on literacy, health and fitness, environmental awareness, community service, character education and interdisciplinary learning. Register here and download the free curriculum guides. NFL PLAY 60 Challenge comes from a partnership of the NFL and the American Heart Association, in efforts to incorporate physical fitness into the classroom. Register here and download resources. One World Diversity curriculum connects communities, cultures and classrooms. More information available here. Stay tuned for more events next week!

Eagle Creek Trail Offers Open Space for Outdoor Fun

2011-02-22T21:14:00-07:00

If you live near Eagle Creek, you already know the beauty of walking the trails throughout the park. Now, westsiders of Marion County have plenty to anticipate with the continued construction of the Eagle Creek Trail. Upon completion, this network of trails will cover more than 16 miles, running from Eagle Creek Park and reservoir to the White River. As the largest municipal park in Indianapolis, Eagle Creek includes a 1,400-acre reservoir and spans nearly 4,000 acres of land, including a nature preserve. The land was once owned by Josiah Kirby Lilly, Jr., president of Eli Lilly and Company from 1948 to 1953, and later by Purdue University. The greenway system offers residents of Indianapolis several unique paths to experience the rolling terrain and rugged beauty of the area, along with connections through various urban hotspots. Walkers, runners, cyclists and cross-country skiers will find beauty and serenity year-round on the sprawling grid of paths traversing the greater Indianapolis area. Two sections of the Eagle Creek Trail have been completed. The trail surface is eight to 12 feet wide and complies with ADA regulations for wheelchair use. Two miles on the south end of the trail, at Raymond Street, will eventually connect with the White River Wapahini Trail. Greenway planners anticipate trail construction will quickly progress toward the south, eventually connecting with the planned B&O trail through Speedway. The north end of the trail starts at the Pike Youth Soccer Complex at 56th Street and Reed Road. This 1.8-mile section flows toward the Eagle Creek Airport and 46th Street.There are a few neighborhoods and subdivisions along Reed Road, allowing walkable access to the trail.There is also parking at the soccer center if you don't live close enough to walk to the trail. Subdivisions and Homes near Eagle Creek Trail These Eagle Creek neighborhoods are located off Reed Road, within walking or biking distance to the north entrance of Eagle Creek Trail. The Trees ~ Eagle Creek Woods ~ Coppermill ~ Cobblestone Condos Search all Eagle Creek Homes for Sale

Building an Ideal Home Search

2011-09-07T15:39:00-07:00

If you don't have a clear picture in mind of exactly what you are looking for in a new home, or where you want to live, searching for a home can be overwhelming. You'll have to ask yourself questions like: Do I want to live in the city? Do I want to live in the suburbs? What kind of a home am I looking for, a single family detached or maybe a condo? Are there specific amenities you are thinking about? What about the number of bedrooms or bathrooms you'll need? Once you've made a list of requirements for your new home, you can save a lot of valuable time by setting up a saved home search on our website with your specific parameters. Personalized Searches Delivered Right to Your Email As you make your way to the Property Search page, you'll make a selection(s) for your preferred city or neighborhood, number of bedrooms & bathrooms, and any additional details you'd like to include. After selecting all of your requirements, you'll want to save your search. You'll be able to choose a name for your search upon saving it. This ensures if you set up multiple searches, you'll be able to tell them apart. Saving a search allows you to access your saved searches 24/7 in your own account. As new listings or changes to listings that fall within your criteria are updated on the site, you'll receive an email update. Help From Your Realtor To receive even further personalized assistance, you can call or email one of our Realtors to help you with your home search. Your Realtor will also keep a keen eye out for any real estate market news specific to the area you are looking in. Often times there are properties that may not be listed in the multiple listing service and will not appear on the website, a real estate agent will also be privy to this knowledge. Knowing about private listings, agents can ensure you're seeing all possible opportunities within your search requirements. Lisa Lambert is the writer for a luxury real estate brokerage in Jupiter, FL. She writes for buyers and sellers in golf and boating communities such as Admirals Cove.

Foreclosure Homes Do Not Always Equal Value

2011-12-10T18:22:00-07:00

Most people believe buying a foreclosed bank owned home is the ticket to automatic savings on their home purchase. Although there can be substantial savings on a foreclosures, it will vary by the home, neighborhood, city and even subdivision. The greater determining factor will be the condition of the property. Savings does not always equal value! While there are many bank owned homes in good condition, some have been stripped of major components, like the furnace, copper, air conditioning units, hot water heaters and some have been purposely damaged by the previous owners. I’ve definitely seen homes at opposite ends of the spectrum when showing buyers foreclosure homes in Indianapolis. We’ve seen entire kitchens removed, light fixtures gone, holes in walls, interior doors taken, water damage and mold growth. Some are just not a pretty site and others are horrendous. The asking price for a bank owned home may seem like a great bargain, but you have to consider the cost of rehab and then compare the total cost against the value of homes in the area. When you do find a great bargain, you need to know what your financing will allow. Homes with extensive damage or those missing major components can often be difficult to finance for home buyer’s using traditional financing. Banks don’t like the risk of financing homes that need too many repairs, especially when the repairs are directly related to habitability. Habitability issues include, but are not limited to: Roof Leaks Holes in Roof Flooring Plumbing Heat Kitchen Holes in Walls You should also obtain an estimate of repairs, so you can budget for expenses. For big repairs, I recommend you invest in an estimate from a contractor if you are looking at a home with several repair items. If the repairs needed include electrical, plumbing or heating and cooling systems, you will want to have a good idea of costs with some hard numbers. Foreclosure homes can be a great value, but you must be prepared and know what you are getting into. Be sure to do your homework, know your financing and work with a Realtor who can help you determine the after rehab value of the home you want to buy. Your Realtor can also assist you in finding lenders who specialize in financing for a rehab. Related Articles to Buying a Foreclosure Home in Indianapolis: Additional Costs to Buying a Foreclosure or Bank Owned Home No Carpet, No Kitchen, No Loan Bank Owned Homes in Indianapolis

Indianapolis Home Sellers - The Second-Most Popular Advice To Sell Your Home Quickly

2008-07-05T21:24:00-07:00

A well-known 'Sell Your Home Quickly' tips is to clean and de-clutter. A home with visual 'space' appears more roomy to potential buyers. Another way to create openness is with bright lighting throughout your home. This home selling tip is especially important here in Indianapolis, when we have gray days accompanied by rain. There are two simple and very inexpensive ways to brighten your home for a showing: For daytime showings, open all drapes and blinds so the maximum amount of sunlight comes into your home For evening showings, turn on every light in every room in the house A well-lit home not only brightens the mood of potential buyers, but it helps your home to make a strong first impression as well. And if you've ever felt gloomy on a rainy day, or exceptionally happy on a bright and sunny day, you understand the psychological power of light on a person's mood. So, after cleaning your home to make it showing-ready, replace your light bulbs, turn on the lights, and open the blinds. If your windows are dirty, clean them. Help prospective home buyers to see your home in a favorable 'light' and you'll be more likely to sell your home quickly. Get some ideas by searching current Indianapolis Homes for Sale. You'll clearly see the difference lighting can make when marketing your home for sale.

FHA Loans: Are They Right For You?

2011-09-08T15:05:00-07:00

While the news is rife about how hard it is for even qualified borrowers to secure loans, a number of homebuyers are getting financing and saving money by taking advantage of one of today’s most popular mortgage options: FHA loans. FHA loans are offered by the Federal Housing Administration, which is a department of the Department of Housing and Urban Development (known popularly as HUD). The FHA was developed during the Great Depression to engender homeownership across all socioeconomic levels of American society, and to ensure the integrity of that housing. Today, the FHA is one of the primary funding vehicles for homebuyers, playing a role in over half of all mortgages used in home purchases since the housing debacle began in 2007.Although buyers often talk about “FHA loans,” in reality, the FHA doesn’t loan money out at all. Instead, for borrowers that fall under the requirement guidelines for their lending program, the FHA agrees to underwrite (guarantee) loans issued by other lenders. With the express guarantee of the federal government behind them, borrowers are then able to secure favorable loan terms which they may not otherwise receive. Among the benefits of an FHA loan are: Low or no downpayments. Most FHA programs require at least 3.5 percent down—far less than the standard 20 percent required by most lenders today. Lower closing costs and fees. The FHA caps fees that lenders can charge, making closing costs more affordable. The possibility to include home repair costs in an initial loan. The FHA offers a little-known 203k program, which allows borrowers to roll the costs of future home repairs and renovations into their initial loans. No pre-payment penalties, offering flexibility and financial freedom to borrowers. Guidelines for FHA qualification are generous, meaning that most households can qualify for an FHA loan, whatever the state of their credit. There are no income limits for FHA loans, however borrowers may find that the loan limits applicable in their area may only enable them to purchase on the lower side of the price spectrum. FHA debt-to-income limits vary according to the program used. In short, FHA loans are a flexible, borrower-friendly financing option that can mean the difference between buying a home and remaining a renter for many households. For borrowers looking in the middle-to-upper ends of the housing market, FHA loan limits may be too low to help them fund a purchase. However, for those with lingering credit issues, difficulty in accumulating a 20-percent downpayment, or for buyers interested in buying a remodel, an FHA-backed loan may make perfect sense.

Fall Out From the First Time Homebuyers Credit

2012-01-23T03:20:00-07:00

Stimulus - something that rouses or incites to activity: as a : incentive b : stimulant The first time homebuyer credit (stimulus package) offered in 2008-2010 was yet another obstacle to the long term stabilization of the real estate market. As confirmed by the definition of the word stimulus, it was a plan to incentivize and stimulate a down market - to rouse or incite activity and that it did. The goal was accomplished, even if for the short term. I often wonder, does the government have a long term goal for stabilization or just a bunch of short term incentives? That's a topic for another day. Granted, I know it's not an easy fix, but have long beleived the never ending changes and programs have slowed the pure economic recovery of the real estate market. I quit posting market reports in 2010, because the stimulus from the previous years created a false report for future activity. What is did do was manage to get people into the market sooner than they may have planned and therefore slowing sales for a time period following the end of the home buyer credit. For the first few years of the incentive, it was limited to first time home buyers, before opening up to all home buyers. If you remember correctly, the first version was only for first time home buyers and the credit was similar to an interest free loan for 15 years. If you took the full credit amount of $7500., it equals $500.00 a year for 15 years. Here's an article about repayment of the tax credit for 2008. If you took the tax credit in 2009 and 2010, it was basically a free credit, with one caveat, you have to own the home and use it as your primary residence for three years or you will have to pay back the entire amount in the year you sell your home. It wasn't really free, there's always a 'but'. I understand the reasoning. If people stay in their home for three years, it should help keep that inventory off the market for that period of time. But, what happens if you have to sell? If you bought your home in 2009 or 2010, you will have to pay back the credit in the year you sold your home. There are a few exceptions and you can read them here. The incentive offered is starting to create an obstacle for those who need/want/have to sell their home where they received a credit for purchasing their home during that time frame. There is a downside! Many of the first time buyers used an FHA loan, which means they only had to put down 3.5%. Most who bought using the tax credit have not had enough time to build equity and cover the cost to sell, let alone pay back the credit they received. As a Realtor, I can tell you what you should be able to sell your home for and what your net profit/loss will be. It would also be wise to talk to your tax consultant if you have to sell to see how it will affect your taxes for the year. We will see consequences for those who used the tax credit to buy their home until the third quarter of next year.

Avon Real Estate Update

2009-08-02T18:14:00-07:00

The first quarter sales started slowly in Avon with average prices declining early in the first quarter before heading back up. Inventory was also down from last year. This perfect combination made for a good first half of the year for home sales in Avon. Many homes had multiple offers in the last few months. The bank owned inventory is down and prices have leveled for the past few months with inventory remaining lower than last year. First Quarter 2009 If you would like to know what's going on in your neighborhood, let us know and we'll get right back with you.

Grant Park Condos for Sale in Parks at Prestwick - Avon Indiana

2012-01-18T19:04:00-07:00

The condos at Grant Park in the Parks at Prestwick community in Avon Indiana are now for sale! *Grant Park is a maintenace free community of attached patio homes. Neighborhood amenities include a pool, park, playground, basketball, walking trails and a nature area. Five beautifully upgraded model homes are ready for move-in and eight additional homes can be purchased and finished the way you want. The Model Homes: 4340 Cairo Way : This is a one and a half story home with two bedrooms and two baths on the main level. The upstairs is finished with a full bath and walk-in closet and is perfect for a guest room, second master suite or family room. Upgrades include hardwood floors, granite countertops, maple cabinets and double sunroom overlooking the pond. 4342 Cairo Way: Another one and a half story home with almost 3000 square foot of beautiful living space. Open floor plan features 2 bedrooms and an office on the main floor. The chefs kitchen overlooks the family room and double sunroom. Upstairs is an expansive area for guests with enough space for a bedroom and sitting area. There's also a full bath, walk-in closet and finished storage area. Upgrades include hardwood floors, granite countertops, maple cabinets and office built ins. 4360 Cairo Way: A beautiful single level home with two bedrooms, two full baths, a den and sunroom. Open great room with vaulted ceilings and gas fireplace. Island kitchen with granite coutertops and breakfast room. Upgrades include hardwood floors, maple cabinets, built-in desk, raised panel wainscoting in the den and a sunroom overlooking the pond. 4362 Cairo Way: A two bedroom, two bath single level home, features a large great room with vaulted ceilings, raised pane wainscoting and fireplace. Open floor plan with large kitchen and dining area. Sunroom overlooking the pond. Great lot with no one on one side of you creates extra yard space and privacy. Upgrades include hardwood floors, ceiling fans, vaulted ceilings and great lot. 4166 Galena Drive: Two story town home with open living space downstairs, Upstairs there's two bedrooms, two full baths and a loft bonus room. Master bedroom features vaulted ceilings, bathroom with dual vanities and soaking tub and huge walk-in closet. 4244 Galena Drive - Single level, 2 bedrooms, sunroom, 1440 square feet. 4132 Galena Drive - Two story with two bedrooms, bonus room, 1673 square feet. 4134 Galena Drive - Two story with two bedrooms, bonus room, 1650 square feet. 4150 Galena Drive - Two story, two bedrooms, bonus room, 1650 square feet. 4164 Galena Drive - Two story, two bedrooms, bonus room, 1673 square feet. 4213 Galena Drive - One and Half story, two bedrooms, upstairs bonus area, 1988 square feet. 4215 Galena Drive - One and a half story, two bedrooms, den, upstairs bonus area, 2758 square feet. 4263 Cairo Drive - Single level, two bedrooms, den, sunroom, 1679 square feet. Call us today for a personal tour of the homes for sale in Grant Park. *Condos for sale in Grant Park are bank owned and sold As-Is. Please call us for more information.

Getting Your Home Ready for the Holidays

2011-12-09T22:45:00-07:00

The holidays are quickly approaching, and if you’re hosting the party, you’re probably dizzy thinking of ideas to make it an event to remember. The holidays are so much better when children are present, so make sure you include activities to meet their ideas of fun. My home is always bustling with activity this time of year, and I find the more bodies there are in the house, the better the holidays are. So if it’s your first time celebrating the Christmas season at your home, here are a few tips to liven up the party: Scents: You can’t celebrate the holidays without scents. Everyone loves the smell of candles, or even plug-in air fresheners, and the amount of different smells may amaze you. But for this particular holiday, my favorite scents have to be orange, pumpkin, cinnamon, and apple spice. There is nothing quite like walking into a home filled with any of these scents, but you can use any of your personal favorites. The glow from the candles also brings back memories with the dancing lights, which will add to the atmosphere of your holiday. Atmosphere: The atmosphere of a home plays a major role in the overall success of your party. You may decide to have Christmas lights, festive settings, and Christmas music playing in the background. Everyone has their own idea of Christmas, so when you have the family together, don’t forget to include your long standing traditions. It’s the perfect time to introduce the young ones to what your family has passed on for many generations. The holiday spirit and tradition will leave a lasting memory they will never forget. Fun: Christmas is a time of excitement no matter what age. Plan some games for the big day, and let the kids pick some games the adults have to play too. This season is a special time for family, so everyone should get together and enjoy each other’s company. Everyone is in a good mood during the season, and spending quality time with each other is what ties those family bonds tighter. Be Prepared and Organized: There’s no holiday that gets as crazy as Christmas. There are usually too many people to fit into a home, and when it comes time to eat, your home can turn into a buzzing frenzy. Preparing before the day can help to keep the level of frustration low. Find out how many people are coming ahead of time, and be sure there are enough spaces for everyone to eat. When you're anticipating a large number of people, it's best to have everyone pitch in with their favorite dish. Beverages: Beverages are often something that is forgotten when you are having family over. Only you will know what is best to provide for your family, but you can never go wrong with stocking up on juice and soda for the kids. Christmas is exciting, but it’s always a relief when it is over. There seems to be an endless number of items to prepare, things to do and don't forget the shopping. Pace yourself, get some help and allow yourself to enjoy this special time. As long as you prepare well in advance, you and your home will be the star of the evening and you'll have as much fun as the guests visiting your home. Article provided by Mitch Ribak a real estate agent in Florida. To learn more about Mitch you can visit his Merritt Island FL real estate website where you can see Palm Bay Florida real estate listings. If you're looking for a great area to buy a vacation home, you'll want to check out real estate in Titusville FL.

#1 Tip for Marketing Your Indianapolis Home to Sell

2011-12-07T14:54:00-07:00

{EAV:e70a98171270d9fc} With the surplus inventory of homes available in the average price range for most any city or town in Metro Indianapolis, how do you make your property stand out? Today's home buyer is online, checking out your home. Times have changed and very few home buyers drive around to look at homes or attend open houses. They can find much of the information they need online. Once they have the information, they will drive by neighborhoods or contact a real estate agent. The #1 request I receive from online visitors, besides scheduling showings is for more pictures. We live in a society where time is valued and people just won’t drive by your house if there are not pictures online, unless you are selling for a steal. I’m not talking about steals or bank owned homes, though. I’m specifically talking about the average priced home sold in your city or town. A home where you want to sell for top dollar. Having pictures online seems obvious, but it’s the timing of the pictures I believe makes a difference. Just as you have prepared your home for the market, your marketing must be complete - before you list your home. More precisely, before it goes in the local Indianapolis MLS. There are a quick procession of things that happen once your home is listed on the MLS. It goes on the Realtor Hot Sheet as a new listing It will be included in any new listing updates sent to buyers It will be syndicated to multiple online platforms (this is broker specific) It is a proven fact that a home attracts the most attention when it is first listed. It goes without saying, your home should be “newsworthy” when it hits the press. Did you know when your home is first listed, it will be sent to every buyer signed up on any website as a new listing, if it is in their price range and/or has the amenities they are looking for? The only other time that happens is when there is a price change, then it goes to a different set of buyers in your new price range, usually a reduced price. You’ve heard the saying, you only have one opportunity to make the best first impression and the same can be said of your home. When your home hits the market, it should be fully marketed. The pictures should be in place, any video should be created, flyers and home information in the home, postcards sent out, ads created, etc. Never put a home on the market before it’s time! I believe that is the #1 key for marketing a home to sell. Related Articles to Selling Your Home in Indianapolis: How Much Will it Cost to Sell My Home Help! - My Home Didn't Sell - Part 1 A Picture's Worth a Thousand Words When Selling Your Home

We've Moved!

2012-01-03T01:51:00-07:00

A New Year, a new broker! The Home to Indy Team is excited to announce our affiliation with Sycamore Group Associates in Carmel - Indianapolis. This move was a natural extension of our dedication to client care combined with our commitment to the use of technology in providing the highest level of real estate services our clients expect. Sycamore Group is a local brokerage with an exceptional reputation within the community. Changing your business address is much like changing your home address. A bit of planning made for an easy transition for both us and our clients. Just like buying a new home, we will be making some changes at the homestead. Even in new built homes, you want to paint some rooms, so that’s what we are doing. Virtually, of course! Over the next few weeks, we'll be adding additional information for our Indianapolis Home Search. You'll find detailed property information for every home listed in the Indianapolis MLS, including taxes and Home Owner Association fees. We also feature subdivision searches for Metro Indianapolis, along with specialty searches including golf course homes, homes on wooded lots, foreclosures and short sale homes. Our goal is to make it easy to find the home you want with the features you desire in your next home. We will also be growing our team in the next few months, with two additional Realtors joining us this month. Our agents are located throughout Metro Indianapolis to provide you with local experience and knowledge about the area you are interested in. We look forward to meeting you!

Indianapolis Places to Visit This Week

2012-01-16T06:27:00-07:00

Picks of the week ~ 1/16 – 1/22/2012 After two whole weeks of keeping your New Year resolutions, reward yourself with a pleasurable outing! Here are our top picks for Central Indiana happenings this week. 1/16 MONDAY ~ FREE ADMISSION DAY, INDIANA HISTORY CENTERIn celebration of the life of Dr. Martin Luther King, Jr. the Indiana History Center will be offering free admission, films about Dr. King’s life and the Civil Rights era and a special themed craft. 1/16 MONDAY ~ FREE ADMISSION DAY, CONNER PRARIEIn celebration of Martin Luther King Jr. Day, the park will be open to the public from 10am until 5pm, free of charge. Bring a canned good to support Third Phase, Hamilton County. Conner Prairie 1/16 MONDAY ~ FREE ADMISSION DAY, THE CHILDREN’S MUSEUM OF INDIANAPOLISThe Children's Museum will offer free admission today, plus enjoy special activities and performances celebrating the legacy, life & achievements of Dr. Martin Luther King Jr. Childrens Museum 1/16 MONDAY ~ CELEBRATION GOSPEL FESTIVALCelebrate the life of Dr. Martin Luther King Jr. with the Indianapolis Symphonic Choir, singers from IPS schools, plus 50 area congregations at the Madame Walker Theatre. Madame Walker Theatre 1/16 MONDAY – 1/21 SATURDAY ~ “STUART LITTLE” AT THE ATHENAEUM THEATREMembers of the Young Actors Theatre present the endearing story of a little mouse and his many adventures with his New York family. Young Actors Theatre 1/16 MONDAY – 1/22 SUNDAY ~ DEVOUR DOWNTOWNDevour Downtown Indianapolis! Over 50 fabulous restaurants (including Weber Grill, Hard Rock Café and St. Elmo Steakhouse) feature a special $30 per person or 2 for $30 three-course 'Devour Downtown' dinner menu. Devour Downtown 1/17 TUESDAY ~ BEST COMEDIAN IN THE MIDWEST Join the crowd at ComedySportz on Mass Ave. and cheer on multiple comedians vying for the chance to perform in the 'Stand-Up for Autism - Best Comedian in the Midwest' competition. Read More 1/18 WEDNESDAY – 1/22 SUNDAY ~ DISNEY ON ICEDisney on Ice: Dare to Dream will be showing at Bankers Life Fieldhouse this week. Make your dreams come true here! More Information 1/19 THURSDAY – 1/22 SUNDAY ~ WINTER MAGIC FESTIVALYour worries will *poof* disappear as you’re whisked away to the IndyFringe Theatre - where magic is real. Indy Fringe Theatre 1/20 FRIDAY – 1/22 SUNDAY ~ CHOCOLATE WALKStroll Downtown Danville Courthouse Square in search of chocolate bliss. Today through the 28th, several businesses will have a variety of chocolate offerings from brownies to fudge & truffles to hot chocolate. More Info 1/20 FRIDAY – 1/22 SUNDAY ~ 90th ANNUAL INDIANAPOLIS HOME SHOW A family outing that you can enjoy with or without your little ones. Plenty to do, see, sample and plan at the Indiana State Fairgrounds. Show runs until Sunday January 29th. Indianpolis Home Show 1/20 FRIDAY – 1/22 SUNDAY ~ “COMPANY” AT THE CARMEL COMMUNITY PLAYHOUSE Take in a live performance of one of Stephen Sondheim's signature musicals. This Tony Award winning show runs through Feb. 4th. Carmel Community Playhouse 1/21 SATURDAY ~ OPENING NIGHT, “REPRESENT: CELEBRATING INDIANA’S AFRICAN-AMERICAN ARTISTS” View works of art by more than 20 African-American artists at the Indiana State Museum. This show runs through July 15th. Indiana State Museum 1/22 SUNDAY ~ PURDUE UNIVERSITY VARSITY GLEE CLUBThe Warren Performing Arts Center hosts this 60+ member men's chorus in a performance that will stir your soul with its inspiring sound. More Information 1/22 SUNDAY ~ COMPLEXIONS CONTEMPORY BALLETDon’t miss the show that has The New York Times raving. A creative collaboration of who they call 'one of the great modern dancers of this time' and 'one of the [dance world's] most sought out choreographers'. Center for the Performing Arts, Carmel IN.

Beazer Homes Building in Parks at Prestwick in Avon

2011-07-26T22:10:00-07:00

Beazer Homes has purchased over 30 existing lots and will begin construction of homes in Parks at Prestwick in Avon, Indiana. Beazer will be building their Palladium Collection of homes, which offers higher end finishes with a semi custom look and feel. Their homes feature many floor plan options for customizing your home to fit your lifestyle. Home Features and Floor Plans The model shown is a Wakefield model, boasting 3100 square feet of living space on the upper and lower levels with formal living and dining room, large family room with a beautiful wall of windows overlooking your back yard. Also included is a gourmet kitchen with eat-in breakfast room. A popular feature of this model is the master bedroom on the main level. Having owned a master on the main home when my children were young, I really like the fact this home does not have another room above the master. No pitter patter of little feet pounding through the ceiling. Additional features of the Wakefield model include 3 additional bedrooms upstairs, a loft and office. You have the option for additional bedrooms, baths and a huge bonus room, as well. If you need more space, finish off the basement for an additional1900 square feet and you have a beautiful home, customized the way you want it. Additional Custom Options for Homes In this particular model, you can have up to 6 bedrooms and 5 bathrooms in just the upper and main level. Other options include: 3 car side entry garage Custom Railing Options Lighting Options Upgraded Cabinets Screened in Porch Full or Partial Basement Finished Basement Built in Cabinetry Beazer Homes are eSmart Energy Star homes, which offers savings in the cost of energy, water and maintenace of your home. There are five models in the Palladium Collection, ranging in size from 2400 square foot and starting at $299,000. Additional costs could include design center options, interior and exterior building options, as well as lot premiums. The Palladium Collection of homes from Beazer are also available at Highland Green in Brownsburg and Lochaven in Noblesville. Parks at Prestwick is a wonderful community of custom and semi-custom homes. Community amenities include a neighborhood pool, park and basketball court. You'll also enjoy the nature preserve, walking trails and beautiful wooded areas. Search available homes for sale in Parks at Prestiwck and view a community tour.

CNNMoney.com Predicts The Best And Worst Real Estate Markets For 2010

2010-03-23T04:46:00-07:00

CNNMoney.com recently published its 2010 forecast and projections for home prices in the country's largest metro markets. Listed as 'Top 25' and also comprehensively by state, CNNMoney.com's home price forecasts puts Santa Rosa, California at the top of 2010's home appreciation list and Hanford, California at its bottom. The 10 cities projected for highest home appreciation in 2010 are: Santa Rosa, CA : +6.0% Cheyenne, WY : +4.7% Kennewick, WA : +4.6% Merced, CA : +4.4% Bremerton, WA : +4.2% Fairbanks, AK : +4.2% Corvallis, OR : +4.1% Tacoma, WA : +3.9% Anchorage, AK : +3.8% Bend, OR : +3.3% The Pacific Northwest is the region most heavily-represented among price gainers. The Southeast and Middle Atlantic are most represented on the under-perform list. However, just because a city's homes are expected to appreciate (or depreciate) in 2010, that doesn't mean that every home within its limits will follow suit. Real estate cannot be grouped on a city level like CNNMoney.com tries to. There will always be areas in demand within city limits in which prices rise, just as there will be out-of-demand areas in which prices fall. Real estate data can't be grouped by city or even by ZIP code, really. Real estate in Indiananpolis is more local than that. When we say 'real estate is local', it means that every street in every town has a distinct set of traits that drives its home values. Homes that are one block closer to the train; or, homes that are facing north; or, homes that are made of brick. Each of these characteristics can affect a home's desirability which, in turn, can affects its sales price. National surveys can't capture 'essence' like this. They only report on the aggregate. For local real estate data, look to established, publicly available websites and to active, local Indiananpolis Realtor in the area you want to move. Both will have data and insight that can help you. National surveys often make for good headlines, but do little to help home buyers find good value.

Sacramento Real Estate and the Art of Selling a Home

2011-05-17T11:58:00-07:00

This week, our guest Realtor is Gena Riede from Sacramento, California. While Gena is searching for the answers to origins of this unique sculpture in Sacramento, she has reminded me, I have not posted my May photo for the photo contest. You can look for it by day's end at HomeToIndy.com. Gena also reminds us homes that are in show condition and priced correctly are selling. That's a universal real estate truth. I just love what Paula Henry, your Indianapolis Realtor® has incorporated on Home to Indy with the photo contest for all the Indianapolis readers. This is a fun part of Indianapolis homes, neighborhoods and parks. Brilliant, Paula! It would be a great idea in Sacramento which is where I sell homes. I was thinking about a sculpture in the middle of the street (below) that I have found very interesting but have never been able to find out the name, origin or reason why it was placed in such an odd spot in Downtown Sacramento. Now, after looking at this wonderful contest Paula has for her readers, I see there is a unique way I may be able to find the answer to this art work in Sacramento. We were hard hit by the recession in Sacramento. What I have been seeing in the Sacramento real estate market is typical of what I am sure you see in Indianapolis real estate, a home for sale that is show quality and priced appropriately at value receives multiple offers and does not linger on the market for sale. In order for this to happen there needs to be cooperation from the home seller and the Realtor® must be experienced and have an excellent presence on the Internet. Paula Henry has just those qualifications which makes her my Realtor® of choice for all my Sacramento home buyers relocating to the Indianapolis area. As a Sacramento Realtor®, I’m very choosy about who I send my home buyers to. And might I say... there are some fabulous Indianapolis homes for sale right now. Gena Riede, Sacramento Realtor Author of Sacramento Real Estate Voice

5 Reasons You Should Not Buy a Home

2011-12-30T06:48:00-07:00

Buying a home is a major investment and one that should not be taken lightly. I know it’s not common to have a Realtor give you reasons why you should not own a home, but, there are times when buying a home is not the best financial decision. Lack of Job Security or Possible Relocation. There are costs involved in buying and selling a home that would be difficult to recoup in a short period of time. If it takes two incomes to qualify and both wage earners don’t have job security, you may want to wait to buy or look at buying a lower priced home. If you may be relocating within a few years and don’t have the luxury of a corporate paid relocation, you should consider renting. Major Life Changes I see people leap before they take time to examine all their options. When major life changes happen, such as a death in the family, divorce or a new child, it is often better to wait until you have a plan in place before committing to a new mortgage or a bigger home. New to Town or Relocation Unless you have had enough time to research neighborhoods, schools, commute times and amenities, it may be better to rent short term and familiarize yourself with your new city and community. See #1 if you think this may be a short term relocation. You Have No Savings After You Buy Homeownership is not over when you close and move in. Owning a home requires routine maintenance you must perform to preserve your home and equity. You will be responsible for yard work, watering the lawn and the cost of water, which equals time and money. Other yearly fees include check-ups on your heating and A/C, gutters cleaned, snow and ice removal. You should also have reserves for major appliances, hot water heater and roof. The amount of reserves depends on the age of the unit. You Prefer a Carefree Lifestyle There are advantages to owning a home, as well as disadvantages. Some people do not want the responsibility or maintenance of owning a home. (See #4) Often, rentals come with appliances and maintenance included. Real estate is not a liquid asset you can easily dispose of. If you need to move yourself or your money, it is generally not a quick process. I’m sure there are other reasons people prefer to lease rather than buying a home. I’d love to hear your reasons and any comments.

4342 Cairo Way, Avon Indiana Condo - Parks at Prestwick

2012-01-17T23:16:00-07:00

Parks at Prestwick Condo in Avon Overview Maps Photos Description Neighborhood $164,900 Condominium Main Features 3 Bedrooms3 BathroomsInterior: 2,988 sqft Location 4342 Cairo WayAvon, IN 46123USA To get updates on open home dates and other property events, please click the 'Like' button below: Paula Henry Sycamore Group Associates(317) 605-4174paula@hometoindy.com http://Hometoindy.com Listed by: Sycamore Group Associates Our recent listings Parks at Prestwick Condo in Avon Maintenance Free Condo in Avon Indianapolis Ranch Home Subscribe to our listing feed See more Avon, IN real estate for sale

5 Tips for first time home buyers in Indianapolis

2011-09-28T17:49:00-07:00

In the current real estate market, many people are taking advantage of home prices in Indianapolis, coupled with low interest rates to become first time home buyers. When you compare the cost of renting versus buying, it makes perfect sense for many. How can you best prepare for buying your first home? Here are a few guidelines: 1. Know Your Purchasing Power Many people begin their home search online and ultimately come across the perfect home. They want to make an appointment to view the home and decide it’s just perfect. They have run all the numbers on a mortgage calculator and accordingly, believe they are looking in the right price point. 9 times out of 10, there are costs they did not consider. It is always best to speak with a lender and know your purchasing power before you start looking at homes. A lender can provide you with the estimated costs associated with your mortgage. 2. Additional Costs of Buying a Home There are some specific costs of buying a home many first time home buyers don’t know about or consider when using those online mortgage calculators. There are both upfront and monthly costs which have to be figured inwhen your deciding what a comfortable payment would be for you. Since the first time home buyer generally has less downpayment, they will be paying mortgage insurance premium. If you have less than 20% down, you will also have mortgage insurance premiums. On an FHA loan, mortgage insurance has an upfront fee, which can be financed into the loan, therefore, making the loan balance higher as well as the monthly payment. On both a conventional loan and FHA, there will be monthly payments for property mortgage insurance, as well. Closings costs include loan costs, lender’s title insurance, first year’s homeowners insurance, escrow accounts, appraisal and other miscellaneous fees. Home Inspection is another cost you will incur upfront 3. Choose the Best Home You Can Afford In real estate, they say it’s all about location, location, location. The Indianapolis real estate market is no different. There have been an abundance of foreclosures in Indianapolis and it is often tempting for first time home buyers to accept a lower priced home than a home in an area they want to live. It is wise advice to choose an area first or a couple areas of town, then narrow your search to homes in that area within your price range. It is also worth taking a look at a smaller home in great shape, than a larger home that needs too much work. 4. Hire an Independent Inspector From energy efficient windows to different types of plumbing systems, researching and certifying the materials that make up a potential new home should be a priority for all buyers. Certain types of plumbing systems can be more costly in the long run, just as poor insulation can ultimately lead to higher energy bills. A professional home inspector can help buyers identify the strengths and weaknesses of a given home, and offer tips on how to improve any problem areas. As a first time home buyer, you want to make sure you not buying a money pit. 5. Hire a Realtor. Even with the enormous amount of information available online, all real estate is local. A Realtor can truly assist you in determining fair market value, therefore protecting your interest and your finances. While independent research is always a great idea, an Indianapolis Realtor will be able to help guide first-time home buyers through the often complicated and overwhelming amount of paperwork associated with buying a home. A good, competent Realtor with experience assisting first time home buyers can also be a wealth of knowledge about loan programs and financing options available in Indianapolis. Related Articles: First Time Home Buyers Loan Real Estate Terms Interest Rates and Your Mortgage Payment

How Property Taxes Affect the Purchase of Your Indianapolis Home

2011-11-04T17:05:00-07:00

Property taxes are generally a huge consideration for homebuyers. In Indianapolis, and the State of Indiana, property taxes are set at 1% of gross assessed value for owner occupied properties. This isn’t the price you pay for the home, it is the value the assessor has placed on the home. If you plan on living in the home, you will pay 1% of that assessed value. Assessor’s don’t actually visit every home they assess, so the value may be more or less than the price you pay and the assessed value is subject to change. Non owner occupied homes are taxed at 2% of the gross assessed value. In Indiana, you must file a Homestead Exemption to qualify for owner occupied status. Even if you plan on living in the home, the previous owner may not have had their Homestead Exemptions filed or the home could be currently owned by a bank and therefore, lost the Homestead Exemption the property may have had.This difference can greatly increase both the upfront costs and the monthly cost of buying a home and can often affect your ability to qualify for a loan. A home priced at $100,000.00 would incur taxes of approximately $1000.00 a year or about $84.00 a month. With no exemptions filed, it would be double that amount. The same scenario on a home priced at $200,000 would cost you an additional $168.00 a month.You must qualify for your loan at the current certified tax amount. If there are no exemptions filed on the home, your initial taxes would double and may preclude you from buying that home. Another consideration is the upfront cost. If you have less than 20% down on your home, your bank will most likely require you to escrow your taxes and insurance.Depending on when you close and how soon the next tax installment is due, you could easily have an additional 2-5 months of taxes included in your pre-paid total upfront. If the home does not have tax exemptions filed, this amount would double.Once you file your exemptions, your taxes will be reduced. If you file your exemptions by December 31st of the year you bought your home, your new tax rate (1%) will be effective by the following May installment. Taxes are paid semi-annually in Indiana in May and November.For more information about buying a home in Indianapolis, contact our team of Realtors. We have the knowledge to assist you in navigating the home buying process.CONTACT US at 317-731-2319

The Short and Long of Buying an Indianapolis Short Sale Home

2011-12-06T21:40:00-07:00

There is probably more controversy and misunderstanding around the subject of buying a home in the short sale process than any other type of home sale in Indianapolis. All the tales of short sales taking 6-8 months to close make buyers a bit apprehensive about tackling the process. And...rightfully so! Although you may go weeks or possibly a month before you hear anything about the offer you submitted, I have rarely had a short sale take more than three months from contract offer to close. This is about 2-3 times as long as a traditional sale, since most sales take 30-45 days to close. Regardless of which side of the sale you are on, time often seems to stand still in a short sale negotiation with banks. Bank’s rarely work in a time frame that is expedient for the buyer and seller. So, what can you expect when you are buying a short sale in Indianapolis. There’s really not a timeline you can apply to short sales across the board. Often, there are variables that are property specific. Some of these variables include: The type of financing the seller has How many loans on the property If you have the first offer submitted The specific bank or lenders The type of financing a seller has can affect the time frame of bank approval on a short sale. FHA guidelines require an appraisal be done before the home is accepted into the short sale program. It may take a few months initially to process seller paperwork, order the appraisal and have a set price. Once that is accomplished, the listing agent knows exactly what the bank will accept. If you make an offer after this process has been completed, you can generally close on the home within 45 days. If the seller has conventional financing, the process is a little backwards. The bank generally will not order an appraisal or BPO and won’t look at the seller’s documentation until after there is an offer submitted. This takes longer to process and the buyer could be waiting up to three months to close. Should the seller have two loans, both loans have to be negotiated. I have had success negotiating both loans in the same 90 day period. Should you happen to be the first buyer to submit an offer on a short sale, you could very likely be waiting longer than the anticipated 90 days. As mentioned, if the seller has a conventional loan, their bank may not have even looked at their documentation or ordered an appraisal or BPO until they receive your offer. You could be looking at 30 days before you hear anything. Most short sales do require patience, however the equity you gain could be worth waiting for. You should have your real estate agent check comps for the area to decide the potential equity for the short sale home you are considering. If your timetable does not allow you to wait, a short sale may not be the best option for you. Related Articles About Buying a Short Sale Home in Indianapolis Short Sale Process for Home Buyers What is a Short Sale Short Sale Homes for Sale Indianapolis About Paula Henry

Simple Repairs to Sell Your Home Faster

2011-09-13T22:04:00-07:00

Selling a home can be tricky, particularly during a time when the market is saturated with low-cost homes. As such, it is essential to take a few steps in order to increase your chances of getting your home sold quickly and at a reasonable price. By making these five simple repairs, you can go a long way toward getting your home sold - irrespective of whether your offering Indianapolis or Montgomery County real estate. Repair #1: Repair the Floor If your home has hardwood floors, you should seriously consider removing your carpeting and getting the floors refinished. If your sub-floor is plywood, on the other hand, transforming it into a hardwood floor will be far too costly. Rather, replace the carpeting with a neutral carpet color, such as light tan. If you have any ceramic floor tiles that are chipped or cracked, these should be replaced before putting the home on the market. Repair #2: Apply Fresh Paint Applying a fresh layer of paint to your walls and ceilings can go a long way toward giving your home the facelift it needs. Before painting, be sure to repair any cracks or other damage. Also, itís best to choose a neutral color, such as light tan, when prepping a home for the market. If your walls are wallpapered, remove it and paint the walls instead. The same is true of wood paneling. While composite paneling can be pained, dated paneling should be removed. Repair #3: Update the Kitchen The kitchen is one of the most important rooms in a home when it comes to making a sale. While completely replacing cabinets can be costly, resurfacing them by attaching a thin veneer to the surface and replacing doors and hardware will give your kitchen the update it needs. Similarly, updating counters with simple laminates and installing a new faucet and sink will give your home a fresh, clean look that will be more appealing to buyers. Repair #4: Update the Bathroom Research has shown that homeowners who invest in bathroom renovations typically get back more than 100% of their investment. Simple things such as installing a new floor and upgrading fixtures and lights will help you get your home sold far more quickly. Repair #5: Fixing the Exterior Having a roof in need of repair is a huge turnoff to many buyers. Therefore, you will likely need to swallow the cost and get the job done if your roof is in need of repair. Other exterior fixes that should be addressed include resurfacing asphalt driveways, patching cracks in sidewalks, caulking windows and doors, fixing and painting fences and replacing doorknobs and locks. About The Author - Kevin Koitz is a Washington DC native and Realtor and specializes in Bethesda homes for sale.

Indiana Housing Rate Reduced for First Time Homebuyers in Indianapolis

2011-09-25T21:34:00-07:00

I've written many times about the first time home buyer program through Indiana Housing. The program allows first time home buyers to take advantage of down payment assistance up to 6% of the purchase amount or a maximum of $7500.00. As of September 22, 2011, Indiana Housing has reduced their interest rate to 3.5%. Just a few years ago it was 5.5%. To give you an idea what this means in terms of dollar amount per month, I have provided a quick calculation of the principle and interest amount on a $100,000 home. At 5.5%, the monthly principal and interest payment would be $547.92. At 3.5%, the monthly principal and interest payment would be $433.33 This monthly payment does not include taxes, insurance or PMI. Taxes and insurance will vary depending on the home. Related Posts: First Time Home Buyers Loan What is Property Mortgage Insurance How Interest Rate Affects Your Monthly Payment Call us today at 317-731-2319 to start searching for your home.

Occupy Movement Focuses On Foreclosures

2011-12-26T07:05:00-07:00

Earlier this month, the Occupy Movement called for a nationwide day of action called 'Occupy Our Homes.' The movement has been protesting across the entire country on foreclosure, unemployment, massive pay gaps between the highest-paid and lowest-paid in America, and more. In 25 cities, including Los Angeles, Oakland, Minneapolis, Denver, New York, Miami, Atlanta and others, hundreds of foreclosed homes were occupied by the former owners and Occupy protesters. Occupying these foreclosed home is just the latest step taken by the Occupy Movement. It has now migrated from city parks to actual neighborhoods and their foreclosed, abandoned homes. According to RealtyTrac, one of the largest companies that track foreclosures, housing auctions and bank owned homes, approximately 1.38 million U.S. Homes are in the foreclosure process. Art de los Santos, of Riverside, was foreclosed on in June of this year. He found out about the Occupy Our Homes movement and contacted the Occupy Los Angeles chapter. Together, they decided to re-enter his home on December 6, 2011. De Los Santos said, “The bank is either going to work with me on loan modification or it will have to get the police to throw me out.” According to De los Santos, he now makes enough money on his job to afford his original mortgage payments. His current salary also now qualifies him for a loan modification. But, the bank denied his most recent loan modification application, with no real reasons given. The bank put the house up for auction, but it didn't sell. This is when he started considering reoccupying his old home. The state of California has one of the highest foreclosure rates in the United States. According to RealtyTrac, 55,132 housing units were foreclosed on in October of 2011 alone. That represents 1 in 243 housing units. The 'Occupy Our Homes' movement gained some notoriety in November. Minneapolis resident, Monique White, asked her local Occupy movement chapter for assistance in occupying her home. She made this decision as soon as she learned the bank was about to foreclose on it. A short film was produced to show her efforts to save her home from foreclosure. In the film, she says, “I didn't realize it was going to be this hard.” Relief for the Holidays Fannie Mae (FNMA) and Freddie Mac (FMCC) have both vowed to halt foreclosures between December 19, 2011 through January 2, 2012. Terry Edwards, a VP for Fannie Mae, said in a statement, “No family should have to give up their home during this holiday season.” Chase and Wells Fargo have also agreed to allow their delinquent homeowners to enjoy the holidays in their homes. They will cease foreclosures from December 22, 2011 to January 2, 2012. While Bank of America's statement is not a “giving”, they have made a subtle promise to,“avoid foreclosure sales or displacement of homeowners or tenants around the Thanksgiving and Christmas holidays.' These holiday promises could bring a sigh of relief to the Occupy Our Homes participants. They can now feel more secure to enjoy their Christmas and New Year's celebrations without having to worry about the Marshall coming to their door to evict them. They can spend the next weeks saving money and praying for a holiday miracle. You never know. They just may get one that will help them save their homes and get them out of foreclosure. But, they better be ready for a fight, because come January 2, 2012, the lenders will get right back to the business at hand, foreclosing on distressed property owners. Related Articles: How Many Foreclosures are Available in Indianapolis Additional Costs to Buying a Foreclosure or Bank Owned Home Search Foreclosure Homes for Sale in Indianapolis

Holiday Activities for the Entire Family December 12 - 18, 2011

2011-12-12T16:56:00-07:00

Picks of the week ~ 12/12 – 12/18/11 Bundle up the kiddos and pile in the car! There’s an unlimited number of holiday events for kids and families in Central Indiana this week. These are just our favorite picks. So, drop the tinsel and lights, don’t forget your mittens and stop kicking your little brother – it’s time for a family outing! (Don’t make me stop this blog!) 12/12 MONDAY – 12/15 THURSDAY ~ SANTA’S MAILBOX 12/12 Monday is the last day for your little darlings to drop off their wish list into Santa’s mailbox at his workshop at 11565 Brooks School Road Fishers, IN. 12/15 Thursday is the last day for dropping off at Santa’s mailbox in the middle of The Circle in downtown Indianapolis. Remember to include a self-addressed stamped envelope for a special reply! 12/12 MONDAY – 12/18 SUNDAY ~ CELEBRATION CROSSING Head to the Indiana State Museum today through December 31st and visit with Santa and Mrs. Claus in this winter wonderland. 12/12 MONDAY – 12/18 SUNDAY ~ JINGLE RAILS Today through January 8th, the Eiteljorg Museum features a special train exhibit that’s sure to start your holiday engines. More Information 12/12 MONDAY – 12/18 SUNDAY ~ CHRISTMAS CITY WALKWAY OF LIGHTS IN GRANT COUNTY The Marion Riverwalk is transformed into a 4-mile display of Holiday lights. Enjoy a slow drive through the twinkling trails, then stop in the gift shop for treats & treasures. More Information 12/12 MONDAY – 12/18 SUNDAY ~ WINTERLAND LIGHT SHOW Ellis Park in Danville hosts their annual Holiday light show. Stop in and see Santa before driving the loop around numerous whimsical and musical light displays. 12/12 MONDAY – 12/18 SUNDAY ~ CHRISTMAS AT THE PUPPET STUDIO Bring your family to this music filled marionette Christmas performance at Peewinkle's Puppet Studio. 12/12 MONDAY – 12/18 SUNDAY ~ PLAY IT AGAIN, SANTA Events that we have previously mentioned, but are worth reposting: Jolly Days at the Children’s Museum Christmas at the Zoo The Polar Bear Express Train Ride 12/16 FRIDAY ~ CANDLELIGHT CONSERVATORY CROSSING Stroll through the gardens by candlelight, admiring the poinsettias, trains, twinkling lights and crisp night air. Garfield Garden Conservatory 12/16 FRIDAY – 12/18 SUNDAY ~ THE BLACK NATIVITY The Madame Walker Theatre Center showcases this Christmas production full of dancing, gospel music and the inspirational poetry of African-American writer Langston Hughes. 12/17 SATURDAY ~ CHRISTMAS ON THE FARM Visit with Old St. Nick, see live elk, take a sleigh-hayride, sing carols and make kid-friendly crafts at Traders Point Creamery in Zionsville. 12/17 SATURDAY ~ CONNER PRAIRIE BY CANDLELIGHT Conner Prairie like you’ve never seen it before. Enjoy a 60-minute guided tour by the warm glow of candlelight. 12/17 SATURDAY ~ A HOMETOWN HOLIDAY AT HUMMEL PARK From train rides to donkey rides, a live Nativity to story time with Mrs. Claus. This FREE family event is sure to please all! Hummel Park 12/17 SATURDAY – 12/18 SUNDAY ~ THE GREAT TRAIN EXPO You won’t believe your eyes as you gaze at the largest traveling model train show in the country. Indiana State Fairgrounds. More Information 12/18 SUNDAY ~ COLTS vs. TITANS at LUCAS OIL STADIUM Bring your new or gently used clothing donations and spread some Christmas Cheer on Goodwill Gameday. WHERE TO MEET SANTA CLAUS IN CENTRAL INDIANA: * Dinner with Santa at Conner Prairie in Fishers * Breakfast or Lunch with Santa at The Mansion at Oak Hill in Carmel * Supper with Santa and Friends at Indiana State Museum in Indianapolis * Meet Santa at Metropolis in Plainfield * 12/17 Pictures with Santa at the Plainfield Recreation and Aquatic Center * 12/18 Holly Jolly Jamboree in Carmel * 12/18 Historic Hannah House in Indianapolis

Looking for the Best Decorated Holiday Homes in Indianapolis

2011-12-12T17:56:00-07:00

We are on the hunt for the best decorated Holiday homes in Indianapolis - so let us know in the comments the 'must see' Holiday homes. Next week we'll put up a map and a poll where you can vote for the best decorated home. The following is from a friend of mine who shares about their family tradition of finding 'the' house. The home she is talking about, shown in the video, is no longer decorated for the Holidays, so we're looking for your opinion of the best decorated home in the Indianapolis area. Send us pictures if you want; we'll post them here! OUR FAVORITE FAMILY CHRISTMAS OUTING ~ THE CHRISTMAS HOUSE Our favorite family tradition in Indy! We pile our crew in the car with snacks and travel mugs full of hot chocolate….on the hunt for “the house”. This decked-out home is an amazing spectacle of outdoor lights synchronized to music. How they do it, I’ll never know. What I do know is that it’s the most fantastic, amazing light show I’ve ever seen and we look for it every year!

Appraisal Required Repairs for Your Home

2011-12-13T20:18:00-07:00

You have picked the perfect home, completed the general inspection and the appraisal; you are ready to move in. Then you find out, in order for the home to qualify for an FHA loan, there are appraisal required repairs. Appraisal called repairs are repairs bnecessary to complete the financing of your home. This list is not comprehensive, but a few of the known defects appraisers may call. Need A Termite Inspection? Although you will probably want a wood destroying pest inspection, you may be required to have a termite inspection. In some states, where termites are prevalent, this may be required for VA and FHA loans. A pest inspector will go the property and inspect it for any visible signs of termites. If there are no issues he will sign off on a report and send it to your loan offer to add to your file. However, if there are signs of termites he will make some recommendations on how to solve the problem. Depending on how severe the problem is he could recommend a few things. They could range anywhere from spraying the foundation to a full fumigation. Evidence of Structiral Problems - Structural or foundation issues where there has been excessive settlement may also be called on an appraisal. Chipped Paint? Yikes! Appraisers are required to flag any chipped and peeling paint on a home built prior to 1978. A home with any kind of chipped and peeling paint on the exterior will not qualify for an FHA loan. This is a pretty simple and inexpensive fix in most cases. All that needs to be done is the paint scraped and repainted. Then the appraiser will need to come back out to the property and pass off the work that has been done. If the weather is too cold and you cannot paint, you may be able to set up an escrow account with the money for the repairs to be done when the weather is better. When the weather allows the painting can be done, then the appraiser will have to pass off the work at that point. Is Your Insulation Satisfactory? If there is not enough insulation in the attic the appraiser may recommend that some insulation is added. Depending on the area and the type of loan you are doing will determine the amount of insulation needed to meet the requirements. Is the Roof Sound? Worn roofs may need to be replaced and roofs with more than 3 layers of shingles will need a complete tear off and new roof. If the repairs are not made and approved by the appraiser you will not be able to get the loan. Most of the time you can get the seller to help contribute to the cost of these repairs especially if they are advertising that the home qualifies for an FHA loan on the MLS. It is also a good idea to try and negotiate any anticipated repairs when you make the offer. This way you will know what help to expect from the seller. Having a great real estate agent is the key to understanding the inspection and appraisal process to keep you from missing your deadlines and losing your home. Article provided by Mitch Ribak who helps buyers with real estate in Melbourne FL pick the perfect home. For more information about the Melbourne area, you can check out Mitch's Brevard County FL real estate website where you have access to Cocoa Beach real estate

A Christmas Gift to Honor my Friend - The Caulk Memorial Project

2011-12-24T06:01:00-07:00

I wish we could put up some of the Christmas spirit in jars and open a jar of it every month....Harlan Miller Christmas is a special time of year. There's a spirit of love, kindness and giving in the hearts of men. What would it be like to capture that special spirit throughout the year? While it may seem an impossibility, I believe it is truly the sentiment behind the reason we give gifts. There are many gifts throughout my home which represent a special memory from Christmas' gone by, given from the heart of one who loves me. I treasure these gifts, but more importantly, the memories. This year, I want to help pass on a forever gift to someone dear to me, in memory of those she loves. I am honored to participate in the Caulk Memorial Project - a gift for the Caulk Family. When I first read about Missy's son, Jamie, being critically injured in an automobile accident, my heart went into mommy mode. I have a son the same age as her's and couldn't imagine the heartache she and her family were facing. For eight days, family and friends prayed and gathered to support Missy and her family. Sadly, Jamie passed away on October 22, 2011 and I cried for my friend. A mother without her child is a lonely place ~ A few short weeks later, Missy's 11 week old grand daughter, Lillian, died suddenly. I have been by the side of my daughter as she gave birth to a child we knew would not make it and held her as she laid her child to rest. I personally couldn't imagine the incredible grief this family was enduring, especially Missy. I remember thinking, I'm not sure how I could handle the loss of a child and at the same time, comfort another of my children in the loss of their child. Everyone wanted to help them and yet at times like this, you watch helplessly, wishing there was something....anything, you could do. From this desire sprang the idea to give this family a forever gift, in memory of Jamie and Lillian. Carol Grubb, a friend of Missy's is spearheading the Caulk Family Memorial Project. The project will place a memorial bench in a park in Ann Arbor. A special gift for a special family. A place to honor their loved ones. A place where the Spirit of Christmas will last throughout the year. A gift that will never be forgotten. The cost of this memorial bench is $3000.00. Alone, this may seem insurmountable, but in numbers, we can make this bench a reality for the Caulk Family. How to Make a Donation (no gift is too small): Make checks payable to “The Jamie & Lillian Caulk Memorial Fund”Mail those checks to: Carol Grubb3647 W. Greenook Dr.Ann Arbor, MI 48301 Or send a Paypal (as a gift so all funds go to them) to cyndeehaydon@gmail.com and put “The Jamie & Lillian Caulk Memorial Fund” in the memo Along with your donation, Carol has requested each person’s name or names & email addresses because she will be giving the Caulk’s a card from everyone and she also wants to keep you informed of the details of the upcoming picnic / dedication that is being planned for early to mid-May when the bench is ready. Wishing you and your family a beautiful, blessed Christmas.

Indianapolis Events for New Years 12-26 through 1-1-2012

2011-12-26T07:49:00-07:00

Happy New Year! Picks of the week ~ 12/26 – 1/1/2012 Happy New Year, Central Indiana! Has the hustle and bustle left you with nothing but torn paper, half-eaten goodies and pine needles stuck in the carpet? Never fear, we have a cure for your after-holiday blues! Here are our top picks to help you wrap up the old and ring in the new! 12/26 MONDAY – 12/31 SATURDAY ~ YMCA FREE ADMISSION WEEK Give your new year’s resolution a jump start with free admission all week to all Greater Indianapolis, Marion County YMCA locations. (hours and programs vary by location) 12/26 MONDAY – 1/1 SUNDAY ~ 98TH ANNUAL INDIANAPOLIS AUTO SHOW Get your motor running over to the Indiana Convention Center and check out 400 + domestic and import show vehicles from top car-makers. Read More 12/26 MONDAY ~ INDIANA PACERS HOME OPENING GAME Break out your foam fingers and cheer as the Indiana Pacers take on the Detroit Pistons! Bankers Life FieldHouse 12/27 TUESDAY ~ WWE SMACKDOWN LIVE Get out of that sleeper-hold and make your way to WWE Smackdown Live at Bankers Life Fieldhouse. 12/28 WEDNESDAY ~ CANDLELIGHT EVENING ON DELEWARE ST. Tour the historic Benjamin Harrison Presidential home and enjoy dinner in the ambiance of this fine mansion. 12/29 THURSDAY ~ DANCE THE NIGHT AWAY Get Footloose with 80’s Rock at the historic Embassy Theatre in Fort Wayne or join the fiesta with a Latin Dance Party at the famous Jazz Kitchen in Indianapolis 12/30 FRIDAY ~ EIGHT-COURSE WINE DINNER AT THE PROPYLAEUM Reservations are required for this exquisite 8-course wine dinner following your tour of the historic Propylaeum. 12/31 SATURDAY ~ NEW YEAR’S EVE HOTSPOTS There's something for everyone to celebrate the New Year. Choose your favorite and have a great time! Traders Point Creamery, Zionsville – Four-Course Organic Dinner, wine and champagne at 5 pm or 7:30 pm in the Loft at Traders Point Creamery. Indiana State Museum, Indianapolis – 6 pm until 9 pm Family-Friendly, Alcohol-Free celebration in the Governor Frank O’Bannon Great Hall with games, crafts, entertainers, live music and an 8 pm balloon drop. Check the Museum website for more information Union Station Grand Hall & Conference Center, Indianapolis – Stella Artois Masquerade Ball. Live Music, Entertainment with Mysterious Guests. More Information for the grand New Year's Event. Chateau Thomas Winery, Plainfield – Dinner, Wine, Suite Accommodations with Midnight Breakfast Buffet. More Information Hyatt Regency, Indianapolis – Rock ‘N’ Roll Ball featuring a 20,000 balloon-drop at the Hyatt Regency in Downtown Indianapolis. ComedySportz, Indianapolis – New Years Eve Countdown with comedy for all-ages. Grille 39 / Renaissance Indianapolis North Hotel, Carmel – Dinner, Dancing, Accommodations and Champagne at Renaissance in Carmel Indiana. D’Amore / Top Floor of the Chase Tower, Monument Circle, Indianapolis – 360 degree view of Indy from the sky, Appetizers, Champagne and party favors. More Information Fountain Square Theatre, Indianapolis – Big Band Swing Dance for 18 yrs and up. 1/1/2012 SUNDAY ~ WILLY WONKA Today through January 7th, join the whimsical world of Willy Wonka at the Booth Tarkington Civic Theatre in Carmel. 1/1/2012 SUNDAY ~ TAKE A HIKE Looking for a new way to get in shape for the New Year? Get some fresh air with the Indianapolis Hiking Club. Organized hikes are offered 365 days a year! Choose from one of 4 organized hikes scheduled for the first day of the New Year.

3 Biggest Seller Mistakes and How to Avoid Them

2011-12-01T13:28:00-07:00

For some homeowners who are trying to sell their homes, the process is far more stressful and time consuming than it needs to be. No matter whether they may be offering Denver luxury condos or a starter home in Indianapolis, for those homeowners who are stressed out and having difficulty selling their homes, the troubles can be traced back to making at least one of the three biggest mistakes that home sellers make. Mistake #1: Setting the Wrong Price Perhaps the single biggest mistake that homeowners make when selling a home is setting the wrong asking price. Despite the advice they are given by their agents, some sellers choose to set a price that is much higher than the market value of the home. By doing this, the seller believes he will add more bargaining room to the price, which will allow him to reduce the price and still get a hefty payment for the house. While this may seem logical, the reality is that setting a price that is too high will do nothing but drive buyers away. Not only will the house be outside of the price range that buyers can afford, but they will also consider you to be an unreasonable or even untrustworthy seller when your price is too high. As a result, your house will sit on the market for a very long time before it ever sells. Even if you are willing to sit on your property in order to hold out for a higher price, you will be doing yourself a disservice if you go this route. This is because homes go 'stale' after sitting on the market for too long. When this happens, you will be left with no other choice but to take the home off of the market for a period of time, after which you will inevitably need to set a lower price. So, do yourself a favor and set a reasonable price from the very beginning. Mistake #2: Failing to Improve Upon the Homes Condition When searching for a home, most buyers are not interested in purchasing a home that needs to be repaired or upgraded. Therefore, it is in your best interest to make all necessary repairs and upgrades before you put your home on the market. If you don't, you may have difficulty getting the home sold and you will likely have to come way down on your price. You may even find yourself making repairs as part of your agreement with the buyer, so you can save yourself the trouble and time by taking care of these problems ahead of time. Mistake #3: Creating a Poor Marketing Plan A knowledgeable and experienced real estate agent will create a comprehensive marketing plan that will effectively reach your target market. Therefore, it is important to discuss marketing plans with potential real estate agents before you choose the one you will hire. The best agents will use a variety of different strategies, including online and offline techniques, to reach the broadest range of potential buyers. About The Author - Brian Kinkade specializes in luxury condos, including Walnut Condominiums Boulder, and is acting broker of The Home Cart based in Denver, Colorado. Related Articles About Selling Your Home: Simple Repairs to Sell Your Home Faster Help, My Home Didn't Sell - Part 4 - Price How Much Will it Cost to Sell My Home

Holiday Theatre Activities in Indianapolis - Dec. 5 - Dec. 11, 2011

2011-12-04T20:40:00-07:00

Curtain Call: Theatre Listings for December Picks of the Week ~ 12/5 – 12/11 Dust off your clutch purse and top coat, because this week we’re taking you out to the theatre! We’ve compiled a list of our top theatre picks for the month, taking you beyond the velvet ropes. So, please silence your smartphones and no photographs are allowed while viewing the picks of this week… AN EVENING OF MAGIC THEATRE AND VAUDVILLE 12/6 TUESDAY - Shows Tuesday Dec. 6th only at the Theatre on the Square, Indianapolis. Two of America’s best magicians join forces creating a show so amazing – you won’t believe your eyes! More Information AWAY IN A BASEMENT: A CHURCH BASEMENT LADIES CHRISTMAS 12/7 WEDNESDAY – Shows Wednesday Dec. 7th only at the Paramount Theatre, Anderson. This musical comedy eavesdrops on the church ladies as they prepare for the upcoming Christmas pageant. These ladies will have you in stitches as the sew theirs. Paramount Theatre CARMEL REPERATORY THEATER PRESENTS: A CHRISTMAS CAROL Shows December 8th through December 18th at The Studio Theatre, Carmel. You’ll have a ghostly good time watching this adaptation of the famous Charles Dickens book. Tickets SOUNDS OF THE SEASON 12/9 FRIDAY - Shows Friday Dec. 9th only at the Noblesville High School Auditorium. Join the Noblesville Symphony Orchestra as they ring in the season with a joyous Holiday performance. Noblesville Symphony KWANZAA COMMUNITY CHIOR BENEFIT 12/9 FRIDAY – Shows Friday Dec. 9th only at the Madame Walker Theatre, Indianapolis. The Asante Children's Theatre presents a local benefit performance to support Gleaners Food Bank. Bring 2 canned goods for admission, help others and enjoy an evening of wonderful songs, sights and sounds. Madame Walker Theatre THE NUTCRACKER BY GREGORY HANCOCK DANCE THEATRE Shows Dec. 9th through Dec. 11th at the Pike Performing Arts Center, Indianapolis. Local dance students and professional dancers combine to put a modern spin on a holiday classic. Gregory Hancock Theatre CARMEL SYMPHONY ORCHESTRA PRESENTS: HOLIDAYS WITH ANGELA! 12/10 SATURDAY - Shows Saturday December 10th only at the Palladium, Carmel. Internationally renowned soprano, Angela Brown, will join the Carmel Symphony in two delightful Holiday shows. More Information THE PERFUME SHOP Shows today through December 11th at the Belfry Theatre, Noblesville. This whimsical comedy will warm your heart and have you falling in love all over again. The Belfry Theatre YULETIDE CELEBRATION WITH INDIANAPOLIS SYMPHONY ORCHESTRA Shows today through December 23rd at the Hilbert Circle Theatre, Indianapolis. A superior cast of actors, singers and dancers bring their Broadway talent to the Circle City to create this memorable holiday extravaganza. Indianapolis Symphony Orchestra A BEEF AND BOARDS CHRISTMAS Shows today through December 23rd at Beef and Boards Dinner Theatre, Indianapolis. An elaborate and festive variety-show plus a dinner feast await at Beef and Boards this month. Beef and Boards OUR GOOSE IS COOKED Shows today through December 23rd at the Phoenix Theatre, Indianapolis. Try something different this year. Enjoy this contemporary theatre variety-show production in an intimate setting with your special someone. Phoenix Theatre A CHRISTMAS CAROL Shows today through December 24th at the Indiana Repertory Theatre, Indianapolis. Watch as Charles Dickens' beloved classic comes to life right before your eyes. Indiana Reperatory Theatre THE HO-HO HOMICIDE Shows December 11th through December 30th at the Mystery Café, Indianapolis. Enjoy a holiday-themed murder mystery dinner. But watch out for those sidewalk Santas! Mystery Cafe Indianapolis

HomeToIndy.com Announces the Digital Acquisition of My317Home.com

2011-12-04T22:47:00-07:00

The online world of business is often tied to a companies web presence and real estate is no different. As Realtors, we are in the business of selling physical space, but often our largest business asset is the internet space we own, not an actual brick and mortar business. Technology has changed the way people search for businesses. It is estimated 90% of people searching for a home or Realtor begin their search online. At HomeToIndy, we are expanding our search capability and our internet presence to offer home buyers and sellers more information about real estate in Indianapolis. HomeToIndy.com has acquired the internet space and website of My317Home.com. If you came here looking for My317Home, you'll find the same great information, even though our home search is a bit different. Real Estate Information for Indianapolis The combination of the two sites will provide visitors and clients to HomeToIndy.com access to in-depth information about the real estate process, property details, mortgage calculators and many helpful real estate related tools. Our resource for buyers and sellers is packed full of information about financing, foreclosures, short sales, tax information, tips for selling your home, first time homebuyers and real estate market reports. Indianapolis Home Search Our dynamic search for homes in the cities, towns, subdivisions and communities of Indianapolis provides detailed information for every home, including room sizes, type of flooring, HOA fees, taxes and much more. You'll find multiple maps and a list of neighborhood amenities. including parks, shopping and schools. Discover the neighborhoods around the home you are interested in. Check out how the school in the area ranks when compared to other nearby schools, as well as where the closest park or shopping center is. Our real estate search platform allows you to find the best home to meet your needs in Central Indiana. Go beyond the basic search of number of bedrooms and bathrooms to locate homes in Indianapolis with the features you want. Advanced search capabilities help you find homes with a basement, acreage or large yard, neighborhood amenities, golf course homes or homes with a swimming pool. My317Home.com will no longer exist, but to honor my friend and his hard work, I have saved a copy here for posterity. Of course the image doesn't do the site justice. About Paula Henry

Does Indianapolis Offer the Most Affordable Homes?

2011-11-28T11:19:00-07:00

The third quarter statistics quoted in a recent article about housing costs and affordability of homes in Indianapolis led me to my own research. I'm not the type of person who takes this information as the final word. I always run my own numbers to verify the data. It's not my intent to discredit the news source. Their data could include homes which were private sales and not part of the Indianapolis MLS statistics, where I get my information. Not to say the news isn't good, but it's just not accurate, in my opinion. Indianapolis has always been in the top twenty for home affordability and many times #1 in the past five years. The city actually held the #1 spot for 17 consecutive quarters. The fault I see in the reporting of the statistics is the fact, Carmel and Indianapolis are always lumped together. As stated in the report - 'By contrast, the average home in the Indianapolis-Carmel housing market sold for $117,000.' The truth is, regardless of whether you're buying a home in Carmel or Indianapolis, the affordability index is great. It indicates the housing in these areas is affordable to a higher percent of people in the average income level for the area, This probably holds true whether you live in Carmel, Indianapolis or any other Metro city or town. According to the data provided by the National Association of Home Builders (NAHB) and the Wells Fargo Housing Market Index, The average price of a home in Carmel - Indianapolis for the 3rd quarter was $117,000 and the average income was $66,000. This makes the affordability index at 90, which means 90% of the homes were affordable to families earning the medium income. Like I said, this probably holds true for both Carmel and Indianapolis, but the numbers are not equal. According to Wikipedia, the average income for Carmel in 2007 was $90,321; City-Data claims the average income was $87.133 for the same year. The same numbers for Indianapolis indicate average income of $48,979. and $40,278.. This would give us an average of between $65,529. and $69,650. for both cities combined. So while the person with an average income in Indianapolis could most certainly afford 90% of the homes available in Indianapolis, they would be stretched to buy the average priced home in Carmel. The average wage earner in Carmel could also afford the average priced home in Carmel. What do the numbers look like when you break them down? According to the Indianapolis MLS data of homes sold in the 3rd quarter of 2011, these are the averages for both cities, as well as the data for the entire Indianapolis Metro area. The average price of homes sold in Carmel was $338,878, while the median price was $294,950. The average price for homes sold in Indianapolis was $123,682 and the median price was $99,000. The average price for the entire Metro area was $152,897 and the median price was $120,000. The article also states home prices are stabilizing. All in all, the news is welcomed. We can probably stack up all the cities and towns of Metro Indianapolis and come up with the same or similar affordabilty numbers. It's not a true reflection of the market and affordability to combine the Carmel-Indianapolis real estate statistics together. I welcome your thoughts and comments! Related Articles: Indianapolis 16th Cheapest Place to Live Average Home Price in indianapolis Indianapolis Real Estate at the Bottom of the List

Ricks Boatyard at Eagle Creek

2007-11-15T08:07:00-07:00

Rick’s Cafe Boatyard is a favorite of many, including myself. My most recent visit was with a client after we had closed on his home. I am always confident the food and service will exceed my expectations. Whether you want fresh seafood, which they fly in daily or a great steak, Rick’s Cafe Boatyard serves the finest. They also have an excellent lunch menu, which makes it a great place for business luncheons. The view and ambience can’t be beat. Take an afternoon or warm evening and enjoy the tranquility of outdoor dining and the view of Eagle Creek Reservoir.

Indianapolis Speedway

2008-01-24T19:32:00-07:00

Someone sent this to me a few months ago. The home I was raised in was very close to the Indianapolis Speedway. I have been inside the track and watch a few races there. Still, I never realized how big the Speedway is. When you are driving by the Speedway, you can only drive by two sides, the south and west sides. From the street, it does not look this big. Whether you go to enjoy the race or tour the grounds and museum, the Motor Speedway, you're sure to cover more ground than you thought.

Bank Owned Homes in Indianapolis

2008-08-10T03:10:00-07:00

There’s something about having homes available in the $10,000–40,000 price range, which brings out the investor in everyone. Naturally, there are some great investments in the mix of bank owned homes in Indianapolis; however, there are many, which are not. I was out this week with a client who is looking for investment opportunities here in Indy and we looked at 22 homes. Our day took us into many neighborhoods north and east of downtown and included only duplex homes. A disturbing statistic was the number of homes which were recently bought where someone had started the repairs, then the home was foreclosed on. These homes are not for the faint of heart nor those without resources to finish the job. My client is a contractor who knows what he is looking for, can do the work himself, therefore, eliminating the expense of hired help. Except for me of course. He relies on me to let him know the market value after rehab, rents in the area, which neighborhoods will bring him the most return on his investment and to negotiate the best price initially. I love working with investors like him. On the other side of the spectrum of investors are those who think they can buy cheap and flip for an immediate profit. The initial price sounds good, but when they have to hire out most of the work, the profits are eaten up fairly quickly. Some of these homes are not “flip” homes. They are good long term investments which will make great rentals. Investing in real estate offers a great return when all factors have been considered. It can also drain the finances of the ill advised investor who has not considered all the cost. The majority of the bank owned homes we looked at can not be financed with traditional financing, eliminating the person who wants to buy, fix and live in the home. So, while Indianapolis does offer some great homes at great prices, an informed home buyer or investor needs to do their homework first. Search Indianapolis Foreclosure Homes for Sale

Top 3 Reasons You May Want to Wait to Buy a Home

2011-11-24T07:33:00-07:00

Reasons to Wait to Buy a Home It may be surprising to hear this from a REALTOR®, but sometimes it may be better to wait awhile prior to purchasing a home. Rates are crazily low right now, and provided you have finances available to purchase a home, this could be a great opportunity. The main thing that needs to be considered is how soon you wouldneed to sell the house. The reason being that if there isn’t enough time for the property to appreciate enough to cover the costs of selling, namely closing costs and commission, this could seriously cost you. The seller pays the commission, which is generally about 6% of the sales price. In addition, closing costs can add another two or three percent. It is easy to see how this amount could outrun appreciation in the short-term. Depending on the amount of the initial down payment, you could actually have to bring money to the closing. The following are some reasons it may be better to wait. Unfamiliar with Area If you have just transferred to a new city, state, or country, it might be a good idea to get to know the area a bit better prior to settling down. There is only so much you can learn on a weekend house-hunting trip. Oftentimes people make a quick decision, only to realize later that they would have preferred a different area for schools, etc. So, it might be better to rent for 6 months or so prior to buying. Job Questions If for any reason your employment situation is ‘up in the air’, now is not the time to buy. With the economy as it is, several companies are ‘restructuring’. That could mean the only opportunity for you to remain with the company is taking a lesser job for less pay, or relocating somewhere else. Company relocation packages have changed a lot over the past few years. It used to be that if you needed to move for the company, they would take care of your housing, buying your home from you in the event it did not sell so that you could move on to your new home without too much headache. Those benefits appear to be diminishing more and more as the years pass. From the full packages of the past, it moved to many companies offering lump sum payments to employees facing relocation. Now, companies are asking employees to rent wherever they are moving and provisions to purchase an employee’s home are few and far between. Relationship Status This can be something to consider from two different perspectives. If you are in a serious relationship or think you may be getting married soon, purchasing real estate may not be the best idea. If it is going to be a joint decision, make sure all the issues above have been considered for both parties. On the flip side, a new house will not save a broken relationship. It is always heartbreaking to get the call from a past client letting you know that their marriage is ending and they need to sell the house they just bought. Not only is the situation difficult emotionally for everyone involved, but it can get tricky from a financial perspective as well. The hope is that everything will be amenable, but issues now arise like who will live in the house until it sells, or who will be responsible for the monies that need to be paid to get the house sold if recently purchased and not adequately appreciated. Basically, if there are any areas of your life that have just changed or could potentially be changing, it is likely that now is not the time to buy. About The Author: Kimberley Kelly is a top producing Palm Desert Real Estate agent in Southern California and has been licensed now for 11 years. She is a great short sale Realtor for sellers in the Palm Springs real estate market. You can check out Kim's regular blog postings by visiting her La Quinta homes for sale website.

How Much Will it Cost to Sell My Home

2009-09-20T20:52:00-07:00

What Are Your Fees? In a real estate market where home owners have less equity than ever, a reasonable question is, 'How much will it cost me to sell my home?' Many times the home owner is simply asking about the real estate commission involved in selling. Sorry - you won't get a 'pat' answer from me. My answer is, if you are talking about commissions only, it depends. Apart from commission, there are several factors involved in the cost of selling a home. Tax Credit This is an important cost many sellers don't take into consideration when they think about selling their home. Since Indiana property taxes are paid in arrears, the buyer will expect the seller to credit them the tax amount until the day of closing. Depending on the month you close, this cost will equal between 12 and 18 months taxes. With the current tax situation, it could equal 2 years. If your yearly taxes are $1800.00, you will be giving the buyer a credit of about $2700.00 for one and a half year's of taxes. If your taxes are held in escrow, you will have a credit from your current lender, but you will have to wait for the refund and pay the tax credit upfront at closing. Closing Costs Title Policy - the cost of title insurance for the new buyer depends on the price of the home. For a $200,000 title insurance policy, it's about $700.00 TIEFF Fee - $5.00 Attorney Fees - $100.00 Tax certification - $15.00 Deed and Vendor Affidavit - $75.00 These fees vary depending on the Title Company. Additional Fees Possible fees depending on the terms of the contract. Closing Fee - $200.00-300.00 Home Warranty - $420.00 - generally accepted seller fee Survey - $140.00 - generally accepted seller fee, but not required Closing Costs - Any costs agreed to be paid on behalf of the buyer Repair Costs - if required and agreed upon Copyright © 2009 by Paula Henry, All Rights Reserved. *How Much Will it Cost to Sell My Indianapolis Home*

Do Increased Commissions Sell Homes?

2008-02-22T19:05:00-07:00

Does offering more commission to the buyer's agent help sell a home? Several times this week, I have received flyers and info advertising homes for sale with an increased commission for the real estate agent who brings the buyer. One offered 6% to the buyer s agent on a home priced at $681,000. Almost $42,000. if I bring a buyer for this home. A similar one offered the same and boldly stated, $42,300 Commission. Another offered 5% plus $5000. on homes priced between $299,000 and $350,000. One of these offers was from another city and two were here in Indianapolis. There are two schools of thought about increasing the buyer agents commission to help sell a home. One school says it s the seller s equity and they can do what they want with their equity. I agree! The other side says the commission is built into the price of the home and the buyer ends up paying the commission. On this, I also agree. Allow me to explain . If a home is priced well and comparable to other homes and the seller offers an incentive for the buyer s agent, it is truly the seller s equity. If, on the other hand, a home is overpriced to begin with, the increased commisssion is a attempt to get buyers agents to sell the home. Then, it does become the buyers cost, because it is built into the price of the home, which the buyer will pay for. Luckily, I know many honorable, trustworthy agents who would never allow their clients to pay more for a home than it s current market value, just so they can make an extra buck. These agents research and know the true value and will advise their clients about the recent sales and comparable properties in the area. These agents will be worth every penny when they are able to negotiate the price their clients should pay for the home. Although I have had clients who have offfered an increased commission to the buyer s agent, I always tell them I do not believe increased commissions sell homes. Homes sell when they priced right, properly presented and well marketed. BTW marketing does include a buyer s agent commission. It just doesn t have to be excessive when all other factors are in line. I personally believe there is a limit to the amount I feel comfortable accepting to represent my buyers. As a Fiduciary, I would not feel comfortable accepting $42,000 on the sale of a home priced at $681,000. Disclaimer: Real estate commissions are not set by law and are negotiable. These are my own personal opinions. ~ Paula

Please Don't Put Your Home on the Market!

2008-09-21T14:20:00-07:00

Put it 'in' the Market Really, I mean that! Probably not the way you think I do, though! See, there’s a huge difference between putting your home on the market and placing it “in” the market. I’ve written before, not too long ago, actually, about pricing your Indianapolis home to sell. I honestly admit I do allow my clients to test the market “for a time”, especially if there are not enough comparable sales in their neighborhood or if they have an outstanding or unique home. I also let them know we must be ready to adjust the price based on activty, feedback and lack of offers. It rarely earns me bonus points, but I prefer honesty above all else and have walked away from listings I knew I had no chance of selling when the homeowner is stuck on their price. A Current Example So, why do I write this again? I have to tell this story; it is exactly the type of homeseller who needs to take their home off the market. This particular seller is wasting their time and their agents time! It is a home I was personally interested in buying. I made an appointment, but was turned down because it was an inconvenient time. Hmmm……in this market, if you can possibly accomodate a buyer, you really should. At the time, the home had been on the market for almost one year and they were on their second agent. So let’s look at the history: Agent #1 had the home listed at $###,###. for 4 months. The information provided was accurate. The pictures used to market the home were just okay. The agent didn’t use a wide angle camera, which failed to capture the true beauty of the home. Agent #2 did a fabulous job capturing the beauty of this home with professional photography which made you want to make an appointment to see the home. It made me want to go see it! It was originally priced at $###,### with agent #2 and reduced by $15,000 over the next six months it was listed. $15,000 represented less than 4% of the original listing price. And…………………………..it expired last week without selling. This week it came back on the market, listed with another agent, who is only marketing with 6 outside pictures, nothing impressive and here’s the big difference – they raised the price $10,000 more than the price it was originally listed for with agent #1, which is $35,000 more than the price when it expired with the last agent. It Still Won't Sell If they really wanted to sell, this is NOT the way to do it. They should just take it off the market, because they are not “in” the market. Raising their price will not sell this home. Now, though, it has been on the market for over a year, which makes homebuyers wonder what is wrong with the home. It also tells me they are stubborn about their price. This homebuyer – that’s me, will not look at a home where it is apparent the sellers are stubborn AND overpriced.

Hiring the Right Real Estate Agent

2008-06-09T10:00:00-07:00

How do you decide which agent to hire to market your home and represent your interest in the home selling process? Maybe you have a friend who’s an agent, someone at work has a license, your neighbor, or brother-in-law. Your sister’s friend has a daughter who just got her license. There’s a sign in another yard in your neighborhood. One thing for sure, you won’t have to look far to find someone with a real estate license willing to list your home. With so many available Realtors, how do you make the choice? In today’s real estate market, where a home seller needs a competitive advantage, it is a question which should be given some serious thought. Not all agents are alike! Not even close! This isn’t self promotion; instead, an inside look at how I chose the agent who would list my home in Phoenix. I was once a Realtor in Phoenix. Times have changed and I haven’t a clue about values in the area. I do know there are about 50,000 homes on the market and if I am going to sell mine – my home had better stand apart from the competition. We have cleaned. polished, shined, updated and repaired everything we needed to – and now we must choose an agent. I do have friends who are agents and agents I have worked with before. Many of them are good people. I could have closed my eyes and picked a name from among them; I would have an agent I liked, however, I may not have the best agent for the job of marketing and selling my home. It would be a good thing if you also liked your agent! So, where did I search for my agent? Online…….In the blogosphere……. Why would I choose an agent who blogs, specifically? There’s actually a couple of reasons: An agent who blogs may write about any number of issues related to real estate. In order to write about a topic – you either know or have researched what you have written – It’s continuing education People who read a blog get to know the agent, their personality, whether they like them, how they market homes, how they solve issues as well as how much they know Agents who are successful at blogging usually have a great internet presence which means more buyers and sellers visiting their site Most real estate agents who blog know how to expose my home to the largest number of buyers looking at homes. On the internet! Those who keep track of such numbers, say, between 85–90 % of all buyers start their search online. It makes sense, I would want my home online, in front of as many buyer eyeballs as possible. Online sites and tools used in marketing homes over the last few years has grown exponentially. I have been lucky enough to have great mentors and smart enough to pay attention so I could stay on top of the newest online marketing avenues and techniques in the real estate industry. Naturally, I searched for someone who would market homes the way I believe homes should be marketed. There are also other factors which I considered. Were they accessible by phone and email – Did they respond promptly Are they personable and easy to talk to – this is important to me Could they explain what is happening in the local real estate market; it’s effect on my home and in my neighborhood Did I believe they were serving my interest, not their own I am not implying agents who blog are the only great agents. There are many wonderful agents who do not even have a website or email. Over the last few years, though, I have had the opportunity to “get to know” online agents through their blog and internet presence. Who did I choose to represent my home in the market? The Phoenix Real Estate Guy and his wife, Francy. I have read Jay’s blog for over a year. I felt I already knew him and Francy before I hired them. Jay’s the blogger and he was just as I expected him to be. Within 24 hours of being an active listing, my home is marketed to numerous websites, complete with a virtual tour, multiple pictures, a website, and detailed information for any buyer who is looking for a home like mine. When other factors such as price, location and condition are in line – marketing is the driving force behind exposure for my home. Now, our home is on the market. We wait patiently for an offer while our Realtor keeps our home marketed and monitors the market conditions which affect our home.

Indianapolis Home Sales - 3rd Quarter - 2011

2011-11-29T19:44:00-07:00

The most recent real estate news indicates positive growth for the third quarter of 2011. As reported by National Association of Realtors, home sales in Indiana were up 18.6% over third quarter of 2010. When you break it down by city in the Central Indiana suburbs of Indianapolis, how did we do? Here's the stats: Avon Indiana +20.2% There were 208 home sales in Avon in 2011, compared to 166 sales in 2010. The average price of homes sold in Avon in the third quater of 2011 was $160,516. which was down 6.2% from last year for the same time period. The average home sold in Avon was three bedrooms, three baths and 2161 square foot. Average days on Market was 99 days. Search Avon Indiana Homes for Sale Brownsburg Indiana +20.7% Home sales in Brownsburg were up by 63 from 138 homes sold in 2010 to 174 homes sold in 2011. Home prices were stable with an average sales price of $172,043 in 2010 and $171,879. in 2011. The average home sold in Brownsburg was 3 bedrooms, 3 baths and 2101 square foot. Average days on market was 111 days. Search Brownsburg Indiana Homes Carmel Indiana +17.4% Carmel home sales were up in 2011 by 17.4%, with 414 homes sold in 2011 and 342 homes sold in 2010. The average price of homes sold was down 4.1%. from $353,144. in 2010 to $338,878. in 2011. Average days on market for 2011 was 95 days. The average home sold in Carmel was 4 bedrooms, 4 baths and 2818 square foot. Search Homes for Sale in Carmel Fishers Indiana +25.2% There were 409 homes sold in Fishers Indiana in 2011 with an average price of $230,992., compared to 306 homes sold in 2010 and an average sales price of $221,792 for an increase of 4.0% in sales price. The average home sold in Fishers had 4 bedrooms, 3 baths and 2370 square foot. Average days on market was 96. Search Fishers Indiana Homes for Sale Greenwood Indiana +26% Greenwood boasts a 26% increase in homes sold in 2011, with 316 homes, compared to 2010 sales of 234 homes. The average price of homes in Greenwood in 2011 was $166,158. lower by 2.8% than the $170,775. posted in 2010. The average Greenwood home sold was 3 bedrooms, 3 baths and 1998 square foot. Average days on market was 109. Greenwood Indiana Homes Indianapolis Indiana +15.6% Homes sales and home prices were up in Indianapolis for the 3rd quarter. There were 2656 homes sold in 2011 with an average sales price of $123,682. and 2243 homes sold in 2010 for an average sold price of $116,156. The average home sold in Indianapolis had 3 bedrooms, 2 baths and 1735 square foot. The average days on market was 99. Search Indianapolis Homes for Sale Noblesville Indiana +8.7% Homes sales were up slightly in Noblesville with 242 homes sold in 2010 and 265 in 2011. Sold price of homes in Noblesville was down by 4.9% from $189,836 in 2010 to $180,541. in 2011. The average home sold in Noblesville was 3 bedrooms, 3 baths and 2137 square foot, with an average days on market of 96 days. Search Homes for Sale in Noblesville Plainfield Indiana +27.2% There were 92 home sales in Plainfield in 2011, compared to 67 sales in 2010. The average price of homes sold in Plainfield in the third quater of 2011 was $142,839. which was down 5.0%% from last year for the same time period. The average home sold in Plainfield had three bedrooms, two baths and 1789 square foot. Average days on Market was 108 days. Search Plainfield Indiana Homes for Sale Westfield Indiana +22.2% There were 117 homes sold in Westfield in 2011, which is 22.2% more than the 91 homes sold in 2010. Average home prices were down by 20.9%, from $250,499. in 2010 to $223,414. in 2011. The average home sold in Westfield had 4 bedrooms, 3 baths with 2350 square foot and was on the market for an average of 93 days. Search Westfield Indiana Homes Zionsville Indiana +20.7% Zionsville home sales were up from 100 in 2010 to 126 in 2011. The average price was up by 10.2% from $339,345 in 2010 to $377,633 in 2011. The average home sold in Zionsville had 4 bedrooms, 4 baths with 2869 square foot. Average days on market was 96. Search Zionsville Indiana Homes for Sale Overall, there was a considerable increase in home sales for most of the cities and towns in Metro Indianapolis. If you would like to know the stats for your city, contact us and we'll be happy to send them to you. Disclosures: Average sales price does not indicate an areas value has declined. There may have been a few higher priced sales one month or a few lower priced sales in a time period. Every neighborhood is different, as are home values. Square footage does not include basement; only above grade square foot.

Do Homes Sell in Indianapolis in the Winter?

2011-11-19T20:53:00-07:00

A common question I receive from homeowners who want to list their home this time of year is, 'Do homes sell in Indianapolis in the winter'? My answer is yes, they do. Are there fewer home sales in the winter? Yes, there are. Still, people do buy homes in every season. I have fallen into many snowbank (with my clients right behind me) and have even fallen on my backside getting out of car on icy driveways. All in a day's work, showing buyers homes during an Indianapolis winter. There are two distinct advantages to market your home in the winter. 1. There is less competition 2. Buyers are generally more serious. What is the difference in the number of sales in the winter compared to the rest of the year? I ran the numbers for the past year. These are the dates the homes actually closed. Winter months equal homes sold from 11/1/2010 - 2/28/2011 Spring months are sold homes from 3/1/2011 - 6/30/2011 Summer months include sold homes from 7/1/2011 - 10/31/2011 While winter sales are less, there are still quite a number of homes sold. The percentages equal 5989 homes sold in the winter months, 7726 homes sold in the summer months and 9313 homes sold in the Spring months. The number of homes sold in winter represents about 65% of the number of homes sold in the Spring. If you have questions about selling your home, please contact us @ 317-731-2319. Related Articles: How Much Will it Cost to Sell My Home Competition and Selling Your Home Indianapolis Home Seller Resource

First Time Home Buyers - Where to Begin?

2011-11-24T09:05:00-07:00

Your First Indianapolis Home is a Dream Come True The tendency of many first time home buyers is to think about their first home in terms of a dream come true. As they start their hunt they tend to search for what they perceive as the perfect home. Often the first time home buyer dreams about their lives in the home for years to come. They look at their first purchase with thoughts of things like adding on to the home, renovating kitchens and baths, and making the home perfect, for the rest of their lives. Rarely does the first time home buyer embrace the fact that this is their “first home”, and that statistics show there will be many more homes for them down the road. While owning your first home is a dream come true, it will most likely not be your dream home. How much home can I afford? The most important consideration prior to searching for your first home is to have a very serious conversation with yourself as to what is a comfortable housing budget. Meet with your realtor who you are about to start building a relationship with and discuss the cost of homeownership in your area. Talk about the cost of insurance, taxes, utilities, and listen closely. Understand that the numbers you hear are good estimates but there are many variables. Your realtor is someone who has gone this route many times in the past and working closely with them will help you to avoid surprises. Take all the information you can gather and start working on a comfortable housing budget. Mortgage Preapproval Housing budget in hand, its time to write down your additional living expenses such as the cost of your automobile, food and entertainment, as you prepare to seek mortgage preapproval. Armed with the knowledge that you are ready to be a home buyer, it is time to speak to a mortgage professional. Very often the mortgage person you speak to will have worked with your realtor in the past. They will appreciate that together you and your Realtor have had a realistic financial conversation and thought about the mortgage that you will need to purchase your first home. Your mortgage broker will reconfirm that your budget will allow you to qualify for the loan you desire. They will discuss with you down payment requirements, and closing costs. As a first time home buyer it is imperative that you start your home search with realistic expectations, an understanding of the process, and a team of professionals, such as your Realtor that you can count on for guidance. Armed with the Knowledge and the Help of Your Indianapolis Realtor In today’s real estate market one of the most important things that a first time home buyers can do is purchase with the future in mind. Pay attention to your first purchase as a home and as an investment. Use your local realtor as an expert and talk about some of the things that are involved in long term real estate planning. Discuss how many years you plan to live at the property you are thinking of buying. Talk about converting it to a rental property when you buy your next home, and discuss things you can do to increase its value should you decide to sell. Talk about the neighborhood you are targeting and its future prospects. Approach the purchase of your first home as if you are sitting down with your real estate advisor mapping out the beginning of a long term real estate relationship. A realtor’s long term success is tied together with the success of their clients, so work together to make the most of your new partnership. Many realtors find that clients become part of their lives initially as first time home buyers, and someday as, first time home sellers and real estate investors. Eric Miller an award winning Ft Lauderdale, Florida Realtor is the author of this article, and is honored to place it on this outstanding website. If you are thinking of Ft Lauderdale Real Estate you can reach Eric Miller via his website. The website provides complete information for buyers and sellers of Fort Lauderdale Real Estate from Ft Lauderdale Waterfront Homes to Ft Lauderdale Condominiums Related Articles: 5 Tips for First Time Home Buyers in Indianapolis First Time Home Buyers Down Payment Assistance

Holiday Activities in Indianapolis - Week of 11/28 - 12/4, 2011

2011-11-27T10:52:00-07:00

It’s Beginning to Look a Lot Like Christmas Picks of the Week ~ 11/28 – 12/4/2011 Now that we’ve packed up all of our harvest décor and picked over all the Thanksgiving leftovers, let’s talk Christmas! Central Indiana offers some of the most wonderful Holiday happenings that can turn even the scroogy-ist Scrooge into a jolly old elf. Here are our top picks for Holiday fun this week. 11/28 MONDAY ~ COUNTRY CHRISTMAS AT STONYCREEK FARM Pick any day before Dec. 20th and pick your own tree! Take your family on a very special ride through the field to select and cut your own Christmas tree! Browse the greenhouse for fresh wreaths and garland, too.Nothing says Christmas like that fresh pine scent in the air. Stoneycreek Farm in Noblesville 11/28 MONDAY ~ THE HANDMADE PROMENADE HOLIDAY POP-UP SHOP Come downtown to the famous “Mass Ave” and discover handmade goods from over 40 local, regional and national artists and crafters. Today through December 31st, shop for one-of-a-kind treasures to place under your tree. The Art Bank in Indianapolis 11/29 TUESDAY – 12/3 SATURDAY ~ TEA TIME Take the chill off with a hot cup of tea. Choose from one of these beautiful locations for a fine afternoon of sipping tea and nibbling delicious morsels. 11/29-12/1 The Propylaeum in Indianapolis 12/2 the Colonel Isaac C. Elston Home in Crawfordsville 12/3 The Morris-Butler House Museum in Indianapolis 12/1 THURSDAY ~ OAK RIDGE BOYS CHRISTMAS SHOW The historic Murat Theatre will be filled with the sounds of Christmas as the Oak Ridge Boys set your toes tapping. The Mur at Theatre at Old National Centre 12/1 THURSDAY ~ HOLIDAY EXTRAVAGANZA Hors d’oeuvres, samplings, shopping and spirited tastings await for those who want an elegant evening out in Carmel. Vine and Table Gourmet Market in Carmel 12/1 THURSDAY – 12/4 SUNDAY ~ THE NUTCRACKER This week offers three spectacular venues featuring three different variations of one fantastic story! 12/1 – 12/4 THE NUTCRACKER Clowes Memorial Hall, Butler University in Indianapolis 12/2 – 12/3 THE NAPTOWN NUTCRACKER Madame Walker Theatre Center in Indianapolis 12/4 MOSCOW BALLET’S GREAT RUSSIAN NUTCRACKER Murat Theatre at Old National Centre in Indianapolis 12/2 FRIDAY ~ HOLIDAY FEST AND COOKIE WALK Food, fun, cookies, crafts and free gift wrapping … what more could you ask for? Hendricks County 4-H Fairgrounds in Danville 12/2 FRIDAY ~ POLAR BEAR EXPRESS All Aboard…take a special Holiday train ride this year! This trip includes story time, refreshments, a visit with Santa and a special gift for every child. Multiple departure times are available and Reservations are Required! Departing from the Fishers Train Station Indiana Transportation Museum 12/2 FRIDAY – 12/3 SATURDAY ~ A GLIMPSE OF CHRISTMAS PAST Want to re-live the days of Christmas’ long ago? Choose one of these events for your historic celebration. 12/2 Hometown Christmas in Historic Downtown Noblesville 12/3 Victorian Christmas Celebration in Historic Downtown Mooresville 12/3 Dickens of a Christmas in Historic Downtown Lafayette/West Lafayette 12/3 1863 Outdoor Adventure and Candlelight Tours at Historic Conner Prairie 12/3 SATURDAY ~ CHRISTMAS UNDER THE STARS Meet outside the Brownsburg Town Hall to watch this sparkling parade and light show. Be sure to bundle up, bring some hot cocoa and a special someone to keep you warm. Brownsburg Town Hall 12/3 SATURDAY ~ 78TH ANNUAL PURDUE CHRISTMAS SHOW See why this Christmas spectacular has been ranked in the Top 100 events in North America. This show will have you singing along, dancing in your seats and leave you filled with Christmas cheer! Elliott Hall of Music, Purdue University in West Lafayette 12/3 SATURDAY – 12/4 SUNDAY ~ GINGERBREAD COTTAGES & CASTLES Stroll through this Gingerbread Village and judge for yourself which entry takes the cake. Sullivan Munce Cultural Center in Zionsville 12/4 SUNDAY ~ HOLIDAY HARMONY 2011 Leave the instruments in their cases and listen as an extraordinary ensemble of voices perform your Holiday favorites a capella. University of Indianapolis, Ransburg Auditorium in Indianapolis

Five BIG Costs to Consider When Buying a New Home

2011-09-25T20:23:00-07:00

Building a new home from the ground up is exciting. You get to make all the choices when buying a new home, instead of settling for the previous homeowners choices. The many options available can often be overwhelming and more expensive than a home buyer considered. When you see a home builder sign advertising from the “low $140,’s” or whatever their low price point is, you need to know this is the starting point. Generally, it is the smallest floor plan, with the lowest cost flooring and fixtures. The basic model with many home builders will have laminate countertops, vinyl flooring and chrome fixtures. Anything more than basic is an upgrade with most production home builders. There is more than cosmetic upgrades that can add to the final cost of a home, though. *Costs to consider before you start looking at new homes: Lot - Most neighborhoods will include a standard size lot. Homes with a larger lot, a wooded lot or on a cul-de-sac will cost more. The price will depend on the neighborhood and location, but generally costs $5000.00 - $15,000.00 or more. Basement - A basement option is popular for home buyers in Indianapolis. The price is hefty, ranging from approximately $8,000 for a half basement to almost $20,000 for a finished full basement with 9 ft. ceilings on a 2000 square foot floor plan. Plan to spend more for a walkout or daylight basement. Exterior - The more brick you put on a home, the more it costs. Most recently, the homes I’ve looked at with clients were $11,000 for a full brick wrap. Three Car Garage w/side load- Another popular choice includes a price tag of about $9,000. - $12,000. to change from a standard two car front load. Elevation - Elevation refers to the exterior design. Most new homes have 3 different elevations. One elevation of a floor plan may have a covered front porch with railing, while another doesn’t. I’ve seen these prices range from $2000.00 to over $9000.00. It’s not my intent to rain on your happiness. I just believe an informed buyer is better prepared to make good decisions for themselves. *costs for upgrades may vary by home builder and all options may not be available in all new homes subdivisions.

How NOT to Cancel a Contract With a New Home Builder

2011-10-07T19:46:00-07:00

A recent conversation with another real estate agent prompted the topic of this particular post. He was working with someone who signed a contract with a new home builder and then experienced buyer's remorse. The buyer called the builder's representative and said they wanted to cancel the contract, then stopped payment on the check they had written to the builder without the agents knowledge. Was this a legitimate way to cancel the contract? I'm not an attorney, so my response is based on my understanding of the standard new home builder contract. New home builders may have specific differences in the language of their contract. Most of the contracts I am familiar with contain similar language to that expressed here. Here are a few terms from builders contracts: 1. Loan Contingency - The buyer has five days to submit full loan application. If they do not, the buyer has breached the contract. 2. Purchaser's Default - In the event of default by the buyer, seller shall have the right to all rights and remedies available at law or equity or the seller shall be entitled to all monies payed by purchaser, including construction deposit and 3.0% of the total purchase price as liquidated damages. 3. Entire Agreement - This agreement constitutes the sole and entire agreement between the parties. Any understanding between the parties that is not in writing and executed by the purchaser and seller is not a part of this agreement and has no force or effect. ...............this agreement may not be changed or terminated orally, it may only be changed by a written addendum or amendment executed by both buyer and seller. 4. Notices - Except as otherwise provided, all notices or demands shall be in writing and delivered to the address herein provided, either in-person, by prepaid overnight delivery service, fax or by US Postal Service (postage paid, registered or certified, return receipt requested). The Statute of Frauds requires all real estate contracts be in writing with sufficient content to evidence the writing. Just as the original contract was in writing, any changes to that contract must also be in writing. What do you think, could the buyer be obligated to perform or risk losing his earnest money and be liable for additional costs? For the record, I don't believe the buyer's are relieved of their obligation to purchase the home. I suppose you can't force someone to buy a home and if they want out, they will walk. That decision could also cost additional penalties, if the builder wanted to pursue it. Granted, not every builder will, but they have the right to, according to their contract.

Walker Farms Whitestown

2011-03-04T06:44:00-07:00

Walker Farms subdivisions is a popular community for home buyers who want to be outside the city limits in an affordable price range. The neighborhood of Walker Farms is built by Beazer Homes, which began development in the early 2000's and the first home was sold in 2003. Today, there are over 300 hundred homes completed and building continues. Prices start in the low $120,000's. Watch a Neighborhood Tour of Walker Farms Homes in Walker Farms range in size from 1200 square foot for a ranch with two car garage to over 4000 sq. ft. for a two story with full basement and three car garage. The beauty of Walker Farms is the natural rolling land with ponds, community trails and bike paths.. In the center of the community is a neighborhood park, pool, playground, soccer fields and open green space. The neighborhood is just minutes to shopping at Anson, offering your basic needs, grocer, hardware, pharmacy and dining. With easy access to I-65, you're just 20 minutes from downtown. Local recreation includes a 5 minute trip to Eagle Creek Park, Traders Point Creamery or downtown Zionsville. Search Walker Farms Homes for Sale Walker Farms Neighborhood Tour Whitestown Indiana is located just north of Zionsville and about 30 minutes northwest of downtown Indianapolis. The people who live here enjoy the open country atmosphere of this quiet little town.

Top Picks for Holiday Fun this Week - November 21 - 27, 2011

2011-11-20T20:58:00-07:00

Spark that Holiday Spirit in Central Indiana Picks of the Week ~ 11/21 - 11/27/2011 All of Indiana will be bustling this week and the excitement of the season will be brewing. With a chill in the air and the Holidays on our minds, we’ll all be searching for that perfect “something” that ignites our spirits. Here are our favorite events to kick off the Holiday season this Thanksgiving week. 11/21 Monday ~ Capitol Christmas Tree Tour See the official U.S. Capitol Christmas Tree as it makes a stop in Santa Claus, IN. Guests can sign the banner that travels with the tree to Washington, DC. This is one of only 26 stops the tree will make across country, and the only stop it will make in Indiana. Kringle Place Shopping Center 11/21 Monday – 11/27 ~ Sunday Public Ice Skating Nothing says Holiday Fun like a brisk twirl on the ice. This week (and beyond) you can strap on those mittens and ice-skates for a chilling good time! Indiana State Fairgrounds 11/21 Monday – 11/22 Tuesday ~ The 23rd Annual Warren Holiday TreeFest Hear the melodies of local choirs, watch performances from area dance troupes, listen to the Indianapolis Symphonic Band, gaze at the 40 fully-decorated trees, stroll the gift shops and more. This is one Holiday tradition that is worth an Encore! Warren Performing Arts Center 11/23 Wednesday ~ Night Before Thanksgiving Bash The building is a true historic work of art and the atmosphere is memory-making. Begin your Thanksgiving festivities at Indianapolis’s oldest restaurant and entertainment hall. Don’t miss this unique mixture of Bavarian flair and downtown sounds with live music in the ballroom all night. Cheers! Rathskeller Restaurant 11/24 Thursday ~ Drumstick Dash in Broad Ripple Village Work up your Thanksgiving appetite with a brisk morning run for a good cause. Run (or walk) 4.5 miles or choose the 2.3 mile fun run course. Join the 12,000+ expected runners and see who’s drumsticks can make the dash! Broad Ripple Station 11/24 Thursday ~ Black Friday Shopping Research Take a break from the turkey, football and family high-jinx and start planning your Black Friday shopping trip. This website allows you to virtually flip through the advertising inserts, search by store and even get daily updates. You can research online deals and in- store promotions. Make sure you’re one step ahead before you step out the door. Check out the Black Friday Ads Online 11/24 Thursday ~ Let’s Eat Don’t feel like cooking this Thanksgiving? Happen to burn your bird? Never fear, because numerous downtown Indianapolis and surrounding restaurants will be open and serving up their finest fare on Thanksgiving Day. From down-home to up-scale, your favorite locale may be open. Here’s just a small taste of who we’ve found: Cracker Barrel, IHOP, The Claddagh Irish Pub, Weber Grill, Buca Di Beppo and Conrad Indianapolis. 11/24 Thursday – 11/27 ~ Sunday Midnight Shopping Madness at the Edinburgh Premium Outlets You may not believe it, but it’s true! Many shops will open for business at midnight Thursday night (12:00 AM Friday morning). The biggest sales of the year will last through Sunday 11/27. See you there! Edinburgh Premium Outlets Shopping Center 11/25 Friday – 11/27 ~ Sunday Thanksgiving Spectacular Flea Market Check your Christmas list off once, or twice! Visit over 500 booths with something for everyone on your list. You may even fill your own stocking ...shh...I won’t tell. Indiana State Fairgrounds 11/25 Friday ~ Circle of Lights This annual tradition is a must-see. Be there as Monument Circle lights up with thousands of sparkling strands of joy. Your heart will be warmed by the Holiday spirit, as it glows around you. Join with others for the lighting ceremony, live entertainment and the sounds of excitement in the heart of downtown Indianapolis. Monument Circle at the Soldiers & Sailors Monument 11/25 Friday ~ Santa Arrives by Helicopter For the grand opening of Celebration Crossing at the Indiana State Museum, a very special guest will be dropping in, literally. Santa and Mrs. Claus and Raggedy Ann will make a grand entrance on the front lawn, via helicopter to the joyous sounds of the Indianapolis Children’s Choir. Stay for the tree-lighting and other festivities after the Big Guy’s big entrance. Indiana State Museum 11/25 Friday ~ Black Friday at the Children's Museum Stay far from the crowds at the shopping meccas and enjoy some fun time learning, instead. One FREE youth admission will be given with each paid adult between 8:30AM and 10:00AM. Santa arrives at 9:50AM. This is also the opening day of the Jolly Days Winter Wonderland ... and the giant 2-story Yule Slide in the museum center. Ho, Ho Woah – Look Out Below!! Children's Museum of Indianapolis 11/25 Friday ~ Santa Arrives at the Metropolis Mall in Plainfield You thought Christmas Eve was a busy day for Santa? Well think again. This is the Jolly Old Elf’s third appearance on our list today! If the Metropolis Mall is your first Christmas shopping destination, than you’re in luck. Santa will arrive here via horse- drawn carriage at 10:00AM and will be giving free carriage rides and a listening ear. Metropolis Mall 11/25 Friday and 11/27 ~ Sunday Vienna Boys Choir Live Take a jaunt to the Palladium in Carmel to see a truly unforgettable group of talented young men. Escape from the hustle and bustle to allow these remarkable and world- renowned voices take you to your very own winter wonderland. The Palladium at The Center for the Performing Arts 11/25 Friday ~ Christmas at the Zoo Opening Night Watch the first sparkle Holiday lights as they illuminate the paths of the Indianapolis Zoo once again this season. Take part in this one-of-a-kind holiday tradition which includes the animal exhibits, rides for the kiddos, great food for all, Christmas carolers and fantastic animated light shows. See you at the Zoo! The Indianapolis Zoo 11/25 Friday Area Tree Lighting Ceremonies - FREE 4:00PM – 6:00PM Danville, IN ~ Courthouse Square Also drive through the Winterland Light Show and visit Santa at Ellis Park in Danville. More Info 6:00PM Zionsville, IN ~ Main Street - More Info 7:00PM Noblesville, IN ~ Hamilton Co. Judicial Center - More Info 11/26 Saturday ~ Spirit of the Season Kickoff Concert Bask in the ambiance of beautiful music and delicate wines at the Chateau Thomas Winery. Jennie DeVoe will return to begin the season with this annual Vinyard Room Christmas Concert. Chateau Thomas Winery Christmas at the Orchard Santa loves apples, too – not just cookies! Meet Santa at Beasley’s Orchard, have a professional photo taken, enjoy spiced Cider, Hand-dipped Caramel Apples, Delicious Treats and purchase unique gifts and gourmet food items. A fabulous outing for the whole family is just a few apple trees away. Beasley’s Orchard ~ Inside the Old Barn Market 11/27 Sunday Super Sunday Indy Automotive Swap Meet & Car Sale Calling all Gear-Heads! Forget all the holiday fluff and tinsel! Get your motor running to the Car Sale and Swap Meet that has the feel of a car show and a parts shop all in one. Indiana State Fairgrounds ~ West Pavilion 11/27 Sunday WISHTree Toy Drive and Colts Football Game Think giving, sharing and pre-game festivities at the Indianapolis Colts vs. the Carolina Panthers game, Sunday. WISH TV, the Salvation Army and the Colts are teaming up to bring a joyous Christmas to those in need. Bring new, unwrapped toys to donate at each entry gate. Experience game day fun and brighten the Christmas of a child less-fortunate. Lucas Oil Stadium

The Mortgage Interest Deduction - Keep It or Delete It

2011-11-19T20:04:00-07:00

If you have turned on the TV lately, glanced at a headline, or heard your co-workers talking at the water cooler, you have no doubt heard about our nation’s debt crisis. The Obama Administration has charged both houses of Congress with coming up with a plan to reduce the national debt. One of the many suggestions that has surfaced is doing away with the long-standing mortgage interest deduction. Don’t do your own taxes or are not sure what this is? Basically, each year in the US, homeowners are able to take any amount of interest they pay for their mortgage as a deduction on their income taxes. Touted as a boon by some in Washington, doing away with the mortgage interest deduction has the mortgage industry is up in arms. They claim that with as rocky as the mortgage industry has been over the past decade, another huge change is not a good idea right now. Keep It: Groups opposed to this change, namely the Mortgage Bankers Association and the National Association of REALTORS®, point out that this deduction is key to keeping the housing market affordable. They also fear that this change would halt any progress the nation is making in stabilizing the housing market. A study done by NAR reveals that almost 75% of homeowners consider the mortgage interest deduction “extremely” or “very important”. They argue that this data suggests that perhaps some could not or may not have bought homes without the deduction. Ron Phipps, President of NAR was recently quoted as saying that abolishing the mortgage interest deduction, “will effectively close the door on the American dream.” Delete It: Currently, homeowners are able to deduct all the interest paid on their home loans from their tax returns each year. Additionally, investment properties and home equity loans are currently eligible to have some of their interest deducted. Supporters of doing away with the deduction argue that as it is currently setup, only the wealthy benefit from the deduction. The reason being that lower income buyers are not likely to itemize their taxes and therefore do not get to take advantage of the savings. Their contention is that the deduction does not actually encourage homeownership, but rather helps the wealthy buy bigger homes. Looking at it from a hard numbers perspective, this deduction is one of the largest in the U.S. tax code. The U.S. Treasury has estimated that this deduction will cost the U.S. $131 billion in 2012. Change It: As a stopgap measure, the Obama Administration has proposed giving homeowners a 12 percent non-refundable tax credit on mortgages up to $500,000 for primary residences. This would eliminate the deduction for investment properties and home equity loans. Doing so would make the deduction available to every homeowner, not just the wealthy, or those who itemize. So the fundamental question is this: Does the current mortgage interest deduction have such an impact on home sales that doing away with it would impede the function of the housing market? In reality, the answer is ‘no’. Homes were bought and sold regularly before the introduction of the deduction. Also, though it figures in, those buying homes are likely not doing so because of the impact that homeownership will have on their taxes. As far as the question of whether the wealthy buy bigger homes in anticipation of the tax deduction, not likely. For the truly wealthy, a lot of those types of homes are paid for in full without financing. The next question is what effect the immediate change in the tax code would have on the housing market. That is hard to answer, but likely it would make little difference. About The Author: This guest blog was written by Kimberley Kelly, a Palm Springs real estate agent in Southern California who has been licensed for 11 years. She is a great short sale Realtor for sellers in the Palm Desert Real Estate real estate market. You can check out Kim's writings by visiting her La Quinta real estate blog.

Additional Costs to Buying a Foreclosure or Bank Owned Home

2011-11-15T09:20:00-07:00

Foreclosure, HUD and bank owned homes can be a great value for Indianapolis homebuyers. There can also be additional costs associated with bank owned properties many people do not assume. Buying a bank owned home is not the same as buying a home directly from a homeowner or builder. Banks have their own set of addendum's required with the purchase of one of their homes. Generally, there are requirements within the contract and addendum’s that cost a homebuyer more money, both in upfront costs and settlement costs. When it comes to buying any home, we always recommend a home inspection. This is always a buyer cost, but with a bank owned home, you may have additional fees in relation to the inspection of the home. Winterization: Most banks winterize homes in Indianapolis between October and April; some banks keep them winterized all year. Most banks require the buyer to pay for de-winterization for the inspection and expect the buyer to pay to winterize the home again. The cost is roughly $200.00. On a HUD owned home, this cost is $190.00, plus a $100.00 deposit. The deposit amount is returned once you have verified the utilities have been turned off and submitted the required form. Utility Fees: Most bank owned homes will have the utilities on, unless there is a reason they can not be turned on; i.e. a plumbing leak. HUD owned homes require the prospective buyer to have utilities turned on in their name for the inspection. This cost will depend on how many utility companies service the property and the number of days the utilities are on. Note: Winterization and utility fees are up front costs and can not be compensated for. They are the cost of having an inspection. Title Fees: While most banks will pay the owners title policy, there are a few exceptions. By law, buyers are allowed to choose their own title company or place of settlement. Typically, banks have a Title Company they use and will pay for the owner’s title policy if you choose to use their title company. HUD requires buyers to pay the owners title policy. This cost depends on the amount of the purchase of the home. An average would be approximately $500-600 on a $100,000 home. Homeowner Association Assessments: Typically, assessments are pro-rated at the time of settlement, but many bank addendum's state the bank will not be responsible for the cost homeowner association assessments which occurred before the bank became the owner of the property. Homeowner Warranty: Banks will generally not pay for a homeowner warranty policy. This is a generally accepted seller cost and most sellers will pay for it. A homeowner warranty covers the major components of a home for the first year and the cost is typically about $400.00. Note: Title fees, homeowner association assessments and homeowner warranty costs are payable at closing. Every bank has their own addendum’s, so there isn’t an industry standard, per se. Homebuyer’s and their real estate agents should evaluate the addendum’s to determine whether there are costs above the expected norm when considering a bank owned home. Related Posts: How Property Taxes Affect the Purchase of Your Indianapolis Home 5 Tips for First Time Home Buyers in Indianapolis

Fishers Real Estate Market Report - October 2008

2008-11-23T19:03:00-07:00

For the month of October, there were 91 homes sold and closed in Fishers, compared to 150 homes sold in September. Of the 91 homes sold in October, 12 were homes which were distressed sales; 9 were bank owned and 3 were sold as a short sale. The highest price home sold was $735,000. for a home with five bedrooms, seven bathrooms and 4514 square feet. The lowest priced home sold was $76,900. for a two bedroom, two bath home with 1065 square feet. The average Fishers home sold was a three bedroom, two bath with 2293 square feet. The average Days on Market for homes sold was 94 days, up from 75 days last month. There are currently 743 available homes for sale in Fishers, which gives us an absorption rate of 8.1 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Fishers homes which were sold between 10/1/2008 and 10/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Fishers Indiana real estate markets. Call Paula - 317–605–4174

Carmel Indiana Real Estate Market Reports - October 2008

2008-11-23T19:08:00-07:00

For the month of October, there were 69 sold homes in Carmel, compared to 89 homes sold in September. Of the 69 homes sold in October, 7 were homes which were distressed sales; 6 were bank owned and 1 was sold as a short sale. There are curretly 50 distressed properties available for sale in Carmel. The highest price home sold was $1,215,000 for a home with six bedrooms. seven bathrooms and 7297 square feet. The lowest priced home sold was $13,500. for a home with 2 bedrooms, two bathrooms and 1072 square feet. The average Carmel home sold was a three bedroom, three bath with 2750 square feet. The average Days on Market for homes sold was 81 days, down from 89 days last month. There are currently 797 homes available for sale in Carmel, which gives us an absorption rate of 11.6 months. Search All Carmel Indiana Homes for Sale Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Carmel Homes which were sold between 1/1/2009 and 1/31/2009, which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Carmel Indiana real estate markets. Call Paula - 317–605–4174

Average Home Price in Indianapolis

2008-08-23T16:20:00-07:00

Once again, Indianapolis Real Estate has led the nation in most affordable housing for the 12th straight quarter. That’s 3 years of consistently offering the most affordable housing to the residents of Indianapolis. The article at CNN Money states the median sales price for homes sold in the second quarter was $108,000. How does that price point hold up throughout the Indianapolis area? The chart below shows the average price of homes sold in Indianapolis and the suburbs since January 1, 2008. City or Area Marion County Average Sold Price – YTD City or Area Suburbs Average Sold Price YTD Washington Township $173,681 Avon $164,948 Warren Township $76,324 Plainfield $141,166 Decatur Township $89,641 Zionsville $348,563 Pike Township $127,939 Carmel $335,834 Wayne Township $62,409 Fishers $238,939 Lawrence Township $135,949 Noblesville $189,022 Franklin Township $142,170 Westfield $219,028 Perry Township $106,957 Cumberland $104,189 Center Township SE $40,752 Brownsburg $165,916 Center Township SW $29,578 Greenwood $165,726 Center Township NE $68,393 Beech Grove $84.093 Center Township NW $81,316 Speedway $102,050 The areas with averages below $100,000 are areas where foreclosures and bank owned sales make up a large percentage of the lower priced homes in the Indianapolis area. Average and median prices are not representative of what a home in a particular area will sell for. The average sales price for any area is figured by combining the total sales price of all properties, then dividing that number by the number of units sold. When you want to know what is happening in your neighborhood, you need to narrow the search locally to area, neighborhood and subdivision. Let’s look at a few examples: In Pike Township, the average home price for 2008 is $127,939, which includes 695 sold homes this year. The highest priced home sold was $900,000 and the lowest priced home sold was $4,750. Pike Township includes the Eagle Creek area of Indianapolis. In Eagle Creek, single family homes range in price from $189,900 for a three bedroom, two bath home in The Trees to $1,275,000 for a waterfront home with deeded dock. Center Township NE is an area of Indianapolis with many Historic Districts comprising the higher end sales for central Indianapolis and downtown. It includes the areas of Chatham Arch, Lockerbie Square, Old Northside as well as homes north and east of downtown, outside of the renovated Historic Districts. There were 677 sold homes this year. The highest price home sold for $745,000 and the lowest price home sold for $1,208. Current homes available range in price from a 7 bedroom, 9 bath luxury condo at 707East North for $4,592,870. to a 1 bedroom, 1 bath home in need of renovation for $4,000. Want to know what is happening in your neighborhood, just contact me. ________________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 1/1/2008 and 8/1/2008. Available homes were active on 1/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis real estate market. Call Paula - 317–605–4174

Buying a HUD Home in Indianapolis

2009-10-07T18:33:00-07:00

HUD Homes are a Good Value HUD homes in Indianapolis generally represent a great value for the home buyer's. Since the inception of the $8000 tax credit for first time home buyers, HUD owned homes have literally been 'flying off the MLS active list', with many being sold in the first ten days. As we near the end of the time frame for first time home buyers to receive the tax credit, REALTORS® in Indianapolis are witnessing a surge in activity and prices of HUD homes. Why the sudden interest in HUD homes? Although HUD doesn't go in and repair the homes they own, many of their homes are in much better condition than bank owned homes. They do inspect the homes and often offer an insured escrow amount for repairs. There are those which are uninsured and need more work, but for the most part, HUD homes are a good value. There are a few reasons for the rising interest in HUD homes. They are becoming more scarce Home buyer's are realizing the value HUD appraises their properties before listing them HUD homes are priced conservatively HUD homes are generally in the lower price range First time home buyer credit Basically, it's the law of supply and demand. Since HUD owned homes are the result of foreclosure on an FHA insured loan, they represent a lower price point, which is attractive to first time home buyers and fits within their budget guidelines. The flood of first time home buyers has quickly depleted the supply of HUD owned homes. The surge in activity has many Home buyer's in Indianapolis bidding higher on HUD homes hoping their offer will be the one accepted. There are pros and cons to bidding higher than the accepted price, though. As previously mentioned, HUD appraises their homes before listing them, so the price they list at is the highest price they will allow to be financed. If you over bid on a HUD home, you will be expected to pay the difference between the listed price and the accepted price, or you will have to get a new appraisal for the purchase amount. If you win the bid and get the appraisal, though, you have most likely found a good deal on your home. Another positive result of the interest and over bidding of HUD and bank owned homes is the price point for the neighborhood will increase. If a buyer offers and pays $105,000 on a home listed at $97,000, the recorded sale price will be the higher amount. This is the type of activity we want to see in the real estate market. I hope it doesn't end when the first time home buyer credit expires. Copyright © 2009 by Paula Henry, All Rights Reserved. *Buying a HUD Home in Indianapolis*

Separating FHA Fact From Fiction : Mortgage Insurance Premiums

2010-02-10T05:45:00-07:00

The mortgage lending landscape changes a lot. Rates and guidelines are in constant flux, and it creates preparedness challenges for buyers in Indianapolis that aren't paying in cash. The loan you get today won't always be the loan you get tomorrow. Because of how frequently bank rules are changing, it can be hard for laypersons to distinguish between mortgage fact and fiction of 'what's coming next'. Recently, we saw this with respect to FHA home loans. January 20, 2010, the FHA issued a press release with new lending guidelines. Specifically, it announced 3 changes that will be effective starting April 5, 2010: Upfront mortgage insurance premiums increase from 1.75% to 2.25% Allowable seller concession reduced from 6% to 3% FICO scores of 580 or lower are subject to a minimum 10% downpayment But, also in its official statement, the FHA announced it would ask Congress for permission to raise monthly mortgage insurance premiums. This is where the rumors started. Nestled on page 348 of the Budget of the United States Government, Fiscal Year 2011, in a section titled Special Topics, there is a 1-paragraph notation that details the FHA's petition. Raise monthly premiums by roughly 0.30%, or $25 per $100,000 borrowed per month Lower upfront mortgage insurance premiums by 1.25%, or $1,250 per $100,000 borrowed at closing For now, the request is neither approved nor acknowledged by Congress. It's merely a request. And in the event that Congress does approves it, that doesn't mean that FHA has to stand by its initial projections. Truth is, about the only thing we know about the future of FHA lending is that, come April 5, 2010, borrowing money is going to be tougher, and more expensive. These are the facts as we know them today. Homebuyers should plan accordingly.

Indianapolis Real Estate Market Report - November 2008

2008-12-28T19:34:00-07:00

There are currently 7990 homes for sale in Indianapolis in Marion County. Across the board there are fewer homes on the market along with fewer sales in general. Wayne Township and Center NE both increased the number of sales over last month. There were 703 property sales in November which represents 8.8% of the current inventory. Last month sales equaled 9.4% of the inventory. Township Active Sold Average Price Highest Price Wayne 965 123 $56,828 $215,000 Pike 689 65 $127,425 $850,000 Washington 1147 109 $194,927 $2,200,000 Lawrence 999 86 $112,930 $629,500 Warren 976 84 $66,636 $185,000 Franklin 527 35 $132,234 $462,800 Perry 609 65 $100,871 $229,000 Decatur 232 34 $91,880 $240,000 Beech Grove 71 5 $67,500 $98,500 Speedway 51 7 $112,596 $153,000 Center NE 1015 71 $61,463 $732,675 Center NW 180 12 $19,858 $100,000 Center SE 469 41 $21,303 $92,000 Center SW 61 6 $22,943 $42,000 The average price for Indianapolis home sales was $95,977. The average home was three bedroom, two baths with 1587 square feet. The average days on market was 93 days. The highest priced home sold was in Washington Township at Clearwater Pointe; a six bedoom, 8 bath home with 8225 square foot, which sold for $2,200,000. There were two lowest price homes, selling for $3000. each. Both were bank owned, two bedroom, 1 bath homes in need of rehab. One was located at Rural and 17th; the other at 34th and Keystone. Of the 703 homes sold in November, 315 homes were distressed property sales. I believe that is a record number; it represents almost 45% of the homes sold in Marion County last month were in some stage of foreclosure or were bank owned. There were 201 foreclosed properties which sold for less than $50,000. The highest priced distressed property sale was in Lawrence Township at Feather Cove at Geist. The home featured 4 bedrooms, 8 baths, a deeded dock, 7619 square feet and sold for $553,100. The average price for distressed property sales was $47,967. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 11/1/2008 and 11/30/2008 and were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis real estate markets. Contact Paula – 317–605–4174

The Supply Of New Homes For Sale Just Dropped Off A Cliff

2010-06-02T02:29:00-07:00

The supply of newly-built homes for sales plummeted in April, a positive indicator for the Indianapolis housing market as we head into the summer months. It's no wonder that homebuilders are breaking new ground at the fastest clip in 2 years. At the current sales pace, the nation's complete supply of new homes would be sold in just 5 month's time. That's more than double the pace of a year ago. Also, as more good news, in terms of total housing units, the government reports that New Home Sales topped one half-million homes sold for the first time since May 2008. It's a similar spike as within the Existing Home Sales data released earlier this week. But before we declare the housing market 'repaired in full', we have to consider a few of the reasons why home sales are charting so strongly. The first reason is the federal homebuyer tax credit's April 30 expiration. In order to claim up to $8,000 in tax credits, home buyers must have been in mutual contract for a property before May 1. There is no doubt this contributed to a run-up in sales, especially among first-time home buyers. The second reason is that mortgage rates have remained exceptionally low, defying expert predictions. Low rates don't sell homes, but they do make monthly payments easier to manage for households torn between renting or buying. And, lastly, March and April's new home sales may have been buoyed by aggressive discounting on behalf of homebuilders. As compared to February 2010, April's average new home sale price was lower by 13 percent. That's a sharp drop in a short period of time. For now, though, homes are selling, supplies are dropping, and buyer interest is high. It's no wonder builder confidence is soaring.

Real Estate Sales and The Other Agent

2010-01-02T19:04:00-07:00

Real Estate sales is a highly competitive business. REALTORS® don't usually recommend or praise their competition. Granted, we work together to accomplish the goal of our respective client; but we don't generally have celebratory cocktails afterwards. Heck, we may even offend or irritate the other agent. I've been known to buck tradition, so I'll start the year with a praise for the agent team who represented the sellers on a recent transaction. When you work with truly professional agents, who share the same philosophy of client care as you do, you understand and respect their position for their client. While you may not always agree, each agent knows the other is doing the job they were hired to do. Many thanks for a job well done to Kate and Mike MacGill at FC Tucker. May 2010 bring you blessings multiplied! Insults should be written in sand ~ Praises; carved in stone! Author unknown.

RealtyTracs 2009 Foreclosure Report Gives Reason For Optimism

2010-01-15T05:45:00-07:00

Like real estate, it appears that foreclosure activity is a local phenomenon, too. As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states: California Florida Arizona Illinois More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita. The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado. Versus 2008, foreclosures are up 21 percent nationwide and that's a big number, but a deeper look at RealtyTrac's annual reports reveals a more positive undertone on the housing market. 40 states fell below the national Foreclosures Per Capita average in 2009 Foreclosure activity fell on an annual basis in 10 states as compared to 2008 Foreclosures are still prevalent, though, and buying homes in foreclosure in Indianapolis continues to be big business. First-time buyers, move-up buyers, and real estate investors each are bidding aggressively. Distressed homes account for , according to an industry trade group. That said, buying foreclosures can be tricky. First, properties are often sold 'as-is' and the cost of repairs may unwind the home's status as a 'value buy'. Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money. Second, buying a foreclosed home in Indiana isn't as streamlined as buying a 'normal' home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule. And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices. Read the complete foreclosure report and take a peek at RealtyTrac's foreclosure heat maps. If you like what you see, talk to your real estate agent about what to do next. There's still good deals in the foreclosure market -- you just have to know where to find them

First Time Home Buyers Down Payment Assistance

2010-02-03T03:36:00-07:00

INDIANA HOUSING DOWN PAYMENT ASSISTANCE PROGRAM If you are a first time home buyer in Indianapolis, you should know your financing options. The Indiana Housing Program for first time home buyers who are creditworthy, but may not have the initial upfront costs for down payment and closing costs is a great option. I received this information from one of my lenders with the guidelines for the Indiana Housing Down Payment Assistance Program. The general guidelines are as follows: 1.First time buyers or someone who has not been entitled to real estate in the past 3 yrs. 2.Indiana Housing will provide down payment assistance in the amount of 6% of the sales priced capped at $7500.00 3.This down payment can be used for required down payment, closing costs and prepaids. 4.The buyers are required to take a home buyer counseling course - This is an online course through Indiana Housing University. 5. A 3rd party housing inspection is required by Indiana Housing- Indiana Housing has a list of approved inspectors they allow- if the customer is having a regular home inspection. By using an approved inspector for your home inspection, you may save some money. 6. Income requirements do apply: Indiana Housing uses total household income- regardless if all members in the household are on the loan. For Marion County and surrounding counties the income requirements are as follows: For 1 person in the household- max income is $38,150 For 2 people in the household-max income is $ 43,600 For 3 people in the household-max income is $ 49,050 For 4 people in the household-max income is $ 54,500 7. The down payment assistance you can receive is carried as a 2nd mortgage against the loan- the borrower makes no payments on these monies. Regardless of when they sell the home, the funds will have to be paid back to Indiana Housing out of the proceeds of the sale. 8. There is a possible recapture tax owed by the borrower if they sale the property within the first 9 years. 9. Interest rate as of today is 4.95%- this is a fixed 30 yr. term (subject to change) 10. If the property is in a flood area may not go Indiana Housing 11. The home must be the borrowers principal residence 12. A rental tenant must not have occupied the subject property within the past 3 months unless the current tenant is the purchaser 13. Borrower's must provide copies of the past 3 years tax returns 14. A reservation fee of .125% to Indiana Housing is required when the file is submitted to them 15. It will take approximately 45 days for the loan from start to finish, which is a bit longer than other loan programs.. 16. Non-occupant co-borrowers are not allowed If you have additional questions or want to see if you qualify for the first time home buyer program, give me a call and we'll get started. Copyright © 2010 by Paula Henry, All Rights Reserved. *First Time Home Buyers Down Payment Assistance*

February 2010 - Avon Indiana Market Statistics

2010-03-16T07:51:00-07:00

February proved to be a good month for home sales in Avon. The number of homes sold was up and the average days on market were down over last month. The average price point of homes sold was also down, though. This is to be expected when there were fewer number of homes sold and the fact there was a $1,000,000 home sold in Avon in January. There are currently 460 active homes for sale in Avon, which gives us an absorption rate of 11.0% or a 9 month supply of homes. January 2010 February 2010 February 2009 # Homes Sold 24 51 60 Days on Market 117 67 96 Average Price $194,375 $163,679 $159,043 The average home sold in Avon was a three bedroom, 2 bath with 2268 square foot. The highest price home sold was $329,000 for a five bedroom, 5 bath home with 4300 square feet in Prairie Manor. 14 homes or 27.4% of homes sold in February represented distressed property sales and 7 of the 14 were HUD owned homes. HUD owned homes typically sell for less, which affects the overall average price. The average price for a HUD home sold last month was $91,758. for a three bedroom, 2 bath home with 1572 square feet. The average for all distressed property homes was $120,915. for a three bedroom, two bath home with 2039 square feet. As the deadline for homebuyers to realize the tax credit gets closer, we see the demand for lower priced homes increase over the next month. ________________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Search Current Homes for Sale in Avon Indianapolis homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy TEAM, serving the Indianapolis and Avon Indiana real estate markets.

Q1 2010 Brownsburg Real Estate Market Statistics

2010-10-12T16:50:00-07:00

Brownsburg Indiana Home Sales Home Sales in Brownsburg for the first quarter of 2010 were fairly equal to the number of homes sold in Brownsburg in December, however, the price point was a bit higher. Last month there were 41 sales for an average of $163,012, compared to November’s 45 sales and an average price point of $151,783. Averages don’t really mean a whole lot except when studied over a long period of time. When we factor in short sales or bank owned properties in a specific area, averages tend to skew the whole. There were 10 distressed properties sold in Brownsburg in December; almost 25% of the sales. Distressed properties are homes which sold either through short sale or as a bank owned home. Brownsburg Indiana Subdivision Sales: The most popular neighborhoods and subdivisions in Brownsburg for sales last month were: Summer Ridge – 7 homes sold – average price of $239,275 Williamsburg Villages – 4 homes sold – average price of $189,375 Lake Ridge – 3 homes sold – average price of $155,833 Highland Springs – 2 homes sold – average price of $262,500 Sugar Bush Condos – 2 condos sold – average price of $97,500 Comparing 2008 home sales in Brownsburg to 2009, we see the trend for average home price has dropped while the number of homes sold is trending up. As short sales and bank owned home sales continue to affect the real estate market, we will see some up and down trends throughout the year. Search Brownsburg Indiana Homes for Sale

Indianapolis Listed in the Top 10 Housing Markets

2010-02-25T09:35:00-07:00

Indianapolis Real Estate seems to always be making the news. Through the bad times and the good times, we are nationally known. When we ranked in the top ten for foreclosures, the nation knew. We are known as having the most affordable housing market in the nation for a city our size. Now, Forbes has named Indianapolis as one of the best housing markets in the nation. I'm not one to beleive everything I read, but I do like the metrics used for determining the results in this article. The results take into account many factors, including, housing affordability, foreclsoures and rising home prices. Indianapolis has long been known as having the most affordable housing - We are at 18 continuous quarters and running. When all the metrics are considered, our real estate market is looking better than most around the country. This report states our Housing Opportunity Index (HOI) is 95. Indianapolis has the highest HOI in the country, with decent housing accessible to 96% of families making the median income. In places like this the recession has weighed down home prices, but mortgage rates are still at historic lows, giving families a chance to get in on the ground floor. Francesca Levy, Forbes My monthly reports and observations about the condition of Indianapolis real estate market indicate we are starting to see homes sell quickly in specific price ranges. New home builders are starting to build spec homes again and the outlook is positive. Combined with the home buyer tax credit, the next few months will most likely fuel the start of a good year for home sales in Indianapolis. Then again.................if interest rates rise, we may see a stall in home sales. One thing for certain, there is not a lack of news available to report about real estate. Check out my upcoming market reports for your area to see how we are faring on a local level. Search Indianapolis Homes for Sale

Cobblestone Springs Home for Sale - Avon Indiana

2009-12-05T21:05:00-07:00

Cobblestone Springs is a popular neighborhood in Avon, located just north of Rockville Road off of Dan Jones. This beautiful single story home offers three bedrooms, an office, formal dining room and split master bedroom floor plan. Great Master bedroom is very spacious with his and her closets, double vanities, jacuzzi tub and separate shower. A real retreat! The large covered patio and deck overlooking the pond provides privacy, as well as a beautiful view from the back. SOLD in 10 days! Cobblestone Springs Homes for Sale Copyright © 2009 by Paula Henry, All Rights Reserved. *Cobblestone Springs home for sale - Avon Indiana*

Indianapolis Real Estate Market Update 2008-2009

2010-02-12T19:18:00-07:00

Comparing the Indianapolis real estate market from 2008 - 2009 indicates signs of recovery on the horizon. As we track the number of home sales, the first half of 2009 was well below the number of sales of 2008. In July, the sales equaled 2009 and with the exception of December. the number of home sales for the last half of 2009 exceeded the homes sold in 2008. Consequently, the average home price in Indianapolis in 2009 also stepped into pace with 2008 home prices in July and stayed consistent for the next few months. By the end of 2009, the average home price exceeded 2008 and the trend is moving up for both number of sales and the average home price. Statistical Data In 2008 there were 11,552 homes sold in Indianapolis with an average price of %106,094. Of the homes sold, 4114 were bank owned and 579 homes sold for less than $10,000. The highest price home sold in 2008 was in Lake Clearwater and sold for 2.2 million. In 2009, there were 11,244 homes sold for an average price of $105,502 and 3720 of those sales were bank owned. 469 homes sold for less than $10,000. The highest priced home sold in 2009 was in Williams Creek and sold for 1.9 million. Search Indianapolis Homes for Sale

Homes on Wooded Lots Offer Privacy and Beauty

2011-02-13T20:57:00-07:00

Homes on wooded lots in Indianapolis are often a favorite feature for homebuyers. Where water flows, trees grow and Central Indiana has plenty of both, creating an urban forest of lush greenery. Many can't believe the amount of wooded areas and tree lined streets we have in the city of Indianapolis. In the summer, it is often difficult for me take pictures of homes in some neighborhoods, but I can get a good tree lined street shot. Indianapolis and several of the cities making up the metropolitan area are designated Tree Cities. The program is sponsored by the National Arbor Day Foundation and the National Association of State Foresters. The Tree Cities of Indiana maintain and care for the trees within their community. The towns and cities within the Indianapolis area which are designated Tree Cities include Indianapolis, Avon, Carmel, Beech Grove, Noblesville, Zionsville and Fortville. Living in a city where the trees are maintained and cared for offers many opportunities for finding an Indianapolis or Carmel home on a wooded or tree lined lot. While some like the densely forested areas where you can see deer walking through your backyard, others prefer just enough trees in their yard to provide them privacy. Trees provide seclusion, privacy, shade and a beautiful display of foliage, especially in the fall. Here at HomeToIndy.com, we make it easy to find homes for sale on wooded lots. Almost any area of the city has some neighborhoods with trees. Search the following cities for homes for sale with wooded or tree lined lots. Avon Brownsburg Carmel Fishers Indianapolis Greenwood Plainfield Noblesville Zionsville Westfield If you would like to set up a specific search for homes on wooded lots, you can use our home search and receive updates of new homes as they come on the market. You can also call or email us and we will set up a search for you. Disclaimer: the definition of wooded lot is defined by the person making the entry.

Lockerbie Square Victorian Home

2011-04-21T18:25:00-07:00

Although it's been almost four years since I took these pictures, this home is still as beautiful today and one of my favorites. Tonight I am meeting some friends for dinner at Amici’s in the Lockerbie Square area of downtown. While waiting for eveyone to arrive for dinner, I couldn't resist the temptation to walk down the street and take some pictures. I am not, by any stretch of the imagination, a great photographer. I just like to take pictures and sometimes I surprise myself. So, I persist...... Walking down a street of remodeled homes from the 1800 and 1900's for me, is like letting a child loose in a candy store. These homes are absolutely amazing. I could walk through these neighborhoods for hours and never tire of the beauty and architecture. The revitalized Historic Districts in Indianapolis has brought renewed life to the streets and homes here. Many of the people here are new, some have lived here a very long time and have seen the changes first hand. I met Carol, one of the residents there, while walking. She has lived in Lockerbie Square for 17 years. She allowed me to take some pictures of her gardens and the outside of her home. This is a beautiful three story Victorian on two lots. Search Lockerbie Square Homes for Sale

JR Lazaro Homes in Reserve at Shiloh Creek

2011-03-14T21:34:00-07:00

I happen to be a big fan of JR Lazaro homes. It’s not only the design of the homes they build or the quality work they put into each home, it’s also the quality of the neighborhoods. One of the factors I believe contributes to the aesthetic appeal is the fact they do not sell out their lots. Each neighborhood they build is completely Lazaro homes. It adds a continuity of design. They do build custom homes on your own lot and have built in many custom home neighborhoods throughout Hendricks County, Zionsville, Carmel, and Indianapolis’ west side. But, their neighborhoods are completely Lazaro homes. Their newest neighborhood is The Reserve at Shiloh Creek. Located at the corner of CR 1050E and 10th St (100 N) for your Hendricks County folks. My favorite model is the one at Pine Tree Estates. A single story with upstairs bonus room. Rumor has it, they have changed the design a little and I can’t wait to see it. Wherever you want to build your custom home, be sure to check out the collection of homes offered by Lazaro Homes. Here’s a look at some of the newer homes they have built.

Avon Subdivisions with Amenities

2011-02-05T22:04:00-07:00

I received a request from a homebuyer asking for Avon homes in communities with a neighborhood pool. Many homebuyers buy homes in neighborhoods that offer specific amenities geared to their lifestyle. Families with children enjoy having a playground they can walk to. Others may enjoy a walking trail or swimming pool. Many subdivisions and neighborhoods in Avon provide amenities for homeowners. The benefits of being able to enjoy an afternoon at the pool within a few minutes walk is a delightful bonus in the heat of summer. A cool walk through the trails during the fall can be a wonderful source of relaxation. When your thinking about buying a home, considering your lifestyle needs should be on the top of your list. If you want a home in Avon with a swimming pool, but don't want the maintenance, look at the neighborhoods and communities with pools. Check this list of neighborhoods in Avon which offer amenities. Wynbrooke - Pool, tennis court, park, playground, picnic area, soccer field Avon Trails - Park, playground, pool Forest Knoll - Park, basketball, playground Woodcreek Crossing - Park, pool, playground Whispering Pines - Park, pool, playground Oaks of Avon - Park, pool. playground Shiloh Farms - Park, pool, playground Heathermor - Park, pool, playground, basketball Bridgewater - Park, swimming pool, playground Parks at Prestwick - Pool, playground, park, walking trails, basketball, nature area The Settlement - Pool, playground, park, clubhouse, tennis, walking trails Lexington Woods - Pool, park, playground For more information about Avon neighborhoods and homes for sale in Avon, just give us a call @317-731-2319 or contact us by email.

Downtown Indianapolis Lures both the Young and the Younger

2011-05-01T15:28:00-07:00

Indianapolis has become a favorite of many looking to settle down in a new city. The amount of requests I receive from out of state visitors to my websites, proves people are looking for a change and Indianapolis is on their list. Some are being transferred, others are looking for a quality of life they haven’t found in their city, many are coming home…….the new group is retirees. Retirees are looking to find a city where they have access to arts, entertainment and big city feel which is affordable. Indianapolis provides just the right balance for those whose search will find them retiring to the city. CNN Money designated the Mass Ave Arts District in Indianapolis as one of the top 35 best areas in a big city to retire. Located in the Northeast quadrant of the city, you won’t travel far to find museums, shops, arts, theatres and galleries. Indianapolis also has the bonus of being nominated one of the most affordable cities to live in by Forbes. For the club swinging group, who want some time on the links, Indianapolis offers 137 golf courses, ranking 14th in the Nation. Along with the wonderful parks and greenway system, there is plenty of outdoor activities in downtown Indianapolis. Young professionals are also calling downtown Indianapolis home. I recently sold a Brownstone at Lockerbie to a young couple wanting to make their first home a downtown condo. Being close enough to walk or bike to work, the trails, Mass Ave, shopping -these are just a few of the reasons they chose downtown. Homes in Indianapolis are a bargain compared to many big cities. You can find a 1500 square foot condo in Lockerbie Glove for $289,000, with secured entry and parking garage or a 2800 square foot condo right on Mass Ave at Three Mass Condos, priced at $519,000. Whether you are retiring or relocating and love city living, Indianapolis is a great city to call home.

Danville Indiana Historic Homes

2011-02-25T21:14:00-07:00

Danville Indiana is the county seat for Hendricks County. Driving through the city you can envision the life of the original owners of the historic homes built here. Just imagine them riding their horse and carriage through streets to gather at the Town Square in the heart of the city. These are some magnificent homes painstakingly restored to capture the beauty of another era. Some of these beautiful homes in Danville make it on the Historic Tour, while others are just some of my favorites. Danville Indiana Homes for Sale View the Slideshow of more Historic Homes in Danville.

Indianapolis 16th Cheapest Place to Live in US

2011-07-19T21:10:00-07:00

Indianapolis has long been known as having the most affordable housing in the nation. It's an old story, but one home buyers love. This week Bloomberg named Indianapolis as the 16th cheapest cities in the US. I prefer affordable over cheap, but either way, it's a great moniker. As it pertains to real estate, you really can get a lot of home for your money. Especially surprised at our home prices are those who are relocating to Indianapolis. Most of the time they can easily afford more home than they thought possible. One of the interesting numbers used in the Bloomberg report was the cost for an apartment vs. a house payment. A 2 bedroom apartment was $793.00 a month and the average house payment was $781.00. In representing a lot of first time home buyers, I find they are buying a lot more home for less than they pay in rent. However, when the national news writes, they usually look only at Indianapolis. I thought I would break it down to our most popular suburbs. The averages are based on home sales between 1/1/2011 - 6/30/2011. Indianapolis Homes - The average home in Indianapolis has 3 bedrooms, 2 baths, 1696 square foot and sold for $112,400. Avon Homes - The average home in Avon Indiana was a 3 bedroom, 3 bath with 2136 square foot and sold for $155,253. Brownsburg Homes - The average home in Brownsburg Indiana was a 3 bedroom, 3 bath with 2168 square foot and sold fro $168,485. Carmel Homes - The average home sold in Carmel Indiana had 4 bedrooms, 4 baths with 2730 square foot and sold for $318,879. Danville Homes - The average home sold in Danville Indiana had 3 bedrooms, 2 baths with 1872 square foot and sold for $142,594. Fishers Homes - The average home sold in Fishers Indiana had 3 bedrooms, 3 baths with 2237 square foot and sold for $208,896. Greenwood Homes - The average home sold in Greenwood Indiana had 3 bedrooms, 3 baths with 1997 square foot and sold for $160,408. Noblesville Homes - The average home sold in Noblesville Indiana had 3 bedrooms, 3 baths with 2172 square foot and sold for $179,977. Plainfield Homes - The average home sold in Plainfield Indiana was a 3 bedroom, 2 bath with 1922 square foot and sold for $150,104. Westfield Homes - The average home sold in Westfield Indiana was a 4 bedroom, 3 bath with 2218 square foot and sold for $205,101. Zionsville Homes - The average home sold in Zionsville Indiana was a 4 bedroom, 4 bath with 2751 square foot and sold for $329,338. * square footage only includes above grade and does not include basements * bathrooms indicate bathroom spaces and could be 1/2 bath

A New Chapter for Estridge Homes

2011-05-06T21:58:00-07:00

In the past few years we've seen several Indianapolis home builders lose the fight against the economic downturn in housing. Last month's news was a bit hard to accept. Estridge Homes was done. I always looked at Estridge as an icon and one of the best production builders in Indianapolis. They even built some wonderful custom homes. Since 1967, the Carmel-based Estridge Group was a fixture in the Indianapolis housing market. Over the years, the company built more than 7,000 homes and was the only builder in the state to win the National Housing Quality Gold Award, the home building industry’s highest achievement. As one of the largest builders in the city over past decade, Estridge built many neighborhoods in Indianapolis, including Anderson Hall, Centennial at 146th Street, Edenwilde, Grandin Hall and Heritage Hall. Last fall, the company’s economic hardships came to light, and the Estridge Group stopped sales of new homes in March. Other divisions of the company remain in operation and the company says it will retain responsibility for other Estridge homes either completed or still under construction. It looks like a new chapter has been started, as the Indianapolis Star reported this week that Paul Estridge, Jr. will become president of a new Indianapolis branch of David Weekley Homes. The Houston-based company is the nation’s second-largest privately held homebuilder. While this is the company’s first foray in the Indianapolis market, David Weekley has built more than 65,000 homes in 14 markets since 1976. According to an article in the Indianapolis Star, sales of homes by the new company, called Estridge by David Weekley Homes, will start next month. It will begin in the Fishers neighborhood Anderson Hall and then later in Highland Green in Brownsburg. I hear good things about David Weekley homes from Realtor friends in Texas. I wish them well!

Four Indiana Towns Make the Top 100 List of Best Small Towns

2011-08-15T11:21:00-07:00

Once again, the towns of Central Indiana have made the list of 'America's Best Small Towns' by CNN Money. Four Metro Indianapolis towns have been recognized for 2011 as popular places to settle down. In Hamilton County, Westfield ranks 48th and Noblesville number 50. Two Hendricks County towns also made the list; Brownsburg at 55 and Plainfield at number 62. There are many factors which determine the criteria for best small towns. The most notable are housing, economic strength, job opportunities, schools, safe streets and activities available. It's no surprise to those of us who live and work in these cities. It is apparent through the many awards, nominations and accolades delivered through the press, that Central Indiana and the Indianapolis area cities and towns have a lot to be proud of. Now only are these great cities to live within 25-30 minutes from downtown Indianapolis, home prices are very affordable. So, how much does the average home cost in one of these great towns? Here's the averages for homes in each of these cities for the month of July. Brownsburg - The average home sold in Brownsburg last month was 3 bedrooms, 3 baths, with 2012 square foot and the average price was $174,510. Brownsburg Indiana Homes for Sale Plainfield - The average home sold in Plainfield in July was 3 bedrooms, 2 baths, with 1966 square foot, with an average price of $146,394. Homes for Sale in Plainfield Westfield - The average for homes sold in Westfield in July was 4 bedrooms, 3 baths and 2476 square foot, for an average price of $226,500. Check out Homes for sale in Westfield. Noblesville - The averages for homes sold in Noblesville last month was 4 bedrooms, 3 baths and 2274 square foot for an average price of $190,705. Search Homes for Sale in Noblesville. If you would like more information about any of these towns, contact us or call us at 317-731-2319.

You Can't Take it With You When You Go!

2011-06-11T19:48:00-07:00

Defining Real vs. Personal Property It's so tempting for a seller to take something from their home when they pack up and move. Recently, one of our buyers walked in the door of their new home to find the light which was once hanging above a pool table had been removed by the sellers. I can almost see the logic; it was a billiard's light, quite nice and definitely looked good with the pool table. Problem is, it was attached to the home and the buyer expected it to be there, not an empty spot where it once hung. What was once personal property became real property the moment it was attached to the home. Detach it, put it back in the box and it is once again personal property. We always recommend our sellers think about things they may not want to sell with the home. Lighting fixtures of sentimental value are one such item. I prefer they be taken down and replaced before the home is listed for sale, so there is no doubt in the buyers mind what fixtures they will be buying. Just saying it is not included and will be replaced, leaves the buyer wondering what will be there. Real Property and the Indiana Real Estate Purchase Agreement The Indiana Residential Purchase Agreement clearly defines what will stay with the home and is considered real property. Included is the property address, the legal description and a list of items considered to be permanent improvements and fixtures. Included specifically in this list are lighting fixtures, ceiling fans, towel bars and racks, blinds, drapery rods and landscaping, among other items. It is perfectly fine for a seller to take a potted plant, but you can't remove the plants from the yard. There's also a place to input additional requested items, such as washer, dryer, refrigerator or the play set out back. Alternatively, you could exclude the play set. The contract specifically states this agreement will determine what items are included and excluded. If there is no exclusion, the seller must leave all items specified as real property. If in doubt, ask your REALTOR® and make sure it is spelled out in the purchase agreement.

Zionsville Indiana Real Estate Market Report - January 2009

2009-02-10T00:49:00-07:00

For the month of January, there were 12 homes sold and closed in Zionsville, compared to 26 homes sold in December. Of the 12 homes sold in January, none were distressed sales The average price of all homes sold in Zionsville was $527,710 The Median price was was $425,500. The highest price home sold was $1,150,000. The lowest priced home sold was $168,500. The average Zionsville home sold was a four bedroom, four bath with 3530 square feet. The average Days on Market for homes sold was 148 days, up from 111 days last month. The highest number of days on market was 864 days. There are currently 316 available homes for sale in Zionsville, which gives us an absorption rate of 26.3 months. The highest price home sold in Zionsville was an 8 acre estate , featuring 7 bedrooms, eight baths, an finished basement, a fout car garage and 8369 square feet. The home sold for $1,150,000. The lowest priced home sold was in Northern Meadows. The home features four bedrooms, three baths, a 2 car garage and 2131 square feet. Search Zionsville Indiana Homes for Sale

Zionsville Real Estate Market Report - July 2008

2008-08-20T14:40:00-07:00

For the month of July, there were 44 homes sold and closed in Zionsville Indiana; compared to 31 homes sold in June. The highest price home sold was $957,805. The lowest priced home sold was $69,730. The average Days on Market for homes sold was 106 days, up from 55 in June. The average Zionsville home sold was a four bedroom, three bath with 2989 square feet and sold for $357,859. There are currently 343 available home for sale in Zionsville, which gives us an absorption rate of 7.7 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 7/1/2008 and 7/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Zionsville Indiana real estate markets. Call Paula - 317–605–4174

Living Like No One is Home

2011-06-23T18:16:00-07:00

A New Camera for Real Estate Listings I bought a new camera today for wide angle pictures. My current camera doesn't shoot wide enough for me to get an entire small room. Of course, like any kid with a new toy, I've been playing around with it. I can now shoot the height and width of a room without cutting off areas. I was actually quite impressed with the ability to get an entire room in the photo without distortion. Of course you can see things that are out of place and wouldn't be in a picture online of one of my listings. Pictures and Black Pants Photos are like wearing black pants. Every bit of lint, hair or dust shows up on black pants. You just can't hide it. Same thing with photos. Every out of place item shows up. Photos of homes on the MLS need to be light bright and clutter free. Walking through my kitchen and living there, I don't notice the photos on the fridge my grand children made for me or the countertop with a few too many *things* out of place. I don't mind that the ironing board is always up or the fact the towels aren't hung straight on the towel bar. Even if I don't mind, the camera knows and picks up every little thing, just like those darn black pants. Now I have a 'to do' list for my house. Living Like No One is Home When Your Home is For Sale As I looked at my pictures, I thought about the times I have sold my own home and relate to home sellers who have their home on the market. They know they could get a call at anytime for a showing. It's hurry up and get the home 'picture perfect' in time for a showing. When we take pictures for the MLS, we always take the best shots we can, hopefully with everything in it's place. When home owners are selling their home, it's almost like living every day as if no one really lives in the home. You want to make sure everything is in it's place, just like the pictures submitted online. If everything else is in line with the marketing of your home, it shouldn't take too long and you can get back to living life, as normal.....with a few things out of place. Related Articles: A Pictures Worth a Thousand Words Marketing Matters When Selling Your Home

How Many Deals Are There in the Indianapolis Real Estate Market?

2011-05-30T20:23:00-07:00

As I was writing a guest post about short sales for a friend of mine, Gena Riede in Sacramento, I took a moment to look at the current stats of active homes in Indianapolis. These stats cover all the Metro area, gathered from current Indianapolis MLS listings. When we start talking about the best deals available, we generally include short sales or bank owned homes. So how many short sales and bank owned homes are there are on the market right now? Current Active Homes: 18,665 Current Bank Owned: 1165 Current Short Sales: 1514 Of the current available homes for sale in Indianapolis, only 14.3% of them are either designated as short sale or bank owned properties. That's really a small percentage of the total. That doesn't mean there aren't good deals on homes available in the Metro Indianapolis area, but if you are looking strictly for foreclosure or short sale homes, the current inventory is down. That's a good thing! Search Indianapolis Foreclosure Homes Search all Indianapolis Homes

Opportunity Knocks for Buying Your Dream Home in San Diego

2011-05-24T07:19:00-07:00

This weeks guest REALTOR® is Roberta Murphy from San Diego. Roberta is a luxury home specialist in the city of the most beautiful luxury homes. I know every market has their share of luxury homes, but San Diego is my favorite! When we lived in California, I never experienced a bad weather day in San Diego. Considering, the weather, the beach, shopping, local attractions and home prices, now may be the best time to buy your dream homes or vacation home in San Diego. The last few years may have been the worst real estate market (for sellers) in recent history. Buyers, however, are seeing some of the best opportunities in years, whether it's for suburban homes in San Diego or lakefront estates in Indianapolis. We are seeing smart money aggressively buying in our San Diego real estate market, and hear much the same from Realtor Paula Henry in Indianapolis. The properties are being bought as the long- awaited dream home, fast fix-and-flippers--or are being held as longer term rentals. In most markets, bargain priced homes in the lower tiers are moving quickly. More frequently, though, Paula and I are being consulted about strategies for buying luxury homes at rock-bottom prices. These well-heeled buyers may not have to sell their existing home to buy another, and may even be open to exchange possibilities. Regardless, here are six tips for buying homes in the best market buyers have seen in decades. Mortgage rates are low, sellers are motivated and the selection of fine homes has bever been better. Below are some of the strategies we both use to help our luxury home buyers (and others) get some of the best buys on the market. Check foreclosure sales: Some of these luxury homes were highly-leveraged, may have had adjustable mortgages that have reset, or owner's businesses may have failed. For whatever reason, some of these homes end up for sale on courthouse steps--or so we see in San Diego. Call Paula to see what opportunities exist in Indianapolis. Check tax records (or call Paula): Is there more mortgage than value? Is there a looming foreclosure? If this is a home that interests you, perhaps Paula can submit an offer contingent upon the successful negotiation of a short pay or short sale with the lender(s). Study Market Time: Luxury homes generally take longer to sell because of pricing and a more limited pool of buyers. These sellers, though, are likely to be motivated to move on with their lives and the longer their home sits on the market, the more open they may be to a lower offer and the concessions that may go with it. Ready to Remodel? A home sold in as-is condition is more likely to sell at a discount versus those that are buffed out. Owners whose home has languished on the market for months may be daunted at the idea (and risk) of remodeling and updating their residence. There may be budget constraints and the ever-present fear that their decor choices won't appeal to buyers. We are finding in San Diego that older and outdated homes in upscale areas are sometimes sold at land value. Check length of ownership: Did owners pay cash or have they owned this property for more than 10 years? If so, they may be in a position to sell at a competitive discount or be open to owner financing for all or a portion of the home mortgage. Check listing agent's listing history. This may sound tacky, but if the property you want is listed you might want to have Paula check the agent's listing and sales history. If said agent tends to have properties that sit on the market a long time, you might want to consider a lower offer. On the other hand, if this agent's listings move quickly, you can safely assume they are aggressively priced to begin with--and move accordingly Combine patience, perseverance and an athletic ability to move quickly and you just might snag the real estate deal of the decade. But don't overlook the huge potential that might lie in the luxury real estate market where replacement value could far exceed the price you might pay in today's market. by Roberta Murphy

Zionsville Named Best Affordable Suburb

2009-03-01T11:37:00-07:00

Zionsville has been named as the best affordable suburb in Indiana by Business Week. As a suburb of Indianapolis, Zionsville is actually one of the most expensive suburbs in the Indianapolis area, where real estate prices are concerned. So, what was the determining criteria? The country's 'Best Affordable Suburbs' doesn't list the nation's most affordable suburbs, but instead, a group of cities, towns, and villages in which the populace sits between five and sixty-thousand, and the economy, the schools, the lifestyle and the crime levels are all within a desirable range. That said, though, near every major city, there are some neighborhoods in which home affordability and quality of life are stand-out. Using real estate data from OnBoard Informatics, Business Week highlights these areas in a report it calls the 'Best Affordable Suburbs'. As concluded by Business Week, these are areas in which buying a home is a good value. At the top of the list is Awake, Wisconsin, a suburb 20 minutes west of Milwaukee, prized for its outdoor lifestyle and healthy jobs market. The complete 50-state listing is posted at Business Week's website. Search all Zionsville Indiana Homes for Sale

Fishers Indiana Population Growth

2008-07-10T18:04:00-07:00

Not so surprising was news today that the Town of Fishers, Indiana, growth has placed it as the state’s eighth largest community. With a population growth of 27,000 people between 2000 to 2007, Fishers’ growth was twice that of Indianapolis. The surprising news was the percentage of growth when compared with the average growth of cities in Indiana (2.6%) vs. Fishers (67%). That’s a substantial increase for a town the size of Fishers. Fishers, Indiana was recently voted the 10th best place to live by CNN Money. Over 60% of my requests for homes comes from people who are looking in Hamilton County. The requests, in order are for Fishers, Carmel, Noblesville. Hamilton County is the 25th fastest growing county in the country. Last week Forbes magazine rated Hamilton County as The Best Place to Raise a Family. The biggest concerns for the population in the area is providing adequate transportation routes. It is not uncommon to find congestion along the 69 as you exit 465, all the way to Noblesville. Fishers is working to develop a rapid transit rail system to Downtown. Carmel is anticipating the completion of the new US 31 to help alleviate congestion in it’s city. Regardless of which of these cities or towns you choose to live in, in Hamilton County, you will find great schools, parks, shopping and friends. Search Homes for Sale in Fishers Search Homes for Sale in Carmel Search Homes for Sale in Westfield Search Homes for Sale in Noblesville

Foreclosure Help in Indiana

2007-11-13T02:17:00-07:00

Has your dream of home ownership turned into a nightmare? Does it seem you may never get caught up? What steps should you take to preserve your home and at what expense? These are the hard questions facing those whose home is in jeopardy of being handed over to the Sheriff for sale. As a Realtor, I receive questions weekly from those who are facing foreclosure. Most want to stay in their home and are searching for help and answers. Many times their questions are more legal than I can answer. Although I am capable and willing to help where I can, I am limited to assisting in the sale of the home. When a perspective client is facing foreclosure, I am able to provide the means to facilitate a sale, either traditionally or by short sale. It is always my hope, I can help them retain their equity. When there is no equity, I work with the bank to assist in a short sale. For someone who wants to keep their home, these are not options they want to consider. My first recommendation is always keep in contact with your lender. They may have programs designed to help you get back on track. Another bit of advice, is never trust someone who shows up at your door wanting to help. These bloodsuckers are not your friend. They search the notices of foreclosure, hoping to find someone who is desperate. Seek competent advice from a legal expert. State officials have launched a new website and toll free hotline number to assist those who are facing foreclosure. The The Indiana Housing and Community Development Authority has initiated a new public awareness campaign, “Don’t Let the Walls Foreclose in on You.” Please take advantage of the resources available at the first sign of trouble. To find out more information about this valuable resource, click here or you can call them at 877–GET-HOPE. For more information about foreclosures, see my website. If you have no alternative to selling your home, make sure you have a Realtor you can trust to assist you in the process.

Are Your Exemptions Filed?

2007-10-21T03:37:00-07:00

I recently spoke with a homeowner who did not have their Homestead Exemptions filed. The impact on their taxes was $600.00 a year. Being in their third year of ownership, this simple process has cost them $1800.00. I don’t like paying more in taxes than I have to! When you sign your documents at the Title Company, you will receive the paperwork to file your Homestead Exemption. It is so easy to forget to go through the stack of papers and send in the document. Most buyers breath a sigh of relief, thankful they have made it to signing and now own their home. The Title Company recommends you send it in after you have made your first payment. The form actually has to be submitted by June 10th and you have to be the homeowner as of March 1st of the year you submit the application. Anytime you refinance or have a deed change, the paperwork must be resubmitted. You can find complete list of available exemptions in Indianapolis here. Download the forms you need or submit them online. Additional deductions are available for the following: MORTGAGE DEDUCTION DEDUCTION FOR PERSONS OVER AGE 65 OR SURVIVING SPOUSES DEDUCTION FOR BLIND OR DISABLED PERSONS TOTALLY DISABLED VETERAN PARTIALLY DISABLED VETERAN You can contact the Auditor’s office for information on additional deductions for the following: World War I Veteran or Spouse Solar Energy Wind Power Device Hydroelectric Power Device Geothermal Device Information Resource for other County Goverment Offices: Boone County Hamilton County Hendricks County Johnson County Hancock County

Staying Cool in Indy

2011-07-25T22:09:00-07:00

It's actually a bit cloudy as I write this, which is a welcomed break for sun heat humidity drenched Indianapolis. I can take hot, I survived 15 years in Phoenix Arizona, so in that respect, it's never really hot here in Indy. It's the humidity that makes a hot day unbearable and leaves all of us drenched or feeling like we need a shower any time we walk outdoors. I could probably even handle the humidity if there had been some rain to cause it. But, there's no rain either. Just dry, humid, hot, dog days of summer! Humidity has a way of draining you. I drove into my community today and had to laugh, because the parking lot at the pool was full. No one even wanted to walk to the pool. It's just that kind of weather. We stay inside our air conditioned homes or offices, walk to our air conditioned cars and head to the closest air conditioned building we can find. Or we drive our car to the swimming pool, where we can spend the afternoon staying cool. We can complain about how hot it is and take shelter in A/C , but seriously, I'd rather have the choice. When there is 12 inches of snow or 4 inches of ice covering the streets, we have no choice but to stay inside. At least, in the summer, we can walk around the block without having to dress up (as in putting on layers of clothing). In the summer we don't risk our lives driving on ice slicked roads to get groceries. I guess if I had my choice, I would choose a hot, humid day over the ice storm we had this past winter. Now that I've put it all into perspective in my own mind, how are you staying cool? Photo Courtesy of Nick Blair

Indy Greek Fest in Carmel 2011

2011-08-19T02:27:00-07:00

It's hard to believe I am writing about Labor Day activities already. But, it's that time of year and the best time to enjoy outdoor activities and festivals. One of the most popular festivals in Indianapolis has always been the Indianapolis Greek Fest. It really should be called the Greek Feast, because this is the place to be if you enjoy Greek food. What's not to love! Although I'm not Greek and can't even claim to have one ounce of Greek blood, I truly enjoy a good Gyro with creamy goodness of tzatziki sauce. It doesn't stop there, though - there's nothing on the menu at Greek Fest I haven't eaten and truly enjoyed. Tell us your favorite Greek food in the comments and we'll be giving away a four pack of tickets to the festival. Tickets include admission and parking. The Greek Fest is located in Carmel at the Holy Trinity Greek Orthodox Church in Carmel. Festivities include a 5k Race on August 27th and the festival on September 9th and 10th. Enjoy live music, dance and tour the church. Come out and enjoy the festivities of the Indianapolis Greek Fest! OPA!! This looks like so much fun! and difficult.

What is Mortgage Insurance

2011-08-20T20:32:00-07:00

A few days ago, a first time home buyer asked me, 'How many insurance policies do we have'? It really is a bit confusing when you start looking at the additional monthly costs of obtaining a loan. There are two insurance policies you need when financing a home. The first is your standard homeowners policy, which covers the structure and personal property against loss. The second is property mortgage insurance. Actually three, including Title Insurance. In Indiana, the owners title policy is almost always paid for by the seller, though and is a one time fee. Title Insurance is another post. Why Would I Pay Mortgage Insurance? Mortgage Insurance allows home buyers to buy a home without having 20% down. I know it seems like a lot of money, but let's consider the alternatives. If you had the choice to lease or buy a home today and had enough money for down payment and closing costs for an FHA loan, your monthly payment would most likely be less than the cost to lease, while you are building equity in your home. Okay, I know equity is a bit overated right now. However, real estate in Indianapolis today is the best we have seen for home buyers in a long time. If you were financing $100,000., your monthly payment at today's rates for an FHA loan would be approximately $720.00.* How Mortgage Insurance Affects Your Monthly Payment Mortgage Insurance Premium (MIP) for a FHA loan or Private Mortgage Insurance (PMI) on a conventional mortgage is generally required when the borrower has less than 20% down payment. Both are a lender fee for an insurance policy which protects the lender from loss if the home owner should default on their loan. Mortgage insurance premiums are calculated by risk based pricing. They take into account the percentage of the purchase price you are financing, as well as your credit score. Typically, rates range from .5% to 1.5% of the loan balance. If you have a $100,000. loan balance at .5%, you would calculate your mortgage insurance by multiplying $100,000 x .5 , which equals $500.00. Divide $500.00 by 12 and your monthly PMI payment would be $41.67 a month. FHA MIP is currently at 1.15%, which equals about $96.00 a month on a $100,000 loan amount, plus an an upfront fee of 1% of the loan amount. As you pay down your principal balance, the monthly amount of mortgage insurance also reduces. How Long do I Have to Pay Mortgage Insurance? In most cases, the mortgage insurance premium will fall off after you have paid your loan down to 78% of the original purchase price. Many lenders have stipulations that require you must have been timely in your payments for the last 12 - 24 months before requesting the removal of mortgage insurance premiums. The Homeowners Protection Act of 1998 spells out specific guidelines to lenders for the removal of mortgage insurance premiums. Mortgage insurance must be removed once you have 80% equity with the following guidelines: You make a written request Provide an appraisal stating the property has not declined in value The property is not encumbered by a second lien You have a good payment history A lender MUST remove mortgage insurance premiums when the the home owner has 78% equity under the following guidelines: The loan to value reaches 78% You have to be current on your payments. The lender can NOT evaluate whether the property has depreciated. The lender MUST remove PMI at the midpoint of your original loan, regardless of whether you have 78% loan to value ratio. This does not apply if you reffinance your original loan. Obviously, the sooner you can get rid of mortgage premiums, the better. Under the 80% loan to value ratio, you could not have had any payments more than 60 days late in the last two years or 30 days late in the previous 12 months before asking for removal of mortgage insurance. You can also remove property mortgage insurance if you make extra payments toward your equity, resulting in a 80% loan to value ratio. You would fall under the first guidelines. On an FHA loan, you can not cancel mortgage insurance premiums until after five years, regardless of the amount of equity accrued. *Monthly payment assumes a principal, interest @ 4.04% APR on $100,000.00.and include taxes, insurance and PMI.

How Interest Rate Affects the Purchasing Power of Buying A Home

2011-08-24T05:44:00-07:00

If you locked in your interest rate on a home this past week, congratulations! The Indianapolis real estate market may not find better interest rates than we have right now. The current mortgage rates make buying a home in Indianpolis a better financial option than leasing. A recent call from someone asking about a lease had me thinking about what the monthly cost of leasing vs. buying would be for the same home, if this person actually bought the home.I ran the numbers based on today's interest rates, as shown in the graph. The Cost of Renting vs. Buying In this particular case, they were looking at homes in Carmel which would sell for about $180,000. If they bought this home with an FHA loan, the monthly payment would be about $1249.00, including taxes and insurance. This amount includes the cost of mortgage insurance and would require about $6300.00 down payment plus closing costs. The home leased for $1600.00, so buying the home would save them about $350.00 a month. If they bought the home using a conventional loan with 20% down, the payments would be approximately $980.00. A monthly savings of $620.00 vs. leasing. Downpayment Assistance for Home Buyers in Indianapolis For those who don't have the down payment, Indiana Housing has a great down payment assistance program for home buyers in Indianapolis, called the Next Home program. Today's interest rates make it more affordable than ever to buy a home. The Effect of Higher Interest Rates on Your Home As interest rates rise, so does the monthly payment for your home. Here's a look at how the principal and interest of your loan will change as rates rise. The following graph is principal and interest only on a loan amount of $150,000.00. Additional Monthly Cost of Your House Payment Besides the principal and interest on your loan, you will need to add taxes and insurance. Additionally, if you put down less than 20%, you will have property mortgage insurance (PMI or MIP). In the above scenario, assuming you are financing $150,000 on a purchase amount of $155,440. with an FHA loan at 4.5%, your payment would include the following amounts added to the principal and interest of $760.00. Taxes - 1% of assessed value - approximately $129.00 a month Insurance - Approximately $100.00 a month MIP - approximately $144.00 a month. This would make your monthly payment about $1133.00; saving about $460.00 a month compared to leasing. Lenders will also figure in the cost of HOA fees when qualifying you for a loan payment. Related Articles: What is Mortgage Insurance Down Payment Assistance Buying a Home in Indianapolis

Eagle Creek - A Fall Spectacular

2007-10-18T05:55:00-07:00

I took the afternoon yesterday to drive through Eagle Creek Park and captured the wonder of fall to share with you. There's nothing more peacful than an early fall drive through Eagle Creek. The forest ground is blanketed with fallen leaves. There’s still lots of green, so opportunity to take the trip and enjoy fall, in all it’s beauty.Grab a blanket, a picnic basket and get away from it all for awhile.You'll be glad you did :)

Indianapolis Area Real Estate Market Report October 2008

2008-11-24T05:10:00-07:00

The numbers are in and I have completed the Market Reports for the Indianapolis area. October again posted less inventory and subsequently less sales than September. There were 1970 total units sold in the Metropolitan Indianapolis Board of Realtors (MIBOR) service area. Of these 1970 properties sold, 555 were distressed sales. 275 of the distressed sale properties were sold for less than $50,000. These numbers do not necessarily reflect what is happening in every city, town or neighborhood in the Indianapolis area. To view specific market reports of interest, click on the corresponding link. All market reports are for October 2008. Fishers Indiana Market Report Carmel Indiana Market Report Indianapolis Market Report Traders Point Market Report Eagle Creek Market Report Avon Indiana Market Report Brownsburg Indiana Market Report Plainfield Indiana Market Report Zionsville Indiana Market Report Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 10/1/2008 and 10/31/2008. Available homes were active on 1/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis real estate markets. Contact Paula – 317–605–4174

Too Little, Too Late

2007-10-16T15:34:00-07:00

Tomorrow, her home will be up for bid at the Sheriff’s Sale. She is young, married and has three little children. She called me yesterday to ask if there was anything I could do for her. Her lender had offered to sell the home to her “short”, except she couldn’t get the financing. That’s generally the case when you have not made your payments and she was eight months behind. I explained there was nothing I could do unless the bank was still willing to allow a short sale, and advised her to seek legal counsel. I haven’t heard back, so assume they will not allow her to try to short sale. This is a story we have become accustomed to hearing, yet still, as a Realtor, I felt helpless. I listened to her story about layoffs and trying to get back on track and wonder…………….if she wouldn’t be better off letting the bank take the home back. It’s not my decision and I wish her the best. Something she said though, upset me! Her interest rate is 8.5% and she financed a little over two years ago. She has an adjustable rate which is now at 12%. I guess she could tell I was astonished and told me they tried to back out of the transaction, but their Realtor convinced them it would be okay and they could refinance before the two years were up. He said it would make him look bad if they backed out. She understood she and her husband signed the loan documents and she was aware they made a mistake. Her sincerity was evident. While I looked at her tax info, I seen they had not filed for their homestead exemption. I told her she didn’t have them filed and she asked if that was why her taxes were so high. A $45,000 exemption on a $120,000 home is huge when it comes to taxes. To her Realtor, What were you thinking? I can tell by the tax data, these people were tight. Who cares if it makes you look bad? If the loan is not a good loan for your client, you should care more about your client. As a Realtor, our obligation is to represent “the best interest” of our client, regardless of whether we get a paycheck. And, for pete’s sake, send out a reminder for your client to file their homestead exemption. It doesn’t take but a few seconds to phone or e-mail them. I hope she finds a great place to rent for her and her family and gets back on her feet. Find out more about short sales and your options when facing foreclosure.

Staging Matters When Selling Your Home

2007-10-09T05:56:00-07:00

Surrounding myself with other professionals in the industry provides my clients with the benefit of experience in all aspects of their real estate transaction. One of the professionals I have on my list is Linda Barnett at Home Matters. Linda is a home staging professional in Indianapolis, whose work has been praised by homeowners, clients and featured on Fox 59 News. Linda is a master of decorating and arranging space. A professional consultation with Linda is included with every listing I market. I firmly believe a well presented home is crucial when your home is on the market. Every home has one chance to make the best first impression; shouldn't yours say 'WOW'? Rather than try to extol the virtues of staging with the written word, I have provided a glimpse of Linda's handiwork. The pictures are of both vacant and occupied homes: When it's time to sell your Indianapolis home, call me; together we will get your home show ready, or shall I say, SOLD ready. If you want to just add a decorative touch to your home, call Linda at Home Matters.

Client Care is Good Business

2007-09-16T03:47:00-07:00

This is not specifically about real estate or Indianapolis. I know my readers can see the obvious connection of good client care practice regardless of the business or city. In search of new communication devices to keep me accessible wherever I am, I went online to find a new phone and wireless card. The wireless company I have used since 1998 had a great offer for a Blackberry and the price of their wireless card was not too bad. I went through the online process only to discover I could not take advantage of the offer since I am an existing customer. For a new customer, the price was $149. For me, who has been a long term customer, the price for the Blackberry was $489. and an additional two year renewal period. Then there was the cost of a wireless card. I spend a lot of money monthly on their service for my families collection of cell phones, download ringtones and text message habits. I have college aged children:) I spoke to their virtual receptionist and no, the offer is not available to existing customers. Same story at their brick and mortar outlet. It seems to me a long term client would be given some latitude.......some care and consideration. In the wireless phone industry, where competition is on every corner, I think their service priorities are a bit skewed. They prefer to reel in the new clients with some special offer and keep the existing clients tied to a contract. I will have to pay the $175. early termination fee because I now have a new cell phone company which gave me a free Blackberry, a free wireless card, a great rate for unlimited minutes on both and a one year contract. It doesn t take a genius to figure out the numbers. If you don't take care of your clients and customers, someone else will. It's common sense and good business sense.

Your Home, Your Way by Renovation Resources

2007-08-30T13:13:00-07:00

This post is by an industry colleague, Jeff Echols, of Renovation Resources. If you have a question for Jeff about renovation and remodeling, be sure to ask. Welcome, Jeff! I write a free, monthly, electronic newsletter for my company, Renovation Resources. Like blogging, the obvious key to success in this area is selecting the relevant topics every month. One thing that s been on most peoples mind over the past couple of months has been property taxes. Theres a topic. But it s worn out, overly negative, and too emotionally and politically charged. But still, it s an important topic and better yet, it may have big implications for the remodeling / renovation market. I started talking to everyone I know, from Realtors like Paula Henry to Real Estate Investors to Contractors to Mortgage Brokers to Homeowners. I was in search of the silver lining. Paula has written a post on the subject already. Finally, the answer was obvious. The important article for my newsletter wasn't about property taxes; it was about Renovation strategies in light of the new property taxes. Seems obvious now. My advice to clients and potential Renovators in the current climate remains basically unchanged. For homeowners there are two viewpoints from which to consider planning a Renovation project: Quality of Life and Resale Value. Unless they are planning on selling their home in the next two years, I typically advise clients to lean more heavily towards the Quality of Life side of the equation. I think that the recent property tax issues bear this out now more than ever. If you want to remodel your kitchen or add a master suite or extra bedroom just to improve your quality of life in your existing home, then by all means, do so. I wouldn t advise executing a design that will negatively impact your resale value or expanding to a project scope that will price you too far out of your neighborhood, but being comfortable and happy in your own home has a value all it s own. If you need to sell your home soon certain Renovation projects can give you the upper hand in a slow market. One look at the lineup on HGTV will prove my point. Yours may be one of a growing number of homes in the neighborhood that have recently sprouted a Realtor s sign. There s no need to worry about property taxes now, you ve already been assessed. All you re worried about is getting the house sold. What will distinguish your home from the others? Will an updated kitchen do the trick? Or will yours be the only one with a legitimate master suite? A well advised approach to key Renovations could help you sell faster and bring in more at closing than your neighbors. As we enter what is likely to be a new era in the ongoing debates on taxation, property value and, in turn, the real estate market, it may be best to take a step back, be patient and examine our Renovation goals. Who are we Renovating for? And why? Despite wildly varying opinions, the property tax issue will eventually be settled and life will return to normal. Approach your Renovation project under quality guidance and you should come out ahead. Jeff Echols Renovation Resources, LLC 5222 E 9th Street Indianapolis, Indiana 46219 317.408.4322 Renovation Resources

Back Home Again in Indiana

2007-08-30T13:01:00-07:00

Although I have been back a while, I recently submitted my post to I Choose Indy . The website is a tribute of sorts to those who choose to live in Indy. There are many reasons to choose Indy as home, mine has to do with family and quality of life ( no more two hour commutes in traffic) the seasons, (fall is my favorite), and Hoosier Hospitality. Here s the post I submitted to I Choose Indy! In the summer of the late 60's, my family decided to leave Louisville KY. to start a new life in Indianapolis. You could say Indianapolis chose me! With six children in tow, my parents settled in the area now known as South Broad Ripple. Back then, the name and area of Broad Ripple did not hold the allure it does today. The Monon Trail was actually still a railroad track. We used to play for hours at Arsenal Park, running under the water of the spray pool, swinging and singing the words of Rod Stewart's, Maggie Mae . The whole family took swimming lessons at Broad Ripple Park. My brothers played little league baseball close by and we went to the State Fair every year. It was the life. In the early seventies we moved to the near west side where you could hear the roar of the Indy cars. I remember it was the first home my parents owned. They were so excited and I had little understanding as to why. To me, it was another home. I spent the rest of my home years there. The westside of Indianapolis became home to me. I eventually married, had three of my children at Methodist Hospital and started my own journey. My family's journey took us to New Jersey, St. Louis, Missouri, Phoenix, AZ, Southern California, back to Phoenix and now here. We have come full circle and this time, 'We chose Indianapolis! My husband could probably live anywhere........me, I love to be with family and friends. As my children have grown, I have a daughter, son-in-law and two grandaughters here in Indy. A daughter, son-in-law and a grandson in Ohio, plus a grandbaby on the way. And one daughter who is still at home. She actually wanted to move back here and she is the only one not born in Indiana. Most of my family still lives here as well as a few high school friends. What makes a person leave the beauty of the Southwest for the plains of Indiana. It is a home coming and one which is overdue. I love the seasons, the trees in bloom, the warm loving people. I am a hoosier at heart and I have come home. Today, I am a Realtor in Indianapolis who understands what it means to buy your first home, sorry Mom and Dad! I also know and understand the need for more space when the children are growing and now, I know what it means to downsize. I am happy to be home and look forward to assisting many in their search for the home which matches their life phase and lifesyle.

The Realtor is The Seller........

2007-08-29T16:02:00-07:00

We relocated to Indianapolis to be home where our family is and have maintained our home in Phoenix Arizona. We have now decided to put our home in Phoenix on the market. While I have been in Phoenix for the last 10 days, I have looked at a few of the homes on the market which are my competition. This has given me a good idea about what I need to do to get mine ready. When we purchased this home, we had our work cut out for us. It is a 1979 Territorial style home with a flat roof (a foreign design to Hoosiers). Many of the interior items are the original and the exterior was; let’s just say, it was in need of attention. Since we have been here we have painted, installed a new A/C and Furnace, Hot water heater, completely remodeled the pool and landscaping, replaced all appliances, changed out fixtures, replaced all ceiling fans with new fixtures………you get the picture. We have done a lot! With all of these items completed, we should be ready to put up a For Sale sign, get it marketed and wait for the perfect buyer. But……not so fast. We have the most antiquated bathrooms, which need to be revamped, remodeled, renovated, whatever you want to call it. We have been getting estimates and the cost, oh my! Should I do it? As a Realtor, I know a buyer will come through my door and start taking off the amount of the repairs needed and the amount they come up with will be a lot more than the cost to do the work. So, yes, we will do the updating. It will take time and we will probably put the home on the market in January. It gives us a few more months to enjoy this home we love……we'll probably do one last hooray in January when the weather is outstanding in Arizona. Step One – We wait for the remodel to be completed……………..

The HOA Will Have Its Way!

2007-08-26T12:52:00-07:00

There are many factors to consider when purchasing a home besides the size and location. When considering the purchase of a home which is governed by a Home Owners Association, you need to confirm the CC&R's or Covenants, Conditions and Restrictions allow you the flexibility to live and enjoy the lifestyle you want. Every HOA has different guidelines and restrictions; some are much stricter than others. While many enjoy the benefits a Home Owner Association provides in the development and continuity of the neighborhood, there are others who refuse to live in such a neighborhood. Some of the more common restrictions Indianapolis home buyers should be aware of are: * Fences - Some neighborhoods do not allow fences at all, while most have definate guidelines in place for the style, heighth and placement of fences. Many Associations also do not allow the drainage area around the property line to be fenced. Confining limits of children and pets at home can be difficult without a fence. * Parking - The ability to park large vehicles, boats and travel trailers is prohibited in many neighborhoods governed by an HOA. The cost of storage for these vehicles should be considered. There is generally no parking allowed on the street. * Plants - Maintenance free communities are popular in Indianapolis. Since these communities take care of the lawn and trees, they have a limit to the amount of space and location of additional plants. If gardening is your hobby, make sure you have enough space to plant. * Size - Custom Home communities have a minimum square foot requirement for homes. Make sure your building plans match the guidelines before purchasing your lot. * Sheds and Pole Barns - Don't settle for that two car garage thinking you can erect a utility shed or pole barn before you check out the CC&R's. Many developments do not allow or severly restrict the guidelines for out buildings. * Exterior Constrution and Color - Most custom home neighborhoods have guidelines for the use of brick on the exterior of the home, which can increase the cost of construction. Other neighborhoods limit the color of exterior paint. Our Indiana real estate contract allows a review of the HOA documents within a determined time frame. It is important to review the documents thoroughly for guidelines which are important to you. Once you sign, the HOA will have it's way! Here s what Realtors around the country have to say about HOA s: Home Owner Association Rules that can come back to bite you by Joanne Hanson Sunriver Rules and The Condo Rules - They May Make A Difference in Where You Buy! by Thesa Chambers Homeowner Associations in Camarillo, Are they for You? By Mana Tulberg Home Owner Assocations are love hate relationships by Missy Caulk No Pay No Stay And Other HOA Rules In The Woodlands by Stephanie Edwards-Musa CC&R s in Stanford, NC by Rita Taylor

Pictures - A Homebuyers Inside Look!

2007-08-18T18:58:00-07:00

My daughter was sitting with me at the computer one night, looking at homes on the MLS. She and her husband are thinking about buying a new home, maybe getting something a little bigger. When we came to a home with no pictures, I would stop to read the info - does it have a basement, square foot, bedrooms, etc. She said, 'forget it, why don't people post pictures with these homes'? Her question was valid! I had to tell her I honestly have no idea. She knows I tote my camera everywhere and am perplexed at the absence of pictures in the Indianapolis MLS. Now I know there may be a few homes on the market, where, there is no way around it, you just can't get a good interior shot. I think at least one good shot of the front, some idea about the home should be given. I'm not even sure they have to be the best photos and you don't have to be a professional photographer (I'm not). But good photos with a digital camera are fairly easy. Gone are the days of waiting for your pictures. I can easily take a 100 photos and delete those which did not turn out. Experience tells me the consumer just passes by the homes with no photos. Having photos definately increases the odds a buyer will stop to look at the home. If you can get them to stop for a minute, they may take time to read the info. Hey, they may even decide a personal tour is in order so they can see more. I am a firm believer in marketing with multiple photos, Real Estate Shows and on multiple websites. You never know where the buyer may be searching when they find my clients home. One thing for sure, they will find photos, as many as I can post! When your selling your Indianapolis home, give the buyers an inside look!

First Home

2007-08-18T12:24:00-07:00

I love real estate! This is a business with its ups and downs and sometimes sideways roads to maneuver. Even when you think you might have it all figured out, you usually don't. The next transaction will be the one which proves it to you. There's always change......Rules change, contracts change, disclosures change and yes, the market changes. The one thing which never changes for me is the unbelievable satisfaction I get from helping my clients achieve their dream of owning a home. One of my closings this week was a young couple who are first time home buyers. They wanted to buy a home, rather than throw their money away on rent. Their price point was going to be a bit difficult, even in Indianapolis, where we have the most affordable housing in the nation. I was up for the challenge! I love a challenge! We found the perfect house for them! This cute one bedroom bungalow, totally remodeled, original wood floors, large yard, 1.5 car garage and they love it. Not only will they save a couple hundred a month versus renting, the rental history on this home has their payment at about $200. less than rents. They will have a great little investment property once they decide to move up or move on. They signed yesterday, grabbed their keys, walked to their car and everyone in the closing room was excited as we watched them walk across the parking lot. I was on cloud nine the rest of the day! The immense satisfaction makes me want to go out and do it again and again. This is what I do, help make dreams come true! Later in the afternoon, I received a call from my office; I had a package delivered. I picked it up today. Inside was a spa package and a note from my clients. Paula - Thanks you so much for all your help! We really appreciate everything. Now, take a day and relax.:) - Sincerely, Carene and Adam _________________________________________________________________________________________________________ All I can say, is 'Thank you Carene and Adam'....you made my week! It was my sincere pleasure to help you find your first home. I wish you many beautiful memories created together there, in your home! Congratulations

Green Savings in Indianapolis

2007-08-18T07:45:00-07:00

One of the questions I hear repeatedly from my clients who are buying a home in Indianapolis, is, 'how much are the utilities'? This is a difficult question to answer. Although we can easily access the past history of utility charges for a given property, utility costs are more dependant on personal usage. While the current costs of utilities are a consideration when buying a home, there are some simple changes you can make to reduce the cost. Today, there are many options available which provide both savings and protect the environment. Integrating just a few of these ideas will help reduce your overall utility costs. Water Usage: Repair leaky faucets and running toilets. Use the correct water level when washing clothes. Run the dishwasher when it is full. Green Options: Install low flow toilets and plumbing fixtures to reduce water usage Front load washers use up to 66% less water and 75% less detergent Tankless water heaters - heats water instantly and on demand. When it's time to replace old appliances, buy Energy Star. Electric: Replace existing light bulbs with CFL's (Compact Fluorescent Lamps) Caulk or seal around doors and windows Turn off lights and program your thermostat Insulate your water heater Add attic insulation Replace Windows Replace heating and cooling system filters every 60 days Green Options: High Efficiency Heat Pumps or Geothermal Heat Pumps Cellulose Insulation Argon filled double pane windows Tankless water heater Replace older Heating and Cooling units with high efficiency units. Indianapolis Power and Light offers programs designed to help you save money on your electric bills: Cool Cents Program: Allows homeowners to recycle their air during the summer months and receive a rebate on their electric bill. Perfect Cents Program: Upgrade your current heating and cooling system to a high efficiency system and receive a rebate. Green Option: Help the environment and enroll in the Green Power Option. This allows current customers of Indianapolis Power and Light to use clean renewable sources of energy.

Indy Real Estate News Flash - Buyers Control the Market!

2007-08-11T12:32:00-07:00

National news reads the real estate market is now controlled by buyers throughout much of the country. As news goes, it is generally one-sided and often distorted, with a predetermined conclusion to coincide with the story line. Since this is my news page, I get to write what I want with the conclusion I want. No distortion! The news, as I see it, is the real estate market is controlled by buyers. The truth is, it always has been. Even in the midst of the strong seller’s market of recent years, buyer’s still had the final say about how much they were willing to pay for a property. They also had the final decision about the terms of the contract they submitted and agreed to. The seller could accept or reject the offer. While there was less negotiating room, the buyer still made the decision. Today, the buyer is negotiating from a position of strength. Some believe this indicates they can offer almost anything and the seller is at their mercy. Lately, I have heard, more than once, “the buyer should always offer and expect to buy at least 10% less than a home is listed for”. I’m not sure who is perpetuating this rumor or news. While there are many good deals around, a buyer can not expect to apply this principle to every home on the market. The seller still has the right to accept or reject any offer. There are many homes in Indianapolis, when priced right, are selling at full price. The averages in our area indicate homes are selling for 96–98% of listed price, depending on the area. Granted, there are some which are overpriced and will never be sold, even at 10% less than listed price. While buyers control the market, purely by fact they are the ones bringing the money to the table, the last time I researched, sellers were not giving away homes. At least they aren’t here in Indianapolis. For the record, I represent both buyers and sellers in the Greater Indianapolis area. This is an unbiased report as I see both sides of the transaction from the viewpoint of my clients. Search Indianapolis Homes for Sale

A Silver Lining for Property Taxes?

2007-08-09T12:28:00-07:00

Property Taxes in Indianapolis has been the subject of many articles, questions and water cooler converstaions. I have even cast my voice into the well of objective (okay, maybe not objective) opinions. My objectivity is clouded, not by my personal agenda, but, by what I see happening and how it has affected the advice I can provide my clients, as well as my ability to negotiate in the best interest of my clients. I wasn't going to write anymore about the tax situation.....then, I was asked recently if there is a silver lining in the property tax fiasco. I am generally conservative in my opinion of future events, especially when those events are left to the decisions of politicians who have failed to deliver on their promises. Yes, I believe there is a silver lining..... The sharp rise in property taxes has provided a sense of awareness among the community. While many have bemoaned their tax bill, many more have accepted the challenge to effect a difference in property taxes in Indianapolis and around the state. We, the people, have before us an opportunity to stand and be heard. It is the voices heard today which will create the change for tomorrow. It may not seem like much of a silver lining, however, the people spoke and have already effected a change. The Govenor has ordered a reassessment and the property tax has been stayed at last years rate. We should not be complacent in the meantime. We have the chance to make a difference in the future of property taxes in Indianapolis! Whether we can successfully abolish property taxes remains to be seen. I believe the outcome and outcry of this tax crisis will finally bring much needed reform to the process of assessments and the inequality of taxes paid by homeowners vs. businesses. While, I personally support the agenda of Advance America and believe every American should have the opportunity to own their home (without the threat of tax liens), I challenge every homeowner, future homeowner, Realtor, builder, contractor, investor and otherwise to let their voices be heard regarding their own opinion and resolution to the property tax debate.

Do You Know Your Absorption Rate?

2007-08-07T04:52:00-07:00

Absorption rate isn't a topic of interest to most people, as it relates to Indianapolis Real Estate. Unless, of course, you are buying or selling a home or are a Realtor who studies the market. Then, it becomes a very interesting topic. While it may be a bit boring, I hope to simplify the information, as well as help you understand the importance of knowing the absorption rate of your Indianapolis home. The absorption rate is a number which represents a particular market's ability to sell the current inventory based on supply and demand. In real estate, this number is determined by dividing the current amount of homes available by the amount sold in the previous month. If the available inventory or currently listed homes on the market is 600 and the sales in the past month were 65, the absorption rate would be 9.2 months. This indicates it would take a little over 9 months to sell all the currently available homes, if no additional homes were to come on the market. Example: 600/65 = 9.2 When given as a percentage the above example would equal 10.8%, with 10.8% indicating the percentage of all available homes sold in a given period of time. You may ask, 'What does this have to do with buying or selling a home'? Quite a bit, actually. Let's assume you want to sell your home. The most recent comparable sales price of homes like yours shows three recent sales at $255,000, $248,900 and $254,000. The absorption rate for homes in the price range of $225,000 -249,999 is 3.6 and the absorption rate for homes in the price range of $250,000 - $275,000 is 5.2. Should your motivating factor be time, you may want to price below $249,999. If time is on your side, you can price a little higher, assuming the comps support the price. When buying a home, taking a look at the absorption rate can help you determine how many homes are on the market in your price range. Armed with the additional knowledge of the absorption rate, you can better determine the best price to offer on a home. Additionally, knowing how many homes are available in your price range could offer more negotiating leverage. Absorption rate also helps determine the type of market we are in. A higher absoprtion rate indicates a buyers market. Absorption rate of 1-3 months = A Seller's Market Absorption rate of 4-6 months = A Normal Market Absorption rate over 6 months = A Buyer's Market Now, wasn't that fun! Contact me to find out your rating!

The Calm After the Storm~

2007-07-17T10:51:00-07:00

Here in the Midwest, we have a familiar saying, 'the calm before the storm' when tornado season is in high gear. The sky turns a strange gray blue color, the wind stops howling and the eeriness of the calm is anything but calming. These are the times the sirens wail and the entire family heads for the basement or interior closet, seeking refuge in case a tornado would strike. Luckily, we have never personally been exposed to the damage a serious tornado can cause. Oh yeah, we have had trees uprooted, extensive hail and wind, but not total destruction. From 2002-2005, the Indianapolis real estate market was engulfed in tornado type activity. Fueled by historically low interest rates, speculation and greed, the whirlwind hopped, skipped and jumped around the country, leaving financial loss for some. Now, we are left with the 'calm after the storm'. Everything is kind a quiet. People are out analyzing the situation, proceeding with caution, waiting for insurance before they make a move. Some are still hanging out in the basement. Without surveying the situation, they believe there really wasn't much damage. Many areas around the country are having a difficult time cleaning up the mess. Some are experiencing 10% and more in loss of their property value - They didn't heed the siren warning. They didn't know when to go inside. They could have come in and gathered some of their valuables and waited for the storm to subside. The Indianapolis real estate market had some minor damage. We had a few hits across the city and outlying areas, nothing major. It appears the storm is leaving the area, people are starting to asess their options and move forward. They will make their decisions based on new information gained through weathering the storm. The great thing about the calm after the storm is, the sky is clearer, the grass greener and the air fresher. Everyone seems to have a different perspective about their experience. Each will make decisions based on their perspective. What's your perspective? How will the storms passage influence your decisions?

Forestall Future Foreclosure in Indiana

2007-07-03T12:16:00-07:00

Forclosure rates in the State of Indiana have been the subject of many opinions and news stories. National ranking has the state placing in the top ten most months. While it is better than the first place rank we held, the moniker is one which we would like to place elsewhere. We have all heard the stories where greed and corruption within the industry has left entire neighborhoods facing foreclosure in Indianapolis with vacancies and lower property values. Mortgage Fraud and fraudulent loan broker practices have contributed to many of these transactions which have resulted in foreclosure. The State of Indiana has enacted new laws and regulations regarding loan brokers. Major provisions of House Bill 1717 include: Requirement for the creation of a principal manager who will oversee the loan brokers at each firm. The principal manager, who must have at least three years of experience in the financial services industry, will be hired privately by each firm. Requirement for criminal background checks on loan broker employees, owners and principal managers. Requirement for written examinations for employees and principal managers. Currently registered employees must take the test upon license renewal. Increased flexibility for the Indiana Securities Commissioner to revoke, deny or suspend a loan broker license for reasons including violations of loan broker-related laws in the past 10 years under the Commissioner's jurisdiction. In addition, knowingly filing false statements is now a Class C felony. Requirements for certain exempt entities to file notices with the Securities Division every two years. The new laws went into effect on Saturday, June 30, 2007. While the acts and laws of the State will hamper the initialzation of fraudulent practice in the mortgage industry, it is wise for the consumer to know and understand details of the loan they are qualifying and signing for.

Indianapolis Property Tax Rebates ~ Clear As Mud

2007-06-30T12:01:00-07:00

Dear Prospective Client: I must tell you up front there is a new form attached to the Indiana Residential Real Estate Contract I do not understand. Oh, I will try……..but even with these boots, I’m not sure I can trudge through the uncertainty of the current “new” form (2007 Property Tax Rebate Disclosure Form) I must have you sign. One thing is certain, I won’t be alone! By now, all the great citizens and taxpayers of Indianapolis have been made aware of property tax increases affecting homeowners. As a Realtor in Indianapolis, one of my obligations and required documentation I must have is a estimated costs sheet for buyers or an estimated net proceeds for sellers. Generally this is not too complicated, except for one little cost.....the tax rebate. The new form requires me to let you know about the possible rebate. The form acknowledges there may be some confusion and/or disagreement over which party (buyer or seller) should receive credit for the anticipated tax rebate. Okay – we are good so far………the amount should be able to be prorated or agreed upon at closing, just like taxes. Herein lies the problem: Homeowners will be required to pay the full amount of their 2007 tax bill A tax rebate is anticipated, but, not guaranteed The anticipated tax rebate amount is currently unknown The tax rebate will not be available for some time The rebate plan is contingent upon funding provided by the Property Tax Reduction Trust Fund The anticipated tax rebate will likely be mailed to the same person who received the property tax bill. Everyone of these “bulleted points” can be found in the Disclosure Form I now have to have you sign, indicating you have read and have been notified of the Indiana 2007 Property Tax Rebate Plan. It does not say you have to understand the rebate plan, only that you acknowledge there is one. Well, there’s kinda one…………. This becomes a source of frustration when trying to represent you, my client. While we know the amounts of the tax paid, how on earth do you negotiate an amount already paid, which may or may not be rebated and to whom it will be rebated? Our Indiana Association of Realtors has drafted this from for your benefit. It is the best we can do with the uncertainty surrounding the Tax Rebate. Sometimes all we can do is inform you. I am busy trying to figure out some answers. If you don’t hear from me soon….I held my breath too long! Search Indianapolis homes for sale and call me if you have questions about property taxes.

Do I Know You? Opening Doors For Strangers!

2007-05-28T11:55:00-07:00

In the last few weeks, I have had several e-mails and a few phone calls asking me to show a home. These requests are from people who have come across a home on my website and call me. While this is very cool and the goal of my website, it is not something I am open to. Why, you ask? Isn't that what I am supposed to do? Well, yes and no. I am happy to provide general information as well as send a list of homes to people who ask. When I am asked to just show up and open a door for someone, I am not willing. These people are strangers to me! More importantly, they are strangers to the homeowners whose home I am opening. Certainly there can be no harm in opening a home for someone to view, can there? Generally, no! There have been exceptions; instances where Realtors have been accosted, even murdered at a home they were showing. While these instances are rare, in light of the many homes we show and the open houses we have, they are a concern. Does this make me overly cautious? I don't think so. I believe I am reasonable. Reasonably cautious!! It is my opinion, homeowners have an expectation that if I am opening their home, I have some knowledge of the people I have opened it up for. It doesn't matter whether they are my client or the client of a fellow Indianapolis Realtor. I have a list of reasonable questions I ask before I will show a home. Preparation provides me and the home owners a sense of security. They know if I bring someone to their home and open it, I have prequalified that person and have not opened their home to a stranger. While I am happy to assist my clients in finding the perfect home for them, if I don't know you, you are not a client. If you are not my client and you want to see one of the homes I have listed, have your agent call me. After all, I am commited to selling my client's home. If you don't have a real estate agent and want to view homes, be prepared to answer some questions before we head out to 'open doors

A Pictures Worth A Thousand Words When Selling Your Indianapolis Home

2007-05-19T16:24:00-07:00

Selling a home in todays market requires several steps in the marketing process. One of the most important steps is having your home show ready! Once the task is accomplished, how your home is displayed to the public can make a difference whether your home is shown or not. In the not so distant past, putting a home on the Indianapolis MLS and having Open Houses could guarantee some traffic. Today, many of the buyers who contact me, already have a list of homes they want to see. Recent statistics suggest over 80% of homebuyers start their search online. As gas prices rise, we may see the percentage of online buyers rise also. Having an online presence is no longer an option and your online presence must present your home in it's best light. Imagine for a moment you are a buyer, searching online for homes. You certainly do not want to spend all day looking at homes which do not meet your criteria. You search diligently and save the homes which most interest you. With so many available, you choose wisely which are tops on your list. What do buyers look for? Pictures! Online tours! Just this week, I had buyers from out-of-state call me to show them homes. Since they don’t live here, they don’t know exactly which homes or area of town will best suit them. They sent me a list of twelve homes they wanted to see. What did these twelve homes have in common? Pictures! They all had the maximum of 10 pictures allowed by our local MLS. Even the best description will not make up for the lack of pictures. The above chart was created with data from Point2Agent. Search Indianapolis Property Listings

Facing Foreclosure in Indianapolis, Who Ya Gonna Call?

2007-05-14T11:48:00-07:00

Are you facing foreclosure on your Indianapolis home? Do you feel like you're losing the race against time in your effort to keep your home? Who Ya Gonna Call? The first person you should call and be in contact with is your mortgage company. Here's some advice on who not to call. If you are a few months behind in your mortgage payments, you have probably received numerous letters, postcards and phone calls regarding your home and your options. The messages are all the same. We pay cash for homes! We can help you stop foreclosure! We can get you refinanced! Who do you believe? Can one of these companies help you? There are many 'Foreclosure Rescue Companies' and I say that facetiously. The one thing they all have in common is a plan to help you. Can they really help? Sometimes they can, it just may not be in your best interest. What you should understand is many of these companies have taken a bit of training (late night television or a seminar), registered their Limited Liability Company (LLC), and went into the foreclosure business. They will help themselves to the equity from your home, while claiming to be a 'White Knight'. There's nothing intinsically wrong with working for a profit, however there is a limit to what is reasonable. The truth is, most of these companies will not talk to you unless there is at least 30% equity in it for them. While who you call is your business, before you make a call, it is wise to know your options!

Older Homes May Be Less Costly To Maintain Than New Homes

2007-05-06T07:37:00-07:00

One of the major reasons to keep an open mind about older homes is that all homes -- new or old -- require maintenance. Older homes and neighborhoods have a unique charachter and quality about them which is hard to replicate in newer home subdivisons. I love the look and feel of the Historic Indianapolis Homes and neighborhoods. But, you don’t have to live downtown to find great older homes throughout the Indianapolis area. Regardless of whether you buy a new home or older one, you should always hire a home inspector to examine the inside and outside of a prospective home. A quality home inspector will provide you with a full report on the property, its fixtures, and its appliances. The cost may range from $150 to $800 depending on the size and level of work involved. Regardless of cost, a home inspection can provide a buyer with a rough idea of what ongoing maintenance costs will be incurred post-closing. An older home with new mechanicals and a roof under 10 years of age may be less costly to maintain than a newer home that is not well-built. They just don't build them like they used to. When buying any home -- especially your first -- have reserves for maintenance costs and for normal wear-and-tear. It may be new today, but nothing lasts forever.

Defining the Indy Real Estate Market Means Going Local

2007-04-30T13:47:00-07:00

Where do you go for local real estate news in Indianapolis? Is it the local newspaper? The news channel; or, do you listen on the way to work? When these media outlets speak, it is usually in general terms. How local does the news have to be to have an affect on your homes value or your decision to move? I believe you need to go very local. A general real estate market really doesn't tell the story. Generally speaking; see how the words are well, too broad! Exactly what does a general real estate market look like? The word general means; overall, usual, widespread, miscellaneous, not specialized and not specific. First, we have the words; overall, usual and widespread. Too generic to describe a particular market. How about miscellaneous, which means, having a varied content or wide scope. The definition is only somewhat accurate. Real estate is certainly varied and wide in scope, which is why the following definitions are of more importance. Here are the keywords; not specialized and not specific. See, general is too broad! Real Estate is specific and is specialized. Too many variations exist between localities and types of real property to generalize. When you receive news about real estate, is it The Real Estate Market, The Indianapolis Real Estate Market, The Hendricks County Real Estate Market or the Avon Real Estate Market? How about the community you want to buy or sell within? There can be distinct differences in neighborhoods within a city. There are also distinct differences between types of properties. What may apply to single family dwellings may not apply to condos, investment property, new construction or land. You have to go very local to get specialized and specific. When you really want to know what is going on in the real estate market, get local information and advice. Search Indianapolis Property Listings

The Tax Man Cometh To Indy Pay Your Dues Or Get Out!

2007-03-07T11:42:00-07:00

The conclusion of last weeks General Assembly did not create relief for Indiana Home owners. Instead, some homeowners are burdened with exorbitant tax increases which threaten their ability to keep their home. Some simply will not be able to afford their homes any longer. But, alas, the tax man will be paid! There is a silver lining, though, in the form of a credit or rebate. About this time, you should be jumping up and down with joy just thinking about receiving a credit. But wait...... dont over-exert yourselves just yet- we don t know how much or when the credit will be given. This rebate is unlikely to make a dent in the real cost of property taxes. It certainly won t help those who struggle to make ends meet now. Consider what an extra $100. monthly could mean to someone on a fixed budget. Another concern is how the assessed values are calculated. I have current clients who are looking at homes. Some of these homes are assessed at $50,000 more than the listed price. One of my listings has an assessed value of $25,000. more than we have it listed for. If this is widespread, what will be the result for next year s assessments? My guess is, those rebate amounts will be adjusted. I have been told and believe one should not complain about a situation, unless you have a possible solution. So heres my 2 cents! First, I believe the State should redefine and regulate the way assessments are calculated. You can not just apply a number to a homes value without some documentation to back it up. Secondly, I think there needs to be some control and accountability on government spending. If homeowners are footing the bill, we should know where the additional tax is being spent. Third, whether you agree or not, is to simply raise the sales tax. By raising the sales tax, those who can afford luxury, pay more, those who can not, pay less. None of these solutions will provide relief for the persons who can not afford the increase. I anticipate we will see a resurgence of home foreclosures in Indianapolis on. Too many foreclosures will force property values down, which in turn, affects the amount of taxes collected. At the end of it all, we will be no better off! The taxes will be paid, though, whether by the homeowner or the bank that has to take the home back!

Real Estate Terms - Distressed Properties

2008-11-24T03:53:00-07:00

Distressed homes for sale tend to get lumped tgether, but there are some distinct diefferences between these type of sales. Most are simply called foreclosed homes. These are the terms used by our local Board of Realtor listing service to describe distressed properties, as well as the definition of each. Bank Owned - This is a home which has been foreclosed on and is now owned by the bank. This is also often referred to as REO or Real Estate Owned, which simply means it is real estate owned by the bank. HUD Owned - Also a foreclosed home which is now owned by Housing and Urban Development. This is not owned by a bank. The bank foreclosed and HUD was the mortgage insurer, so HUD owns the home. VA Owned - A foreclosed home now owned by the Veterans Administration.The Veterans Administration guarantees the mortgage for 25% of the loan value in the case of default. They then become the owners of the property after foreclosure. Pre-foreclosure - A home which is facing imminent foreclosure. Short Sale - A home which is being sold for less than the amount owed on the current loan. Short sales are often listed as pre-foreclosure. In the case of bank owned, HUD owned or VA owned, the homes are now owned by the entity that carried the mortgage insurance or the bank which holds the note or motgage at the time of foreclosure. Pre-foreclosure and short sale properties are homes which are still occupied or owned by the current homeowner of record. These sales always require the approval of the current mortgage holder. Homes which are sold under any of these circumstances almost always have special addendums which are required by the bank or Federal office currently holding the property.

Relocation, Making a Door-to-door Move

2011-05-30T20:44:00-07:00

This weeks special guest REALTOR® is Kristal Kraft, a relocation expert in Denver, Colorado. Kristal offers some excellent information for making your relocation move as stress free as possible. Indianapolis to Denver or Denver to Indianapolis; It is easier than ever to pick up stakes and move from one city to another without skipping a beat. Today we are equipped with the Internet and can view homes anywhere in the world while sipping java in our pj’s! Reviewing floorplans online, researching school districts and viewing the actual neighborhood with the help of Google Earth has become the norm! Of course nothing replaces the reality of physically being in the home, seeing the surrounding area while breathing the air. Thankfully, most people don’t have to rely purchasing a home site, unseen. They take a few days to finish out their online research and visit their tops picks. All this is done (wisely too) with the help of a local REALTOR® who can add to the knowledge, experience and local insight. Making a door-to-door move is possible with proper planning! The home buyer needs to plan ahead and begin the research by enlisting the aid of a local professional. As a Denver relocation specialist, I work with people long before their feet hits our Mile High ground, to determine the best potential areas for them. My REALTOR® friend Paula Henry, in Indianapolis tells me, she does very much the same thing. Weeks, months and sometimes a year in advance we begin the legwork for the relocation. Moving in today’s world is not just about the house, it’s about finding the lifestyle that fits the client. Paula and I both find our clients are very much interested and concerned about their commutes. By knowing their work locations we can offer suggests of various neighborhoods that will fit within the drive-time desires. This is where the client begins to focus, reviewing and choosing homes that appeal to them. Years ago this process was very different, but today with online photos home buyers can preview hundreds of homes without ever disturbing a seller! This process is very appealing and certainly cuts down the home selection time. Buying a home before selling yours The most difficult part of the door-to-door move process is the timing of selling an existing home. If the client is required to start work prior to their current home selling, it is not unusual to see the family separate while the transferring partner goes to the new destination while the remaining one stays home. Obviously this is an expensive situation, sometimes the new job helps pay for such an arrangement, but unless the client is a high-level executive these packages aren’t common. Many people have found and most brokers will suggest pricing the current home aggressively from the start. By doing so, the home will sell quicker, providing the opportunity to make the move sooner while saving the family’s finances in the long run! Temporary Housing According to Paula short term housing is next to impossible to find. Just like Denver where the vacancy rate is well under 5%, landlords do not rent to short term tenants. They want a minimum of 1-year lease. Options left for short-term housing are “extended stay” hotel/motels. They are small and can serve a client’s basic needs for awhile, but they are expensive! It is not unusual to pay $700 a week for a room with a kitchenette. Of course breakfast might be included in that price, but I bet after a couple few weeks it will feel more like punishment than pleasure! Timing Your House Hunting Trip Assuming you have the option to plan your timing here’s the best way to do it. It takes approximately 6-weeks to process a loan. One should ALWAYS begin the loan process before beginning the house-hunting trip. Loans should be processed in the area where the house is. If you are moving across State lines, national banks can handle the financing, but it is advised to use a loan officer at the destination. Allow at least 3-days to find a home. Yes, that is possible, 4-days is better. If you are uncomfortable take longer. Typically once you start you need to continue pressing forward. In our metro Denver real estate market if you find a good home one day it may be sold when you finally decide a few days later. If at all possible leave small children at home. No I don’t dislike kids, I simply suggest this because when it’s time to focus on finding a home, it’s hard to focus on small kids too. If they must come, try to extend your stay so the kids can have time to do fun things too. Happy kids = happy parents! Bring the checkbook, you will need an earnest deposit and to pay for a home inspection. KEY POINT: If your current home is on the market, wait to plan your trip AFTER your home has a contract on it and the inspections are finished. If you plan ahead you can SCHEDULE your closing date far enough in advance to go to the new location, find a home and co-ordinate the closing with your current residence. All this might sound overwhelming, but it really isn’t as bad as it seems. Making a door-to-door move takes planning and doing your homework, but in the end it will save additional hours of stress and having to move more than once. The key is to work with an empathic professional who can guide you through the process and help make your move a positive experience. Kristal Kraft is a Denver Realtor and blogger who has been helping nice people relocate in, out-of and around Colorado for over 27-years. She is a technology instructor, world traveler and photographer. Her work can be found on Denver Photo Blog and Kristal Kraft.

Summer Fun in Carmel

2011-06-28T23:38:00-07:00

Summer Concerts at the Gazebo Enjoy the family concert series at the gazebo each Wednesday evening at 7:30 through Aug. 10. Free and fun for the entire family at Civic Square in Carmel, the series is presented by the Carmel Fountain Square Committee. Pack a picnic or purchase goodies from local snack vendors. The concerts are free and accessible to everyone in the community. Visit www.carmegazeboconcerts.org for more information. CarmelFest Celebrate patriotism and community spirit July 3 and 4 at CarmelFest 2011, presented by the Rotary Club of Carmel. Billing itself at “the greatest festival in Indiana,” the event features family-friendly entertainment, games, food, the popular MarketPlace, parade and fireworks. The festival is open July 3-4 from noon to 10 p.m. Don’t miss the St. Vincent Health Fourth of July parade, kicking off at 10:30 a.m. from Merchant’s Square. The festival concludes with a spectacular fireworks finale on July 4 at 9:45 p.m. For more information, visit www.carmelfest.net Jazz on the Monon Get your groove on as the Carmel Arts & Design District presents the popular Jazz on the Monon family concert series. The free concerts are held from 6-9 p.m. on the southwest corner of the Monon & Main Street. Featured performers include Heather Ramsey on June 18; Monika Herzig on June 25; The Splinter Group on July 23; Slammer Jazz Quartet on July 30; and Blair Clark on Aug. 6. Bring chairs or blankets to sit on. Parking is available at the Carmel Lions Club parking lot, Indiana Design Center underground garage and other public parking areas, as well as on-street parking in the District. For more information, visit www.carmelartsanddesign.com.

Eat Everything at Devour Downtown 2011

2011-08-06T20:41:00-07:00

It's that time of year in Indianapolis. You don't have to eat everything, but you'll have a hard time choosing from so many great restaurants and menus. Beginning August 8th at many downtown restaurants, Devour Downtown brings together the best of Indianapolis dining so you visit your favorite restaurant or try a new one. With almost 50 participating restaurants, you're sure to find something you like at a place everyone can agree on. Gather your friends for a party or enjoy an intimate dinner with your loved one. Many restaurants will be showcasing their signature dishes and offering a great deal. Depending on the restaurant, you can get 2 meals for $30.00 or $30.00 a person. Whether you're favoring a great steak from Ruth's Chris, fried pickles and a brew at Scotty's or seafood at McCormick and Schmick's, this is the time of year your tastebuds will be screaming. Check out their site for participating restaurants, menus and reservation information. I think we'll be going a couple of times and I want to try Fogo de Chao. Which restaurant would you like to visit during Devour Downtown?

What to Know About Mold in Your Home

2011-09-01T09:52:00-07:00

Whether you are a homeowner or you are searching for a home, the last thing you want to find is mold in the home. After all, we have all heard horror stories about killer molds that are impossible to remove. The good news is that this isn't the case with all molds and some can be easily removed and prevented. Still, in order to keep your home safe or to ensure you are purchasing a healthy home, it is important to learn more about home molds. Since molds digest organic matter and produce spores in order to reproduce, they can be found in nearly every type of environment - and can be just as problematic regardless of whether found in an Indianapolis or Austin Texas home. Nonetheless, molds are the happiest in a warm, humid environment. Therefore, they are most commonly found in basements, bathrooms and other areas where humidity is high, or where excess moisture or water has accumulated and where warm moist air condenses on a cooler surface. Depending upon the type of mold, it may grow on wallpaper, wood, paints, ceiling tiles, sheet rock, carpet and insulation. Regardless of where it is found, the reality is that there is no way to completely remove all mold spores from a home. Rather, the key is to control moisture and to control mold growth. Identifying mold in a home is relatively easy. Aside from the musty odor they create, they have a very distinctive appearance. Those that are found in the home are generally found in clusters of small black specks or white thread-like growths. To control its growth, take the following steps: -- Repair leaking roofs, plumbing fixtures and any other water leaks. -- Provide warm air to all parts of the home by increasing air circulation and ventilation. -- Install and use exhaust fans in kitchens, bathrooms and laundry rooms. -- Ventilate attics and crawl spaces. -- Clean and dry any materials that have become water damaged within 24 to 48 hours after the damage occurred. -- Vacuum and clean the home on a regular basis. If mold has already developed, you can clean small areas with special mold and mildew removal products. Be sure to protect yourself with gloves, goggles and breathing protection. Then, seal the area off, cover heat registers and ducts, cover your furniture and open your windows before cleaning. If a large area has become affected by mold, it is better to leave the cleaning to a professional. Not only is this the safer option for your personal health, but it will also increase the chances of getting the mold properly removed. About the Author - Eric Bramlett is co-owner and broker of One Source Realty, a boutique downtown Austin condos firm, and specializes in Steiner Ranch Austin homes for sale.

Paula and Ines go head to head:Miami vs Indianapolis

2011-06-07T06:20:00-07:00

This weeks guest post is written by Ines from Miamism. Ines and her husband Enrique are Miami Beach Realtors. Ines brings Miami to life through photos and her blog, which was recently featured in Forbes. If you are thinking about a vacation home in Miami, Ines is the Realtor I recommend. People are drawn to my website, miamism.com because they say that my love for Miami is evident. Who better to help you find the perfect home, second home or vacation getaway than someone who really has a passion for where they live? Well . . . I’m happy to tell you that Paula has that same passion for Indy and we’ve had a few conversations about this. She is so convincing that now I really want to visit Indy and see what she is talking about! Becoming a trusted source of information for you is no easy task and takes research and commitment. Just reading HometoIndy’s articles on parks, monuments, places to visit, historic homes, local events just puts a huge smile on my face. So let’s take a look at different aspects of both Indy and Miami Beach and see why so many would be drawn to our fabulous cities. Historic Architecture Lockerbie Square Victorian Home vs Miami Green Houses from the Past Victorian architecture against mid-century modern architecture may not be a fair comparison, but just shows how incredibly different and interesting both cities can be - and let’s not forget the modern gems that surround us either. Places to visit - Things to do Central Canal Towpath and Greenway vs New World Center in Miami Beach Gorgeous historic park and trail against symphony hall - maybe not such a great comparison either but shows lifestyle differences and cultural similarities at the same time. Interesting Real Estate Union Laundry Lofts in Downtown Indianapolis vs. Miami Condos by the Heat Stadium Now we’re talking!! Historic Lofts in downtown Indianapolis is exactly what I like to hear when I think of real estate. And in Miami, 4 new towers across the Miami Heat stadium just North of downtown Miami give anyone relocating to the area a bit of curiosity about the “hype.” I guess this “head to head” exercise didn’t lead anywhere but demonstrates that two very different cities, represented by two Realtors with passion, can be great resources for you, our potential clients looking to move into our awesome cities. Kudos to Paula for being your top real estate resource in Indy!

Demographic Website for Indianapolis Home Buyers

2009-06-06T03:23:00-07:00

Buying a home is a process which requires due diligence from the home buyer. There are definitly enough websites out there to make even the most knowledgeable buyer feel overwhelmed. I've located some very beneficial websites which I believe are important to homebuyers and answer some of the most common and important questions home buyers ask. This one is from the IndyGov website. The site is fairly easy to navigate and provides a vast amount of knowledge for a particular area and address. The site provides information on the following: Demographics Flood Zones Greenways Parks Schools Industry Airports Search the Website for Indianapolis Property Information You'll land on a page with a map for Marion County. On the bottom right, insert the address you are seeking information about. Remember this is only for Marion County in Indianapolis. Once you have input the address, the site will provide general information, then a link for property demographic, which you can narrow down to a parameter, based on miles around the property. Here you will find the demographics for the area, including: population, age breakdown, household size, income, owner occupied vs. rentals, education, work force and additional neighborhood statistics. There are a few additional tabs at the top to look for businesses in the area and one for layer control. The layer control will identify the freeways, land use, economic incentive areas, historic districts, transportation, hydrolic features (flood zones, rivers and wellfields). I like to use this feature to identify specific information about an area. You can do this by checking the boxes of the information you want. In conclusion, this is a great site for finding specific information about neighborhoods, demographics, Community Development Neighborhoods and amenities.

Indianapolis Greenways to Expand

2007-12-04T15:07:00-07:00

The state of Indiana has purchased more than 150 miles of abandoned rail line to further the extension of greenways and trails throughout the state. My childhood home was just south of the neighborhood of Broad Ripple. I remember well the abandoned rail line which is now the Monon Trail. The Monon Trail starts downtown at 10th Street, where it connects to the White River Wapahani Trail. This trail has changed the Broad Ripple area, with many wanting to buy a home along the Monon Trail. If we were to take a trail walk or ride from IUPUI, at New York Street, which is south of 10th St., we could travel all the way to Westfield. From this starting point, we would take the White River Wapahani Trail to the Monon Trail, up to 96th St, where we enter the City of Carmel. The City of Carmel maintains the Monon Trail from 96th St to 146th Street. Past that point the Town of Westfield maintains the Trail. Westfield is the recipient of one mile of this newly acquired rail line. This is amazing…….you can literally go from Downtown Indianapolis to the Town of Westfield on the Monon Trail. that’s 16.5 miles of Greenway Trails where you can bike, walk, jog and enjoy nature in the great outdoors. What a great use of abandoned rail line for the city and state! Search for Carmel Homes on the Monon Greenway

Saturdays at The Indianapolis Library

2011-07-31T17:53:00-07:00

Beat the heat and lose yourself in a book at the Central Library, One Library Square, 40 E. St. Clair St. The library is open from 9-5 on Saturdays, with tours at 2:00 p.m. The original library, housed in the Cret Building on St. Clair Street, was completed in 1917 and built on land donated by James Whitcomb Riley. The building was named after designer Paul Cret and was among the finest library structures in the country, built of Indiana limestone, Vermont marble, walnut and white oak. Sweeping staircases, bronze chandeliers, carved stone cornices and Greek columns are among the many architectural features to behold. The library was expanded in the 2007 to meet the needs of the community. For more information, visit www.imcpl.org/central/.

Country Club Place Home for Sale

2010-02-15T03:53:00-07:00

You want a home with style, space and ready to move into; look no further! This beautiful 2 story traditional home with basement offers you all this and more. 4 large bedrooms with great closet space 3 bathrooms Formal living and dining rooms Kitchen with breakfast bar and dining area Family room w/fireplace Separate office Finished basement Deck and patio Located in Country Club Place in Indianapolis. Community amenities include a pool, park, open green space and ponds.

New FHA Guidelines Will Make Loans More Costly

2010-01-21T04:44:00-07:00

Securing an FHA mortgage is about to get more expensive when buying a home in indianapolis. In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials. FHA has announced new guidelines for financing to be in effect this spring. In an effort to beef up the reserves for FHA, new costs will be associated with an FHA loan. For homebuyers with a credit score less than 580, the minimum downpayment will be 10%. For credit scores above 580, the downpayment is still 3.5% Upfront mortgage insurance premiums will be increased from 1.75% to 2.25% for all FHA borrowers. Seller concessions will be capped at 3%, instead of 6%. Withe the premium increasing and seller concessions reduced, buyers will need to bring some money to the closing table. Furthermore, FHA has appealed Congress to raise an FHA borrowers’ monthly mortgage insurance premiums. To read the FHA’s statement, it’s clear what the group is trying to balance. On one side, the FHA wants to provide affordable financing to families that need it. That’s its mission statement. On the other side, though, the FHA must manage the risk that comes with insuring lesser-quality loans. To that end, FHA is stepping up its enforcement of “bad lenders” in hopes of stopping problems where they start. Also in its new policies, the FHA is introducing a “termination clause”. If banks or loan officers that produce more than their fair share of bad loans, they lose their right to originate FHA mortgages. The changes will effect the initial cost of all FHA financed homes and will be costlier for those with a lower credit score. We'll keep you posted of the effective date. Until then, the old rules are in effect. If you plan on buying an Indianapolis home this year, now may be the time to consider your options.

Simple Real Estate Definitions : Short Sale

2010-02-02T05:45:00-07:00

A 'Short Sale' is when a home seller sells his home for a lesser amount than what is owed on his mortgage, and the mortgage lender agrees to accept the lesser amount in lieu of a full payoff. By way of example, a Short Sale may be appropriate for an Indianapolis home seller whose mortgage balance is $250,000 but whose home wouldn't sell for more than $220,000. Rather than pay the $30,000 difference to the lender at the time of sale, the seller enters into an agreement with the lender by which all sale proceeds are paid to the bank and the deficient balance is forgiven. Short Sales are a preferable alternative to foreclosure but the process still harms both parties. For one, the seller is penalized with a derogatory tradeline on credit for not fulfilling a mortgage obligation. And, two, the lender is forced to take a loss on a mortgage loan. Versus an executed foreclosure, however, Short Sale damages are relatively limited on both sides. For this reason, Short Sales are sometimes considered 'the economical alternative' to default. The process of getting a Short Sale approved varies from lender-to-lender and can be time-intensive. Home sellers should not go at it alone -- speaking with a real estate agent about the proper protocol is usually the best place to start. And sellers should be aware of how a Short Sale on their credit can impact future borrowing. Current Fannie Mae guidelines prevent short-selling homeowners from obtaining new mortgage financing for a period of 2 years.

Mortgage Approval is NOT Set in Stone

2010-10-22T12:33:00-07:00

You've found the Indianapolis home you want to buy and have been approved for a mortgage. Congratulations! You are on your way to being a homeowner. Now that you have approval, make sure you don't do anything to sabotage it. Since there may be 60 days between the application date and the closing date, it's important for applicants to remember that mortgage approvals can be revoked at any time prior to funding. There may be last minute verification of employment or an updated credit report run before final approval. As mortgage applicants, there are many events that are out of your control -- job security and health matters, for example. But there are also events that are within your control. Knowing that mortgage approvals can be fragile, here are 8 things you should absolutely not do while your home loan is in process. It may be the difference between being approved by the bank, and being turned down. Don't buy a new car or trade-up to a bigger lease. Don't quit your job to change industries Don't switch from a salaried job to a heavily-commissioned job Don't transfer large sums of money between bank accounts Don't forget to pay your bills -- even the ones in dispute Don't open new credit cards -- even if you're getting 20% off Don't accept a cash gift without filing the proper 'gift' paperwork Don't make random, undocumented deposits into your bank account Now, avoiding these items may not be practical for everyone. For example, if your car lease is expiring and you need a larger vehicle, it doesn't mean you can't buy the car -- just check with your loan officer first to be sure the new payments won't 'break' your approval. The same goes for accepting cash gifts from parents. There's a right way and a wrong way to accept gifts and doing it the wrong way may prevent you from using the gift as a source of down payment. Mortgage lending is full of 'gotchas' - so my advice to my clients is not to buy anything you don't need while waiting to close on your new home.

Help! My Home Didn’t Sell – Part 2 - Preparation

2010-10-20T17:04:00-07:00

This is my continuing series about selling your home after it has expired. In the Real Estate community, a home which didn’t sell during the time it was listed, is called an Expired Listing. I have been participating in a mastermind group with other Realtors around the country. The subject of our meetings is expired listings, what happens which causes a home to expire without selling and how to overcome the obstacles to prevent the frustration for home sellers whose home does not sell. In this follow up to my initial article about Indianapolis homes that didn’t sell, lets take a look at preparation. When home sellers first think about selling their home, they instinctively start packing up and cleaning, which is an excellent place to start. The more small items you can get packed and put away ahead of time, the better. What are some of the items you should think about packing up? Small tables Extra toys Knick Knacks Excess furniture Family pictures Valuables Open the space doesn’t just apply to the living areas.The next thing you should do is clean and starighten out cabinets and closets. Leave the necessities, and pack up everything else. If it’s spring, pack up all the winter clothes. Organize the shelves and shoes. Small spaces also look crowded when they have too many items in them. Same thing for cabinets in the kitchen, laundry room and linen closets. Straighten up, clean up, throw away what you don’t want and pack what you don’t need for the next few months; extra towels, tupperware, silverware, anything which will add space. Pack up as much as you can live without – we all have boxes of these items. In the last three times I have moved, I have the same boxes which have never been reopened. They’re things I don’t want to get rid of, but I don’t need them day to day. As you go through your home, check the condition of everyday things which seem to get the most wear and tear in our homes. These would include things like: Baseboards – paint or stain those nicks and scratches Faucets – if they leak, fix them Stove and Refrigerator – Clean them thoroughly Ceiling Fans – No wobbles and dust removed. Outlet covers Furnace and Air Filters If your walls need painted, paint them neutral. If you take down pictures, patch the holes and touch up the paint. Clean, Clean, Clean – nothing speaks louder about the condition of a home than cleanliness! Especially the windows! Take some time outside: Sweep the walkways Plant some flowers Keep the grass mowed Paint the front door or trim, if needed Fresh coat of stain and seal on the deck Trim the bushes And pay special attention to the lock on the front door. If it’s broke or hard to open, replace it. These are really just the basic items which get away from us on a day-to-day basis. Help! My Home Didn't Sell – Part 3 – Competition

Maintenance Free Living in Indianapolis

2011-01-23T22:15:00-07:00

About this time of year, we all dream about putting away the snow shovel for good and look forward to spring blossoms. I'm not a weather forecaster, but experience tells me you should have your shovel ready for a few more months of cold and snow. Spring will soon arrive as the crocuses push through the ground, them we can look forward to a different aspect of home upkeep. In the Spring and throughout the fall, we tend to our yards and gardens. Pruning, weeding, fertilizing, mowing the grass and edging. Owning a home comes with year round maintenance! While some people find pure enjoyment in getting their hands in dirt, planting flowers and pulling weeds (BTW, I'm not one of those people), many prefer someone else take care of these endless tasks. Maintenance free and low maintenance communities provide a perfect solution for homeowners who love the freedom of owning their home, but prefer a Saturday on the golf course, instead of in the yard. In my case, almost anything is preferable to yard work. Maintenance free communities are as varied as the neighborhoods where they exist. Throughout Indianapolis and the suburbs are many wonderful homes featuring a maintenance free lifestyle. The characteristics of the different styles of homes and amenities included will ensure you can find something to meet your needs. The most popular home styles in these communities are: Paired Patio Homes -Generally two homes attached at the garage. Examples of neighborhoods with paired patio homes include: Oxford Park in Avon Emerald Village in Noblesville The Arbors on Bluff in Indianapolis Crooked Bend in Greenwood Free Standing Condos: Although classified as a condo, they are actually more like a home. Examples of neighborhoods with free standing condos: Holiday Pines in Brownsburg Wood Park in Carmel Ashwood Condominiums in Greenwood Nottinghill in Plainfield Fees for services in maintenance free communities depend on the services provided, the type of homes and the age of the neighborhood. Most offer common area maintenance, lawn care and snow removal. Fees for these services begin at about $50.00 a month. It's worth checking out whether they shovel the driveway and sidewalks. For those who want full maintenance free lifestyle, in addition to the above, many communities offer building insurance, as well as exterior maintenance, including the roof, siding and brick. Additional amenities may include pool, clubhouse, walking trails, exercise facilities and putting greens. If you're thinking about a maintenance free lifestyle, check our list of communities.

Which Historic Neighborhoods Are These?

2011-02-05T23:40:00-07:00

February Photo Contest In December I met with clients to show homes in one of Indianapolis' historic districts. The snowfall that day was amazing; big thick flakes, falling steadily. After showing homes, I decided to take some pictures of the neighborhood along with another historic neighborhood on my way home. Guess which historic neighborhoods these homes are in and you can win a $50.00 gift card to Rathskellar, another great historic building in Indianapolis. Hint: It's two different neighborhoods, both east of Rathskellar. The contest runs until February 28th and all correct answers will be put into a drawing. Enter your guess in the comments section below and good luck! This months photo contest was more difficult than I expected. Still, one brave person dared to try and guess. The answer is Lockerbie Square and Woodruff Place. Congratulations Abby for taking the challenge and winning! Photos are copyright of Paula Henry and HometoIndy.com. All rights reserved.

Indianapolis Parks and Greenways - The History

2011-04-17T04:46:00-07:00

In 1864, the first park in Indianapolis opened after Governor Oliver P. Morton donated the land now known as Military Park for use as a recreational area. Today, Indianapolis is home to some of the nation’s finest parks and greenways. More than 100 years ago, forward-thinking officials hired George E. Kessler, a city and park planning expert and landscape architect from St. Louis, to design the Indianapolis Park and Boulevard System. Mr. Kessler studied botany, forestry, landscape design and civil engineering in his native Germany, and then returned to the United States in 1892 to pursue his livelihood. Mr. Kessler’s impressive career spanned 40 years, where his work and legacy spread through 100 cities across 23 states, Mexico and China. He worked on more than 230 projects including plans for cemeteries, communities, park and boulevard systems, estates and residents, fairgrounds, parks, and schools. The Indianapolis Park and Boulevard System was listed on the National Register of Historic Places in March 2003. The city now offers an extensive greenway system, with several trails completed and more under development. A greenway is defined as a corridor of undeveloped land, as along a river or between urban centers, that is reserved for recreational use or environmental preservation. A blueway is a water path or trail developed with launch points, camping locations and points of interest for canoeists and kayakers. Blueways are typically developed by state, county or local municipalities to encourage family recreation, ecological education and preservation of our wildlife resources. Today, Indy park facilities and amenities include: 207 parks 21 aquatic facilities/pools 58 miles of greenways 25 family centers 3 nature centers 13 golf courses 2 ice rinks 3 dog parks mountain bike trail conservatory arts center velodrome skate park BMX complex 127 playgrounds Spring has sprung and summer is just around the corner. No matter where you live, a park or greenway is not far away. Come out and enjoy what our beautiful city has to offer.

Who Will Win the Indy 500 in 2011?

2011-05-17T23:46:00-07:00

It's May in Indianapolis and the streets are getting busier as race fans get ready for the greatest spectacle in racing. I'm going to be a little creative this month. Obviously, the picture is of the entrance to the Indianapolis Motor Speedway. Now, the contest portion: Who do you think will win this years Indianpolis 500? First person to guess correctly (before race day) will win a $50.00 Visa gift card. Just leave your guess in the comments and I will email you if you win. Good Luck and have fun taking in all the excitement of race month.

Summer time Water Fun in Indianapolis

2011-06-05T19:54:00-07:00

Summer has finally arrived with temperatures in the 90 degree range. Admittedly, that is warmer than I like it, but hey, I won't complain, since I wasn't sure we would finally hit 70 degrees. Last weekend officially marked the opening of neighborhood and community pools in Indianapolis. School is also out and there is no place children would rather be than in the pool this time of year. Central Indiana has some great water parks if you are looking for a day worth of fun for the little one's. Actually, I think the adults enjoy water parks as much as the children do. Between water slides and aquatic gyms, diving pools and lazy rivers, there's a whole summer ahead to take in a water adventure or two. Here's some favorites of my friends and family. These parks feature outdoor water fun and some have indoor facilities as well. Just click on the link for more information about each facility. Splash Island in Plainfield - Splash Island has both indoor and outdoor facilities including a lazy river, water slides and diving pool. Gill Family Aquatic Center in Danville - Outdoor fun with a splash pad and zero depth entry pool, water slides and play features. Monon Community Center in Carmel - Easily the largest water park in Central Indiana featuring a lazy river, outdoor lap pool, play water features, zero depth activity pool. Both indoor and outdoor facilities. Indy Island Aquatic Center - Located east of Indianapolis, the Aquatic Center offers a leisure pool, water playhouse, slide and indoor facility with heated pool.

Your Next Home Program from Indiana Housing

2011-06-08T15:40:00-07:00

Indiana Housing has been instrumental in providing no downpayment loan programs for first time home buyers. They now offer a loan program for home buyers who are moving up or buying their next home, aptly named the 'Next Home' program. Many home sellers today are faced with breaking even after the sell of their home and do not have the additional funds to put a down payment on their next home. The new program from Indiana Housing offers up to 4% toward down payment and closing costs. So a home buyer can buy their next home with no money down. Highlights of the program: 4% given to home buyer (borrower) to be used toward down payment, closing costs or pre-paids. Seller can contribute up to 6% toward buyers closing costs and pre-paids. Income limits are higher No acquisition or purchase price limit No third party inspections No home buyer counseling classes Guidelines of the program: Minimum 650 credit score FHA loans only Income limits 0.125% of loan amount upfront fee payable to Indiana Housing There are quite a few differences between the first time home buyer program and the Next Home program. The most significant are the income and repayment of the down payment portion. Both programs require a second loan at zero interest for the down payment portion. The loan for first time home buyer's has to be repaid when the home is sold. With the Next Home program, the loan is forgiven after two years. The income guidelines for first time buyers is set by Indiana Housing guidelines and the Next Home uses FHA guidelines. A family of four, buying their next home in Indianapolis, using this program can have a household income up to $85,875.00. Good news is, first time home buyers can also use the Next Home program, allowing a higher income first time buyer to take advantage of lower upfront costs.This is a pilot program and Indiana Housing uses specific lenders for their programs. If you would like to know more about qualifying, contact us today @ 317-731-2319

Concerts on the Canal in Indianapolis

2011-06-09T18:35:00-07:00

Thursday Nights: Concerts on the Canal Kick off your weekend with an outdoor musical experience at the Eugene and Marilyn Glick Indiana History Center at 450 West Ohio Street in downtown Indianapolis. The 2011 Concerts on the Canal series features a spectacular lineup of jazz, blues and R&B entertainers. The concert series is held at The Kruse Family Stardust Terrace at the History Center on Thursday evenings through Aug. 11 from 6:00 to 8:00 p.m. Concert guests may bring their own food and nonalcoholic beverages, or purchase items from the on-site café, outdoor grill and cash bar. Chairs and blankets can be brought in for free seating or tables can be reserved, for a fee, on the terrace. Parking is available on a first-come basis. Come early if you’d like, as the Indiana Experience remains open until 6:00 p.m. on concert days. For prices, reservations and a complete concert series schedule, visit the Indiana History center website. Find Indianapolis Homes for sale near Canal Walk

Indy Welcomes New Resident at the Indianapolis Zoo

2011-06-17T16:47:00-07:00

A new resident recently arrived at the Indianapolis Zoo. A baby Atlantic bottlenose dolphin calf, believed to be a male, was born June 3 to mother Nova. The Zoo in Indianapolis is the only location in the Midwest where you can interact with dolphins. This video shows dolphins in training. The zoo has many wonderful exhibits year-round, and summer is a perfect time to come out and explore this downtown treasure. The zoo was the first facility to receive triple accreditation as a zoo, aquarium and botanical garden. The zoo opened in 1964 and is located in White River State Park. Tiger Forest is a new exhibit featuring the zoo’s three Amur Tigers. A glass viewing area allows visitors to observe these magnificent animals close enough to count their whiskers and claws! The zoo features flora and fauna from many diverse regions around the world. Temperate and tropicalforest creatures are housed in the forests biome, meerkats and reptiles are among the residents of the deserts biome, and a plethora of African dwellers are in the plains biome. The Oceans and Marine Mammals exhibits are also chock-full of wonderful adventures! Bats and warthogs are newly featured residents, and OMG! (Odd, Magical and Gorgeous!) Orchids, showcases the beautiful flora through Oct. 30. For more information about rates and hours, please visit www.indianapoliszoo.com Orchid picture courtesy of aussiegal on Flicker.

Wellington at Saratoga in Plainfield

2011-06-25T22:37:00-07:00

Patio Homes in Plainfield, Indiana Patio homes are becoming increasingly more popular, especially with empty nesters and young professionals. The maintenance free lifestyle attracts home owners who have had their fill of exterior maintenance and those of us who just don’t have time. I fit both those categories. Maintenance Free Living Wellington at Saratoga in Plainfield offers both Paired and Free Standing patio homes with the benefit of maintenance free living. Maintenance fees includes all lawn care including grass cutting, fertilization, mulch, trim bushes and trees, snow removal and common area maintenance. Time to take back your Saturdays! The community also features hot tub, swimming pool and great location adjacent to the Plainfield walk path. I personally toured the neighborhood a few weeks ago and was very impressed with the standard features available in the homes at Wellington. Features include: Pella Windows and DoorsCarrier Heating and Cooling SystemDelta FaucetsGranite or Staron Kitchen CountertopsRaised Panel CabinetsSolid Six Panel Interior DoorsStainless Steel AppliancesDecorative Casing and BaseboardsCrown Molding in Master BathroomHardwood or Tile Flooring in Entry, Kitchen and Baths Did you ever go visit the models of a new home builder and realize the price of the model is a whole lot more than the advertised base price? That is not the case with Larry Good Homes at Wellington. The base price includes the upgrades, they just don’t build anything less than quality. The Abbington I and II are paired ranch homes and start at $159,900. The Abbington I model has 1350 square foot of living space, including two bedrooms, 2 baths, living room, dining room and kitchen.The Abbington II adds another 400 square foot with an upstairs bonus room. The bonus room would be a great guest suite or additional entertainment area. Free standing patio homes start at $219,900 for 1650 square feet. All homes have an optional sunroom, and the free standing models offer optional bonus rooms, basements, 3 car garages and screened porches. As the builder says; “If you can dream it, they can build it.” If you’re thinking about a maintenance free community in Indianapolis, be sure to check out Wellington at Saratoga before you purchase. Call me and I will take you on a personal tour. Search all Homes for Sale in Saratoga Search Maintenance Free Communities in Indianapolis

Eagle Creek Real Estate Market Report - January 2009

2009-02-10T03:29:00-07:00

Once again, there were few sales in Eagle Creek. Three homes sold in Eagle Creek in January. A 5 bedroom 4.5 bath home in Ballinshire with 3656 square feet and a three car garage sold for $325,000. A 4 bedroom, 2.5 bath home with 2154 square feet and a 3 car garage sold in Eagle Creek Woods for $200,950. A 3 bedroom, 2.5 bath home with 1717 square feet and a 2 car garage sold in Coppermill for $151,500. There are currently 30 homes for sale in Eagle Creek ranging in price from $173,000 for a 4 bedroom, 2.5 bath home in Coppermill to a 5 bedroom, 5.5 bath home in Eagle Ridge with dock and waterview for $1,000,000. There are currently 8 condos for sale in Eagle Creek at Cobblestone ranging in price fron $69,900 for a 2 bedroom, 1 bath with 885 square feet and no garage to $140,000. for a 2 bedroom, 2.5 bath with 1549 square feet and a two car garage. Search all Homes for sale in Eagle Creek

Fishers Indiana Real Estate Market Report - January 2009

2009-02-10T02:06:00-07:00

In the month of January, there were 69 homes sold and closed within Fishers, Indiana Real Estate, compared to 83 homes sold in December. Of the 69 homes sold in January, 8 were distressed sales. The average price of all Fishers, Indiana homes sold was $216,714 The Median price of Fishers Indiana Real Estate was was not provided. The highest price Fishers, Indiana home sold was $565,000. The lowest priced Fishers, Indiana home sold was $97,000. The average Fishers real estate home sold was a 3 bedroom, 3 bath with 2344 square feet. The average Days on Fishers, Indiana, Real Estate Market for homes sold was 86 days, up from 82 days last month. The highest number of days on market was 267 days. There are currently 674 homes available for sale in Fishers, which gives us an absorption rate of 9.7 months. The highest price home sold in Fishers, Indiana was located in the golf course community of Brooks Crossing, featuring 5 bedrooms, 6 baths, finished basement, a three car garage and 6578 square feet. The home sold for $565,000. The lowest priced home sold was a bank owned home in Brooks Chase. The home features 3 bedrooms, 2.5 baths, 2 car garage and 2452 square feet. Fishers Indiana Homes

Carmel Indiana Real Estate Market Report - January 2009

2009-02-10T01:40:00-07:00

For the month of January, there were 61 homes sold and closed in Carmel, compared to 90 homes sold in December. Of the 61 homes sold in January, 3 were distressed sales, all bank owned properties. The average price of all homes sold in Carmel was $347,504 The Median price was was not provided. The highest price home sold was $1,400,000. The lowest priced home sold was $84,750. The average Carmel home sold was a 3 bedroom, 3 bath with 2705 square feet. The average Days on Market for homes sold was 89 days, up from 86 days last month. The highest number of days on market was 243 days. There are currently 846 homes available for sale in Carmel, which gives us an absorption rate of 13.8 months. The highest price home sold in Carmel was located in the gated community of Coppergate, featuring 6 bedrooms, 7 baths, theatre room, swimming pool, a three car garage and 11,700 square feet. The home sold for $1,400,000. The lowest priced home sold was a condo in Timber Creek. The home features two master bedrooms, 2 baths, no garage and 1072 square feet. Search All Carmel Indiana Homes for Sale

Danville Indiana Real Estate Market Report - January 2009

2009-02-09T23:47:00-07:00

For the month of January, there were 8 homes sold and closed in Danville, compared to 7 homes sold in December. Of the 8 homes sold in January, 4 were homes which were distressed sales; either bank owned, short sale, HUD or VA owned. The average price of all homes sold in Avon was $121,062 The Median price was was not reported. The highest price home sold was $265,000. The lowest priced home sold was $40,000. The average Danville home sold was a two bedroom, two bath with 1680 square feet. The average Days on Market for homes sold was 80 days, down from 102 days last month. The highest number of days on market was 161 days. There are currently 87 homes available for sale in Danville, which gives us an absorption rate of 10 months. The highest price home sold in Danville was in Stratford Ridge , featuring 3 bedrooms, three baths, an unfinished basement, a three car garage and 3665 square feet. The home sold for $265,000. The lowest priced home sold was a bankowned home with two bedroom, one bath, no garage, with 1152 square foot near downtown Danville and sold for $40,000. Search Danville Homes for Sale

Plainfield Indiana Real Estate Market Report - January 2009

2009-02-09T23:31:00-07:00

For the month of January, there were 13 homes sold and closed in Plainfield, compared to 17 homes sold in December. Of the 13 homes sold in January, 3 were homes which were distressed sales; either bank owned, short sale, HUD or VA owned. The average price of all homes sold in Avon was $135,100 The Median price was was $126,000. The highest price home sold was $236,500. The lowest priced home sold was $70,000. The average Plainfield home sold was a three bedroom, two bath with 1762 square feet. The average Days on Market for homes sold was 80 days, down from 87 days last month. The highest price home sold was on the market for 365 days. There are currently 162 homes available for sale in Plainfield, which gives us an absorption rate of 13.5 months. The highest price home sold in Plainfield was in Yorktown at Sratoga , featuring 4 bedrooms, three baths, an unfinished basement, a three car garage and 3726 square feet. The home sold for $236,500. The lowest priced home sold was a bankowned home with three bedroom, one bath, 1 car garage, with 1146 square foot, sold for $70,000. Search Plainfield Homes for Sale

Brownsburg Indiana Real Estate Market Report - January 2009

2009-02-09T23:02:00-07:00

For the month of January, there were 30 homes sold and closed in Brownsburg, compared to 40 homes sold in December. Of the 30 homes sold in January, 9 were homes which were distressed sales; either bank owned, short sale, HUD or VA owned. The average price of all homes sold in Avon was $147,285 The Median price was was not reported. The highest price home sold was $247,000. The lowest priced home sold was $95,000. The average Brownsburg home sold was a three bedroom, two bath with 2286 square feet. The average Days on Market for homes sold was 63 days, down from 78 days last month. The highest price home sold was on the market for 216 days. There are currently 332 homes available for sale in Brownsburg, which gives us an absorption rate of 11.0 months. The highest price home sold in Brownsburg was in Windfield in Pittsboro, featuring 3 bedrooms, two baths, a finished basement, a four car garage and 3023 square feet. The home sold for $247,000. The lowest priced home sold was a HUD owned home in Creekside Commons; a three bedroom, two and a half baths, 2 car garage, with 1717 square foot, sold for $95,000. Search all Brownsburg Homes for Sale

The Home Price Index Shows Home Values Increasing. Case-Shiller Agrees.

2009-11-27T06:35:00-07:00

It's official -- home prices are no longer in free fall. According to the Federal Housing Finance Agency, the Home Price Index posted its since 2007 last quarter. The news was reported Tuesday. The Home Price Index is an interesting metric. It's huge in its scope, accounting for every home sold in the country that backs a mortgage bound for Fannie Mae or Freddie Mac with two notable exceptions: It doesn't track new construction It doesn't track multi-unit homes Because the Home Price Index makes these specific exclusions, and because it doesn't account for FHA and jumbo mortgages, some analysts discount the HPI's relevance. They prefer the private-sector Case-Shiller Index instead. Now, to be fair, the Case-Shiller has its own set of flaws, too. For example, it excludes condos and co-ops, and only tracks sales in 20 cities nationwide. But, of all the private home valuation models, Case-Shiller is the most well-known and most widely-used. The Case-Schiller Index was also released Tuesday and the report showed the same results as its government-issued counterpart -- between the second and third quarter. When the Home Price Index and Case-Shiller Index reach similar conclusions, markets tend to buy-in. Home buyers should, too. Home values have likely bottomed and are starting to turn higher, as shown in two separate reports. High sales volume and dwindling supply are contributing factors. So are low mortgage rates and a tax credit. If you're on the fence about buying a home, at least consider your options. In 2010, homes are unlikely to be as cheap to buy, or as cheap to finance.

Carmel Indiana Real Estate Market Update – November 2009

2009-12-12T19:16:00-07:00

Carmel Indiana real estate market statistics indicate the last half of 2009 may be a turning point for home sales. While home prices aren’t back to the average sales price of the first quarter of 2008, the average sales price is remaining steady and the number of home sales in Carmel is up. In the home sales report for the first three quarters of 2008 vs 2009, you can clearly see the average price decline to it’s lowest point in the first quarter of 2009. By the end of the second quarter of 2009, the average home value was up to $304,270 and climbing. In November there were 103 condos and homes sold in Carmel, compared with 65 sold in November, 2008. Average Sales Price: $328,980 Single Family Home Sales: Homes Sold:89 Average price: $356,914 Average Days on Market: 92 Highest Price Home Sold: $1,964,196. Lowest Price Home Sold: $40,000 Condos Sales in Carmel: Condos Sold: 14 Average Price: $151,227 Average Days on Market: 93 Is this a trend we will see continue for Carmel? We’ll look at the fourth quarter next month, but it looks promising. Graphs are a look at the past two years for single family homes and condos combined. Carmel Indiana Home Sales Price Carmel Indiana Homes Sold

Brownsburg Real Estate Report - December 2009

2010-01-23T20:01:00-07:00

Brownsburg Indiana Home Sales Home Sales in Brownsburg for December 2009 were fairly equal to the number of homes sold in Brownsburg in November, however, the price point was a bit higher. Last month there were 41 sales for an average of $163,012, compared to November's 45 sales and an average prive point of $151,783. Averages don't really mean a whole lot except when studied over a long period of time. When we factor in short sales or bank owned properties in a specific area, averages tend to skew the whole. There were 10 distressed properties sold in Brownsburg in December; almost 25% of the sales. Distressed properties are homes which sold either through short sale or as a bank owned home. Brownsburg Indiana Subdivision Sales: The most popular neighborhoods and subdivisions in Brownsburg for sales last month were: Summeridge - 7 homes sold - average price of $239,275 Williamsburg Villages - 4 homes sold - average price of $189,375 Lakeridge - 3 homes sold - average price of $155,833 Highland Springs - 2 homes sold - average price of $262,500 Sugar Bush Condos - 2 condos sold - average price of $97,500 Comparing 2008 home sales in Brownsburg to 2009, we see the trend for average home price has dropped while the number of homes sold is trending up. As short sales and bank owned home sales continue to affect the real estate market, we will see some up and down trends thorughout the year. Copyright © 2010 by Paula Henry, All Rights Reserved. *Brownsburg Real Estate Report - December 2009 *

Avon Indiana Real Estate Market Report - January 2009

2009-02-09T22:34:00-07:00

For the month of January, there were 23 homes sold and closed in Avon, compared to 46 homes sold in December. Of the 23 homes sold in January, 9 were homes which were distressed sales; either bank owned, short sale, HUD or VA owned. The average price of all homes sold in Avon was $140,348 The Median price was was not reported. The highest price home sold was $415,000. The lowest priced home sold was $70,000. The average Avon home sold was a three bedroom, two bath with 1959 square feet. The average Days on Market for homes sold was 122 days, up from 68 days last month.The highest price home sold was on the market for 545 days, which increased the average days on market. There are currently 398 homes available for sale in Avon, which gives us an absorption rate of 17.3 months. The highest price home sold in Avon was a new build in Patterson Woods, featuring 4 bedrooms, four baths, a finished basement, a four car garage and 4355 square feet.The home sold for $415,000. The lowest priced home sold was a bank owned home in Wynbrooke; a two bedroom, two bath, 2 car garage, with 1100 square foot, sold for $70,000. Search all Avon Homes for Sale

Indianapolis Real Estate Market Report - December 2008

2009-01-31T18:46:00-07:00

There are currently 7620 homes for sale in Indianapolis in Marion County. Sales were up in December compared to November, with 100 more homes sold in December. There were 803 homes sold in December which represents 10.5% of the current inventory. Last month sales equaled 8.8% of the inventory. Township Active Sold Average Price Highest Price Wayne 915 98 $58,653 $169,000 Pike 674 62 $84,782 $292,000 Washington 1143 102 $167,347 $1,000,000 Lawrence 901 107 $111,168 $935,000 Warren 974 115 $60,101 $256,000 Franklin 503 53 $118,846 $325,000 Perry 580 75 $95,811 $373,000 Decatur 201 36 $77,135 $157,000 Beech Grove 68 11 $79,700 $254,900 Speedway 53 7 $109,214 $165,000 Center NE 938 85 $42,345 $440,000 Center NW 177 9 $45,925 $281,300 Center SE 437 41 $22,887 $86,000 Center SW 56 2 $84,450 $141,900 The average price for Indianapolis home sales was $87,053. The average home was three bedroom, two baths with 1589 square feet. The average days on market was 93 days. The highest priced home sold was in Washington Township at Meridian Knolls; a 1929 historical colonial with six bedooms, 6 baths and 7696 square foot, which sold for $1,000,000. The lowest priced home sold was a bank owned, 4 bedroom, 2 bath home, with 2700 square feet, located at 16th and Lafayette Rd, selling for $2500. Of the 803 homes sold in November, 402 homes were distressed property sales. This broke last months number of bank owned and short sale properties sold. It represents 50% of the homes sold in Marion County last month were in some stage of foreclosure or were bank owned. There were 220 foreclosed properties which sold for less than $50,000. The highest priced distressed property sale was in Lawrence Township at Feather Cove at Geist. The home featured 4 bedrooms, 4 baths, boat dock, 5062 square feet and sold for $320,000. Last months highest priced bank owned home also sold in Feather Cove. The lowest priced home sold was the $2500.00 homes previously mentioned. The average price for distressed property sales was $51,316.

Danville Indiana Real Estate Market Report - December 2008

2009-01-31T18:17:00-07:00

For the month of December, there were 7 homes sold and closed in Danville compared to 9 homes sold in November. Of the 9 homes sold in November, 1 home was a distressed property sales. The average price of all homes sold in Danville was $121,128 The Median price of homes sold was $145,000. The highest price home sold was $160,000. The lowest priced home sold was $25,000. The average Danville home sold was a three bedroom, two bath with 1685 sq. ft. The average Days on Market for homes sold was 102 days, up from 100 days in November. There are currently 90 available homes for sale in Danville, which gives us an absorption rate of 10.0 months. Search all Danville Homes for Sale

Plainfield Indiana Real Estate Market Reports - December 2008

2009-01-28T18:59:00-07:00

For the month of December, there were 17 homes sold and closed in Plainfield compared to 27 homes sold in November. Of the 17 homes sold in December, 5 were homes which were distressed sales; all bank owned sales. The average price of all homes sold in Plainfield was $149,814. The Median price was not provided. The highest price home sold was $430,000. The lowest priced home sold was $54,900. The average Brownsburg home sold was a three bedroom, two bath with 1863 sq. ft. The average Days on Market for homes sold was 87 days, down from 121 days last month. The highest priced home sold in Plainfield was a new built home in Providence Estates, featuring four bedrooms, four baths, a three car garage, finished basement and 4410 square feet of living space. The lowest priced home sold was a 2 bedroom, 2 bath home with a 1 car garage and 1056 square feet, located in Clarks Creek. There are currently 167 homes available for sale in Plainfield, which gives us an absorption rate of 9.8 months. Search Plainfield Indiana Homes for Sale

Traders Point Real Estate Market Report - December 2008

2009-01-28T18:41:00-07:00

For the month of December, there were 5 homes sold and closed in Traders Point compared to 10 homes sold in October. Of the 15 homes sold in December, 3 homes were distressed property sales. The average price of all homes sold in Traders Point was $157,480 The Median Price of homes sold was $195,000 The highest price home sold was $310,000. The lowest priced home sold was $62,000. The average Traders Point home sold was a three bedroom, three bath with 2754 sq. ft. The average Days on Market for homes sold was 123 days, down from 137 days last month. The highest priced home sold in Traders Point was a 4 bedroom, 6 bath home in Huntington Estates. The home featured a finsihed badement, 3 car garge and 4333 square foot of living space. The lowest priced home sold was a three bedroom, two bath, bank owned property with 1522 square foot, located on Lafayette Road. There are currently 97 available homes for sale in Traders Point, which gives us an absorption rate of 19.4 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of homes which were sold between 12/1/2008 and 12/31/2008 and listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis real estate market.

Fishers Indiana Real Estate Market Reports - December 2008

2009-01-28T18:12:00-07:00

For the month of December, there were 83 homes sold and closed in Fishers compared to 75 homes sold in November. Of the 75 homes sold in December, 6 homes were distressed property sales. The average price of all homes sold in Fishers was $213,062. The highest price home sold was $1,175,000.. The lowest priced home sold was $101,000. The average Fishers home sold was a three bedroom, two bath with 2274 sq. ft. The average Days on Market for homes sold was 82 days, down from 84 days last month. The highest priced home sold in Fishers was a 5 bedroom, 8 bath new built home at The Horizon. Featuring a finished walk out basement, home theatre room, 4 car garage and 9289 square feet of living space. The lowest priced home sold was a three bedroom, two and a half bath home in Brooks Chase, with a 2 car garage and 1808 square feet. There are currently 655 available homes for sale in Fishers, which gives us an absorption rate of 7.9 months. Search Fishers Homes for Sale

Carmel Indiana Real Estate Market Reports - December 2008

2009-01-26T19:47:00-07:00

For the month of December, there were 90 homes sold and closed in Carmel compared to 64 homes sold in November. Of the 90 homes sold in December, 15 homes were distressed property sales. The average price of all homes sold in Carmel was $341,942. There are no figures for Median price. The highest price home sold was $1,615,000. The lowest priced home sold was $46,000. The average Carmel home sold was a three bedroom, three bath with 2765 sq. ft. The average Days on Market for homes sold was 86 days, up from 74 days last month. The highest priced home sold in Carmel in December was a country estate located at 106th and Meridian. The home featured six bedrooms, seven bathrooms, a finished walkout basement, 4 car garage and 10,189 square feet of lving space. The lowest priced home was a bank owned home with 964 square foot home. Located in Homeplace, the home has 3 bedrooms, 1.5 baths and no garage. There are currently 775 available homes for sale in Carmel, which gives us an absorption rate of 8.6 months. Search All Carmel Indiana Homes for Sale

Zionsville Indiana Real Estate Market Report - December 2008

2009-01-26T18:40:00-07:00

For the month of December, there were 26 homes sold and closed in Zionsville compared to 15 homes sold in November. There were no distressd property sales in Zionsville in December. The average price of all homes sold in Zionsville was $334,738. The Median price was $233,597. The highest price home sold was $2.067,000. The lowest priced home sold was $110,000. The average Zionsville home sold was a three bedroom, three bath with 2477 sq. ft. The average Days on Market for homes sold was 111 days, up from 85 days last month. The highest priced home sold in Zionsville was a 20 room estate home in Willow Ridge, featuring 5 bedroom, 7 bathrooms, with 8281 square foot, a finished basement, and a 4 car garage, on 2.2 wooded acres. The lowest priced home sold was a two bedroom, 1 bath home with 1212 square foot, a two car garage. The home is not in a subdivision and sold in 49 days, There are currently 292 available homes for sale in Zionsville, which gives us an absorption rate of 11.2 months. Search Homes for Sale in Zionsville

Brownsburg Indiana Real Estate Market Report - December 2008

2009-01-26T16:10:00-07:00

For the month of December, there were 40 homes sold and closed in Brownsburg compared to 35 homes sold in November. Of the 40 homes sold in December, 8 were homes which were distressed sales; 7 were bank owned and 1 was sold as a short sale. The average price of all homes sold in Brownsburg was $154,825. The Median price was $139,450. The highest price home sold was $341,484. The lowest priced home sold was $62,900. The average Brownsburg home sold was a three bedroom, two bath with 2007 sq. ft. The average Days on Market for homes sold was 78 days, up from 60 days last month. Median days on market was 59 days. The highest priced home sold in Brownsburg was a four bedroom, three bath home with a three car garage, unfinished basement on a nine acre private nature reserve, located in Rivers Edge. The lowest priced home sold was a three bedroom, 2 bath home with a 1 car garage and 1372 square feet, located in Prairie Village. There are currently 311 homes available for sale in Brownsburg, which gives us an absorption rate of 8.8 months. Search all Brownsburg Homes for Sale

Avon Indiana Real Estate Market Report - December 2008

2009-01-26T15:57:00-07:00

For the month of December, there were 46 homes sold and closed in Avon, compared to 49 homes sold in November. Of the 46 homes sold in November, 17 were homes which were distressed sales; 17 were bank owned and none were sold as a short sale. The average price of all homes sold in Avon was $162,378 The Median price was $135,000. The highest price home sold was $413,805. The lowest priced home sold was $78,403. The average Avon home sold was a three bedroom, two bath with 2252 square feet. The average Days on Market for homes sold was 68 days, down from 92 days last month. There are currently 380 homes available for sale in Avon, which gives us an absorption rate of 8.2 months. The highest price home sold in Avon was a new build by Drees Homes in Woodcreek Crossing, featuring 4 bedrooms, three baths, a finished basement, a three car garage and 5227 square feet. The home sold for $413,805. The lowest priced home sold was a HUD owned home in Avon Trails; a three bedroom, two bath, 2 car garage, with 1224 square foot, sold for $78,403. Search Avon Homes for Sale Indianapolis Real Estate Blog , written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, an at Keller Williams Realty, serving the Indianapolis and Avon Indiana real estate markets. 317–605–4174

Eagle Creek Real Estate Market Report - December 2008

2009-01-28T19:22:00-07:00

There were no single family homes sold in Eagle Creek in December. There are currently 22 homes available for sale in Eagle Creek, ranging in price from $194,899 to 1,275,000. There were two condo sales at Cobblestone: One was a two bedroom, one and a half bath with one car garage and 1211 square feet, sold for $68,000. The other was a two bedroom, one and a half bath with a 2 car garage and 1365 square foot, which sold for $118,900 Search all Homes for sale in Eagle Creek Search Eagle Creek Condo for sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 12/1/2008 and 12/31/2008. Available homes were active on 1/28/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Henry Group, at Red Door Real Estate, serving the Indianapolis and Eagle Creek real estate markets. Contact Paula – 317–605–4174

Pine Trees Dying in Many Indianapolis Subdivisions

2011-08-14T18:53:00-07:00

Are there dead pine trees in your Indianapolis Neighborhood? No matter what part the city you are in, you're sure to see the dead pine trees. So, what happened? Was it the ice storm we had this past winter? That was my initial thought, but we're talking pine trees here. They were grown for the winter. The pine trees in these pictures are a common site in many subdivisions and neighborhoods. Thankfully, it wasn't the winter. Unfortunately, the cause was a deadly chemical manufactured by DuPont. The chemical is a weed killer used by many landscaping companies and homeowners around the city. In a press report, Grossman Roth, a trial firm in Florida, has filed a class action suit in Indianapolis on behalf of Prestwick Country Club. Prestwick Country Club is a private golf course in Avon, Indiana. Golf courses around Indianapolis have lost hundreds of pine trees. Winding Ridge in Lawrence claims they have lost more than 130 trees and the estimated damage to golf courses and communities around the country are expected to reach billions of dollars. The pine trees most susceptible to damage from the weedkiller, are the White Pine and Norway Spruce.

Are Loan Modifications Working?

2008-12-09T19:02:00-07:00

Heres some news which really doesn't surprise me. Earlier this year and under pressure from the government, mortgage lenders made more than 200,000 loan modifications to delinquent homeowners. The modifications came in one of three forms, or a combination: Interest rate reduction Loan term extension Principal forgiveness But despite the modifications, as of October 1, more than half of the homeowners that received assistance were already two months behind on their modified monthly payments. This late-pay statistic was a focal point on Capitol Hill yesterday as the government admitted delinquencies 'were larger than [they] thought they'd be'. Loan modifications are proving inadequate at slowing foreclosures and yesterday's session opened the door to more effective foreclosure prevention measures. Recent statistics indicate 1 of every 10 homeowners is in default. However, of all of the statistics published, there was one of particular interest. Based on its loan modifications to-date, the FDIC has found that modified borrowers default far less when new monthly payments are less than 38 percent of monthly household income. This is important because Freddie Mac guidelines for ordinary mortgage applicants currently cap that rate at 45 percent. If the 38 percent figure holds up long-term, it may lead mortgage lenders to permenantly reduce maximum debt-to-income allowances. Already, mortgage insurers have taken this step so it's not out of the question for lenders. Tighter guidelines mean fewer mortgage approvals. If you're unsure of whether now is a good time to buy a home, consider that mortgage rates are low, mortgage guidelines are tightening, and foreclosure prevention efforts reduce the supply of available homes. Prices may not have bottomed, but the market is giving everyone a lot of reasons to consider buying now.

What is a Short Sale?

2008-12-31T06:16:00-07:00

A short sale is the process by which a homeowner sells their home for less than what is owed to the current lender or lenders or when the cost to sell a home does not cover the current balance due the lender. A short sale is one option for homeowners who are facing foreclosure. It's not quite as easy as it sounds, but not as difficult as many believe. Properties sold short are always subject to lender approval. Many banks require the home be listed on the local MLS by a Realtor. I have had some banks tell my clients they have to have the home on the market for three months before they will consider a short sale. Although banks will always do their own BPO's and appraisals, when you are listed with a local realtor, we can judge the market based on price of recently sold, through price reductions and feedback more thoroughly. This is crucial data we can present to the bank on your behalf when we do receive an offer. The homeowner who decides a short sale is an option for their circumstances will need to complete a package which is required by the bank with several documents, including, but not limited to: 2 years tax returns 2 pay check stubs or profit/loss statement for self employeed Hardship Letter - detailing the circumstances which led to the default Authorization to Release Information - allows the bank to speak to your Realtor Financial Worksheet Listing Agreement If the home was financed using an FHA loan, there are additional steps which need to be taken: FHA loans have specific guidelines for participation in the short sale process. The homeowner must adhere to the preforeclosure sales procedure for FHA loans, which includes homeownership counseling. Homeownership counseling provides the homeowner with information on all their options. You may find an alternative to foreclosure which is better for your particular situation. Search here to find a HUD approved Counseling Agency in the Indianapolis area. If you are facing foreclosure and believe a short sale may be an option for you, contact me for a confidential consultation.

Indianapolis Foreclosure Statistics 2003 - 2009

2009-07-19T13:53:00-07:00

Recently, I was asked to provide some data about the state of foreclosures in Indianapolis and how it is affecting the economy. It was an eye-opening excercise, but certainly not surprising. While the data reveals the state of foreclosures in Indianapolis (Marion County), the depth of what the statistics doesn’t reveal is mind boggling. The far reaching effect of foreclosures in many areas of Marion County will probably not be known for several years. I certainly have opinions about how we reached this point, which I’ll write about next; first I’ll show you the statistics. *2009 data through 6/30/2009 *YonY = year on year % increase Although I’m not a big gambler, I’m willing to bet the % of foreclosures in Indianapolis was less than 2003 or close to the same percentage. Back then we ranked in the top 10 states for % of foreclosures, often in the top three. Right now, we rank #13. Staggering………….

Numbers, Numbers, Numbers

2009-01-14T10:14:00-07:00

Ever wonder why words packaged in threes make more sense. I don’t have the answer, but the title would not sound the same if I stopped at two. Now that’s out of the way – here’s the start for the NUMBERS. By the end of the weekend, I hope to have my monthly and yearly compulations posted. These numbers are for all of Indianapolis area served by our local real estate board for the month of December. Once I have all areas complete, we will see how the numbers change for different areas and towns. Number of Transactions – Properties Sold Current Month: 1,382 One month change: -19.88% One year change: -29.24% Active Inventory Current Month: 18,040 One Month Change: -10.34% One Year Change: -24.22% Month’s Supply of Inventory Current Month: 13.1 Days on Market Current Month: 93 One Month Change: – 0.96% One Year Cange: -6.82% Median Price – Sold Current Month: $102,950 One Month Change -10.48% One Year Change: -10.48%

Indianapolis Home Sales - Comparing Foreclosure Sales 2007-2008

2009-01-06T04:07:00-07:00

Soon, I’ll start pulling together the information for both December 2008 market reports and the year on year comparisons. Last month I started a comparison report for 2007 vs. 2008 of home values and percentages of foreclosures versus the number of homes sold. As December data continues to come in, I will adjust the numbers mid-month. Well, all I can say is – there are a lot of foreclosures out there which are affecting the average price and the number of resale homes being sold. Mostly, because the low price value of foreclosure homes. Of the 7091 foreclosed homes sold in 2008, 3293 of them sold for $50,000. or less. The average numbers of homes sold was down every month in 2008, except for the month of September, which, coincidentally, was the last month homebuyers could use a down payment assistance program, such as Nehemiah. The average price was also down for each month. Considering the average foreclosure home price was also down, this makes sense. Although there wasn’t a huge difference in the number of foreclosed properties( about 10%) in the Indianapolis area, the percentage of foreclosures was up significantly. Foreclosures represented a total of 19.8% of last years sales and 27.9% of all sales for 2008. Last year there were 32,388 sold properties in all of Metropolitan Indianapolis. This year, there were a total of 25,369 homes sold, which means total home sales were down by 27.7%, overall. I’ll roll out the market reports for individual cities over the next few weeks. If you would like to see your city here, let me know. All information is compiled from the Metropolitan Indianapolis Board of Realtors and is deemed reliable, but not guaranteed.

Spinning the Averages

2009-01-04T08:19:00-07:00

It’s time for all the year end statistics and market reports to be calculated and published. While some will offer doom and gloom, others will paint a rosy picture. Somewhere in between the two is the truth. Everyone has their own spin! You’ve heard me say it before; averages are just that and do not apply to a specific neighborhood. When the media says the average home prices have decreased by xx% – it is an overall average. Does this mean averages don’t matter? Not at all! If you are going to use averages, though, they must paint a true picture on a local level to offer significant value. Even on a local level, the numbers must be evaluated for accuracy. Now, a bit about how our local board reports averages. When a home is listed and doesn’t sell, it is what we call an expired listing. At that point the previous days on market are gone and are not calculated. Same thing happens when we have a price change. When the home does sell, the numbers (averages) are posted based on the current list price and days on market. It’s just the way our system calculates. How does that affect the Days on Market and List/Sale Ratios? Let’s take a look: Of the 16 homes sold in an Indianapolis suburb last month, here’s a few examples of how the true numbers create a different outcome to the averages. For the record; SP/LP = Sales Price vs. List Price. One home shows it sold in 127 days on the market. The final list price at the time of sale was $499,900 and the home sold for $465,000, which is 93% of list price. A little lower than the average or median SP/LP shown. The real numbers – The home was actually listed for three months, then off the market for three weeks, then back on the market. The original list price was $549,000, then went down to $529,000 and was re-listed at $529,900. The actual days on market for this home was 217 and the SP/LP was 84% of the original list price. Another one – Home shows it sold in 29 days at 91% of List Price. It was actually on the market for 6 months, expired, then was listed again. The real numbers – 209 days on market at 83.9% of the original list price. One more – Although the days on market are correct on this one – the actual SP/LP ratio will affect the averages reported.The home was listed at $129,900, when it it sold, and it sold for $125,900, which is 96.9% of list price. The original list price was $169,900, which makes the SP/LP ratio 74%. Why look at these numbers? For me, it’s a matter of local knowledge and I guess the same answer could hold true for you, because if you are thinking about selling your Indianapolis home, these are the numbers you want to know for your neighborhood. Thanks for reading! Tags: Indianapolis+real+estate, Market+Statistics

Monon over Fall Creek

2011-03-16T22:39:00-07:00

Waiting for Spring in Indianapolis. Although a bit barren right now, soon the trails will be full of people walking, running, riding their bikes, picking wildflowers and the trees will begin to bud. I can't wait!

Fishers Home Sales Report - July 2008

2008-08-20T14:29:00-07:00

For the month of July, there were 158 homes sold and closed in Fishers Indiana; 32 more than June. The highest price home sold was $1,125,000. The lowest priced home sold was $87,500. The average Days on Market for homes sold was 64 days, down form 76 in June. The average Fishers home sold was a three bedroom, two bath with 2338 square feet and sold for $223,310. There are currently 843 homes available for sale in Fishers, which gives us an absorption rate of 5.33 months. Average days on market and absorption rate will vary by price range. Search Fishers Homes for Sale Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Fishers Indiana real estate markets. Call Paula - 317–605–4174

Chapel Glen Subdivision in Indianapolis

2008-03-28T07:55:00-07:00

Are you looking for a home in an established neighborhood in Indianapolis? Welcome to the community of Chapel Glen in Wayne Township! Chapel Glen is a long time favorite of buyers searching for homes on Indianapolis' west side. You'll enjoy the beauty of nature everyday living in this community. Situated on tree lined streets, the homes in Chapel Glen are meticulously maintained, as is the community grounds. The community amenities include walking trails, a park, playground, basketball court, tennis court, swimming pool and public school. Come out and see for yourself the reason this neighborhood has remained a favorite. The homes currently available include brick ranches, two-story and tri-levels, ranging in size from 1466 sq. ft to over 3200 sq. ft. Several homes have a basement. There sure to be a home to suit your family's needs and lifestyle. Search Chapel Glen Homes for Sale Search All Homes for Sale in Wayne Township

Indianapolis Real Estate at the Bottom of the List

2008-07-21T19:55:00-07:00

Home buyers seem to be concerned about the future value of the home they buy today. And, rightfully so! The national media makes it sound like all real estate markets are in deep trouble. Not the case; all real estate is local. If you are in the market to buy a home in Indianapolis, you will love the latest news from PMI Group. PMI Mortgage Insurance Company recently released it’s Market Risk Index of the 50 largest Metropolitan Statistical Areas (MSA). These are the people who insure residential mortgage loans. In plain english, the company rates major cities for the risk of property values being less in two years than they are today. At the bottom of the list is Indianapolis-Carmel. They rate the entire area of Metropolitan Indianapolis. In this case, it’s a good thing to be at the bottom. The Indianapolis-Carmel real estate market has less than 1% chance of property values declining in two years. This is the list of cities who rank at the bottom. Milwaukee-Waukesha-West Allis, Wisconsin Cleveland-Elyria-Mentor, Ohio Austin-Round Rock, Texas Denver-Aurora, Colorado Charlotte-Gastonia-Concord, North Carolina-South Carolina Kansas City, Missouri-Kansas Columbus, Ohio Cincinnati-Middletown, Ohio-Kentucky-Indiana Indianapolis-Carmel, Indiana San Antonio, Texas Houston-Sugar Land-Baytown, Texas Pittsburgh, Pennsylvania Dallas-Plano-Irving, Texas Fort Worth-Arlington, Texas To read the full report, click here. Related Posts: Compare Real Estate Markets in the US Indianapolis Ranked 6th Best Bargain Market

Living at Eagle Creek

2008-10-25T20:02:00-07:00

While driving down 56th street today, I again marveled at the beauty of Eagle Creek. When you pass Eagle Creek area off 56th Street, it is no longer a creek, it is the Reservoir. It is one of the most beautiful places in Indianapolis. Immediately off the exit is the entrance to Eagle Creek Park and if you have never been, Fall is a wonderful time of year to enjoy a drive through the park. As you travel west, you cross the bridge over the Reservoir and today the sailboats were out, the sun was just starting to peek through the clouds and the fall colors made me want to stop right there to take pictures and enjoy a bit of the magnificence of the beauty. It must be wonderful to live along the reservoir and wake up to the sounds and beauty of the natural surroundings here. It's a bit of heaven in the center of Indiana. Take the drive someday and see for yourself. Search Eagle Creek Homes for Sale

Defining Average Vs. Median Home Prices

2008-12-21T07:40:00-07:00

One of the terms which is least understood and most overused in real estate is “average”. It gets used a lot in news media coverage of the real estate industry; I guess, simply because there is not a more definitive way to describe price or days on market. Let's take a look at how average and median numbers are used in determining value. I'll use the following graph to look at the numbers. This graph is the statistics for an Indianapolis suburb for the month of November, 2008. Averages Averages are determined by grouping together properties in a specific area, adding together all the numbers (X) and dividing by another set of numbers (Y) to arrive at (A). If X = the total dollar volume and Y = the total number of homes sold, then A is the average. The problem with averages is, they are usually given for a large area. In this graph X=$19,846,941.00; Y= 67; giving A a value of $296,223. Therefore, the average price of homes sold in this city for last month was $296,223. Enter Median Median price or Days on Market are determined by different set of factors, using the same data. X = Highest, while Y = Lowest and A = Median. Median is the price at which there were as many homes sold which were more than the median price and as many homes sold which were less than the median price. In the above graph for the month, the median price was $255,600. Neither adequately provide enough information to determine the value of a particular neighborhood or home. The numbers using either method are generally too diverse to establish anything other than the average price for a given area in a specific time frame. Days on Market By using the same graph, you can see how the statistics for days on market are also influenced by the overall averages. One home took 207 days to sell and one home took 0 days to sell, so is 71 really an average? If I remove the high and the low, the new average becomes 67 days. Still close! The Median number is lower. Averages and Median price or days on market are best used when applied to a specific property or neighborhood, using comparable properties of equal value, square footage and similar amenities. Square Footage Another popular use of averages is for determining the cost per square foot. In the chart you can see for yourself the diverse difference between average and median cost per square foot. Let me just say, for the record, a single level home will sell for more per square foot than a two story home. The rest is determined by location. amenities and recent comparable sales of similar properties. Price per square foot can be used to assist in determining value, when combined with all other factors. Sale Price vs. List Price The sales price vs. list price averages really don't help at all in determining value. Some believe the numbers can help determine the % of asking price they can take off the price of the home. The number can assist us in finding the right price at which to sell or buy a home, when applied to an individual neighborhood, by looking at the original price vs. the sold price of similar poperties. More to come about the accuracies of using this data when determining value. To really get an idea of values for your home or neighborhood, you have to look at the numbers on a very local level. If you read this far, Thanks!

Danville Real Estate Market Report - November 2008

2008-12-27T20:42:00-07:00

For the month of November, there were 9 homes sold and closed in Danville compared to 11 homes sold in October. Of the 9 homes sold in November, 2 homes were distressed property sales. The average price of all homes sold in Danville was $160,335. The highest price home sold was $360,000. The lowest priced home sold was $88,000. The average Danville home sold was a three bedroom, two bath with 2103 sq. ft. The average Days on Market for homes sold was 100 days, up from 78 days in August. There are currently 89 available homes for sale in Danville, which gives us an absorption rate of 10.0 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 11/1/2008 and 11/30/2008 and listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Danville Indiana real estate markets.

Plainfield Real Estate Market Report - November 2008

2008-12-27T20:34:00-07:00

For the month of November, there were 27 homes sold and closed in Plainfield compared to 25 homes sold in October. Of the 27 homes sold in November, 5 homes were distressed property sales. The average price of all homes sold in Plainfield was $118,649. There Median price was $98,500. The highest price home sold was $291,500. The lowest priced home sold was $27,000. The average Plainfield home sold was a three bedroom, two bath with 1834 sq. ft. The average Days on Market for homes sold was 121 days, up from 60 days last month. There are currently 162 available homes for sale in Plainfield, which gives us an absorption rate of 6.0 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 11/1/2008 and 11/30/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Plainfield Indiana real estate markets.

Traders Point Real Estate Market Report - November 2008

2008-12-27T19:16:00-07:00

For the month of November, there were 10 homes sold and closed in Traders Point compared to 14 homes sold in October. Of the 10 homes sold in November, 2 homes were distressed property sales. The average price of all homes sold in Traders Point was $231,360. The Median Price of homes sold was $253,650 The highest price home sold was $500,000. The lowest priced home sold was $37,000. The average Traders Point home sold was a three bedroom, three bath with 2648 sq. ft. The average Days on Market for homes sold was 137 days, up from 108 days last month. There are currently 100 available homes for sale in Traders Point, which gives us an absorption rate of 10 months. Average days on market and absorption rate will vary by price range. _________________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of homes which were sold between 12/1/2008 and 12/31/2008 and listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis real estate market.

Fishers Indiana Real Estate Market Report - November 2008

2008-12-27T19:00:00-07:00

For the month of November, there were 75 homes sold and closed in Fishers compared to 91 homes sold in October. Of the 75 homes sold in November, 10 homes were distressed property sales. The average price of all homes sold in Fishers was $254,118. The highest price home sold was $2,000,000. The lowest priced home sold was $72,500. The average Fishers home sold was a three bedroom, three bath with 2453 sq. ft. The average Days on Market for homes sold was 89 days, up from 94 days last month. There are currently 843 available homes for sale in Fishers, which gives us an absorption rate of 11.2 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes sold between 11/1/2008 and 11/30/2008 and were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Fishers Indiana real estate markets.

Carmel Indiana Real Estate Market Report - November 2008

2008-12-27T18:52:00-07:00

For the month of November, there were 64 homes sold and closed in Carmel compared to 69 homes sold in October. Of the 64 homes sold in November, 6 home were distressed property sales. The average price of all homes sold in Carmel was $294,796. There are no figures for Median price. The highest price home sold was $844,262. The lowest priced home sold was $41,500. The average Carmel home sold was a three bedroom, three bath with 2593 sq. ft. The average Days on Market for homes sold was 74 days, down from 81 days last month. There are currently 781 available homes for sale in Carmel, which gives us an absorption rate of 12.2 months. Search All Carmel Indiana Homes for Sale Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Carmel homes which were sold between 11/1/2008 and 11/30/2008, which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Carmel Indiana real estate markets. Call Paula - 317–605–4174

Zionsville Indiana Real Estate Market Report - November 2008

2008-12-27T18:32:00-07:00

For the month of November, there were 15 homes sold and closed in Zionsville compared to 27 homes sold in October. Of the 15 homes sold in November, 1 home was bank owned. The average price of all homes sold in Zionsville was $339,033. The Median price was $241,241. The highest price home sold was $1,380,000. The lowest priced home sold was $98,000. The average Zionsville home sold was a three bedroom, three bath with 2363 sq. ft. The average Days on Market for homes sold was 85 days, up from 61 days last month. Median days on market was 78 days. There are currently 297 available homes for sale in Zionsville, which gives us an absorption rate of 19.8 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis real estate sold between 11/1/2008 and 11/30/2008, which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Zionsville Indiana real estate markets.

Brownsburg Indiana Real Estate Market Report - November 2008

2008-12-27T18:17:00-07:00

For the month of November, there were 35 homes sold and closed in Brownsburg compared to 39 homes sold in October. Of the 35 homes sold in November, 12 were homes which were distressed sales; 11 were bank owned and 1 was sold as a short sale. The average price of all homes sold in Brownsburg was $145,404. The Median price was $129,900. The highest price home sold was $295.749. The lowest priced home sold was $49,500. The average Brownsburg home sold was a three bedroom, two bath with 2154 sq. ft. The average Days on Market for homes sold was 60 days, down from 100 days last month. Median days on market was 45 days. There are currently 332 homes available for sale in Brownsburg, which gives us an absorption rate of 9.4 months. Search all Brownsburg Homes for Sale Average days on market and absorption rate will vary by price range. _______________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 11/1/2008 and 11/30/2008, which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Brownsburg Indiana real estate markets. Call Paula - 317–605–4174

Avon Indiana Real Estate Market Report - November 2008

2008-12-27T17:24:00-07:00

For the month of November, there were 49 homes sold and closed in Avon, compared to 39 homes sold in October. Of the 49 homes sold in November, 13 were homes which were distressed sales; 12 were bank owned and 1 was sold as a short sale. These are the exact same numbers as last month, which indicates a smaller percentage of homes sold were distress sales. The average price of all homes sold in Avon was $140,268 The Median price was $137,000. The highest price home sold was $235,000. The lowest priced home sold was $75,006. The average Avon home sold was a three bedroom, two bath with 2105 square feet. The average Days on Market for homes sold was 92 days, up from 82 days last month. Median days on market was 52 days. There are currently 397 homes available for sale in Avon, which gives us an absorption rate of 8.1 months. Average days on market and absorption rate will vary by price range. Search All Avon Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 11/1/2008 and 11/30/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog , written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Avon Indiana real estate markets. Call Paula: 317–605–4174

Eagle Creek Real Estate Market Report - October 2008

2008-11-24T04:58:00-07:00

For the month of October, there were 2 homes sold and closed in Eagle Creek. For the purpose of describing properties sold in Eagle Creek, I use two areas. The traditional area of homes and neighborhoods which border the reservoir, as indicated on the map. These include homes and neighborhoods between Reed Road to the east, Raceway Road to the west, 56th Street to the north and south to 42nd Street. The other area, which is generally accepted as Eagle Creek is The Preserves at Eagle Creek, which is located northwest of the reservoir and does not actually border Eagle Creek. There was one home sold in October in The Preserve at Eagle Creek. A five bedroom, five bath home with full basement and 5525 square feet sold for $520,000. The other sold was a condo at Cobblestone; a two bedroom, two bath unit with 1152 square feet sold for $55,000. It was a bank owned property. Search all Homes for sale in Eagle Creek Search Eagle Creek Condo for sale Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 10/1/2008 and 10/31/2008. Available homes were active on 1/28/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Eagle Creek real estate markets. Contact Paula – 317–605–4174

Indianapolis Real Estate Market Report - October 2008

2008-11-24T03:15:00-07:00

There are currently 8553 homes for sale in Indianapolis in Marion County. This is down from lasts months 9138 active properties. There were 810 sold properties, compared to 920 last month. The largest number of sales were in Wayne and Washington Townships. Township Active Sold Average Price Highest Price Wayne 992 118 $54,579 $183,000 Pike 743 82 $121,705 $635,000 Washington 1253 113 $169,009 $600,000 Lawrence 1063 100 $153,020 $1,165,000 Warren 1042 97 $62,768 $190,000 Franklin 539 54 $140,816 $360,000 Perry 652 65 $108,154 $444,100 Decatur 257 31 $82,686 $154,900 Beech Grove 94 19 $83,600 $125,000 Speedway 51 3 $84,833 $107,000 Center NE 1099 61 $93,998 $524,900 Center NW 203 14 $56,422 $532,500 Center SE 507 47 $26,759 $124,000 Center SW 58 6 $22,900 $65,000 The highest priced home sold in Marion County was in Lawrence Township. A Geist waterfront home featuring five bedrooms, five baths, four car garage, finished basement and 8832 square feet. The lowest priced home was sold in Center NE for $2000.00; a three bedroom, one bath home with 1000 square feet. Of the 810 homes sold in Indianapolis in October, 188 homes were distressed sales. Distressed sales include homes which are either bank owned, foreclosure, pre-foreclosure, HUD owned, short sale or VA owned and listed as such in the Indianapolis BLC. There are currently 20,636 homes available for sale in the area served by our local Board of Realtors. When compared to the stats I ran in July, our inventory is down about 10%. Interestingly, though, the list of distressed homes for sale has gone up from 2615 to 2899, which is up about 10%. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 10/1/2008 and 10/31/2008 and listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis real estate markets. Contact Paula – 317–605–4174

Traders Point Real Estate Market Report - October 2008

2008-11-23T19:17:00-07:00

For the month of October, there were 14 homes sold and closed in Traders Point, compared to 5 homes sold in September. Of the 14 homes sold in October, 2 were homes which were bank owned home sales. Theree are currently 15 active bank owned, short sale or distressed properties for sale. The highest price home sold was $635,000 for a five bedroom, 7 bath home with 4553 square feet. The lowest priced home sold was $76,750 for a three bedroom, two bath home with 1302 square feet. The average home sold in Traders Point was a three bedroom, two bath with 2532 square feet. The average Days on Market for homes sold was 108 days, up from 82 days last month. There are currently 112 available homes for sale in Traders Point, which gives us an absorption rate of 8 months. Average days on market and absorption rate will vary by price range.

Brownsburg Real Estate Market Report - October 2008

2008-11-23T18:58:00-07:00

For the month of October, there were 39 homes sold and closed in Brownsburg, compared to 52 homes sold in September. Of the 39 homes sold in October, 4 were homes which were distressed sales; all bank owned. There are currently 27 distressed sale properties available in Brownsburg. The highest price home sold was $400,000. for a home with five bedrooms, four bathrooms amd 3328 square feet. The lowest priced home sold was $73,900. for a two bedroom, one bath home. quare foot was not disclosed. The average Brownsburg home sold was a three bedroom, two bath with 1907 square feet. The average Days on Market for homes sold was 100 days, up from 82 days last month. There are currently 329 homes available for sale in Brownsburg, which gives us an absorption rate of 8.4 months. Search all Brownsburg Homes for Sale Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Avon Homes which were sold between 10/1/2008 and 10/31/2008, which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Brownsburg Indiana real estate markets. Call Paula - 317–605–4174

Plainfield Indiana Market Report - October 2008

2008-11-23T18:20:00-07:00

For the month of October, there were 25 homes sold and closed in Plainfield, the same as the number of homes sold in September. Of the 25 homes sold in October, 6 were homes which were bank owned. There are currently 21 homes available which are either bank owned or short sale properties. The highest price home sold was $430,000. for a five bedroom, five bath and 3676 square foot home. The lowest priced home sold was $37,000. for a home with two bedrooms, one bath and 1192 square feet. The average Plainfield home sold was a three bedroom, two bath with 1884 square feet. The average Days on Market for homes sold was 60 days, down from 78 days last month. There are currently 187 homes available for sale in Plainfield, which gives us an absorption rate of 7.4 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Plainfield Homes which were sold between 10/1/2008 and 10/31/2008 and were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Plainfield Indiana real estate markets. Call Paula - 317–605–4174

Market Report Observations

2008-11-16T19:04:00-07:00

While working to bring you the October Market Reports, I have been studying different statistics within the data to bring you additional informaton for the market reports. Many homeowners are concerned with the number of foreclosures in their neighborhood. Home buyers seem to be looking at the short sale and foreclosure opportunities in the market. Interestingly, the number of foreclosure or short sales (homes sold in distress situations) are not the majority of sales. My preliminary research indicates most of the sales are properly priced homes which are ready to move into. I have already posted the Avon Market Reports, which indicates about one-third of the homes sold last month were short sale or foreclosed properties. I am currently working on the Zionsville Market Report and only one of the 27 homes sold in Zionsville was a foreclosed property. I will be adding the stats for the number of short sales and foreclosed properties to each of my market reports this month. I hope to have them all completed and posted by the weekend. Stay tuned………..

Zionsville Real Estate Market Report - October 2008

2008-11-19T03:48:00-07:00

For the month of October, there were 27 homes sold and closed in Zionsville, compared to 40 homes sold in September. Of the 27 homes sold in October, 1 home was bank owned or REO. The highest price home sold was $592,110. for a home with 5 bedrooms, six baths and 4715 square feet. The lowest priced home sold was $88,051 for a two bedroom home with 2 baths and 1353 square feet. The average Zionsville home sold was a three bedroom, three bath with 2608 square feet and sold for $316,172. The average Days on Market for homes sold was 61 days, down from 72 days last month. There are currently 353 available homes for sale in Zionsville, which gives us an absorption rate of 13 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Zionsville Homes sold between 10/1/2008 and 10/31/2008 on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Zionsville Indiana real estate markets. Call Paula - 317–605–4174

Avon Indiana Real Estate Market Report - October 2008

2008-11-14T06:39:00-07:00

For the month of October, there were 39 homes sold and closed in Avon, compared to 67 homes sold in September. Of the 39 homes sold in October, 13 were homes which were distressed sales; 12 were bank owned and 1 was sold as a short sale. The highest price home sold was $670,000. The lowest priced home sold was $70,000. The average Avon home sold was a three bedroom, two bath with 1981 square feet. The average Days on Market for homes sold was 82 days, down from 85 days last month. There are currently 456 homes available for sale in Avon, which gives us an absorption rate of 11.6 months. Average days on market and absorption rate will vary by price range. Search All Avon Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Avon homes which were sold between 10/1/2008 and 11/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, an, serving the Indianapolis and Avon Indiana real estate markets. Call Paula: 317–605–4174

Zionsville Indiana Real Estate Update - September 2008

2008-10-26T16:24:00-07:00

For the month of September, there were 40 homes sold and closed in Zionsville Indiana; compared to 42 homes sold in August. The highest price home sold was $572,000. The lowest priced home sold was $107,600. The average Days on Market for homes sold was 72 days, down from 113 in August. The average Zionsville home sold was a three bedroom, three bath with 2494 square feet and sold for $290,376. There are currently 347 homes available for sale in Zionsville, which gives us an absorption rate of 8.6 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Zionsville Homes sold between 9/1/2008 and 9/30/2008. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Zionsville Indiana real estate markets.

Fishers Indiana Real Estate Market Report - September 2008

2008-10-12T16:57:00-07:00

For the month of September, there were 150 homes sold and closed in Fishers Indiana; compared to 157 in July. The highest price home sold was $790,000. The lowest priced home sold was $89,900. The average Days on Market for homes sold was 75 days, up from 65 in July. The average Fishers home sold was a three bedroom, three bath with 2279 square feet and sold for $225,094. There are currently 938 homes available for sale in Fishers, which gives us an absorption rate of 6.2 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Fishers homes which were sold between 9/1/2008 and 9/30/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Fishers Indiana real estate markets. Call Paula - 317–605–4174

Carmel Indiana Home Sale Review - September 2008

2008-10-12T16:52:00-07:00

For the month of September, there were 89 homes sold and closed in Carmel, compared to 125 homes sold in August. The highest price home was $1,040,000. The lowest priced home sold was $239. Yep, that's $239.00. The average Carmel home sold was a three bedroom, three bath with 2568 square feet. The average Days on Market for homes sold was 89 days, up from 85 days last month. There are currently 864 homes available for sale in Avon, which gives us an absorption rate of 9.7 months. It is typial for activity to start to decrease this month and continue throughut the winter. We will see less buyers, but there will also be less homes available for sale. Search All Carmel Indiana Homes for Sale Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Carmel Homes which were sold between 1/1/2009 and 1/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis and Carmel Indiana real estate markets. Call Paula - 317–605–4174

Traders Point Real Estate Market Report - September 2008

2008-10-12T16:37:00-07:00

For the month of September, there were 5 homes sold and closed in Traders Point, compared with 10 homes sold in August. The highest price home was $500,000. The lowest priced home sold was $173,000. The average home sold in Traders Point was a three bedroom, three bath with 3380 square feet and an average price of $310,360. The average Days on Market for homes sold was 91 days, down from 112 days last month. There are currently 115 available homes for sale in Traders Point, which gives us an absorption rate of 23 months. Average days on market and absorption rate will vary by price range

Plainfield Indiana Real Estate Market Update - September 2008

2008-10-12T16:06:00-07:00

For the month of September, there were 25 homes sold and closed in Plainfield, compared with 33 homes sold in August. The highest price home was $260,340. The lowest priced home sold was $30,000. The average Plainfield home sold was a three bedroom, two bath with 1762 square feet. The average Days on Market for homes sold was 73 days, down from 78 days last month. There are currently 166 homes available for sale in Plainfield, which gives us an absorption rate of 6.64 months. Average days on market and absorption rate will vary by price range. __________________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Plainfield Homes which were sold between 9/1/2008 and 9/30/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The HOme to Indy Team at Keller Williams Realty, serving the Indianapolis and Plainfield Indiana real estate markets. Call Paula - 317–605–4174

Brownsburg Real Estate Market Update - September 2008

2008-10-12T15:52:00-07:00

For the month of September, there were 52 homes sold and closed in Brownsburg, which is down by six homes over August. The highest price home was $465,000. The lowest priced home sold was $40,000. The average Brownsburg home sold was a three bedroom, two bath with 1946 square feet. The average Days on Market for homes sold was 110 days, up from 82 days last month. There are currently 408 homes available for sale in Brownsburg, which gives us an absorption rate of 7.84 months. Search all Brownsburg Homes for Sale Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Brownsburg Homes which were sold between 9/1/2008 and 9/30/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, team leader of The Home to Indy Team at Keller Williams, an, serving the Indianapolis and Brownsburg Indiana real estate markets. Call Paula - 317–605–4174

Avon Real Estate Updates - September 2008

2008-10-12T15:25:00-07:00

For the month of September, there were 67 homes sold and closed in Avon, compared to 86 homes sold in August. The highest price home was $519,900. The lowest priced home sold was $53,500. The average Avon home sold was a three bedroom, two bath with 2094 square feet. The average Days on Market for homes sold was 85 days, the same as last month. There are currently 501 homes available for sale in Avon, which gives us an absorption rate of 7.4 months. It is typical for activity to start to decrease this month and continue throughut the winter. We will see less buyers, but there will also be less homes available for sale. Average days on market and absorption rate will vary by price range. Search All Avon Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Avon homes which were sold between 9/1/2008 and 9/30/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog , written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Avon Indiana real estate markets. Call Paula: 317–605–4174

Indianapolis Real Estate Report - September 2008

2008-10-12T11:28:00-07:00

Township Active Pending Sold Absoprtion Rate Wayne 1077 219 127 8.4 months Pike 825 138 85 9.7 months Washington 1335 165 135 9.8 months Lawrence 1157 204 140 8.26 months Warren 1098 204 123 8.26 months Franklin 561 86 74 7.5 months Perry 707 117 109 6.4 months Decatur 277 55 44 6.3 months Beech Grove 99 16 15 6.6 months Speedway 52 5 5 10.4 months Center NE 1164 130 75 15.5 months Center NW 213 13 10 21.3 months Center SE 524 92 37 14.1 months Center SW 49 14 1 49 moths There are currently 9138 homes available in Marion County in Indianapolis. The graph breaks down the homes available by Township. There were 980 homes sold which gives us a 10.7 month supply of homes. Of course, this does not apply to all areas or price ranges. For instance in Center Township NE, there are 374 homes available under $50,000, while the highest priced home comes in at a cool 2 million for a luxury downtown condo at 333 Massachusetts Ave. Since many of the downtown condos have been on the market for awhile and take much longer to sell, the average sales price, days on market and absorption rate are truly subject to neighborhood and price range. ____________________________________________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 9/1/2008 and 9/30/2008. Available homes were active on 1/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team, serving the Indianapolis and Indianapolis real estate markets. Contact Paula – 317–605–4174

Avon Real Estate Market Report - August 2008

2008-09-16T18:17:00-07:00

For the month of August, there were 86 homes sold and closed in Avon, compared to 84 homes sold in June. The highest price home was $368,542. The lowest priced home sold was $83,900. The average Avon home sold was a three bedroom, two bath with 2090 square feet. The average Days on Market for homes sold was 85 days, up from 67 days last month. There are currently 510 homes available for sale in Avon, which gives us an absorption rate of 5.9 months. Average days on market and absorption rate will vary by price range. Search All Avon Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2008 and 8/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Avon Indiana real estate markets. Call Paula - 317–605–4174

Carmel Real Estate Market Report - July 2008

2008-08-20T14:47:00-07:00

For the month of July, there were 137 homes sold and closed in Carmel, Indiana. There were 136 sold in June. The highest price home was $1,650,000. The lowest priced home sold was $62,300. The average Days on Market for homes sold was 76 days, up from 65 days in June. The average home sold in Carmel was three bedroom, three bath home with 2764 square foot. There are currently 890 homes available for sale in Carmel, which gives us an absorption rate of 6.49 months. Search All Carmel Indiana Homes for Sale Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 7/1/2008 and 7/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Carmel Indiana real estate markets. Call Paula - 317–605–4174

Eagle Creek Real Estate Market Report - November 2008

2008-12-27T20:01:00-07:00

There were no single family home sales in Eagle Creek in November, so, instead of a blank page, I thought you may enjoy a scenic view when the weather was a bit warmer and the trees still had leaves. There are currently 19 homes available for sale in Eagle Creek and 10 condos in Cobblestone. Homes for sale in Eagle Ceeek range in price from $194,889 for a 3 bedroom, 2.5 bath home with a 2 car garage and 2023 square foot in The Trees – to a 6 bedroom, 3.5 bath custom waterfront home with 5640 square foot for $1,275,000. There was one condo sold in November; a 2 bedroom, 1.5 bath with 1365 square feet and a 2 car garage for $114,900. Condos available in Cobblestone range in price from $99,900 for a 2 bedroom 1.5 bath with 974 squre feet and a 1 car garage to a $140,000 for a two bedroom, 2.5 bath with 1547 square foot and a two car garage. Search all Homes for sale in Eagle Creek Search Eagle Creek Condos for sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 11/1/2008 and 11/30/2008. Available homes were active on 1/28/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Eagle Creek real estate markets. Contact Paula – 317–605–4174

Indianapolis Real Estate Market Report - January 2009

2009-02-10T00:11:00-07:00

Real Estate sales in Indianapolis for January were significantly less than the number of homes sold in December. Blame it on the cold, the snow, the ice - or the normal winter slow down - there were 652 homes sold in Marion County compared to 803 last month. The good news is, the percentage of foreclosures and short sales were less. Distressed property sales represented 42.9% of the sales in January, down from over 50% in December. Maybe it's a sign we are seeing the foreclosure and bank owned home inventory start to dwindle. Somehow, I think not. We will see more bank owned homes when the ban on foreclosures is lifted. Township Active Sold Average Price Highest Price Beech Grove 40 13 $62,319 $143,600 Center NE 565 66 $49,952 $532,000 Center NW 99 9 $15,450 $54,000 Center SE 243 35 $30,970 $280,000 Center SW 36 4 $46,233 $147,000 Decatur 104 29 $71,009 $114,900 Franklin 233 43 $109,829 $328,652 Lawrence 478 96 $122,484 $728,125 Perry 309 58 $92,171 $254,000 Pike 336 66 $117,415 $685,000 Speedway 29 1 $120,000 $120,000 Warren 495 79 $56,913 $185,000 Washington 626 60 $135,064 $800,000 Wayne 515 93 444,626 $270,000 The highest priced home sold in January was a five bedroom, six bath home in Meridian Hills, situated on a one acre lot with a finished basement. The home sold for $800,000 after only 5 days on the market. The lowest priced home sold in Marion County in January was a bank owned two bedroom, one bath home at 26th and Martin Luther King, which sold for $2300.00. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 1/1/2009 and 1/31/2009. Available homes were active on 1/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Indianapolis real estate markets. Contact Paula – 317–605–4174

Pending Home Sales Predicts A Stronger Spring Market

2010-02-03T05:45:00-07:00

The Pending Home Sales Index rose slightly in December, climbing 1 percent from November. A Pending Home Sale is a home that is under contract to sell, but not yet sold. It's a figure compiled by the National Association of Realtors® using sales data from over 100 regional listing services and more than 60 large brokerages around the country. Because each pending sale is a true measure of sales activity, the Pending Home Sales Index is purported to be the most reliable forward-looking indicator for housing. Recent data supports this hypothesis. After Pending Home Sales plunged 16 percent in November, Existing Home Sales fell by 17 percent in December. Based on the most recent Pending Sales Index, therefore, we can expect January's closed sales to be similarly level. For home buyers in Indianapolis, this is all a bit of good news. Home prices are based on the supply-and-demand balance that exists between buyers and sellers. When buyers outnumber sellers, like they did through most of 2009, home supplies dip and, in fact, the national home inventory nearly halved during the 12 months ending November 2009. With fewer homes for sale, multiple-offer situations were almost commonplace and home values rose as result. Activity has since slowed, however, and fewer buyers are in today's market. The supply-and-demand equation has shifted back some. In December, home supplies rose for the first time in 7 months and January will likely show the same. The net result: Home buyers have more homes from which to choose and that can create negotiation leverage for better prices and better concessions. With mortgage rates still low and a looming deadline on the homebuyer's tax credit, market activity should be strong between now and April. Take your time and bid right. And when you're ready, be ready. The best deals likely won't last.

Home Values Rose In November 2009 By Another 0.7 Percent

2010-01-29T05:46:00-07:00

Reporting on a two-month lag, the government said home values rose 0.7 percent in November. National home prices are at their highest point since February 2009. But before we look too much into the FHFA's Home Price Index, it's important that we're cognizant of its shortcomings; the most important of which is its lack of real-time reporting. According to the National Association of Realtors™, 80% of purchases close within 60 days. As a result, because of its two-month delay, the Home Price Index report actually trails today's market data by an entire sales cycle. This is one reason why home values appear to be rising even while new data shows that both Existing Home Sales and New Home Sales fell flat last month. The home valuation report is using data from November; the sales reports are using data from December. The Home Price Index is a trailing indicator and next month, as the Spring Market gets underway, the government will be reporting data from the holidays. The same is true for the Case-Shiller Index. It, too, operates on a 2-month lag. All of that said, however, long-term trends do matter in housing and the Home Price Index has shown consistent improvement over the last 10 months. In many markets, home sales are up, home supplies are down, and values have increased. This trend should continue into the early part of 2010, at least. If you're wondering whether now is a good time to buy a home in Indianapolis , consider low prices, cheap mortgages and an available tax credit as three good incentives. By May, none of them will likely be available.

Housing Starts Soar To 6-Month High In January... Or Do They?

2010-02-19T05:45:00-07:00

Sometimes, headlines for housing can be misleading and this week gave us a terrific example. On Wednesday, the Commerce Department released its Housing Starts data for January 2010. The data showed starts at a 6-month high. A “Housing Start” is a privately-owned home on which construction has started. Headlines on the Housing Starts story included: U.S. Housing Starts Hit 6-Month High (Reuters) U.S. Economy Receives Home Building Boost (Shepparton) Housing Starts Post Sharp Rebound (ABC) Based to the headlines, the housing market looks poised for rapid growth through the Spring Market. The real story, though, is that although Housing Starts increased by close to 3 percent last month, the growth is mostly attributed to buildings with 5 or more units. This includes apartments and condominiums -- a sector of the housing market that's notoriously volatile. If we isolate Housing Starts for single-family homes only, we see that starts grew by just 7,000 units last month and have failed to break a range since June 2009. January's tally is slightly below the 8-month average. Perhaps more interesting than the Housing Starts, though, is the Commerce Department's accompanying data for Housing Permits. After a 5-month plateau that ended in November, Housing Permits posted multi-year highs for the second straight month. According to the Census Bureau, 82% of homes start construction within 60 days of permit-issuance. One reason permits are up is that home builders want to capitalize on the federal homebuyer tax credit's dwindling time frame. Sales are expected to spike in March and April and more homes will come online to deal with that demand. Home buyers in Indianapolis should shop carefully, but with an eye on the clock. As the tax credit's April 30, 2010 deadline approaches, competition for homes may be fierce.

Avon Indiana Home Sales - December 2009

2010-01-16T19:00:00-07:00

The Avon Indiana real estate market actually improved year over year for the month of December. More homes sold, although only by a few, the price increase is very positive, especially for homeowners who are tracking the market and want to sell their home this Spring. I was interested to see how the numbers would pan out after November’s deluge of first time home buyers closed. Remember, the original deadline was November 30th for first time homebuyers who wanted to take advantage of the $8000.00 incentive, so many were already scheduled and closed in November. Avon- December 2009 #Homes Sold Average Price Days on Market 2008 47 $161,732 74 2009 50 $173,849 84 % Difference +6% +7% +12% Will this become the normal? It is really anyone’s guess, but the year over year report for all home sales in Avon looks like the trend is starting to balance and move upward. Most of the 2009 home prices were below the average for 2008. The average price of homes in Avon has increased over the last few months. It's interesting to note there were only 7 homes sold in Avon in 2009 over $400,000. This is also a trend in housing; not only in Avon, but around Indianapolis and the country. As we look at the trending line in each of the graphs, we see the gap is starting to open up towards the end of the year. As we move into the new year, it will be interesting to see how homes sales in Avon compare to 2009. Avon Home Sales 2008 vs. 2009 Foreclosure Activity in Avon In 2008 there were 832 homes sold in Avon with 168 sold as distressed property, which is 20.2%. In 2009, there were 753 homes sold in Avon with 166 sold as distressed properties, which is 22% We currently have 403 homes for sale in Avon and 63 distressed properties.15.6% is a much lower number to start the year with. With 403 active Avon homes on the market, the current absorption rate is 8 months, which indicates it is still a buyer’s market. We’ll see that number reduce as we approach Spring. Average days on market and absorption rate will vary by price range. As always, if you have any questions about the values of homes in your Avon Subdivision or neighborhood or just want to talk real estate, you can email me or call me. __________________________________________________________________________

Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed.

Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Henry Group, at Keller Williams Realty, serving the Indianapolis and Avon Indiana real estate markets.

Existing Home Sales Flatten And Point To A Much Better Spring

2010-03-24T04:46:00-07:00

As expected, Existing Home Sales fell in February, slipping 30,000 units versus January's numbers. It's the 4th straight month in which Existing Home Sales were lower, month-over-month. An 'existing' home is one that is previously owned and lived-in (i.e. not new construction). Existing Home Sales peaked in November 2009, just as the First-Time Home Buyer Tax Credit was set to expire. Immediately thereafter, according to the National Association of Realtors®, monthly sales plunged 17 percent in December, then another 7 percent in January. Comparatively, February's dip is a modest 0.6 percent and is more in line with the pre-tax-credit Existing Home Sales trend. The real estate market is rediscovering its normal. But 'normal' may not last for long. When the federal home buyer's tax program was extended last year, the new rules stated that home buyers must be under contract for their new, respective homes on, or before, April 30, 2010 in order to claim up to $8,000 in federal money. That deadline is approaching and many markets -- Indianapolis included -- are experiencing a surge in buyer traffic as April 30 nears. The Existing Home Sales data doesn't reflect this new demand, nor the number of new contracts written. It only accounts for home closings and, in February, closings were down. For today's buyers, the market looks favorable. The federal tax credit is in place, mortgage rates stubbornly stick near all-time lows, and home prices are staying in check. Existing Home Sales should gain through March and April, pressuring home prices higher. And, by the time the press reports the gains, the best deals in the city may already be gone. Consider acting sooner rather than later.

The Home Price Index Shows Some Regions Up, Some Regions Down

2010-02-26T05:45:00-07:00

Earlier this week, the private-sector Case-Shiller Index showed home prices slightly lower between November and December. Thursday, the public-sector Home Price Index showed the same. Publishing on a 2-month lag, the Federal Home Finance Agency said home prices fell by 1.6 percent nationally in December. And that's an average, of course. Some regions performed well in December as compared to November, others didn't. Values in the Middle Atlantic states improved slightly Values in New England were essentially unchanged Values in the Mountain states sagged, down 3.5% These aren't just footnotes. They're an important piece toward understanding what national real estate statistics really mean. In short, 'national statistics' are just a compilation of a bunch of local statistics. For example, if we dig deeper into the FHFA Home Price Index 70-page report, we find that cities like Terre Haute, IN, Buffalo, NY, and Amarillo, TX posted year-over-year home price gains. You won't see that in a 'national' report. Furthermore, it's a sure bet that those same cities, you could find neighborhoods that are thriving, and others that are not. Just because the city shows higher home values overall, it won't necessarily be the case for every home in the city. Every street in every neighborhood of every town in America has its own 'local real estate market' and, in the end, that's what should be most important to today's buyers and sellers. National data helps identify trends and shape government policy but, to the layperson, it's somewhat irrelevant. So, when you need to know whether your home in Indianapolis is gaining or losing value, you can't look at the national data. You have to look at your block -- what's selling and not selling -- and start your valuations from there. Find out what homes in your neighborhood are selling for.

Real Estate Terms - FICO

2009-03-11T12:37:00-07:00

The basis of most mortgage lending is credit scoring. In general, the higher a person's credit score, the lower his offered mortgage interest rate. Despite the many credit scoring models in use today, however, just 3 are relevant to American homeowners: The Equifax BEACON® score The Experian Fair Isaac Risk Model The TransUnion EMPIRICA® Generically, these scoring models generate what are commonly known as 'FICO' scores. FICO scores are measurements of probability. The higher a person's credit score, by definition, the less likely a person is to default on his home loan. This is one reason why credit scoring has added importance lately -- mortgage lenders are very careful about what they're lending and to whom. Notably, minimum FICO thresholds have been added to all types of mortgage loans. FICO scoring has 5 main components as listed above. Payment history and credit capacity are two of the largest pieces, but a myriad of other factors contribute to a credit score, too. For example, the longer your reported history of managing credit, the more favorably your credit score will respond. The myFICO.com website does a terrific job with credit education, explaining in plain language the ins-and-out of credit scoring and ways to boost your score. It also makes a free, 20-page PDF available for download. Whether you're a homeowner or lifetime renter -- consider it required reading.

The Home Price Index Shows Home Values Lower Broadly, But Not Specifically

2010-03-26T04:46:00-07:00

Home values fell again in January, according to the Federal Home Finance Agency's Home Price Index. Values were reported down 0.6 percent, on average. We say 'on average' because the Home Price Index is a national report. It doesn't capture the essence of a local market , or even a city market like Indianapolis. The most granular that the monthly Home Price Index gets is regional and January's report shows that: Values in the Mountain states rose 2.0% Values in the Pacific states were flat Values in the East North Central states fell 1.8% It's hardly helpful for home buyers entering the market, or home sellers trying to properly price a home. Furthermore, because the Home Price Index reports on a 2-month delay, its data fails to reflect the current market conditions. Versus January -- the period from which HPI data is collected -- mortgage rates are lower, buyer activity is up, and the federal home buyer tax credit is closer to expiring. These each can have an impact on housing. Ultimately, national real estate data like the Home Price Index is best suited for lenders and policy-makers. National data helps to identify trends that shape formal policy, but it doesn't help you, specifically. Since peaking in April 2007, the Home Price Index is off 13.2 percent.

The Right Way To Take A Cash Gift For Downpayment

2010-05-28T02:31:00-07:00

As lenders tighten mortgage guidelines for Indianapolis home buyers, minimum downpayment requirements are increasing. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 10 percent. Anecdotally, guideline changes have led to an increase in the number of home buyers accepting cash gifts from family. Gifts are allowed in most cases but the problem is, if you don't accept the gift in a 'lender-friendly' way, the mortgage underwriter could reject it, and negate it. You can't just deposit a cash gift into your bank account. You have to follow a series of steps and keep records. Provide an acceptable gift letter signed by all parties Provide documentation of the gifter's withdrawal of funds via teller receipts Provide documentation of the giftee's deposit of funds via teller receipts Lenders require these 3 steps for two basic reasons. First, they want to make sure that the cash gift is 'clean' (i.e. not laundered). Second, they want to make sure the gift is really a gift and not a loan-in-disguise. It's why lenders typically require that the loan application be accompanied by a signed, dated letter. For example: I am the [relationship to recipient] of [name of recipient] and this letter serves as evidence that I am gifting [name of recipient] [amount of gift] to be used for the purchase of the home at [complete address of property]. This is a gift -- not a loan -- and there is no expectation of repayment. Signed, [Signature of gifter] As an additional step, home buyers receiving cash gifts should make sure that gifted funds are not commingled at the time of deposit. If the cash gift is for $10,000, therefore, the bank's deposit slip should indicate that a $10,000 deposit was made -- nothing more, nothing less. Don't add a random $100 deposit to the transaction, in other words. The $100 deposit should be a separate transaction. It's also worth noting that gifting funds between family members can create both legal and tax liabilities. If you're unsure about how donating or receiving a gift may impact you, call or email me directly. If I can't help you with your questions, I can refer you to somebody that can.

TAXING Times in Indianapolis – Property Taxes, That is!

2009-08-17T01:09:00-07:00

An email on Friday revealed the answer to the question many have been asking. When will the tax bills go out? Today the Indianapolis Star confirmed the property tax bills for Hendricks County will be mailed out this week. The time bomb – they will receive two bills; the spring bill and the fall bill will go out at the same time and all of 2008 taxes will have to be paid by November of this year. Johnson County residents will face the same fate. Marion County has not yet posted when they will have taxes certified for 2008. Hendricks County Spring Bill is due 9/18/2009 and the fall bill is due 11/20/2009. Johnson Counties’ due dates are 9/10/2009 and 11/10/2009. My search statistics prove homeowners are concerned about the tax issues. Search queries over the past few weeks indicate it is a hot topic. 3 of the top 5 searches on my Indianapolis Real Estate Blog are: hendricks county property tax indianapolis property tax indianapolis property taxes This is just for the last two weeks! Other search queries in the last two weeks: marion county indianapolis tax districts property taxes in indianapolis are indiana property taxes required to be paid through hendricks county indiana real estate taxes hendricks county property taxes indiana marion county real estate taxes indianapoli property taxes indianapolis average property tax values indianapolis property tax 2010 indianapolis real estate taxes marion county indianapolis tax rate marion county property tax estimator marion county tax districts mortgage exemption indianapolis property taxes property taxes 46227 property taxes by address greenwood indiana property taxes indianapolis in. real estate taxes hendricks county indiana real estate taxs in hendricks county indiana Counties across Indiana are cash strapped with tax bills falling behind since the reassessment ordered in mid 2007; after all the bills do have to be paid and services provided. Most homeowners are anticipating the news with trepidation. Now that they know they will have a full year of taxes due within the next three months, they have every right to be. I know – I know, the taxes had to be paid anyway, so we might as well get it over with. It’s not quite that easy for some people. Since the tax fiasco started in July 2007, homeowners aren’t the only ones who can’t keep up with the status of taxes owed. Homeowners who have a mortgage generally have their taxes kept in reserve, to be paid when the bill is submitted to their lender. Trouble is, lenders don’t know that the C-bill that went out in 2008 was for 2006 and only a make up bill or the bill we paid in July was a reconciliation bill for 2007. They pay what is submitted and since they are only allowed to keep a certain percentage in reserve, they send the overage back to the homeowner. I wrote about this here a while back. My daughter received another credit for her taxes in June when the reconciliation bill went out. Many homeowners have no clue exactly what the taxes are on their home or which year is currently due. They pay their mortgage and expect the money for taxes will be there when the tax bill comes in. If their mortgage company sent them a check for overages in their account and they didn’t stash it away for such a time as this, they will see a huge increase in their monthly payment. So what happens to the payment of a homeowner who doesn’t have enough in reserves to pay a full years taxes in the next few months?

Indianapolis Tax Estimator for Marion County

2008-10-28T08:43:00-07:00

Here’s a little knowledge about the tax bills which will soon hit our mailboxes. Remember, you will receive a tax bill for the first half of 2007 in a few weeks, best estimates indicate November 10th. We then expect the last half of 2007 tax bill to come out in January. By May 2009, we should be back to normal ( whatever is normal for Marion County Taxes) and will be paying for the first half of 2008, due, May 10th. In the meantime, check the estimated tax rate and dollar amounts at the Marion County Tax Estimator site. Here’s instructions for calculaing your estimated tax. The disclaimer is – the tax Estimator is a projection only and not a statement of true tax liability. This will give you an estimate of 2008, 2009, 2010 tax rates and dollars. Click the link in the center to check prior tax bils for a particular property. There is also a link for information about deductions you may qualify for, but the link doesn’t work, so go here to find out about deductions. First, choose your area, this is a bit more complicated than it appears, especially for certains areas. To find out exactly what your tax district is, locate your property by clicking on the link in the middle to view prior year taxes or go here. When you enter the information for your property, don’t be too specific – forget the streets and circles and boulevards; just use the basic; last name and address. When you receive your info – your results will show the tax district and assessed value, which you will need for the next step. Once you have the tax district and the assessed amount, enter any current deductions or expected deductions. Be sure to enter TOTAL assessed value (AV). Then you will receive the following data, which will provide you the estimated tax for 2008, 2009, and 2010. Remember, the 2009 tax rate will go down to 1.5% of assessed value and the 2010 tax rate will go down to 1.0% of assessed value. The tax amounts assume no change in assessed value. I’m not sure how realistic that is, but the assumption sure looks good in print. This would also be a good time to remind you to file your exemptions, if you have not done so.

Refinancing Your Indianapolis Home?

2009-01-17T00:28:00-07:00

Low interest rates have created an upsurge in the number of homeowners looking to refinance their homes. I don’t have an opinion either way, as I believe it is a personal financial decision everyone needs to make for themselves. Once you have considered the cost of title insurance, closing costs and lender costs; weigh the difference in monthly payments against the length of time you plan to stay in your home, it may make sense for some, while others may not fare as well. If you do decide to refinance your home, please be sure to file your mortgage exemptions again. There are some counties in and around Indianapolis where the title company will file the exemptions for you. Other counties, you are required to go file yourself. Make sure you know when you leave the title company whether they will be filing for you, or if you must do it yourself. Related articles: Are Your Tax Exemptions Filed Indianapolis Tax Estimator

Making English Out Of Fed-Speak (October 2008)

2008-10-31T04:13:00-07:00

The Federal Open Market Committee voted to cut the Fed Funds Rate by one-half percent today. The benchmark rate now stands at 1.000 percent. In its press release, the Fed wasted no time addressing the key issue at-hand, stating that economic activity has 'slowed markedly', pointing to three main causes: Consumer spending is falling Business equipment spending is falling Slowing foreign economies are hurting U.S. businesses Furthermore, the voting FOMC members are wary of an 'intensification' of the current financial market turmoil. The announcement's 4th paragraph is noteworthy, too. It lists the plethora of growth-stimulating steps that the Fed has taken so far this year and concludes that credit conditions should improve in time. It does notes, however, that if markets don't improve in good time, the committee will 'act as needed'. In the wake of the announcement, stock markets rallied. Investors liked what the Fed had to say and it drew funds into the stock market from all corners of Wall Street. Unfortunately for mortgage rate shoppers, one of those corners happened to be the mortgage bond market. The exodus from bonds caused mortgage rates to rise. It's a common misconception that the Federal Reserve controls mortgage rates and today's market action should help dispel that myth. As the Fed Funds Rate falls back near its 50-year low, mortgage rates are bumping up against a 3-year high. Source Parsing the Fed Statement The Wall Street Journal Online October 29, 2008 https://online.wsj.com/internal/mdc/info-fedparse0810.html

Mortgage Rates Fell Tuesday Making Homes in Indy Less Expensive

2008-11-29T05:19:00-07:00

Like everything else on Wall Street, mortgage markets are based on supply and demand. When demand outweighs supply, mortgage rates fall. There is demand this week! I have received many calls since Tuesday from homebuyers who wonder what the current rate drop may mean to them. Yes, rates are down and if you are considering buying a home, it is a good time to lock in that rate. One of the rate sheets I have from a lender here in Indianapolis shows a 6.0% loan with zero points and no loan originaton fee. For .625%, you can buy down the rate to 5.5%. For a $100,000 loan amount, it equals $625.00. That's a bargain! Of course, all rates are subject to your ability to qualify. So, Tuesday, when the government unexpectedly announced a $500 billion budget for buying mortgage debt from Fannie Mae and Freddie Mac, the demand side of the mortgage market ballooned. The surprise demand on Tuesday helped push mortgage rates to their lowest levels since January 22, 2008. 30-year fixed mortgage rates were down by as much as three-quarters of a percent Tuesday before retreating higher. Not coincidentally, January 22, 2008, was the date of another unexpected government intervention -- a surprise 0.750 percent Fed Funds Rate cut that was meant to spur the economy forward. Interventions like these are a big reason why predicting mortgage rates is tough business -- just when you discover the market's balance point, an outside force shifts that balance, creating tremendous amounts of uncertainty about the future. Uncertainty on Wall Street is typically bad for mortgage rate shoppers because it leads to high levels of volatility. Look at the trading pattern from Market Open to Market Close on Tuesday: 8:30 AM ET: Markets open with rates falling on the news 10:00 AM ET : Rates fall more on momentum trading 12:00 PM ET : Rates level at their lowest levels of the day 2:00 PM ET : Rates rise as profit-taking begins 3:30 PM ET : Rates rise more on momentum trading 4:00 PM ET : Markets close with rates down by half Again, not coincidentally, this is the exact trading pattern from January 22, 2008. On that day, rates were at their lowest about 3 hours into trading, and then consistently rose all the way into Market Close -- just like we saw Tuesday. Unfortunately, in the 30 days that followed January 22, mortgage rates rose from a 3-year low to a 3-year high. And, it's not to say that the same thing will happen from now through December 25, but trading patterns have a tendency to repeat themselves over time. Mortgage markets seek balance and when there's a dramatic shift, chaos can creates opportunity. Tuesday's $500 billion pledge added new demand and shocked the mortgage market system. Before long, it recovered to find balance. As of Tuesday, mortgage rates are still hovering near their 3-year lows so if you haven't spoken to your loan officer about a refinance or locking in your loan, consider calling today.

The Impact Of The Federal Reserve's Emergency Half-Point Rate Cut To 1.500 Percent

2008-10-10T04:25:00-07:00

The Federal Reserve made an 'emergency rate cut' yesterday morning, dropping the Fed Funds Rate by one half-percent to 1.500 percent. The move is meant to stimulate the U.S. economy. When the Federal Reserve changes the Fed Funds Rate, it often takes 9 months for the changes to work their way through the economy. On a broad scale, therefore, we won't know if the cut truly 'worked' until Summer 2009. But, as it relates to Americans in general, the rate cut spurred two immediate changes. First, because Prime Rate is directly tied to the Fed Funds Rate, Prime Rate fell by 0.500 percent today, too. That means that interest rates on credit card debt and home equity lines of credit are now lower, reducing monthly interest costs for the majority of American households. The second change is that mortgage rates are rising today. The Fed's actions today sparked optimism in some corners of Wall Street and money is now flowing into the stock market at the expense of bonds. Because mortgage rates move in the opposite direction from bond demand, mortgage rates are higher this morning. A client here in Indianapolis saw a increase in their mortgage rate this afternoon from this morning from 6.375 to 6.5%. Granted, it's not much; but the rates are headed up. As always, mortgage markets and mortgage rates remain on edge. Therefore, rates are subject to change. And quickly. If you see a rate and payment you like, be ready to commit to it because it likely won't last long.

If My Mortgage Lender Fails, Are My Payments Still Due?

2008-09-28T18:13:00-07:00

Last week, federal regulators seized mortgage lender Washington Mutual. The Seattle-based thrift became the third 'big name' lender to close its doors since July, joining IndyMac and Lehman Brothers. In 2007, these 3 lenders represented about 10 percent of the mortgage market and their subsequent failures are confusing American homeowners. The most prevalent question: If my mortgage lender fails, are my payments still due? And the answer is an unequivocal 'yes'. If a mortgage lender is seized, goes bankrupt, or is otherwise closed, it doesn't change the terms of the bank's mortgages whatsoever -- just maybe the mailing address. This is because a mortgage (and its corresponding note) is a legal contract between the lender and the lendee, signed on the date of closing. It is binding and cannot be altered by either party. The only way to 'end' the contract is to pay the loan in full. This can happen in one of 3 ways: The home is sold and the mortgage is repaid The home is refinanced and the mortgage is repaid The home loan is paid down to $0 balance by the homeowners So, if a mortgage company fails, its doesn't cause the loan to be paid-off and, therefore, the mortgage contracts is still valid. Payments are still due. However, because its mortgages are an asset, the failed lender will usually transfer them to a new lender's servicing department. This means that homeowners will write the same check for the same mortgage but to a different company. To reduce confusion around transactions like this, the government puts two safeguards in place. First, it requires the former lender to send a 15-day advance notice of the change to the homeowner. And second, it requires the new lender to do the same. In situations like this, the onus is ultimately on the homeowner to open and read his mail, and make changes accordingly. It's especially important for people who pay their bills online as opposed by paying them manually; you likely won't get notified if you're sending payments to the wrong place.

Don't Cash That Check

2008-07-20T07:13:00-07:00

Another Repercussion of the Indianapolis Property Tax Issue We all love receiving an unexpected check in the mail. Usually, our first response is, “Great, a refund”. Well……….if you are one of the Indianapolis homeowners who recently received a bonus check from your mortgage company, don’t run to the bank to cash it until you know the repercussions of doing so. Here’s the deal – Our infamous Indianapolis property tax issue has created yet another payment balancing fiasco -this time for your mortgage company. You see, the C-bill or reconciliation bill recently mailed was also mailed to your mortgage company. Your mortgage company has no idea the bill was a reconciliation bill; they only know they have money set aside in an escrow account to pay your tax bill when it arrives. Their paperwork is computer generated and it is highly unlikely there is someone auditing your account – that is, unless you get behind in your payment. Real Life Example So, what’s happening – let me give you a real life example. My daughter called me two days ago to ask me if the check she received for $1500.00 was actually “hers”. She knows I have been trying to educate people about the property tax situation in Indianapolis for the last few years. She said her mortgage company sent her the check and her payment was recalculated at $200.00 less per month. Exciting, yes! Reality, NO! The mortgage company recently paid her $200.00 reconciliation bill as if it were her first half taxes. Her first half taxes are normally $1200.00. The computer did what it is programmed to do; kicked out a refund and reset the monthly payment. Yes, she can cash the check, but what will happen. In a few months, when the actual property tax bill comes out, there will be no money in her escrow account for the mortgage company to pay the bill. They WILL pay the bill, because they don’t want a tax lien on the home, but next year, when the computer realizes there is not enough money, they will charge her double or she will have to pay the shortage to keep her payment at the current amount. By the time the second half taxes have been mailed out, she will owe about $2500.00, just to keep her payment the same as it was before the reconciliation bill. What To Do With The Check You will probably have a difficult time explaining the situation to someone at the mortgage company. Heck – I can’t even explain it so it makes sense. My suggestion to my daughter was to either send the check back as a credit to her escrow account, which may or may not work. Mortgage companies are only allowed to keep a certain amount in an escrow account. You may be able to work something out with your mortgage company. If that doesn’t work, I told her to send the additional amount in her payment each month and make sure it is applied to her escrow account. Instead of paying the current $900.00 payment – she should continue to pay $1100.00, as she always has. If not, next year her payment will probably go up to about $1500.00 for a year, until she has paid the back taxes. Her mortgage company will recalculate the difference twice – once for the next years taxes and once for the back taxes owed to her escrow account. This solution still may not solve the problem, though. Our May tax bills should be out in the next few months, then the November tax bills will be late. Hopefully, she will have enough in her escrow account, so the computer doesn’t kick out another “alert”. My prediction is, it will continue to be an accounting nightmare for mortgage companies and homeowners until 2012, when we finally get to the 1% cap on property taxes. At that point, it will probably turn into an Assessors nightmare, but that’s a story for another time. Please note, this only applies to Indianapolis residents in Marion County, not all of the Metropolitan Indianapolis area. Here's some links for to help answer questions you may have about property taxes. Marion County Tax Estimator Citizens Guide to Property Taxes Related Posts: Indianapolis Property Tax C-bill Your New Mortgage Payment

Simple Real Estate Definitions : Refinance

2008-12-12T06:36:00-07:00

A mortgage is a contract between a lender and borrower, defining the terms by which a home loan must be repaid. The paperwork, signed by both parties, includes provisions for things like: The interest rate The length of the loan The amount of money to be borrowed But, like all loans, a mortgage loan can be paid off at any time. So, when market interest rates fall, homeowners will often exercise their right to an 'early payoff' by securing a new loan that pays off the old one. This process is most commonly known as a refinance. A refinance is the changing of the loan terms against a property, often for a better interest rate or a lower monthly payment. When the refinance process is complete, the original lender's loan is paid in full using the money from the new lender's loan and the former's relationship is officially terminated. There's no rule against how many times a person can refinance, nor is there an easy way to determine whether or not a refinance makes sense. In general, if you can reduce your monthly payment while limiting your closing costs, to refinance is a smart decision. However, there are other reasons to refinance, too, including: To convert from an ARM into a fixed rate mortgage (or vice versa) To extract equity for paying off third-party debts or for cash To extend a loan from 15 years to 30 year for payment relief Because there are fewer third-parties involved with a refinance, it's often simpler and less expensive than a comparable purchase transaction. The paperwork stack is often smaller, too. In Indianapolis, many of our Title Companies will offer a discount for Title Insurance if you have your previous Title Insurance Policy, thereby, reducing your cost in a refinance. Additionally, if you do refinance, you will need to reapply for the mortgage exemption.

Real Estate Terms : Escrow Account

2009-10-09T19:36:00-07:00

An escrow account is a designated savings account into which funds get deposited for a specific purpose. With respect to real estate and home loans, escrow accounts are used to pay real estate tax bills and homeowners insurance payments. Escrow accounts are managed and disbursed by lenders. When a homeowner 'escrows' his mortgage, along with his scheduled monthly mortgage payment, he must also send an additional payment to the lender equal to 1/12 of the home's annual real estate tax bill plus 1/12 of the annual homeowners insurance bill. By sending a pro rata portion of the tax and insurance bill each month, the homeowner's escrow account will always, in theory, have enough funds to make payments in full as tax bills and insurance premiums come due. In Indianapolis, taxes are currently behind and the amount you have escrowed may not cover the amount of the certified taxes when they are posted.

7 Ways To Protect Your Credit Score For Better Mortgage Rates

2010-02-05T05:46:00-07:00

As mortgage lenders tighten approval standards in Indiana and nationwide, the importance of a good credit score is rising. Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate. Visit msnbc.com for breaking news, world news, and news about the economy In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit -- often by accident. Some of the highlighted mistakes include: Closing open credit cards Making appliance buys on credit prior to closing Asking creditors to lower credit balances prior to closing In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores. Below 740, though, every 20 points adds to the damage. Watch the video and apply what you can to your own situation. The more you know, the more you can save.

A Simple Explanation Of The Federal Reserve Statement (January 27, 2010 Edition)

2010-01-27T11:31:00-07:00

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy 'has continued to strengthen', that the jobs markets is getting better, and that financial markets are supportive of growth. There was no mention of the housing market's strength. The last 3 statements from the Fed included that specific verbiage. It’s the fifth straight statement in which the Fed spoke about the economy with optimism. This should signal to markets that 2008-2009 recession is over and that economic growth is returning to U.S. economy. The economy isn’t without threats, however, and the Fed identified several in its press release, including: Credit remains tight for consumers Businesses are reluctant to hire new workers Housing wealth is down The message’s overall tone, however, remained positive and inflation appears is still within tolerance. Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period” and to wind down its $1.25 trillion commitment to the mortgage market by March 31, 2010. This is noteworthy because Fed insiders estimate that the bond-buying program suppressed mortgage rates by 1 percent through 2009. Mortgage market reaction to the Fed press release is, in general, negative. Mortgage rates in Indianapolis are rising this afternoon. The FOMC’s next scheduled meeting is March 16, 2010.

The Bad Jobs Report Wasn't All Bad Mortgage Rates Fell

2010-01-12T05:45:00-07:00

Despite the headlines, it's important to remember that December's jobs report wasn't all bad news. Sure, the economy shed 85,000 jobs last month and the Unemployment Rate failed to dip below 10%, but for home buyers and rate shoppers in Indianapolis , the news was just fine. The soft employment data led mortgage rates lower, making homes more affordable for buyers. There is two sides to every economic coin. Since early-2008, the U.S workforce has been closely tied to home financing. As the economy slowed and jobs were lost, Wall Streeters pulled money from the risky stock markets and moved it to of the relative safety of bond markets, instead. Safe haven buying led mortgage bond prices higher which, in turn, caused rates to fall. Mortgage rates fell to 6 all-time lows in 2009. In a related statistic, 4.2 million jobs were lost last year. And this is why Friday's non-farm payrolls report was so good for buyers. See, in November, the economy added new jobs for the first time since 2007, housing looked strong, consumer confidence was growing. The safe haven buying reversed and mortgage rates took off. Analysts believed the nation's economic turnaround was complete. But now, after December's jobs report returned to the red, Wall Street is forced to rethink its position. Safe haven buying is back and mortgage rates are lower because of it. Over the next few months, expect a lot of this back-and-forth action in rates. In general, positive news for the economy will be met with higher mortgage rates and negative economic news will be met with lower mortgage rates. There will be exceptions, but the general rule should hold.

Increase Your Mortgage Interest Tax Deduction

2009-12-12T20:46:00-07:00

For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid. Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year. This time of year, it’s easier for some to postpone their mortgage payment until after the holidays. By paying in 2009, the mortgage interest paid can be applied against 2009's itemized tax deductions even though the payment isn't technically due until 2010. It can reduce your tax burden come Thursday, April 15, 2010. And lest you think you're paying the mortgage 'in advance', remember that mortgage interest is paid in arrears; a payment due January 1 accounts for interest that accumulated in December 2009 anyway. Tax planning is a complicated issue and not all homeowners qualify for mortgage interest tax deductions. Check with your tax professional before making tax planning decisions. If you don't have an accountant you trust, call or email me anytime; I'm happy to make a recommendation to you.

Previewing The New Good Faith Estimate

2009-12-06T14:42:00-07:00

The new Good Faith Estimate makes its debut January 1, 2010. The new format will make it easier for Indianapolis home buyers to compare loans. Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners and home buyers to understand than the former version. By most accounts, Congress will meet this goal. The new Good Faith Estimate includes plain-English explanations of every fee, charge, and interest payment involved in a purchase or refinance. It also includes a section called 'The Shopping Cart' in which applicants can compare lenders. The new Good Faith Estimate is concise, too. Using a series of 'Yes/No' checkboxes on Page 1, mortgage lenders specifically note: The interest rate on the mortgage Whether the interest rate can change over time Whether the loan carries a prepayment penalty The length of the rate lock Currently, this information is spread across 3 separate forms. Furthermore, the new Good Faith Estimate simplifies rate-and-fee comparisons, showing applicants how a lower rate can be available for a higher set of fees, and vice versa. For all of its clarity, though, the new Good Faith Estimate still fails to address the issue of 'suitability'. As in, is this the right loan for the right borrower? That's something only a loan officer can do. For suitable advice, talk with a loan officer who both listens to your needs and helps you plan for them. Great terms on an unsuitable loan are often worse than 'good' terms on the right one. If you need a recommendation for a great loan officer, let me know.

Simple Real Estate Definitions : APR

2009-12-01T06:28:00-07:00

APR is an acronym for Annual Percentage Rate. It's a government-mandated calculation meant to simplify the comparison of mortgage options. A loan's APR can always be found in the top-left corner of the Federal Truth-In-Lending Disclosure. Because APR is expressed as a percentage, many people confuse it for the loan's interest rate. It's not. APR represents the total cost of borrowing over the life of a loan. 'Interest rate' is the basis for monthly mortgage repayments. The main advantage of APR is that it allows an 'apples-to-apples' comparison between loan products. As an example, a 5.000 percent mortgage with origination points and fees will almost certainly have a higher APR than a 5.500 percent mortgage with zero fees. In this sense, APR can help a borrower determine which loan is least costly long-term. However, APR is not without its shortcomings. First, different banks includes different fees into their APR calculations. By definition, this spoils APR as a choose-between-lenders, apples-to-apples comparison method. And, second, when calculating APR, 'life of the loan' is assumed to be full-term. When a 30-year mortgage pays off in 7 years or fewer -- as most of them do -- APR comparisons are rendered moot. In other words, APR is just one metric to compare mortgages -- it's not the only metric. The best way to compare your mortgage options is to review all the loan terms together and determine which is most suitable.

Simple Real Estate Definitions: Discount Points

2008-04-04T06:54:00-07:00

More commonly called 'points', discount points are up-front fees charged by mortgage lenders in exchange for lower mortgage rates. The cost of one point is one percent on the loan size and discount points appear on Line 802 of the HUD-1 Settlement Statement. As a general guideline, each point paid lowers a mortgage lender's offered interest rate by 0.250%. For example, a $200,000 home loan offered at 6.000% can be had for 5.750% if the borrower agrees to make an up-front payment of one point ($2,000). Discount points can be an effective sales strategy for home sellers. In some areas of Indianapolis, where there is a lot of competition in the resale real estate market, sellers offering to pay discount points can help the buyer get a lower loan cost. It is generally less than price reductions, saving both the seller and the buyer money. In addition to lowering your interest rate, discount points (as well as other closing costs) may be tax-deductible, too. Therefore, be sure to provide any settlement statements from the previous calendar year to your accountant during Tax Season.

Simple Real Estate Definitions : Loan-to-Value

2008-03-07T10:01:00-07:00

Loan-to-value is a math formula that represents the relationship between how much a home is 'worth' and how much money is borrowed against it. Loan-to-value is often abbreviated as 'LTV' and is one of the many factors that lenders consider when underwriting a mortgage application. The math formula is straightforward: In the LTV equation, Loan Size is the amount of money borrowed from the bank and Home Value is the lower of the home's purchase price or appraised value. Home loans with low loan-to-value ratios are usually less risky for banks. This is one reason why mortgage rates tend to be more favorable for home buyers and homeowners when their respective LTVs are low. Typically, a 'low' LTV loan is one in which the loan-to-value is 80 percent or less. In some instances, however, 70 percent is considered 'low'. The cut-off point depends on the mortgage lender and the mortgage product. On a home purchase, the one way to lower LTV is to make a larger downpayment, thereby reducing the LTV equation's numerator. Buying a home for below-market value would not reduce LTV, for example, because the purchase price would be used as the equation's denominator. On a home loan refinance, the denominator is always the home's appraised value.

Banks Raise Mortgage Qualification Standards

2009-11-29T05:01:00-07:00

Despite the economy's improvement and prodding from Congress, banks don't seem ready to open their purse strings just yet. Nationally, mortgage approval . The data comes from a quarterly survey the Federal Reserve sends to its member banks. The Fed asks senior bank loan officers around the country whether 'prime' residential mortgage guidelines had tightened in the last 3 months. For the period July-September 2009: Roughly 1 in 4 banks said guidelines tightened Roughly 3 in 4 banks said guidelines were 'basically unchanged' Just one bank said its guidelines had loosened. In the third quarter of this year, I have already seen the effects of tighter lending guidelines for Indianapolis home buyers. Combine the Fed's survey with recent underwriting updates from the FHA and from Fannie Mae and it becomes clear that mortgage lenders are much more cautious about their loans than they were, say, 2 years ago. Today's borrowers face a host of hurdles including: Higher minimum FICO scores Larger down payment requirements for purchases Larger equity positions for refinances Lower debt-to-income ratios In other words, mortgage rates may stay low into 2010, but that won't matter to homeowners that don't meet minimum eligibility standards. With each passing quarter, that list gets smaller. Therefore, if you're on the fence about whether now is a good time to buy a home in Indianapolis, remember that, along with an increase in mortgage approval standards, home values are rising, too. Acting sooner is probably better than acting later.

One Reason Why Mortgage Rates Are Back To All-Time Lows

2009-11-28T06:15:00-07:00

Home affordability improved this week after the Federal Reserve released its November 3-4, 2009 meeting minutes. The FOMC Minutes is a companion to the Federal Reserve's post-meeting press release. It's released 3 weeks after the Fed adjourns and details the internal debates that shape our nation's monetary policy. As compared to the press release, the minutes can be rather lengthy. November's press release featured 428 words, the minutes offered 6531. However, this extra level of detail shapes markets and mortgage rates. With Wall Street unsure about the economy's path, investors look to our nation's central bankers for guidance. The Fed has made several points clear: The economy shows tell-tale signs of improvement Unemployment threatens the recovery Inflation pressures are low, for now Overall, the FOMC Minutes paint the economy as in a state of measured repair, and under tight federal surveillance. Investors like this message and, as a result, stock and bonds markets are improving. If you haven't checked Indianapolis mortgage rates lately, make a point to do that. In the wake of the FOMC Minutes, conforming mortgage rates are now hovering near their all-time lows set exactly 1 year ago.

Time is Running Out for Indianapolis First Time Homebuyer Credit

2009-08-20T03:03:00-07:00

If you plan to use the First-Time Home Buyer Tax Credit program to buy a home in Indianapolis, time is running out. The program expires November 30, 2009 and closing on a home can take up to 60 days. That leaves you about 6 weeks from today to find a home and go under contract. The First-Time Homebuyer Tax Credit program was passed as part of . It credits up to $8,000 in tax payments to qualified buyers. The qualification criteria are as follows: Buyer may not have owned a 'main home' in the past 36 months The home may not be purchased from a parent, spouse, or child Adjusted gross income for the household must be below $95,000 for single tax filers and $170,000 for joint tax filers Furthermore, not everyone who's qualified will get the full $8,000. The credit can't exceed 10 percent of a home's purchase price, for example, and households with income approaching program limits get lesser benefits, too. Meanwhile, an interesting note about the First-Time Home Buyer Tax Credit is that it's a true tax credit and not a deduction. A person or couple claiming the $8,000 credit whose 'normal' tax liability is $5,000 would get back $5,000 or whatever had been withheld for federal income taxes plus an additional $3,000. Don't wait until October to start looking for homes. If you can't close by November 30, 2009 for any reason whatsoever, you won't qualify for the tax credit. Better to be ahead of the deadline than chasing it.

Hendricks County Market Report

2007-12-16T05:51:00-07:00

Real Estate Statistics Hendricks County - November 2007 The differences beween 2006 and 2007 numbers speak for themselves, The one offsetting value is the 1 property sold in 2007 with 453 days on market. A number that big and so far off of the normals will distort the true average of Days On Market. If we take that one number and add it’s value to the year 2006, it changes the average days on market for 2006 to 93.9. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 11/1/2007 and 11/30/2007. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team, at Keller Williams Realty, serving the Indianapolis and Hendricks County real estate markets. Call Paula - 317–605–4174

Off the Real Estate Path

2008-10-29T03:33:00-07:00

I’ve said it before, talking about real estate all the time is boring. Still, the whole purpose of this platform is to educate others about Indianapolis, real estate…..and of course, provide a few random thoughts along the way. In my travels throughout the Internet, mainly Twitter, I have become acquainted with other Indianapolis businesses who I believe offer a great service for the residents of Indianapolis. Some I haven’t even thought of. At least someone did, that’s the brilliance of entrepreneurship. We all know we are supposed to catalog our personal items and make an inventory list of everything. When you buy insurance for your home, it is a rather general policy and has a limit on the dollar amount you will receive for personal property. How do you know the value of each item? Can you remember the brand and age of every gadget and electronic device in your home? If you had been a victim of this years floods, would you have been able to provide a detailed account of your personal property? Most of us could not. I recommend everyone take inventory of their personal belongings; you probably have more than you think. There’s a local company Hartman Inventory, LLC, which will take care of all the details for you. Whether you are a renter, homeowner, small business or medium size business, you need to inventory your material assets. Check out their website or read their blog for details. While you are documenting your personal inventory, I guarantee you will come across some gadget or electronic device you have never used. You would love to learn to use it, but the instructions seem to be written in a foreign language and besides you just don’t have time. If you are like me, there are many devices you use, but not to their full capacity. Think Blackberry and camera! Make that two cameras – heck I haven’t even taken my tripod out of the box So, what to do? Call MrNoobie, aka Patric Welch, the brilliant mind behind noobie, inc. You can check out his blog here. Lots of great info! Patric teaches the rest of us how to use our gadgets and make sense of our cool tools. Stay tuned for more great local companies you didn’t know existed….or, maybe you did and I didn’t.

The Airport Deli in Indianapolis

2008-01-13T00:03:00-07:00

If you work near the Indianapolis International Airport, chances are you know about The Airport Deli. If not, I’m here to let you know about this fabulous lunch spot. I love this little restaurant located on Indianapolis’ westside. Converted from a small bungalow home, it is a quaint little place and everyone is very friendly. It’s a great place to grab a quick lunch, with easy access from the airport and businesses around the airpark. My favorite is the warm pastrami sandwich, while my daughter likes the chicken salad with marinated vegetables. Homemade potato chips, made on site, are a rare treat and homemade soup du jour served daily. They are only open for lunch, Monday thru Friday, 10–4. 6446 W Washington St Indianapolis, IN 46241 (317) 243-2059

Cord Camera Shop in Plainfield

2007-12-20T14:24:00-07:00

After recently purchasing a new camera, I lost the lens cover. A scratched lens does not a pretty picture make, so I headed to a local camera shop to see if I could find a replacement. I did find a replacement and also found the manager, Bill, to be most helpful. My new camera is foreign to me and taking great pictures in different lighting has been an education. Bill recommended a few items for my camera, one was a protective cover for my lens which helps reduce glare and at the same time, acts to protects the lens. While, I have had great success with indoor pictures of my clients homes and landscape pictures, night photography has been a challenge, so I bought a tripod and he suggested I use my remote. I am still learning about photography, as well as my new camera, so Bill suggested a book which covers everything about my camera in plain english. No technical babble! It’s like the camera book for dummies. Now, that is not the name of the book, but it is essentially the same thing and all about my particular camera. They also have videos, in addition to books on many different cameras. If you need a little help and expert advice about cameras, check out Cord Camera in Plainfield. It’s across US 40 from Metropolis Mall. *UPDATE* Unfortunately, Cord Camera shop has closed in Plainfield since I originally wrote this. :(

Ready, Set, Race!

2007-08-29T10:35:00-07:00

Just mention the word Indianapolis and it conjures images of auto racing. We now have to add Brownsburg Indiana to the list of major racing cities. In the April 2007 issue of National DRAGSTER The Indianapolis suberb of Brownsburg was dubbed the New Drag Racing Capital of the World . David Powers Motorsports, one of the National Hotrod Associations leading top-fuel drag racing teams, has announced it will relocate it s Houston based headquarters to Brownsburg. The race team will invest more than 3 million dollars to locate a 30,000 square foot facility in Brownsburg, housing their headquarters, garage and a testing facility and create 42 jobs. Many racing teams have already made the move to Brownsburg: Kenny Bernstein Racing recently brought his top-fuel dragster and funny car teams here. J.J. Yeley Racing, Pedregon Brothers Racing, 360 Brakes, Schumacher Racing, Vance and Hines Motorsports, Indy Performance Composites, Beck Motorsports, Morgan Lucas Racing, Larry Dixon, Gotham City Racing (Mike Ashley) and Snake Racing have all recently made the move to Brownsburg s Nitro Alley. Kasey Kahne Racing and Tony Stewart Racing have also selected Brownsburg as their home for their USAC outlaw teams. (excerpt from Inside Indiana Business) This is perfect timing as we we head into this weekends NHRA Nationals at Indianapolis O Reilly Raceway Park. Rod Fuller of David Powers Motorsports leads the Top Fuel points standing heading into this weekend. What better way to continue the image of Indianapolis as the motorsports capital of the world. Get out to IRP this weekend, enjoy the races and extend a warm welcome to the newest members of our community.

Facing Foreclosure in Indianapolis

2009-08-02T00:08:00-07:00

Losing the American Dream Buying a home is the 'American Dream' and a huge investment which is normally not taken lightly. I doubt many people who sign their loan documents and open the door to their new home, think 'well, if I can't make it, I'll just let the bank foreclose'. As a matter of fact, I haven't met one homeowner who thought they would be facing foreclosure when they moved into their new home. Life happens, though and many today are finding themselves at the mercy of 'the next paycheck' or the lack of a paycheck. What I generally find when talking with people who are facing foreclosure are those who have waited too long; struggling to make ends meet, thinking next month will be the month they will get caught up. It's the true definition of a rat race. Losing one's home is not just about finances, credit ratings or foreclosure. In the face of the overwhelming stress of day to day living lies a real fear - the inborn need for security has been grasped from the hands of those who are behind in their mortgage payments. Waiting Too Long Waiting for the bank to foreclose is like living with a time bomb - dreading 'the' day. My clients who choose to try a short sale on their home find being proactive about finding a solution to their circumstances is a better alternative than doing nothing. By continuing to do nothing, homeowners lose valuable time in the foreclosure process and subsequently, the short sale process. The first thing you should do is contact your bank and see if you qualify for a loan modification. If not, ask if they will cooperate by selling the home by short sale. If so, contact an agent with experience in short sales. If your not sure what is the best option for you, contact your legal and financial advisers. Inform yourself, so you can make the best decision for yourself.

Are You Facing Foreclosure?

2008-12-10T14:29:00-07:00

A Homeowner’s Nightmare With the economic crisis we are facing in the real estate sector of our economy, many homeowners are realizing their home may not be the investment they thought. The dream of home ownership has turned into a nightmare which haunts them daily. In Indianapolis, we have many homeowners whose payments reset or adjusted and combined with a higher tax payment made a significant impact on their ability to stay ahead of their payments. Missed Payments It doesn't take much in these circumstances for a homeowner to get behind. The birth of a child, an extended illness, a job loss.....any of these can cause an intial missed payment. Unfortunately, if the homeowner hasn't been in the home for more than 5-6 years and did not put any money down, they find themselves unable to sell their home for enough money to satisfy the debt and pay the costs to close. By the time a homeowner has missed their third payment, they are considered to be in a pre-foreclosure situation. Solutions Many times homeowners avoid contact with their lender, hoping somehow next month will bring relief. The first thing you should do is contact your lender. Many lenders are offering help to their clients who are behind through loan modifications, forebearance, repayment plan or refinancing. In recent articles I have written about help for homeowners. You need to contact your bank to find out if there is a program available for you. Hope for Homeowner Program Bank BailOut Programs If you have extenuating circumstances which disqualify you for any type of assistance for a workout program with your bank, there are still a few options available to you: Bankruptcy - This will temporarily stop the foreclosure process. However, there are many legal ramifications to bankruptcy. You should seek a competent attorney. Deed in Lieu of Foreclosure - The homeowner gives up the deed to the bank and the bank does not foreclose. The bank must agree to the deed in lieu of foreclosure. Short Sale - When a properties' value is less than what is currently owed, a short sale allows the homeowner to sell the home for less than is owed. The bank must approve a short sale. Refinance - This is usually not an option once you have missed a few payments. Personal Loan - If the situation which led to your delinquency has been resolved, you could borrow money from a family member. Whatever you do, contact a competent professional who can asist you in determining the best options for your specific needs.

WARNING - You Don't Need Their Help

2009-04-01T18:55:00-07:00

It is part of my normal routine to contact lenders on behalf of my clients who are in the process of trying to obtain a short sale on their home. Today, one of the lenders I called had an intro message warning their clients about third parties who approach them offering assistance on loan modifications. I was happy to hear they are educating their clients about their ability to act in their own behalf and deal directly with the bank. It is my personal recommendation to all my clients to stay in contact with their banks once they fall behind on their mortgage payments - even beforehand, if they know they will have problems making the payments. Banks are willing to work with their clients. It does take some perserverance and tenacity, as well as documentation, but any homeowner has the ability to work out their own loan modification. Unfortunately, in today's economic and real estate markets, there are some who are looking to make a profit from anothers misfortune. You don't need someone to help you do a loan modification! Run from anyone who wants to charge you to do this and get on the phone with your lender.

Vacation Thoughts of Home

2009-01-04T20:46:00-07:00

Vacations are made for getting away; a time of refreshment and relaxation. I usually take time away around the Holidays as a time of reflection, also. Looking back on the previous year without a calendar contolling my time gives me fresh eyes to review my accomplishments. Sometimes, though, vacations remind you of home. Vacations are about memories too! This year we are in Phoenix – although I moved back home to Indianapolis, from Phoenix – you can’t beat Phoenix in the wintertime. This year Chihuly has a handblown glass display at the Desert Botanical Gardens, which is absolutely beautiful. We decided to go for a tour on New Year’s Day. It was a gorgeous sunny day. With the sun dancing off the glass sculptures, it really added color and light to the desert. So, why did this beautiful day remind me of Indianapolis? When the Chihuly glass display opened at the Indianapolis Childrens Museum, we took our grandkids (and our children) for a wonderful day of fun. Check out the fun the kids and grown ups alike can have learning about the masterful craft and art of handblown glass. Although the Phoenix display is temporary, the Chihuly glass display at the Childrens Museum is a permanent display. I wish I could bring back some sunshine and warm weather to Indianapolis! I’d like to share the pictures we took of the Desert Botanical Gardens. I hope you enjoy them. Here’s a tour of the natural beauty of the Sonoran Desert sans the glass.

Tis the Season

2008-12-09T18:40:00-07:00

Nothing brings life to the Christmas season like a child’s wonderment as the tree is put up, the lights strung and the ornaments hung. Nothing, that is, except this Mimi watching her grandchildren taking in the moment. This is our first year in our new home, which made it special to have the whole family together to start the season. This little one could not get enough of the thrill and excitement of having the chance to help decorate and play a bit of hide and seek. Of course all the ornaments ended up on the bottom half of the tree. What fun we had – another memory created.

November and Thanksgiving

2008-11-23T17:40:00-07:00

I love the month of November! One of the things I missed about Indiana while I lived in the Southwest was Fall. We decided to move back to Indianapolis a few years ago and fall has always been my favorite time of year. By fall, I actually mean the part where the leaves start turning color and each days color is a bit more magnificent than the previous day. By November, most all of the trees have lost their leaves. By mid November to the end of the month, the trees are bare, we have experienced our first frost; sometimes even our first snowfall. The air is a bit more chilly. It’s a crisp chill though which leaves you refreshed, not chilled to the bone Still, November is my favorite. It’s the month I was married, it is my birthday month and Thanksgiving. It’s one holiday after another. Once nature has stopped decorating the outdoors, we start decorating the indoors for the holidays. This year is especially magnificent. For the first time in several years, I have all my children together. My son flew in today from California to spend the week for my birthday and Thanksgiving. I am blessed! I hope your November is wonderful as well.

Happy Fathers Day

2008-06-15T07:50:00-07:00

This Father’s Day is a bit more special than any previous Father’s Day. I grew up the oldest of seven children and my Dad was my hero. He always had a way of making everything okay – from skinned knees to fights with my siblings. He loved each of us enough to allow us to grow and make our own mistakes, while also providing a home we could always feel comforted in. Being close to family is one of the reasons I moved back to Indianapolis. My dad is a quiet man – a hard worker, who finds joy in just living and takes one day at a time. I have learned a lot from him in that respect. I’ve always thought he was the best. This year, though, I have an even greater reason to be thankful for my father. Last month, on Mother’s Day, my dad went to the hospital with a heaviness in his chest. They ran some test, couldn’t find anything wrong, but decided to keep him overnight. At 5:30, the next morning, he had a heart attack. We actually lost him twice in the next few hours. Thankfully, the exceptional doctors caring for him were able to revive him. Had he not been in the hospital, he would not have made it. Today – I have reason to celebrate Father’s Day with a thankful heart for the first man I ever loved. Happy Father’s Day, Dad! I love you!

Breakfast of Champions

2008-05-29T06:21:00-07:00

M&M’s…………….or chocolate in any form. He did have cereal and blackberries first.

Wisdom From a Three Year Old

2007-12-24T09:47:00-07:00

Have you ever been in a position where you couldn’t find the words you wanted to say? Or what you want to say isn’t coming out in a clear concise fashion? Maybe you said something you wish you had never said. It happens to us all. This happened to my three year old granddaughter the other day. She had just awaken from her nap and she couldn’t find her blanket, or at least the blanket she wanted. After my daughter told her to look in her room and the entertainment room, then the living room, she became very frustrated at her inability to find her blanket. As three year olds do – she began displaying her emotions by whining. She started to tell her mom she looked in all those places and she couldn’t find her blanket. She actually speaks very well, but what she said came out sounding like whaaa….I look, my blank, not room, I wan, my bank………..then she stopped……….stomped her foot and said, Mouth, stop it!!! I wonder how many times we should stop talking, clear out thoughts and then begin again……or not begin again. What if could we take back our words as easily as if we just told our mouth to stop it?

MiMi's been MeMe'd

2007-12-04T19:04:00-07:00

Scott Saghirian over at TopTechAgent, has meme’d me. I have gone 10 months without being meme’d. They have caught up to me; my luck has run out and now, I must disclose 5 things about myself. *I am MiMi to these beautiful grandchildren and enjoy every minute with them. In April we will add another grandchild, a girl. *I have been married to my husband, Don, for 28 years. He still calls me “His Bride”. I am the lucky one. *We have four adult children, who have made every moment in life a cherished one. Okay, maybe not every moment, but when they finally grow up – you forget all the trying times. Seriously! *Besides Indiana, I have lived in Kentucky, New Jersey, Missouri, Arizona and California. Kentucky’s my birthplace, Arizona is the most beautiful, California has the best weather and Indiana is HOME. *My life’s motto is “Live Well, Laugh Often, Love Much” Now, I must pass the honor to three more people. I choose: Linda Barnett at Home Matters Joanne Hanson at Mountain Living Larry Cragun at Issaquah Undressed Thanks for reading

6 Lessons From My Granddaughter

2009-11-08T19:43:00-07:00

There are lessons to be learned in every breathing moment, should we take time to stop and look around. Sometimes the profound smacks us upside the head and says, “Pay attention”; other times the soft whisper of the wind and the sunset teaches us the beauty of a quiet evening. Life is an ever evolving lesson.She made her way into this world in April, 2008, with a cry to let us know she had arrived. One look and I could see her mothers face looking back at me. It’s quite remarkable when you see the face of your child in the eyes of your grandbaby. There’s something so sweet and innocent about a newborn. It was love at first site. She grew, as babies do, so fast it seems – where did the time go. I should have cuddled her more because now she has no time. She is exploring her own world, as small as it is. Lesson 1 – take time for the small things, time passes too quickly She begins exploring the boundaries of her world by rolling. I have never seen a baby roll with such precision. Around tables, through doorways and down the hall to get where she wanted to go. We assumed she had no interest in crawling since she could get wherever she wanted by rolling. Lesson 2 – obstacles are for going around She starts to scoot to get around. Apparently, she prefers scooting to crawling, but eventually she does crawl and always with her right hand in a fist. Did I say she’s a lefty like her daddy? From the time she showed a preference, she reached for everything with her left hand. Her binky, her ba-ba, her bunny and food, when she started to eat………everything she needed. Lesson 3 – You don’t need a lot of things to make you happy. She’s over a year old now, but she doesn’t talk much or walk. She still prefers to crawl and scoot. Her mommy taught her and her brother sign language when they were babies, so she knows how to get what she wants. She says Mama, Dada, Ba-ba, something similar to brother and rar rar for dog. Go figure! But, we know what she wants and that’s all that matters to her. Lesson 4 – There’s more than one way to communicate. She’s a year and a half old now and still not walking on her own. She stands and walks around tables and falls if she takes a few steps on her own. She can’t seem to coordinate getting her right foot in step with her left. She falls and crawls and scoots to the table and tries again. The doctor is a bit concern, she appears to have more strength in her left side than her right. Her muscles on the right side seem a bit tense. So off to the specialist for a visit! It’s a month away and by the time she arrives at her appointment, she has learned to walk on her tippy toes. The kid has perseverance! Lesson 5 – Never, ever give up! The doctor watches her walk and examines her – but the people of her world, the ones who love and cherish her were not prepared for the diagnosis – Cerebral Palsy. Seems she’s one of the lucky one’s – a mild case. Still, she will have lots of therapy; physical, speech and occupational. She was fit for a special boot to assist her in walking. One step at a time!Last week, her mommy said, she made the sign for more and said mo…. Another small step! Funny thing, she doesn’t know anything has changed. She still goes full speed ahead and keeps trying new things, even if she falls. In her mind, she has no limitations. She has no small voice telling her she can’t. I hope she never does. I pray she never does! Lesson 6 – We are only limited by our belief. This is not a sad story – just a life story. Life has a way of teaching us the things we need to know - to live, to love, to enjoy each day. The lessons she has taught me apply to every aspect of life. I’m certain my grand-daughter will teach me so much more in the years ahead. Hopefully, I’ll be able to teach her as much.

Danville Indiana Real Estate Market - December 2009

2010-01-22T22:30:00-07:00

Home Sales in Danville for the month of December were above last years sales. There were 11 sales last month, compared to 7 sales in December 2008. The averages for December 2009: The highest home sale was $217,900 for a four bedroom, 3 bath home with 2433 square feet. The lowest priced home sold was a two bedroom, 1 bath home with 1228 square feet. The average days on market was 59 days. Danville Real Estate Sold Danville homes sold, subdivision, home levels, garage, basement, square feet and price. The most popular subdivision sales in Danville were in Stratford Ridge and Clear Creek, which represents two distinct home buyers, the first time home buyer and the move up home buyer. Danville Real Estate Market Snapshot - Comparing 2008-2009 Average home price for Danville Indiana Home Sales in 2009 compared to 2008 shows a trend of lower home prices, but at the end of the year average home prices were not far off where they were a year ago. The number of homes sold has trended up. This could represent an influence from first time homebuyers, since the average home price in Danville is lower than the neighboring cities of Avon, Brownsburg and Plainfield. # of homes sold in Danville 2008-2009 Copyright © 2010 by Paula Henry, All Rights Reserved. *Danville Indiana Real Estate Market Report – December 2009 * ____________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog , written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Danville Indiana real estate markets.

FHA Mandatory Loan Fees Increase For Some, Fall For Others

2008-07-18T17:48:00-07:00

For the first time in its history, the FHA changed its funding fees and mortgage insurance structure this week. FHA-insured home loans are now subject to a risk-based pricing adjustment. Because of risk-based pricing, FHA home loans are now more expensive for borrowers with less-than-ideal credit profiles, and less expensive borrowers with perfect ones. Prior to the changes, most FHA borrowers paid an up-front fee of 1.500 percent, plus on-going annual mortgage insurance payments equal to one-half-percent on the amount borrowed. FHA-insured mortgages have grown in popularity this year because, while the guidelines of other mortgage products have tightened, FHA program guidelines have remained loose. FHA allows 3 percent downpayments on purchases, for example, and allows 'cash out' refinances to 95 percent. Fannie Mae and Freddie Mac do not.

FHA Makes Homeownership More Affordable But Not Until October 1, 2008

2008-09-24T11:47:00-07:00

Earlier this year -- and for the first time in its history -- the FHA changed its funding fees and mortgage insurance structure. Effective October 1, 2008, it's repealing those changes. Partly to keep FHA home loans affordable, and partly to comply with new laws, the FHA is rolling back its up-front fees and ongoing mortgage insurance requirements and replacing them with new ones. The new up-front FHA fees are as follows: 1.750% : All purchase and 'standard' refinances 1.500% : All 'streamline' refinances 3.000% : All FHASecure programs for delinquent mortgagors These fees are paid as a one-time cost at closing, and are calculated by multiplying the loan size by the fee. A $200,000 FHA purchase, for example, now carries a $3,500 one-time charge. Ongoing mortgage insurance requirements have changed, too. These changes are based on the loan type and the amount of equity in the home. 15-year fixed with 90% borrowed or less: 0.000% annually 15-year fixed with more than 90% borrowed: 0.250% annually 30-year fixed with 95% borrowed or less: 0.500% annually 30-year fixed with more than 95% borrowed: 0.550% annually Mortgage insurance premiums are calculated by multiplying the initial loan size by the annual premium. The same $200,000 FHA purchase outlined above, using a 95% 30-year fixed mortgage, would require a monthly mortgage payment add-on of $83.33 until the loan is paid in full. FHA-insured mortgages have grown in popularity this year because, while the guidelines of other mortgage products have tightened, FHA guidelines have remained relatively loose. FHA allows 3.500 percent downpayments on purchases, for example, and allows 'cash out' refinances to 95 percent. Fannie Mae and Freddie Mac do not.

4921 Melbourne Rd. Indianapolis

2009-06-14T22:54:00-07:00

This beautiful home is located near Saddlebrook Golf Course in a secluded neighborhood of unique architectually designed homes. In this hidden subdivision of lush foilage and wooded lots is a beautifully well maintained one owner home. Many updates including a granite center isle in the kitchen with breakfast bar, hardwood floors and lots of cabinets. Family room with vaulted ceilings is open and bright with direct access to backyard. Formal living and dining room complete your entertaining area. Three large bedrooms including the master retreat with vaulted ceiling and large closet. Master bath includes dual vanities, garden tub and separate shower. Two car side entry garage with four foot extensions for storage. Private wooded backyard for your family retreat. No HOA! 4921 Melbourne, Indianapolis 46228 SOLD in 5 Days!

2911 N Delaware - Mapleton Fall Creek

2009-05-12T22:45:00-07:00

A beautiful Arts and Crafts style home, located in Mapleton Fall Creek, has been tastefully remodeled while retaining the original charachter of the home. This area of revitalization in north Indianapolis features large homes built in the late 1800’s to early 1900’s. The home is currently being offered as a short sale at $59,900. If you have a little patience, you will reap the rewards of owning this wonderful Indianapolis home in an up and coming Indianapolis Historic Neighborhood. Home features over 3100 square feet, four large bedrooms, remodeled kitchen, large great room with fireplace and formal dining room. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, at Keller Williams Realty, serving the Indianapolis real estate markets. Contact Paula – 317–605–4174

Avon Indiana Condos at Parks at Prestwick

2009-09-28T19:08:00-07:00

Grant Park Condos The bank says sell, so these beautiful condos in Avon Indiana have been reduced. Located in the master community of Parks at Prestwick, Grant Park is a maintenance free community of paired ranch condos. There are currently four homes completed and ready to sell, starting at $99,900. Can you believe it? A two bedroom condo with office, fireplace, two car garage and 1450 square feet of living space for less than $100,000. That's just one of the great values we have here. We also have two additional single story homes; both have two bedrooms, fireplace, double sun room, hardwood floors and cherry cabinets for $139,900. One home has an office and is 2200 square feet; the other is 1900 square feet. The last one is a two story, two bedroom with loft for $114,900. We also have five model homes available. Call me today and make an appointment to get first choice of these great deals. See more at our website Grant Park Avon. Search all Avon Indiana Condos for Sale

Eagledale Home - 3132 Voigt Dr

2010-02-14T11:12:00-07:00

Newly remodeled and updated home for sale in Eagledale in Indianapolis. Perfect first home priced at only $69,700. Home sits on a wooded fenced lot overlooking the creek. Features include new kitchen, laminate flooring, remodeled bathroom, laundry room and all appliances. Call me for information about the first time home buyer program through Indiana Housing.

Stratford of Avon ~ Home for Sale

2010-01-12T20:58:00-07:00

6846 Juliet - Avon Indiana Beautiful custom home in Stratford of Avon in Avon Indiana. Truly one of a kind custom home on a magnificent wooded lot. Wait til you see the trees in bloom; you'll have a complete privacy from your deck and backyard. This is the kind of place you just want to come home to. All brick ranch with bonus room gives you an amazing 2700 square feet of living space. So many great features: Open great room with dual sided fireplace Kitchen with cherry cabinets, solid surface countertops and breakfast island Dining room with fireplace and glass doors looking out over the yard Large Master Retreat with garden tub and separate shower Split Master floorplan offers privacy Upstairs bonus room with full bath and separate office space; Great for a guest suite or second master Large fenced yard with privacy fence Side entry garage with service door Call us today for your private tour of this home. It won't be on the market long! Search all Homes for Sale in Stratford of Avon Copyright © 2009 by Paula Henry, All Rights Reserved. *Stratford of Avon ~ Home for Sale*

Brownsburg Home in Branches

2008-10-25T19:16:00-07:00

Short sale opportunity on this beautiful home in Branches in Brownsburg. Over 4500 square foot of comfortable living. Priced at only $189,900 and featuring 5 bedrooms, 4.5 baths is just one reason to love this home. Upgrades include maple cabinets and stainless appliances in the eat-in kitchen. A warm cozy family room with stacked stone fireplace will be a favorite gathering place. Two bedrooms have their own private bath, one up; one down, as well as the enormous master with jacuzzi spa bath. You'll love the neighborhood, too. Community amenities include a pool, clubhouse, playground, tennis, basketball, walking paths and open green spaces. Search all Brownsburg Homes for Sale Homes for Sale in Branches

Is Hansen and Horn the Next Casualty of The Indianapolis Real Estate Market

2009-11-25T19:07:00-07:00

Will Hansen and Horn Home Builders be the next casualty of the Indianpolis real estate market? The talk on the street indicates it is probable. It was first reported on WishTV.com the Indianapolis home builder was having problems paying bills and is being sued by subcontractors for money they are owed. Customer complaints about work which had not begun or homes not completed on time also made the news. The Indianapolis Star picked up the same story, stating the Builders Association of Greater Indianapolis (BAGI) had canceled Hansen and Horn's membership. The Indianapolis Business Journal reports a Marion County judge has frozen certain assets of the company, citing several lawsuits against the company. To make matters worse, the BBB has given the home builder an 'F' rating. The future does not look good for Hansen and Horn, who is currently building in about 20 neighborhoods in Indianapolis. Hansen and Horn was the builder for the Anson Project. When KB homes pulled out of the Indianapolis market, they were also the chosen home builder for Anson in Zionsville. Rumor has it financial mismanagement is key to the problems facing Hansen and Horn. I'm not sure if it's the economy, bad management or financial lethargy; whatever the cause, Hansen and Horn may find themselves following the path of Davis Homes - KB Homes - CP Morgan - Portrait Homes and many small builders who did not plan for a long rebound of the real estate market. Note: KB Homes is still an active home builder in other states and voluntarily pulled out of the Indianapolis market. Copyright © 2009 by Paula Henry, All Rights Reserved. *Is Hansen and Horn the Next Casualty of The Indianapolis Real Estate Market*

Indianapolis Offers Most Affordable Housing

2009-11-21T21:10:00-07:00

Indianapolis offers the most affordable housing in the nation, according to CNNMoney. You can read the full story here. I don't know what the criteria was for determining the most affordable cities to buy a home. It appears to be based on income, average home sale prices and affordability score. The article states the median home price in Indianapolis is $107,000, which is about right. Median home price indicates the number at which as many homes sold above the median price as there were homes sold below the median price. I'm not sure what the end date was for the statistics CNN used, but I used statistics through today, November 21st, 2009. There were almost 10,000 homes sold thus far, with an average sales price of $103,767, which is close to the median price stated in the article. Of those 10,000 homes sold in Indianapolis, 5976 or 60% of the homes sold below $107,000. If 60% of the homes sold were less than the median price, then the math is off some where. Almost 3000 or 29.2% of the total homes sold in Indianapolis were under $50,000. Then there's the homes which sold for -0- which really skew the results. I don't know if there were homes which sold for nothing unless I check the sales disclosure filed with the county recorders office, but I'm guessing there was some money exchanged. So, does Indianapolis offer the most affordable homes in the country? Well, we did have almost 3000 homes sold for less than $50,000. Many people call me expecting to find great deals and there are deals out there. Many, though, can not be financed and a large percent of those sold under $50,000 were cash sales. We have a lot of investors here in Indianapolis and many foreclosures contribute to the low average price of homes in Indianapolis. Can you expect to find a great bargain on homes in Indianapolis? It depends on what you are looking for and where you want to live. In some of the most popular neighborhoods in Indianapolis, you will find the homes priced more than double the average or median price. For instance, homes in the North Indianapolis neighborhoods of Broad Ripple, Meridian Hills, Butler Tarkington, Arden, Kessler-Meridian areas are well above the average. So far this year there were 599 homes sold for an average of $205,956, with an average of 2 bedrooms and 2 baths. The statistics here are quite different than the median price for Indianapolis in general. Statistics are really too general to determine value of a particular area. The numbers speak of the whole, without considering the attributes of specific neighborhoods and communities. When we compare the value of homes in Indianapolis with the same type and style of neighborhoods in other cities, then yes, we do offer our residents very affordable housing. I tend to believe affordable is more accurately determined by considering the affordability index. When you can buy a home for less than the cost of renting, without exceeding 35% of your income toward your total housing costs (PITI), then yes, Indianapolis offers affordable homes. Search Indianapolis Homes for Sale Information is deemed reliable but not guaranteed. Homes in this price range generally sell quickly and all homes listed may not still be available. Copyright © 2009 by Paula Henry, All Rights Reserved. *Indianapolis Offers Most Affordable Housing*

High End Homes Not Selling in Metro Indy

2009-09-01T20:21:00-07:00

Today, the Hilbert Mansion on 116th Street in Carmel was reduced by another $5,000,000. Originally listed at $25,000,000, the current asking price is less than 40% of the original listed price. You can read the story here. The volatility of the real estate market has taken it’s toll on higher end homes in Metropolitan Indianapolis. McMansions are being passed on for more economical living choices. Home sales in Indianapolis over the past few months may not reveal the true picture of sales per price point. Since many first time home buyers are taking advantage of the $8000.00 rebate, the price point of sales will be lower than average in many areas across the nation. It doesn't affect high priced properties, though. There have only been 4 home sales this year over $1,500,000 recorded in the Metropolitan Indianapolis Board of Realtors (MIBOR) database. Surprisingly, all four were in the city of Indianapolis. Two in the Meridian Kessler area, one in Lawrence on Geist and one downtown condo. There were 19 home sales this year priced between $1,000,000 - $1,500,000 in various areas; most in Zionsville, Carmel and Fishers. Currently, there are 284 homes available over $1,000,000 and a total of 23 sales this year for homes in this price range. When we break it all down, the numbers tell us we have an eight year supply of homes in the million plus price range. Over the next week, we’ll look at the numbers for home sales, days on market and absorption rate for areas in Metropolitan Indianapolis real estate. If you have 9.9 million laying around, the Hilbert Mansion is beautiful, a great location and priced right.

Living in Brownsburg – A New School

2009-08-20T01:02:00-07:00

Bulldogs are ugly dogs! Those were the words my ten year old belted out near the end of her 4th grade year. This was her response to the news that next year she would attend a new school as we were moving to Brownsburg over the summer. I assured her that all would be ok and that the Brownsburg Poodles just wouldn’t have the same affect but she did not find my humor on the matter very soothing. She gave the typical rebuttals you would expect…I won’t have any friends, there are only cowboys in the country (my personal favorite) and if you have been to Brownsburg, it is not the Podunk town she made it out to be. Honestly, we only heard the banjo’s once…………… insert laugh here. Anyhow, I tried to be as comforting and sympathetic as I could knowing nothing she said was going to change the fact she was going to be a Bulldog….cute or not. As parents we are faced with decisions which aren’t always easy. Moving to a new home was a hard decision but one we felt secure about. I knew it would be harder to move the older my children get. I did not want to face this problem pre-teen as it would not be pretty. It was a now or never kind of thing. We were able to sell our home and get a great deal on another one…thank God for realtors and a buyers market. The doors just opened…cementing the fact that it was to be. The Brownsburg school system was a determining factor as it has a solid reputation and it’s a smaller school district which was important to me. School started this week and my daughter loved it. She made new friends; all the worries and shed tears are a thing of the past. As a mom, I know I don’t have all the answers and maybe the decisions I make aren’t always the right ones but I can rest my head at night knowing that they always come from a place of love and love covers a multitude of mistakes. Moving to a new neighborhood was a big decision and I am happy I did it. My daughter isn’t scarred for life; she’s just an ugly Bulldog! Tell us what you like about the Brownsburg Schools and living in Brownsburg and win a free Brownsburg Bull Dogs Hooded Sweatshirt – just in time for football season. Drawing on September 10th!

Brownsburg Named Best Place to Live

2009-08-09T04:10:00-07:00

Brownsburg, Indiana gained national attention when CNN Money named it the 33rd best place to live in the country. Although traffic was named as a a detractor, the advantages of living in Brownsburg far outweigh the negative impact traffic has been for the city. Job growth, schools and quality of life were factors in determining the best places. Other factors considered were: Crime, financial purchasing power, leisure and culture, access to amenities, weather (guess they didn't visit this week) and taxes. Real estate tax data was not available for Brownsburg when the numbers were reported. For those of us familiar with the western suburbs of Indianapolis, Brownsburg is a great place to live. As a matter of fact, my daughter and her family recently moved to Brownsburg; they love it! Traffic congestion can be a bit of a pain. I imagine that's true of any town or city where people want to live and the quality of life is above average. Congratulations to the town and community of Brownsburg! Have a question about neighborhoods or homes for sale in Brownsburg, contact us.

Rules of the Roundabout

2009-05-26T00:10:00-07:00

Ground has broken on the new roundabout at County Road 100N and Dan Jones in Avon, giving the city it’s third roundabout. Now, we have the rules. Nothing is ever as simple as it seems; you merge into the roundabout and get off at the appropriate turn, Right? Maybe! Recently codified rules of the roundabouts were adopted by the Town of Avon and improper use can result in a $170.00 ticket. Approach – when approaching the roundabout, you must yield to both lanes of traffic – of course this means you may never make it into the roundabout. Exiting – Turn on your right turn signal – no left turns allowed Roundabout only runs counter-clockwise – you can turn left, you just can’t exit left Once inside the roundabout, you must stay in the same lane until you exit – make sure you enter the roundabout in the correct lane. Except - If you enter in the outside lane, you must exit at the first or second right. If you enter in the inside lane you may not exit the first or second right, you must go around the roundabout, then get in the outside lane. Vehicles in the outside lane can not overtake vehicles in the inside lane and must give them room to exit – To me, this sounds like a mini 500 race with everyone going in circles, not sure if they can exit or change lanes. I think everyone does just fine without having to wonder if they entered in the right lane so they can exit at the appropriate time without taking home a ticket. Makes you want to find routes around the roundabouts. These are nationally accepted roundabout rules, so I assume the same rules apply to roundabouts in Carmel as well.

City of Avon Goes YouTube

2009-05-25T23:39:00-07:00

Being a fairly astute user of the online media universe, I applaud the Town of Avon for their latest efforts in keeping the citizens informed of the local Town Council Meetings through the use of YouTube. Visit the Town of Avon's YouTube page. Now you don’t have to miss the results of a Town Council Meeting. Keep track of the issues which involve you, your community and Town Issues in Avon, Indiana.

Indianapolis Neighborhoods Receive Funds for Revitilazation

2009-05-13T00:54:00-07:00

Seven Indianapolis areas will receive federal funds earmarked for neighborhood revitalization. $29 million will be used to counteract the effects of foreclosures in neighborhoods located within the city of Indianapolis. The city of Indianapolis has been successful in the revitalization of several historic neighborhoods in the downtown area, including the Old Northside, Lockerbie Square and Fall Creek Place to name a few. Which neighborhoods have received the federal funding? Concord Community Development Corp – This area of Indianapolis lies North of Hanna, South of Washington Street, East of White River and west of Madison Ave/I-65. Englewood Community Development Corporation – Not as much a neighborhood, but a community developed by Englewood Christion Church which has help to reestablish the neighborhood around the church, and providing housing for families. Mapleton Fall Creek – Bound by Meridian on the west,38th street on the north and Fall Creek on the south and east, Mapleton Fall creek is an area in the midst of revitalization, with many new builds and remodels already completed. Southeast Neighborhood Development – The Southeast neighborhood community includes the neighborhoods of Fletcher Place, Garfield Park, Fountain Square, Irish Hill and Holy Rosary. This is a wonderful area of homes which has seen a lot of foreclosure activity in the past few years. SEND programs include repair, rehab and purchase funds for low to moderate income families. Indianapolis Neighborhood Housing Partnership – The community development corporations will work with INHP. As neighborhoods are developed, INHP will offer counseling and financing options for homeowners. Two additional groups will which use the funds are Greater Eastside Housing Project Team and Michigan B&O Reinvestment Team. All monies have to be spent within four years.

What Caused the Housing Crisis?

2008-10-02T22:30:00-07:00

Even as a REALTOR, I wonder, how did the climate of the real estate market change so dramatically in such a short period of time. The simple answer is, supply and demand. When the supply of 'easy' loans were made available, the demand for such loans increased. As more people qualified, homes were quickly purchased, decreasing the supply of inventory, which increased the demand. Everyone seemed to jump on the bandwagon and money was easy to get. Although Indianapolis did not have the same appreciation as many of the hotspots around the country, we are, nevertheless, experiencing the effects of the changes. We have our share of foreclosures and short sales, just not on a grandiose scale as some areas. We have other issues here such as property taxes, which have affected homeowners. Still, the supply of easy money was the beginning.........along with the belief that real estate values would not go down.

Custom Homes and Lots in Avon

2008-09-28T03:53:00-07:00

Are you thinking about buying or building a new custom home in the Indianapolis area? Come take a look a the custom home lots at Village of Heritage Hills in Avon and Brownsburg. They are celebrating their Grand Opening this week with 40% off lots. If you haven’t been out to the Villages of Heritage Hills, let me tell you, this is some beautiful land. Gently rolling hills surrounded by 100 acres of nature and wooded home lots. Lots range in size from one-third acre to over one acre. This week, custom home lots are priced from $39,000 to $105,000. Villages of Heritage Hills is conveniently located just west of County Road 200 off of State Road 267. Just a few miles from the new Ronald Reagan Expressway and Highway 74. Choose your builder and lot and make your dream home a reality.

7 Weeks Remain To Find A Home, Claim Up To $8,000 In Tax Credits

2010-03-09T05:46:00-07:00

In November, Congress extended and expanded the First-Time Home Buyer Tax Credit program to include a subset of 'move-up' buyers -- homeowners that have owned and lived in their home for 5 of the last 8 years. The credit ranges up to $8,000 per buyer. There's now just 7 weeks left to take advantage. To be eligible, home buyers must be under contract for a new home no later than April 30, 2010, and must be closed no later than June 30, 2010. In addition to meeting the deadline dates, there's a basic set of requirements to be tax credit-eligible: You can't purchase the home from a parent, spouse, or child You can't purchase the home from an entity in which the seller is a majority owner You can't acquire the home by gift or inheritance Each buyer in the purchase must meet eligibility requirements There's other criteria, too. For one, the sales price on the subject property cannot exceed $800,000. Homes sold for more than $800,000 are ineligible for the tax credit. Furthermore, households earning more than $125,000 as single-filers, or $225,500 for joint-filers, are ineligible. You can read the complete eligibility requirements at the IRS website, or, you may just find it simpler to speak with your accountant about it. There are some nuances in qualifying for and claiming the tax credit on your returns and getting a professional's opinion is always wise. And lastly, don't forget that government's tax credit program is a true tax credit. It's not a tax deduction. This means that a tax filer whose 'normal' tax liability is $3,500 and who is eligible for $8,000 in credit will receive a $4,500 refund from the U.S. Treasury. If you're currently in the House Hunt, mark your calendar for April 30, 2010. It's 7 weeks away and you can be sure that as the date gets closer, buyer traffic is going to increase. You may find sellers more willing to negotiate today than several weeks from now.

2010 Conforming Loan Limits

2009-11-30T05:09:00-07:00

A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac. Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on 'typical' housing costs nationwide. Loans in excess of this amount are typically called 'jumbo'. While home prices increased from 1980 to 2006, so did conforming loan limits. Since then, however, as home prices have dipped, the conforming loan limit has held. Now, in 2010, for the 5th consecutive year, the government set $417,000 as the nation's conforming mortgage loan limit. The 2010 conforming loan limits, as released by the government, are: 1-unit properties : $417,000 2-unit properties : $533,850 3-unit properties : $645,300 4-unit properties : $801,950 But conforming loan limits don't apply to all U.S. geographies equally. As a result of various economic stimuli since 2008, the government now considers certain regions around the country 'high-cost' areas. In these areas, conforming loan limits can range to $729,750. There are less than 200 such areas nationwide. The complete list is published on the Fannie Mae website.

Fannie Mae Changes Will Thin the Indianapolis Buyer Pool

2009-09-30T06:50:00-07:00

If you're thinking about buying an Indianapolis home in the next few months, you may want to move your date up. New Fannie Mae guidelines will make getting approved for an Fannie Mae loan more difficult. For the second time in less than 3 months, Fannie Mae announced changes to its mortgage guidelines. In it's announcement, Fannie Mae details the updates, meant to reduce the mortgage firm's overall risk. The first major change is with respect to credit scoring. All Fannie Mae loans -- whether underwritten electronically or manually -- require a 620 credit score minimum. There are very few exceptions. A second change relates to loans with private mortgage insurance. Homeowners whose loan-to-value exceeds 80 percent now have a choice: Accept higher mortgage insurance premiums month-after-month Accept a one-time fee paid at closing to compensate for higher risk Not only will the new guidelines make it harder to qualify, the cost to finance will also be affected, which means higher closing costs and monthly payment. Then, a third change relates to maximum debt-to-income ratio. As announced , Fannie Mae will no longer approve expense ratios exceeding 45 percent except with very strong assets and credit to back it up. In no case can expense ratios exceed 50 percent. There are other changes, too, including the elimination of seldom-used mortgage products and new risk-based pricing on 'expanded level' approvals. Fannie Mae implements its updates during the weekend of December 12.

Your New Mortgage Payment Info

2009-08-19T01:04:00-07:00

What happens to your mortgage payment when the taxes change? We’ll look at my daughter’s changes over the last 18 months. In 2008 when the Indianapolis property tax C-bill came out ( the final bill for 2006), it was much less than the normal tax bill. Since taxes were behind, my daughters lender assumed her taxes had changed and sent her a check for the overage in her reserve account. Mortgage companies are only allowed to keep a maximum amount in reserves. When the next tax bill came out, the lender paid the taxes, but there wasn’t enough in her account, so her payment increased to $1240.00. She paid that until last month when the reconciliation bill came out. The computer which tracks such things calculates her payment again decides she has too much in reserves and kicks back a check. Now she has two months reserves on a lower amount. The bank is taking an average of $700.00 every six months out; except her taxes are $1200.00 semi-annually. By September, when her taxes are due she will have about $520.00 in reserves. Her taxes will be $1200.00 in September and another $1200.00 in November. Her account will be $4100.00 in arrears by the end of the year. The mortgage company will recalculate and she will be given the opportunity to make up the difference or add it to her monthly payment. In addition to the $4100.00, the bank will add another $500.00 semi-annually or $1000.00 to make up the difference between what they are currently taking in reserves and what the actual tax is. Remember the actual tax is $1200.00, but the bank is only collecting on the amount of the most recent tax bill; $700.00. $5100.00 divided by 12 months = $430.00 a month, which means her $1100.00 payment will now be $1530.00 for one year. This is a huge difference and will be a difficult task for many homeowners in the coming months. I would love to hear from homeowners whose tax amount have affected their housing payment and their lives.

Certified Deed RipOff

2009-05-27T09:44:00-07:00

A client recently called to ask whether they need to obtain a 'certified' copy of their deed. She had received a letter from National Deed Service stating she could should get a Certified copy of her deed, how important the document is, since it's evidence the property was transferred to her. All she has to do is send $59.50 to obtain this important document. RIPOFF! This company feeds on peoples fears that they may not have the proper documentation proving ownership of their home. They use official sounding language: RE: Marion County Recorder Document #xxxxxxx and state The US Government Federal Citizen Information Center website recommends property owners have a certified deed. Here's what the FCIC says: A private company is currently sending out letters nationwide offering to sell property owners certified copies of deeds. The letters refer to information found in FCIC’s “Managing Household Records” 2003 online consumer focus article. The company cites that article as a reason for purchasing a certified deed. Consumers should be aware that it is not necessary to use a private company to obtain a certified copy of the deed to your home. You can obtain one from your local Register of Deeds for free or at a low cost. If you live in Marion County you can get a certified Deed at the County Recorders Office for $5.00 if you search for it yourself. If they do the search, it's $5.00 additional. First, check the closing documents you received from the title company when you bought your home; chances are - you already have a certified copy.

Move-Up Homebuyers Face New Lending Challenges This Spring

2009-01-23T12:07:00-07:00

When a homeowner sells his home and decides to buy a new one, there are 3 basic options for the residence -- sell it, keep it, or rent it. Unfortunately, no matter which path they choose, move-up home buyers in need of a new conforming mortgage will find qualifying for a home loan to be more difficult this season than in the past. Mortgage guidelines are dramatically tighter for people 'carrying two mortgages'. Among the changes this spring's buyers face: Selling the primary residence If you plan to close on your new home prior to the closing of your existing home -- even if it's only by a day -- both payments must be listed as monthly debts on your mortgage application. This will disqualify the majority of home buyers. Converting your residence to a second home If your current home has less than 30 percent equity in it, your mortgage application for the new home will not be approved unless you can show 6 months worth of mortgage payments + taxes + insurance in reserves for the current home and new home combined. Converting your residence to an investment property If your current home has less than 30 percent equity in it, any rental income derived from a tenant is disallowed on your mortgage application for the new home. You must still count the mortgage payment + taxes + insurance as a monthly debt. In other words, being a move-up buyer isn't as simple as it used to be. New lending rules make buying a new home an exercise in timing and financial planning. And the rules are expected to get tougher, too. Therefore, if you expect to be a move-up buyer in the next 12 months, consider moving up your time frame or -- at least -- planning ahead for it. Understanding the new mortgage landscape and how they can influence your upcoming purchase may be the difference between getting approved for a home loan, and getting turned down.

No Carpet, No Kitchen, No Loan!

2009-01-11T10:57:00-07:00

In light of the changes in conventional financing guidelines, FHA loans have once again become a popular choice for home buyers. In the good ol days, (heck, that was just a few years ago) almost anyone could get 100% financing on practically any home. Not so, today! Today’s savvy buyers understand the market leans in their favor. However, financing may not. While showing homes in the last few weeks, buyers who are looking for a deal and most are – find the deals may have faults which prevent traditional financing. Little faults, like – no kitchens – seriously, a bank owned home with the kitchen stripped. No cabinets, no countertops, no sink – dishwasher, stove -gone! This was a lovely house and a great price, but the average home buyer has no chance of having their loan approved by FHA or conventional, according to my lender. Of course, this buyer was going to go FHA with 3.5% down or conventional with 5% down. In either case, the bank would not approve a loan for the home without a kitchen. A few more homes later, another problem, no carpet. Again, FHA will not finance without flooring. It’s a livability issue! I’m sure it also has to do with the bank wanting some security that the home they finance will indeed be livable and once they hand over the funds, they have no idea if the homeowner will have the repairs completed. These homes can be financed with an FHA 203K loan, which allows for the buyer to include the cost of repairs into the loan and all projects completed by an FHA approved contractor. The process is a bit more difficult and time consuming, and comes with a higher interest rate, but is a good alternative to turning down a home which is priced right for the repairs needed. While finding deals may not be difficult, financing may create a roadblock. This is just one of many reasons a home buyer should know their financing options upfront!

2009 FHA Loan Limits For Indianapolis

2008-11-24T01:52:00-07:00

In March 2008, HUD temporarily raised FHA loan limits around the country. Effective January 1, 2009, FHA loan limits revert. FHA home loans are mortgages made by private lenders and insured by the federal government. Historically, FHA home loans have been 'easier' for which to qualify than their conforming mortgage counterparts and, therefore, tend to be associated with borrowers of tarnished credit quality. Today, that's the not the case. The FHA home loan underwriting process can be as tough -- or tougher -- than a conforming mortgage underwrite. There is extra documentation required and the home appraisal process is often more thorough. Where FHA home loans shine is in their limited downpayment requirements. To purchase a home with a FHA-insured mortgage requires a 3 percent downpayment as of today; in January, it moves to 3.5 percent. Versus the typical conforming mortgage requirement of 5 percent or more, FHA serves as somewhat of a home affordability product for Americans. In addition, FHA allows larger 'cash out' refinances than Fannie Mae or Freddie Mac. The 2009 FHA loan limits for Indianapolis are: 1-unit : $271,050 2-unit : $347,000 3-unit : $419,400 4-unit : $521,250

How The Presidential Election Impacts Home Affordability

2008-11-04T05:22:00-07:00

More than a handful would-be Indianapolis home buyers stayed on the sidelines this year, waiting for Election Day to pass. The prevailing thought was that once the new President-Elect was identified, credit markets will systemically unfreeze and housing markets will return to normal. If history is a guide, this is an unlikely scenario. Election Day doesn't figure to alter markets any more in 2008 than it did after the four previous presidential elections. If anything, post-Election Day market reaction has been muted: 1992 : Dow closes down 0.9 percent the day after Election Day 1996 : Dow closes up 1.6 percent the day after Election Day 2000 : Dow closes down 0.4 percent the day after Election Day 2004 : Dow closes up 1.0 percent the day after Election Day But just because the stock market has a history of idling on the day after the election doesn't mean that mortgage rates will rest easy this week. The likely outcome is the opposite, actually. If investors believe the President-elect will successfully stimulate the economy, stock markets would likely rally, causing mortgage bonds to sell off and mortgage rates to rise. Higher mortgage rates means higher monthly payments on a home. Or, if investors think the winning candidate will fail to revive the economy, money would flock to government bonds as a place of safety. This dollar flow would occur at the expense of the mortgage market, causing rates to rise in this scenario, too. Again, higher home payments. Of course, it's as difficult to predict post-Election market conditions as it is to predict the election itself but one thing is for certain -- rates may rise and fall before the week is out, but credit guidelines will remain extra-tight. Getting approved for a mortgage won't be any easier -- no matter which party wins the Presidential Election. Source Will the election drive the Dow? Eamon Javers Politico https://news.yahoo.com/s/politico/20081022/pl_politico/14826

How Far Will Your Salary Go In A Different City?

2008-07-13T20:01:00-07:00

Just like real estate markets differ from town to town, so does the Cost of Living. Indianapolis real estate is the most affordable housing in the nation and now you can check how Indianapolis compares to other cities across the nation for cost of living. Courtesy of CNNMoney, this helpful calculator measures the change in living expenses a person would face when moving between any two major cities in America. The key expenses compared are: Groceries Housing Utilities Transportation Healthcare The comparison data is provided by C2ER which, on its own Web site, charges $4.95 for each city-to-city comparison. At CNNMoney.com, the exact same C2ER data is licensed and available for free. One more way to save a little money. Would anyone really pay $4.95 for a report for one city? I don't think so and now you don't have to.

Foreclosures Per Capita February 2010

2010-03-11T05:45:00-07:00

According to foreclosure-tracking firm RealtyTrac, foreclosure filings topped 300,000 for the 12th straight month last month as 1 in every 418 U.S. homes received a foreclosure filing. It's a small improvement from January and a just 6 percent increase over February 2009. On a per-capita basis, foreclosure density varied by state: Nevada : 1 foreclosure filing per 102 homes Florida : 1 foreclosure filing per 163 homes Arizona : 1 foreclosure filing per 163 homes California : 1 foreclosure filing per 195 homes Also, as in January 2010, foreclosures across the country were concentrated. 10 states beat the national Foreclosure Per Capita average; 40 states fell below. Like everything else is real estate, it seems, foreclosures are local. For today's Indianapolis home buyers, foreclosures represent an interesting opportunity. Homes bought in various stages of foreclosure are often less expensive than other, non-foreclosure homes. It's one reason why distressed home sales account for 38 percent of all resales. However, less expensive doesn't always mean less costly. A foreclosed home may be in various stages of disrepair and they're often sold as-is, as policy. Buying new or used can be cheaper than buying broken-down. Therefore, if you're in the market for a bank-owned home, make sure you know what you're buying before you sign a contract. Have qualified professionals review and inspect the property, as needed. Damage to pipes or the property's structure, for example, may not be so obvious on a walk-though and you'll want to know about it before you buy. Also, foreclosed homes are federal tax credit-eligible. Buyers must be under contract by April 30, 2010 and closed by June 30, 2010.

The Severity Of The Foreclosure Crisis Depends On Where You Live

2010-02-14T05:45:00-07:00

Foreclosures stories dominate the national housing news. It seems at least one foreclosure-related story makes its way to the front page or the nightly news every week. But for as much as the foreclosure filing statistics can be astounding -- over 300,000 homes were served last month alone -- the prevalence of foreclosures depends on where you live. As reported by RealtyTrac, just 4 states accounted for more than half of the country's foreclosure-related activity last month. California : 22.7 percent of all activity Florida : 14.9 percent of all activity Arizona : 6.7 percent of all activity Illinois : 5.7 percent of all activity The other 46 states (and Washington D.C.) claimed the remaining 49.9%. However, just because foreclosures are concentrated geographically, that doesn't make them less important to homebuyers in Indianapolis and around the country. There's been more than 1.4 million foreclosure filings in the last 12 months and that's a figure that can't be ignored. Distressed properties now play a role in one-third of all home resales. Therefore, if you're in the market for a foreclosed home, here's a few things to keep in mind. Properties are usually sold 'as-is' and may not be up to living standards. Be sure to physically inspect the home before buying it. Buying a home from a bank is rarely as streamlined as buying from an individual homeowner. Be prepared for delays and long closings. Foreclosures aren't always listed for sale publicly. Ask your real estate agent how to access the complete foreclosure inventory. In order to use the federal homebuyer tax credit, you must be under contract for a home by April 30, 2010 and closed by June 30, 2010. That doesn't leave much time to find a bank-owned home and make it to closing. If you're serious about buying foreclosures, it's probably best to start your search soon.

WHY Banks Are Losing Money

2009-09-10T20:21:00-07:00

This is from the STUPID FILE of things banks do on bank owned properties. There are certainly enough stories to complete a library and yet, just when you thought you read the one to beat all stories, another comes along that makes you scratch your head in wonder. My clients want to buy a modest home on a few acres, priced at $64,900. They offer $45,000. since it’s been on the market for about 5.5 months. Offer rejected! They look at a few more homes and decide they would like to offer $60,000 on the first home. Okay, sounds like a deal which should be solid. Cash offer, close quickly, close to asking price. Offer countered at $77,900! The bank has new information which confirms the new price is more in line with the value. I talk to my clients and all I can figure is the bank wants full price. My clients reconsider their options and counter at $64,900, which was the original asking price. We receive(verbal)confirmation the bank has accepted our offer, the property is pended and everyone is happy. We waited almost a week for the bank documents and addendums (the ones which say you’ll buy this house or we’ll keep your earnest money). Much to my surprise, I open the file and the purchase price is $77,900. Not what we agreed to. Apparently, the bank doesn’t know how to read a counter-offer. It was relayed to me they didn’t see the checked box or our counter #2. The scroll feature must not have been working that day. They only saw my clients signature on their counter and they are sticking to their guns. $77,900. My client says, “I'm beginning to think they want to keep it for sentimental purposes. Perhaps they know a good postcard artist and are planning on building a rustic bridge over the pond.” To which I reply – I hope they do a good job, because selling postcards may be their only hope for making any money from this property. Like we need more covered bridge postcards from Indiana. For the record, when a home sits on the market for six months and you have reduced the price once, it’s probably not a good idea to raise the price AFTER you get an offer. Cut your losses and move on.

Is Hope for Homeowners a Plan for You?

2008-10-27T18:59:00-07:00

The Hope for Homeowners (H4H) plan went into affect on October 1st. While, I do believe it is a benefit for some, I don’t think it will help or benefit as many as it should. Many of the homeowners I speak to have to weigh the financial impact of their decision to try and stay in their home. Some can not be helped by this plan. Let’s look at the details. To qualify: The home must be your primary residence You can not have ownership in any other residenial property. Your current mortgage was originated before January 1,2008 You must have made at least six payments Your lender must agree to accept 90% of the current market value The costs: 3% upfront mortgage insurance premium Closing costs for the new loan Your equity, in the form of equity share You can not refinance for five years If your home is worth $200,000 and the current lender writes off the loan to $180,000, you will have a new FHA loan for $180,000, but FHA owns your equity. Depending on when you sell your home, the equity you receive will be 50% or less. Sell the first year, you receive none of the equity. Year two, you receive 20% Year three, you receive 30% Year four, your receive 40% Year five and beyond, you receive 50% This is a great deal for those who owe more than the $200,000 the home currently appraises for, especialy if they have the money for the upfront fees and plan on staying in their home. My first thought is the plan may be too taxing for many banks, depending on the amount of the original loan versus the current appraised value. If the amount of the original loan for the same $200,000 home is $220,000, the bank will automatically write off $40,000. In Indianapolis, where we did not have huge price increases, this may be a viable option for some homeowners who are facing foreclosure. See the full guidelines here.

Real BailOut from the Banks

2008-10-27T17:47:00-07:00

The recent bailout of wall street and banks has many trying to figure out exactly what it means for homeowners who may be facing foreclosure. While I don’t know the specifics about what the bailout means for individual homeowners, there are a few banks who have published their plans for assisting homeowners who are behind in their mortgage payments. In the Indianapolis area, there have been 387 bank owned homes listed on our local listing service since October 1st. That’s a lot of families displaced due to foreclosure. My first bit of advice for homeowners who are behind is to keep in touch with their lender. Now, there are a couple of lenders who are reaching out to homeowners with programs designed to keep them in their homes. The now defunct, IndyMac, has their program in place and Bank of America, who now owns Countrywide, has announced their plan for homeowners, which will begin in December. The Hope for Homeowners program also went into effect on October 1st. It remains to be seen whether other banks will follow the steps of IndyMac and BofA or participate in the Hope for Homeowners plan. If you’re an Indianapolis homeowner who is facing foreclosure, please contact your bank first. There are some, who due to job loss, illness or other life changing circumstances who will not be able to take advantage of these bank programs. It is still best to contact the bank or mortgage company and see what your options are.

Indiana Housing Rates Down to 5.5%

2009-06-17T23:25:00-07:00

Indiana Housing & Community Development Authority (IHCDA) lowered their rate today to 5.625%. When the buyer completes their home buying class (mandatory), they can receive a rate of 5.50%. If you read my post a few weeks ago about the advantage of using the $8000.00 tax credit along with the Indiana Housing first time home buyer program, there has never been a better time to buy a home in Indianapolis. If you have questions or would like to explore your home buying options, call us at 317.605.4174 or send me an email.

Great News for First Time Homebuyers in Indianapolis

2009-01-26T07:24:00-07:00

Indiana Housing and Community Development Authority (IHCDA) announced a much anticipated drop in their rates. Okay, it may only be me who was anticipating it; somehow, I think not. In October, Indiana Housing rates started moving up and have remained at 7.25% since October 28th. Starting today, the rates have dropped to 6.25%. Although the rate is a bit higher than the current FHA rate, Indiana Housing allows down payment assistance for first time home buyers in Indiana. The First Home Plus program provides up to 5% down payment assistance, capped at $3500.00, as a interest free loan. It’s not as complicated as it sounds. There are some income and property guidelines and the (down payment) loan must be repaid if the homeowner should refinance or sell the home. The program allows for seller assistance of closing costs. According to my lender, the use of the program for a purchase of your first home may look something like this. Each individual circumstance will be different, depending on the home and seller contribution. $100,000 home at 3.5% down payment on an FHA loan = $3500.00. With a seller contribution of up 3% toward closing costs, a first time home buyer could buy a home with no money down. For more information, please feel free to contact my preferred mortgage consultant, Amanda Blackburn at Plains Capital. You can contact Amanda at 317–566–6693. Alternatively, you can contact any IHCDA approved lender. See their list of approved lenders here.

Indiana Housing Interest Rate Change

2008-07-01T01:30:00-07:00

Today is July 1, 2008 and the interest rate on Indiana Housing loans goes up. This is twice in the last month. Effective today, the rate for a loan form Indiana Housing is 6.125%. Buyers can still complete the online course and receive a .125% discount on the interest rate. The Indiana Housing program is great for first time home buyers. Check here for more information about Indiana Housing guidelines.

Help Buying Your First Home in Indianapolis

2008-04-25T17:09:00-07:00

Recent changes in loan programs have put the squeeze on some who were considering buying a home. I received an email two days ago from a client I had been working with, stating his pre-approval had expired and since he could no longer finance 100%, his home buying plans are on hold. He is moving to Indianapolis from another state and didn’t make the move in time to keep the loan program he was initially qualified for, which would have put him in a home with zero down. I responded to let him know there are loan programs available which will allow him to buy a home with little money out of pocket. Here in Indiana, we have the Indiana Housing program for first time home buyers. There are specific requirements, but the program can’t be beat if you qualify. A few of the specifics: *Available for First Time Home Buyers or *Buyers who haven’t owned a home in the last three years You will need three years tax returns to verify there were no homeowner tax deductions taken in the time period. Income Guidelines: * $63,800. for 1–2 person household * $73,370. for 3 or more person household * All family income counts regardless of whose name is on the loan Loan can be FHA or Conventional The current interest rate is 5.25%, which can be reduced by 1/8% to 5.125% when the buyer takes an online course about home ownership. The program can be used with or without downpayment assistance. Down payment assistance is capped at $3500.00 and is subject to repayment when the home is sold or the loan refinanced. If you’re looking to buy your first home, let’s talk. One of my preferred lenders will be happy to assist you in determining the best loan program for your specific circumstances.

First Time Buyer Opportunity in Indianapolis

2009-05-31T10:41:00-07:00

First time home buyers in Indianapolis have been given a great opportunity to buy a home! Changes on Friday in the first time tax credit and Indiana Housing have created a perfect storm for home buyers who have been trying to take advantage of the tax credit, which ends on December 1, 2009. If you have never owned a home or it’s been three years since you have owned a home, you could qualify and buy your home this year. Changes to Tax Credit HUD announced on Friday the first time home buyer tax credit can now be used up front for closing costs, points, buying down interest rate and additional downpayment. You don’t have to wait to file your taxes to receive the credit. Changes to IHCDA Indiana Housing & Community Development Authority (IHCDA) has reduced the interest rate to 6% with an additional .125% reduction for those who take the online home buying course. Indiana Housing offers first time home buyers 5% or up to $3500.00 for downpayment on a home. The First Home/PLUS program offers the First Home special mortgage rate, as well as 5% down payment assistance. Capped at $3,500 with zero interest , this is a perfect program for Hoosiers who do not refinance once they have moved into their new home, and who are also committed to staying in their new home for a specific period of time. The Down Payment Assistance funds must be repaid in full once the borrower sells or refinances the home. The Power of Two You can use both programs together; Indiana Housing for a down payment and the tax credit for closing costs. You can use the tax credit for additional downpayment with the Indiana Housing program, but can not buy down the interest rate. If you have the 3.5% down payment for an FHA loan, you can use the tax credit for closing costs, buy down the interest rate or use for additional downpayment. There are income guidelines for the use of Indiana Housing first time home buyer down payment assistance.

Winning the Bid on a HUD Home

2009-10-12T18:46:00-07:00

In Pursuit of a Winning Bid For the last eight months I have been working with a first time home buyer in the $80,000 price range. Based on her criteria, the area she wanted to live and price of the average home in the area, we knew it wouldn't be an easy search. Not difficult, just not easy! Still, we were able to find homes she liked and made a few offers. One HUD owned home we lost by about $250.00. A couple of bank owned homes needed too much work; a few short sale homes we never received an answer on. Another lost HUD - this time by a lot more. Finally, last week we received confirmation our bid was accepted! Not All Offers are Winners The same week another offer made on a HUD home for a different client was rejected. Just so you know - I don't like rejection! Why the difference? As I stated last week, offers on HUD homes are becoming more popular with first time home buyers, with the asking price being overbid. Such was the case for my clients. The client I have been working with decided she could pay her own closing costs. By doing so, she didn't have to overbid and her offer netted HUD the highest dollar amount. My other clients needed their closing costs paid and couldn't overbid. Whether you overbid and have your closing costs paid or pay your own closing costs, it doesn't matter. What does matter is what HUD nets - their bottom line. The second offer wasn't enough. As a matter of fact, the winning bid was $7000.00 over the list price and netted the bank what they were originally asking. One client will be closing next month while the pursuit is still on for my other clients! Copyright © 2009 by Paula Henry, All Rights Reserved. *Winning the Bid on a HUD Home*

Im Dreaming of an Arizona Winter

2010-01-08T07:49:00-07:00

Snow is beautiful - from the inside, looking out. If you're dressed warmly enough, it's not so bad outside either. When the windchill threatens to be below ZERO - it is then, I dream of Arizona winters. I could have shown this picture first, but hey - if you're sitting in your home in Indianapolis, this is your view today. Have a great day and enjoy the view of the sunset.

Moving On

2008-09-25T11:23:00-07:00

Not Like Any Other Day Today was an early morning as I got my youngest daughter on a plane and now I sit here at the Indianpolis International Airport, waiting for my flight to join my daughter in Phoenix. It is a vacation of sorts. My son will fly in for the weekend, as we have one last hooray at our Phoenix home. If you remember, we were supposed to have that last blast back in January, but time got away and we didn’t put the house on the market until June. A Home Sold I intended to chronicle the details along the way – but somehow time passed and the specifics don’t seem quite as important. Yes, my husband and I had differences of opinion about the price, when to reduce the price and how to respond to the offer, once we received it. It was not all that exciting to me, being a REALTOR, but I know every detail was important to my husband. I think REALTORS should sell their own home occassionally to remind themselves of the impact the whole process has on our clients and their family. While, I have been able to rationalize price reductions in light of the reality of the current market, it wasn’t easy. We had two price reductions and an offer within days of the last price reduction. Yes, I wanted to make more money, but am glad I don’t face the prospect of having to bring money to close. I feel blessed in that respect. So far, I have been able to keep an emotional distance. Not so, today! A New Life Yes, we sold our home, but we also sold every spring where my husband would plant another plant or buy another yard ornament. We sold every summer where the pool and patio became a place of relaxation, a place where family and friends gathered. We sold the home where our last child became an adult. We sold a part of our lives which we both cherish and miss. Our memories are deeply planted in our hearts, soul and a few thousand pictures, but the loss; it’s still the same. On Tuesday – I will step into my clients shoes with a bitter sweet victory. Sometimes selling a home is a happy occasion; other times not so much. It’s always a transition. Along with every other transition life brings us, we will move forward with hope, optimism and another chapter in our lives. We have our new life in Indianapolis, another home to create memories together, this time with grandchildren. It’s difficult moving on., but there’s another door waiting to be opened.

Leave the House

2008-09-28T14:28:00-07:00

As a matter of preference, I recommend my home sellers don’t hang around when the buyer is performing a final walk-through. A final walk through is the buyers opportunity to ensure all requested repairs were completed and the home is in the same condition as it was when they wrote the offer. Because of circumstances beyond my control (movers, moving trucks and the day the buyer chose), I had to be home when the buyers came through for their final inspection of my home. My REALTOR® did ask if I wanted them to come by, but…..Hey, I’m a big girl and besides that, I’m a REALTOR®; I know to just stay out of the way, give them the receipts for the repairs and let them inspect. Well, not so fast there – I still have an emotional connection to this place I have called home and I know the work we have put into it. If they want to know how the pool works or what day the trash gets picked up, well, I can answer that. The question I wasn’t prepared for caught me off guard and left me wondering what happen to the professional REALTOR® I am. So my emotions got the best of me, but, at least I waited until the new buyer left. Now there’s the professional in me :) What was the question? What’s underneath the carpet in the fire-pit conversation area around the fireplace? A seemingly innocent question, until, they tell me they plan on taking out the carpet, level the floor, replace the flooring, tear out a wall, remodel the kitchen, take out the pantry……………………etc. It’s not that I don’t believe this home needs some more updates or remodeling. But, today, it is still MY home and I wanted to believe someone bought my home because they would love it as much as I do. The truth is, they will come here and make it their home – I just didn’t want to hear about it – at least not today. Home sellers, get out of the house when the buyers come by and inspect. Leave them a nice note and imagine how much they will love your home. I guarantee you’ll be glad you did.

Don't Let Them In

2008-09-28T15:06:00-07:00

While packing and cleaning today, working around the movers, a couple of men knocked on the door. I opened the door, expecting it to be the new buyer for his inspection. Instead, they were unrepresented homebuyers (no agent) who wanted to know if they could come in and view my home. Of course you can't! I wasn't rude, I just wasn't going to allow two complete strangers into my home to look around. Regardless of whether my home is sold or not, they were not getting pass the threshold. I wanted to take a minute to remind all home sellers; please do not let anyone into your home unless they have an appointment. I mean, really, who walks up to someones home and expects an open invitation? I am assuming it is not your normal person and you certainly don't want an abnormal person waltzing through your home.

Seller Beware of Short Sale Scams

2009-01-24T18:48:00-07:00

The Call Today, a real estate investor called me to ask about a home for sale, which he thought I was the agent for. I don’t have the home listed, he was using my Indianapolis Homes search site to find homes and assumed I was the listing agent. I wasn’t, but helped him find the address he was looking for. He begins to tell me he has been an investor for about 6 months working on wholesaling properties and does some private lending. He has a few homes he can’t get leased, so he is thinking about doing short sales on them. Lease Options Here’s the deal – he doesn’t know what he is doing! He has a lease option on several homes, which he is trying to find a lessee for. Unfortunately, he hasn’t been able to. How does this happen? He finds someone who is behind on their payments, then contracts with them for a lease/option agreement. He then finds someone else who will lease option the home from him. But the home and mortgage are still in the original owner’s name. What happens if the lessee doesn’t make a payment, or if the investor doesn’t pay the bank? The owner of record is in serious trouble. I had a recent seller who went through this very thing. We ended up completing a short sale on her home after the so-called investor left her with huge deficit and a home which needed repair. Short Buy Another story he told me was about an older lady who is a few months behind, with a home worth about $120,000, but she only owes $68,000. He wants to short sale or should I say, short buy the home for about $60,000. I truly dislike stories like this. As a REALTOR, I am bound by my Code of Ethics to do what is in the best interest of my clients. Honestly, I don’t need a Code of Ethics to tell me this is plain wrong! He wants to buy the home for about $60,000 and simultaneously close on the home with another buyer. In his perfect world, the bank accepts his offer of $60,000 and he has it set up so he can sell it at the same time to someone else for a lot more. I wonder if the current owner knows how much the home is worth, because that difference could be money in her pocket, her equity. Then, he asks if I can teach him how to do a short sale. ARGHH!!! I will not be teaching him how to do short sales! I’d rather be sitting in the living room of this elderly woman’s home and helping her sell for a profit. That’s what I would like to do. Scam I’m glad he didn’t tell me anymore of his stories, because I had enough. Markets like our current real estate market bring out the best and the worst of people. I know some great investors. I also know there are many out there who do not know what they are doing. They thought this was a great market to get rich in, so they became investors. Seller Beware!

To Remodel or Not

2007-12-14T08:08:00-07:00

I have mentioned in previous posts, we are selling our home in Arizona. When we bought the home, we knew we would need to do some updating. The home was built in 1979 and much of it was original when we bought it. As these things go, we have completed many projects, and some, we just didn’t want to think about. Too much time, too much money, not now, we’ll do it later; always a reason to delay the inevitable. I am sitting here in Phoenix now, while they destroy our bathrooms and put them back together. While I have actually enjoyed many of the projects – the bathroms were one of those items we put off. Until now…..now we are selling and we have to get it done. I only regret I didn’t do them while I could enjoy them. You may wonder why we would update and should we just sell at a lower price, deducting the cost of the remodel from the sales price. Maybe! The answer is not the same for everyone. Here are a few questions to ask yourself. 1. How does your home compare to other homes in your neighborhood. Have your neighbors remodeled. 2. What percentage of the cost can be recaptured when you sell? 3. Time is a huge factor. A remodel project can take time, and making those mortgage payments while you are remodeling may not make economical sense. 4. Price point – In certain price ranges, buyers expect specific amenities. If you’re in a higher price bracket, you can expect to either remodel or take a hit on the price. If you are considering a remodel project, check the The Natonal Association of Realtors 2007 Remodeling Cost vs. Value Report. Of course the cost and return factor in the Indianapolis area will differ from Arizona. These are guidelines; not every remodel project has to be a complete overhaul. Since real estate is my profession, I view hundreds of homes a year and see the reaction of buyers in the market to specific items in a home. I can assist you in determining whether a remodel will help sell your home and if the cost can be recaptured in your neighborhhood.

Protect Your Home From the Indianapolis Winter Cold

2008-01-22T06:28:00-07:00

It s the call you don t want to receive. A neighbor of one of my listings left a message saying water is pouring from beneath the garage door. The neighbor turned off the water and called both myself and the owner. This particular home has the utilities on and my partner was just there the day before to check on the home. What s a homeowner and a Realtor to do? As the temperature drops, there are a few simple steps you can take as a preventative measure against the damage from a busted pipe. If the home is vacant and has the utilities on, you should keep the temperature set at fifty-five to sixty degrees. Insulate the hot water heater and exterior water faucets. If you have a crawl space, insulate the pipes you can get to. Same for visible pipes in the basement. It is always colder in the basement than the main floor. Disconnect water hose and sprinklers from all exterior faucets. If the home is vacant and does not have the utilities on, a homeowner will need to winterize the home. This can be accomplished either by the homeowner or by a professional service. Take the necessary steps to protect your home from the devastation of water damage.

Marketing Matters When Selling Your Indianapolis Home

2008-01-24T09:35:00-07:00

Marketing a home in today s market requires more than a sign, an ad, a lockbox and a prayer! Today s real estate professional has to be proactive and progressive when it comes to marketing and selling homes. I have heard it said, A Realtor s work begins once we have an accepted contract . Although there is truth to the phrase, with contract negotiations, transaction details and timelines to attend to, a Realtor still has to do the work and marketing which brings the buyers and their agents. There is really no secret to listing and selling a home. Most Realtors have access to the same marketing avenues. Some take advantage of and utilize more of the resources available, depending on the marketing dollars we allocate for our clients. When a home is properly priced and represented in the market, we will have a buyer. Get Your Home Exposed: This represents some of the online marketing avenues I utilize with every home my team and I list. The Home to Indy Team is prepared to get your Indianapolis home SOLD! If you would like a consultation to see if our marketing plan is a fit for you, please contact us.

Protect The Value of Your Home

2008-01-28T16:42:00-07:00

It seems there is an insurance policy for everything! Now, there’s a new insurance policy being offered to protect your home’s value. Although it doesn’t protect against a change in the real estate market, there are some instances when such a policy could help a homeowner whose value has been affected by issues outside their control. I have had two listings in particular where it appears the homeowner may have benefited from such a policy. Both involved the extension of roads or freeways which abutted their property. Although I am not necessarily advocating such a policy, I found the article and website interesting enough to research. When would such a policy be beneficial? In the instances above, where I represented the seller’s, the homes may not have qualified for the insurance. One couple had lived in their home 7 years, but the proposed plan for the extension of the Parkway was already in place when they bought the home. The government paid the other couple for a portion of their land to be used for a new freeway interchange. They could have still suffered additional monetary damage, except it will be hard to determine with the change in the market and no additional homes on the street having sold in the last 12 months. The website indicates the policy would protect against road construction or widening, transportation facilities, such as train stations, airports and bus stations, commercial buildings, industrial parks, hospitals and medical facilities, shopping centers, sports complexes or stadiums, prisons, educational establishments and public utility sites. It would also cover inability to rebuild, noise nuisances and land or zoning changes. Of course, there are also limitations, conditions and terms – one being you have to sell the property to realize the loss first, then you could be reimbursed. The website doesn’t say whether the policy is available to Indianapolis home owners. While it may be worth considering, it is something I would caution my clients to thoroughly investigate before jumping in. You can find out more information here.

Pricing Your Home to Sell ~ Part 1

2008-03-30T23:03:00-07:00

The following graph illustrates the importance of pricing a home when you sell. I don't know who created it, but, the information provided in the graph is timeless. I have seen it happen time and again.The graph explains the percentage of buyers who will buy your house based on the asking price vs. market value. For example, I currently have clients who are searching for a home with specific criteria in a determined price range. Their criteria is four bedrooms, two baths and room for an office, with a price range between $150,000. and $175,000., in a particular area of town. They are from out of town, so I search every home online and send to them. More importantly, they are searching the entire Indianapolis Property Listing inventory on their own and send me homes they want to see. Once they have chosen the homes they want to see, we head out on a home tour. If you have a home which matches their criteria and you are above the price range, you will be eliminated. I do run a search for overpriced homes up to about 5-8% over their price range, When I find homes which have been on the market for awhile, I include those on the tour also. If they are new to the market and overpriced, we usually skip them. There is too much inventory to see all the homes which are overpriced. You can see by the graph, when priced at market value, you will attract 60% of the buyers in that price range. Price your home too high and you lose buyers. When priced below market value, you attract a larger pool of buyers. Many homes which are priced correctly are those which have been on the market for awhile and have reduced their price, sometimes more than once. This strategy will work against you. Buyers always ask how long the home has been on the market. Buyers know they have room for negotiating the price when the home has been on the market for awhile. Price it right in the beginning and you will sell quicker and for a higher price than reducing the price gradually. Once your home becomes 'old news' you will have a harder time getting top dollar. Pricing Your Home to Sell - Part 2

Pricing Your Home to Sell ~ Part 2

2008-04-09T09:01:00-07:00

The Importance of Pricing Your Home Correctly From The Beginning It never fails, when I am talking with a home seller, they want to try to get a higher price than the comparable homes in the neighborhood are currently selling for. I can't blame them, I want the highest price for them. I understand the reasoning of pricing a bit high in case the buyer offers a lower price. It can be done and successfully, depending on your competition. When there are too many homes available just like yours, you have to be priced accordingly. Of course, there is some room for upgrades and specific amenities, but you don't want to attach too high a price to them. Generally, the hardest hurdle to overcome is the emotional attachment people have to their home. Memories created in a home are what makes it a home. The problem is, the buyer has no sentiment about your home. They are looking at making it their home. They don't care if this was your first home, or whether you personally installed every upgrade. They are comparing your home with every other home with the same square foot in the general area. If they feel the upgrades are worth the cost, they will buy. If not, they will move on to the next home. The very best time to get the price right is when you list the home. The graph above indicates the activity a home recieves when it is first listed on the market. The initial activity can not be repeated. The longer your home is on the market - it becomes stale and is subject to a decrease in activity and subsequently, a decrease in price to raise activity to a higher level. Pricing Your Home to Sell - Part 1 Marketing Matters When Selling Your Indianapolis Home Do Increased Commissions Sell Homes?

Selling Your Indianapolis Home ~ Pictures Tell A Story

2008-04-09T09:07:00-07:00

While searching available homes for sale in Indianapolis, I stumbled upon something I don't quite understand. Although I try to stay on top of the latest marketing ideas to ensure my clients homes are marketed to the largest amount of buyers looking for homes, I'll be the first to admit, there are some new marketing or technology ideas I haven't yet tested. This one, though, confounds me! Itty, bitty pictures on the MLS. This is the actual size of the pictures displayed in their largest format of these two homes. The second one has no additional pictures. The first one has more pictures, all the same size. These are from two different agents who work for the same local company. Maybe, it is a new marketing strategy. My question would be, Is there value here for my seller? Could it be, if you only show an itty-bitty picture, you will pique the buyer's interest and they will have to come out and see the home? Surely not! With gas at over $3.25 a gallon, would buyers really jump in their car to see a home based on the representation of these photos? When statistics show the buyer WANTS pictures, why would you not give them pictures, especially when the home is new? 83 % of buyers want pictures! I believe in giving the buyer what they are looking for when they come upon my seller's home.........Pictures, lots of pictures, a virtual tour and accurate detailed information. Some may think it's beneficial to provide limited pictures, so buyers will come by. I do see some logic in that and can tell you, I have never had a seller tell me they don't want pictures. I have had more buyers complain when there aren't pictures. As a matter of fact, my experience tells me buyers will pass over a home without pictures. Pictures tell a story! Itty-bitty pictures tell me there's something about the property the seller doesn't want seen........Both of these homes are new, so I can't imagine there is something you would want to hide. I am always willing to consider my ideas may be wrong and there may be a better way to market a home online. I don't think this is it! I would love to hear from homebuyer's who are searching the internet for homes. Do you pass by homes with little or no pictures or do they pique your interest?

Does Staging a Home Help it Sell?

2008-05-04T16:49:00-07:00

As part of my listing agreement with my clients, I offer a complimentary staging consultation. Many ask me if staging is really a benefit. Although I believe it is, it really doesn’t matter what I think, it is the buyer’s we really want to impress. Are we trying to deceive the buyers? Not at all! What we aim to do with staging is present the home in it’s best light, maximize the space, therefore, giving the buyers an idea of what type, style and size furnishings will fit in each room. When your home is on the market, being conscientious of the flow of the space and the blend of colors you use is important. Our goal is to appeal to the largest amount of buyers in the market for your home. When you decide to sell your home, you have to move out emotionally before the SOLD sign is up and moving day has arrived. I have written about staging your Indianpolis home in past articles. View some of our listings which have been staged or lived in as if they were staged. 8435 Heathermor in Avon 414 Appleton in Indianapolis 6745 Oak Lake in Indianapolis 432 Castle Ct in Avon

Where Do You Advertise?

2008-08-14T19:47:00-07:00

This is a common question from home sellers I speak to. What they really want to know is what I am going to do to market their home. I have a very extensive online and offline marketing program designed to optimize exposure to my client’s home to buyers and their agents. My offline marketing does not include print advertising as it relates to newspaper ads and home books. This may confound some home sellers, but most understand times have changed and most buyers are online. Recent statistics indicate abut 84% of home buyers start their search online. RE/Max of Indiana does have a home book and all our listings are there. I have recieved exactly one call directly attributed to that book in the last year. Not the type of advertising which pays off for my seller. Truth is, it costs me very little to add my clients home to the book. My online presence through the IndyStar has produced a hundred times more phone calls, emails and direct contact with home buyers. I hear other agents say sellers like to see their home in the paper and print ads are a must. I don’t believe it! I believe sellers want one thing – a contract on their home and a SOLD sign out front. Small black and white or colored picture in a newspaper does not help sell homes. Period. I know we all have opinions about the best way to market and sell homes and I should probably have some data to back up my beliefs. The company who publishes our local newspaper has said it better than I ever could. It is not my intention to make light of the fact Gannett will lay off over 1000 people or that 7200 people have lost their jobs at Gannett in 2008, however, I do find it interesting how the company plans to move into the future of publishing. Online, of course! A direct quote from the Wall Street Journal: Dubow said that Gannett remains determined to build a 'strong, profitable digital business' as more ad dollars shift online, and to manage costs 'to be more aligned with these opportunities.' You can read the entire article here. Today’s business requires an online presence……..Of course, I always welcome a discussion from those who have a differeing opinion or success with print advertising in the newspaper.

Can't Sell Your Home - Swap It!

2009-06-01T23:15:00-07:00

Could swapping homes be the next wave of creative selling techniques? I’m not convinced, but if you’re lucky enough to be one of the few who is able to make it work for you; I say “go for it”. It’s not a swap as in let’s swap – I’ll pay yours and you pay mine. Each home owner qualifies for a new loan on the others home. You would have to settle the equity difference, since it’s highly unlikely the equity would be equal in each home. I read about this in a local Indiana newspaper online and while I believe it is a true story, with seller’s named Peek and Bou; I’m cautiously recommending the article for those who may benefit from the happenstance of finding a home to swap. Check out the article here – Swap Your Home

Help! My Home Didnt Sell Part 1

2010-10-07T15:29:00-07:00

You have prepared your home for sale, completing every project you could think of (and afford) to get your home ready for the market. You’ve hired a real estate agent and as the sign is placed in your front yard, you have high hopes of a quick sale so you can move on with your future plans. In the first few weeks Realtors call to show your home and you’re sure, each time, this will be the one. The buyer who absolutely loves your home as much as you do! Certainly, you will soon get the call from your agent, saying you have an offer. Instead, all you get is feedback: The kitchen is too small Buyer didn’t like the yard Home is overpriced Home needs new carpet Buyer doesn’t like the colors Not what you wanted to hear! The feedback can actually be a helpful tool in evaluating your home against other available homes on the market. You review the feedback, make a few changes to your home and continue with renewed hope you have finally found the solution to sell your home. Still, no buyers! After a few months, the Realtor showings are fewer and farther apart. You are up a bit earlier every morning making sure there are no dishes in the sink, the beds are made, the floors swept, just in case this is the day someone wants to see your home. You’re actually frustrated with the whole process and just want your life back. Wouldn’t it be great to leave the house a bit messy in the mornings? Four months after you listed the home, you have reduced the price a second or third time and still, you don’t have a buyer. By now, your hope is diminishing. You continue on; after all, the goal is to sell your home. Then it happens, your listing contract expires – Now, what do you do? In this series, (of unknown length), we will examine each of the factors which affect a home sale and how you can maximize your chances of selling your home. Over the next few weeks, we’ll take an in-depth look at the following topics (not necessarily in this order): Price Competition Location Preparation Condition Marketing Terms Realtor Part 2 - Preparation Part 3 - Competition Part 4 - Price I may combine a few of these topics . If you have specific questions, please contact me.

Help! My Home Didn't Sell - Part 3 - Competition

2010-11-05T17:53:00-07:00

Whether you’re the competitive type or not, competition plays a huge role in the sale of a home. I’m not sure why, but it seems when one person puts their home on the market in a neighborhood, a few more do the same. In some areas around Indianapolis, there are simply, too many homes available. There’s usually some distinguishing factors why a buyer will ultimately choose one home over another. Evaluating what other homes in the market offer compared to your home is the first place to start. There are the obvious differences: Square Footage Number of Bedrooms Location Within the Neighborhood Garage Size Single Level or Two Story Price There’s also the differences in amenities which can make a home more attractive to buyers in the market. Landscaping Flooring Appliances Upgrades Floorplan The two most difficult sources of competition in the real estate market today are new home builders and foreclosures/bank owned homes. If your home is in an unfinished neighborhood, where the builders is still actively building and selling, your competiton has more money to offer incentives. Still, there are buyers who can not wait for a new build. While short sales and bank owned properties do offer a substantial savings, they require the buyer to have either time or money. Short sales can often take 3–4 weeks to receive an answer from the bank. Bank owned homes are always as-is and many require an instant infusion of money. Remember, competition can be a good thing. When there are three or four homes available in a neighborhood or community, it will generally produce more buyers looking. When you have properly prepared your home for the market and market conditions, buyers will respond. Help! My Home Didn't Sell - Part 4 - Price

Help! My Home Didn't Sell - Part 4 - Price

2010-12-16T17:10:00-07:00

Price is the subject most homeowners approach with trepidation. Almost everyone I meet with wants to try to price a little high so they have room to negotiate. I can not stress enough the dangers of pricing high and holding. Price is the number one reason homes expire without selling. The longer a home is on the market, it becomes “old news” and buyers believe there must be something wrong with the home, or the seller is desperate, which results in lower offers and more seller concessions. I have written about this subject before, so won’t bore you with the same old news about pricing. Here’s a few places you can find info about pricing your home: Pricing Your Home to Sell, Part 1 Pricing Your Home to Sell, Part 2 Many people believe if the home sales too quickly, it must have been priced too low. The truth is, if you get activity, as in buyers coming through your home, the home is priced correctly and months on the market is actually money lost. When there is no activity and all other factors are in line, we have to look at the price. There are other factors which affect price, such as the amount of foreclosures, bank owned and short sale properties within the neighborhood. I have seen several neighborhoods where the only sales are distressed sales. A large part of my expertise is determining market value, so a home listed does not languish on the market. Admittedly, sometimes, there are not enough comps to determine an exact price range. It is then, we must make an intelligent decision to reduce the price in a timely manner.

Seller, Protect Yourself!

2009-04-06T03:00:00-07:00

Are you selling your Indianapolis home without a REALTOR® or legal representation? Remember to protect yourself! This weekend, I received a call from a homeseller who had his home advertised as a lease option. Instead, he found a buyer, then realized he didn't know what to do next. He wanted to know if I could facilitate the contract for him. Of course I can! We negotiated compensation and I sent him the contracts and addendums I believe he needs to protect himself, as well as those required by law. Many people who sell their homes themselves do not realize they are subject to certain laws regardless of whether they are represented by a REALTOR®. Indiana Code (IC 32-21-5) requires all sellers to provide a Residential Seller's Disclosure upon the transfer of real property of 4 units or less. Not doing so could result in litigation. Of course, lying on the form could also have the same consequences. It is also written law that the seller of a home built before 1979 has to provide a lead based paint disclosure and the 'Protect Your Family From Lead in the Home' pamphlet. This law applies whether you are renting, leasing or selling a home built prior to 1979. A few more simple, but important disclosures I recommended my client inform the buyer of : The buyer is not being represented and is advised to seek their own representation. The buyer is advised to have an inspection. Not only inform, but to have the buyer sign an addendum, acknowledging he has been advised to seek his own representation and to have an inspection completed. If you're thinking about selling your own home or happen to luck into a buyer, remember to protect yourself. Update: The buyer who was interested never made an offer. I find this happens often and is completely frustrating for people who are trying to sell their home themselves. It is difficult to determine a persons motivation and financial ability to perform.

Living in Tucson Arizona - Where the Sun Shines

2011-05-03T19:42:00-07:00

Every Tuesday, here on Indy Real Estate Talk, we are featuring guest posts from real estate experts around the country. This week we have, Realtor, Dave Smith, from sunny Tucson, Arizona. I know there's many a Hoosier looking for sunny skies about now. Well, we found them, but - be warned, the sunny skies in Tucson come with some extreme side effects. Hello from Sunny Tucson. We are about to enter what the rest of the country calls summer; here we call it 'BROIL'. There is a race to any shade, even if it is just the width of a telephone pole. We put sun shields in our windows and sunglasses on our tomato plants. If you plant flowers and they say they can take full sun for 6+ hours. That means, Indiana sun, or Denver sun, but not Tucson sun. Here those flowers last about 90 minutes; by 6+ hours they look like you set them on your charcoal grill while it was lit. They don't just wilt, they turn black and shrivel up. Did I mention we love it down here? Summer Broil season is necessary to drive the snowbirds back East, otherwise they would stay all year round. Yeah, when you have the season of FREEZE, we are in shorts and sandals playing golf. or laying around the pool and sending emails and pictures of us by the pool while you there are shoveling snow and scraping windows. (It's the snowbirds, not we natives) I say natives, it takes 10 years to get your native status. I got mine last year. I'm originally a buckeye, yep, a worthless nut. Ohio boy born and bred. So you know, I know green. What I don't know is basketball, but that's for another day. How's the Tucson Real Estate Market? Well, if you are a bank you are selling about 55% of the real estate sales each month. If you aren't a bank . . . If you are looking to buy a nice snowbird nest, well, we gottem, cheap. And they won't cost you near as much as they did during the Loco years. (It was the sun in Washington that caused the Loco Years) So can I tell you a few things about Tucson you might not know. Let's see. Tucson the City of Brown and Empty Rivers But, Hey, You are in Indiana, a GREEN State. I'm not talking politics or even Political Correctness. I'm talking about GREEN grass and GREEN Trees. Oh, and you have rivers, that actually have water in them. We have river's too. But no water, fishing here is for sand trout. Or fishing to get the sand out of your sandals. And we don't have basements. So we can't store as much stuff as you can there in Indiana. Why don't we have basements? You'll need to watch the video to find out. Oh, and one more thing. I'm not wearing sandals in the video. It's not safe to wear sandals and stand on a shovel. So I put on tennis shoes just for the video. If you're ever in Tucson let me know. I'd be fun to talk to someone that knows GREEN and water. Fishing stories are great too. I used to love to fish, but down here, the worms turn into worm jerky in about 10 minutes and the sand trout don't like worm jerky. Well, there you have it - sun, sun and more sun! No shortage of Vitamin D and no shortage of great values on homes in Tucson. If you've been thinking about winter retreat from the snow or retiring to sunny weather, call Dave; just don't look for a walk-out basement or rivers.

Avon Indiana Real Estate Market - November 2009

2009-12-05T17:27:00-07:00

Avon Indiana Real Estate Market Report Comparing the last two years data for Avon Indiana for the first three quarters reveals both the number of homes sold and the average price of homes sold was down year to year. The anomaly was the month of November, which I attribute to the fact many first time home buyers already had closings scheduled before the credit was extended. I could almost contribute the lower price point in November to the first time home buyer credit, except the home prices were down last year in November, as well. When we consider the number of sales in November was up by 75% over last year, the average price point may not be as dismal as it first appears. Considering the amount of first time home buyers in the market and the affordability of homes in Avon, it's expected there would be more lower priced homes sold in November 2009, forcing the average price point down. The fact it compares with last years sales is actually good news. The average days on market have held fairly steady throughout the last two years. Copyright © 2009 by Paula Henry, All Rights Reserved. *Avon Indiana Real Estate Market Report - November 2009* __________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog , written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team at Keller Williams Realty. Call Paula: 317–605–4174

Carmel Real Estate Sales – August 2009

2009-09-05T07:17:00-07:00

Carmel Indiana Homes for Sale is a popular search for home buyers in the Indianapolis area. Carmel, Indiana is noted as having some of the most expensive real estate in Indianapolis, excluding waterfront properties and some downtown condos. With 849 currently active Carmel homes for sale through the MLS, there is sufficient inventory available, but which homes are selling? Let’s take a look at what the Carmel Real Estate numbers for August tell us if you are trying to sell your home. What price range is selling and how long might it take? Remember, these are averages! CARMEL – August 2009 Active Sold Average DOM Month’s Supply less than $100,000 25 5 54 5 $100,000 - 200,000 155 26 88 5.96 $200,000 - 300,000 167 34 68 4.91 $300,000 - 400,000 131 20 55 6.5 $400,000 - 500,000 93 6 42 15.5 $500,000 – 600,000 63 5 84 12.6 $600,000 – 750,000 78 6 72 13.0 $750,000 – 1,000,000 76 3 128 25.3 $1,000,000 – 2,000,000 56 2 165 28.0 Above $2,000,000 17 0 229 ???? Homes in the $200,000 –300,000 price point have the highest percentage of sales and are within a “neutral” market range for sales. Statistically, a neutral market does not favor either buyer or seller and while there were a few homes sold over asking price, most have reduced their price to sell. Still, we have been seeing multiple offers on homes in this price range. In Carmel, the “under $400,000 price point is fairing well. You can see the huge increase in absorption rate as prices inch over the $400,000 price range. Most Popular Neighborhoods The Carmel neighborhoods or communities with home sales in the $200,000 – 300,000 price range were: Heather Knoll Claybourne Stone Haven Plum Creek Cherry Creek Ridge at Hayden Run Fairgreen Trace Cherry Creek Estates Cool Creek North Woodland Springs Plum Creek North Glenwood Ashmore Trace Lady Hamilton Estates Village of Mount Carmel Brookshire Lakewood Gardens Plum Creek Ridge Traditions on the Monon Shelbourne Green Search All Carmel Indiana Homes for Sale Average days on Carmel Real Estate market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2009 and 8/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, team leader of The Home to Indy Team, an Indianapolis Realtor Team at Keller Williams Realty, serving the Indianapolis and Carmel Indiana real estate markets. Call Paula – 317–605–4174

Mortgage Approvals Are Getting More And More Scarce

2010-02-13T05:46:00-07:00

The economy's improving but lending standards are not. Nationally, banks are making mortgage approvals harder to come by. Underwriting guidelines are tightening. The data comes from the Federal Reserve's quarterly survey to its member banks. The Fed asks senior bank loan officers around the country to report on 'prime' residential mortgage guidelines over the most recent 3 months and whether they've tightened. For the period October-December 2009: Roughly 1 in 4 banks said guidelines tightened Roughly 3 in 4 banks said guidelines were 'basically unchanged' Just 2 of 53 banks said its guidelines had loosened. Combine the Fed's survey with recent underwriting updates from and generally tougher standards for conventional loans and it's clear that lenders are much more cautious about their loans than they were, say, in 2007. Today's Indianapolis home buyers and would-be refinancers face a bevy of new borrowing hurdles including: Higher minimum FICO scores Larger downpayment requirements for purchases Larger equity positions for refinances Lower debt-to-income ratios So, if you're on the fence about whether now is a good time to buy a home, or make that refi, consider acting sooner rather than later. It doesn't necessarily matter that mortgage rates are low, or that there's an up-to-$8,000 home purchase tax credit for households that qualify. With each passing quarter, fewer and fewer applicants are eligible to take advantage.

Indianapolis Real Estate Market Updates

2008-05-25T17:28:00-07:00

Tracking data and statistics for the real estate market in Indianapolis and the surrounding cities I work can often be a challenge. I have tried several different formats using data from our local Board of Realtors. I have recently added market data graphs and statistics provided by Altos Research. I love numbers and statistics! The people at Altos Research make it easy for me to provide the Indianapolis real estate market statistics in an easy to understand format. I will continue to add more areas – for now – you can find information about the following areas by clicking the link. You will also find a link on the right side of my website. The information is updated daily, so check back often. Indianapolis Real Estate Market Reports Eagle Creek and Pike Township Clermont, Wayne Township, Pike Township Hendricks County Real Estate Market Reports Avon – Brownsburg – Plainfield Speedway Market Reports Zionsville Market Reports The market reports listed include data for: Inventory Absorption Days on Market Average Price Price per Sq.Ft. If you would like to receive a detailed market report for your area, contact me by email or you can call me at 317.605.4174

Its Time for Home-a-Rama

2008-09-20T17:07:00-07:00

Starting tomorrow, the 2008 Home-a-Rama home show is open to the public. This years event is at The Willows in Zionsville. Home-a-Rama is one of my favorite events. Not much more exciting than checking out what’s new in home design. Granted, the homes built for Home-a-Rama are higher end homes using the highest quality materials available, but who doesn’t love to tour these homes, even if only for decorating ideas. I especially love the creativity in both builder and interior design. They really go all out on these homes. Sign up to win a kitchen makeover or a weekend away. Talk to the builders and exhibitors at the show and above, all have a great time. For a preview of the neighborhood, click here. For event details and to see special features and tours, click here. Home-a-Rama is brought to the Builders Association of Greater Indianapolis.

Plainfield Real Estate Market Update - August 2008

2008-09-16T19:04:00-07:00

For the month of August, there were 33 homes sold and closed in Plainfield, compared with 27 homes sold in July. The highest price home was $315,000. The lowest priced home sold was $38,000. The average Plainfield home sold was a three bedroom, two bath with 1626 square feet. The average Days on Market for homes sold was 78 days, down from 84 days last month. There are currently 194 homes available for sale in Plainfield, which gives us an absorption rate of 5.87 months. Search Plainfield Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2008 and 8/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Plainfield Indiana real estate markets. Call Paula - 317–605–4174

Zionsville Real Estate Market Update - August 2008

2008-09-16T19:00:00-07:00

For the month of August, there were 42 homes sold and closed in Zionsville Indiana; compared to 44 homes sold in July. The highest price home sold was $917,425. The lowest priced home sold was $120,000. The average Days on Market for homes sold was 113 days, down from 106 in July. The average Zionsville home sold was a three bedroom, three bath with 2389 square feet and sold for $357,859. There are currently 340 available homes for sale in Zionsville, which gives us an absorption rate of 8.0 months. ________________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2008 and 8/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Zionsville Indiana real estate markets. Call Paula - 317–605–4174

Carmel Real Estate Market Update - August 2008

2008-09-16T18:55:00-07:00

For the month of August, there were 125 homes sold and closed in Carmel, Indiana. There were 137 sold in July. The highest price home was $950,000. The lowest priced home sold was $50,000. The average Days on Market for homes sold was 70 days, down from 76 days in July. The average home sold in Carmel was three bedroom, three bath home with 2586 square foot. There are currently 862 homes available for sale in Carmel, which gives us an absorption rate of 6.89 months. Search All Carmel Indiana Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2008 and 8/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Carmel Indiana real estate markets. Call Paula - 317–605–4174

Trader's Point Real Estate Market Update - August 2008

2008-09-16T18:50:00-07:00

For the month of August, there were 10 homes sold and closed in Traders Point, compared with 17 homes sold in July. The highest price home was $725,000. The lowest priced home sold was $68,000. The average sold home in Trader’s Point was a three bedroom, three bath with 2701 square feet and an average price of $240,450. The average Days on Market for homes sold was 112 days, up from 93 days last month. There are currently 131 homes available for sale in Trader’s Point, which gives us an absorption rate of 13.1 months. Search Homes for Sale in Traders Point __________________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2008 and 8/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Traders Point real estate markets. Call Paula - 317–605–4174

Fishers Real Estate Market Update - August 2008

2008-09-16T18:43:00-07:00

For the month of August, there were 157 homes sold and closed in Fishers Indiana; one less than July. The highest price home sold was $727,000. The lowest priced home sold was $85,000. The average Days on Market for homes sold was 65 days, up from 64 in July. The average Fishers home sold was a three bedroom, two bath with 2198 square feet and sold for $208,964. There are currently 786 homes available for sale in Fishers, which gives us an absorption rate of 5.0 months. Search all Fishers Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2008 and 8/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Fishers Indiana real estate markets. Call Paula - 317–605–4174

Danville Real Estate Market Report - August 2008

2008-09-16T18:37:00-07:00

For the month of August, there were 8 homes sold and closed in Danville. The highest price home was $253,500. The lowest priced home sold was $72,000. The average Danville home sold was a three bedroom, two bath with 2008 square feet. The average Days on Market for homes sold was 78 days. There are currently 100 homes available for sale in Danville, which gives us an absorption rate of 12.5 months. Search all Danville Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2008 and 8/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Danville Indiana real estate markets. Call Paula - 317–605–4174

Brownsburg Real Estate Market Update - August 2008

2008-09-16T18:33:00-07:00

For the month of August, there were 58 homes sold and closed in Brownsburg, which is down by two homes from June. The highest price home was $725,000. The lowest priced home sold was $62,100. The average Brownsburg home sold was a three bedroom, two bath with 2028 square feet. The average Days on Market for homes sold was 87 days, up from 82 days last month. There are currently 407 homes available for sale in Brownsburg, which gives us an absorption rate of 7.0 months. Search all Brownsburg Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 8/1/2008 and 8/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Brownsburg Indiana real estate markets. Call Paula - 317–605–4174

Comparing Payback Periods On 15-Year, 20-Year and 30-Year Mortgages

2008-09-16T17:28:00-07:00

On all principal + interest home loans, the first few years of payments include a lot more money going to interest than to principal. This is because mortgage repayment schedules are front-loaded with interest, meaning large-volume principal reduction won't occur until late in the mortgage's lifecycle. Comparing products at a 6% mortgage rate, did you know that after 15 years: A 15-year mortgage will be paid in full A 20-year mortgage will have 41.21% of its loan balance remaining A 30-year mortgage will have 73.19% of its loan balance remaining Of course, this doesn't mean that 15-year mortgages are better than their 20-year or 30-year brethren. It just means that 15-year mortgages pay off faster. Yet, there are reasons for homeowners to avoid 15-year mortgages. For example, versus 20-year or 30-year products, 15-year mortgages require the highest monthly payment because the payback period is compressed to a shorter time. In addition, mortgage interest tax deductions to which most homeowners are entitled are reduced. So, just because the 15-year pays off quickly doesn't mean that it's best for everyone.

Always Remember

2008-09-11T02:56:00-07:00

My 22 year old daughter said to me at 12:15 this morning, 'Mom, it's September 11' . And suddenly, there is not another thought in my mind. I remember..................... we all remember. I want to take one moment to say Thank You to the men and women who defend our country everyday; to say God Bless You and your families. Come Home Safely!

Why The Government's Takeover Of Fannie Mae and Freddie Mac Is Lowering Mortgage Rates

2008-09-09T18:58:00-07:00

When comparing two investments with equal risk, a rational person will choose the investment with a higher rate of return. This behavior is called Risk Aversion and is a basic tenet of personal investing. An off-shoot of Risk Aversion is that a rational person will only invest in an instrument of greater risk if the returns are greater, too. The chart at right illustrates this concept, comparing return rates on two investments: U.S. Government bonds Mortgage-backed bonds The difference in investment return rates is sometimes called a 'spread' and the historical spread between government debt and mortgage debt is somewhere near 1.5 percent. However, notice how the spread started to grow starting in July 2007. July 2007 marked the 'official' start of the Credit Crunch and as mortgage delinquencies grew nationwide, so did the market's perceived risk of investing in them. By the start of this month, the spread had nearly doubled. But that all changed Sunday. When the government announced its takeover of Fannie Mae and Freddie Mac, it put the same 'risk-free guarantee' on mortgage debt that has helped keep U.S. government debt so cheap to finance and the spread immediately shrunk. This is one reason why mortgage rates fell Monday and why they should continue to stay low over the near-term. With the U.S. government backing the mortgage market, there's no room for the risk premium that helped keep rates high this past year. It doesn't mean more people will qualify for conforming home loans, but for the ones that do, financing should be cheaper.

Indianapolis Property Taxes - A Question

2008-09-09T17:36:00-07:00

This is a week of tax questions. If you have been a reader here for any time at all, you know the Indianapolis property tax issue is a favorite of mine The following question came from someone who is starting their search for a home in Avon a city just west of Indianapolis. I love working with people who really do their research and am happy to help people with their real estate questions The question: We're getting ready to look at some properties in Indianapolis (actually, more towards Avon) and I'm having trouble finding what the property tax is to calculate into my estimated payment. Could you help me out with that? Of course, I am happy to help – here’s my answer: In Indiana, there are currently no set taxes, as in a percentage. Each city determines their budget needs, then applies property tax based on the needs of government for that particular year, by applying a percentage to the assessed value. Currently, in Avon, property taxes average 1.5-2.0% of assessed value. Assessed value is usually fairly close to actual value, then we have specific exemptions for homeowners who meet criteria for those exemptions. The standard (most common) exemptions are Homestead (owner occupied) and Mortgage, which together equal $48,000 or 50% of the property's assessed value, whichever is less. It plays out something like this. A $200,000 home in Avon with an assessed value of the same, with a mortgage exemption and homestead exemption filed, at a rate of 1.75% would pay $1330.00 semi-annually. Assessed value - $200,000 (minus) Mortgage Exemption - $3,000 (minus) Homestead Exemption - $45,000 Equals - $152,000 X 1.75 =$2660.00/2 = $1330.00 The same home without the exemptions filed would pay $1750. semi annually. The peculiarity of our taxes are, they are paid in arrears, so the taxes due in November will be for taxes assessed for the last half of last year. A buyer who was purchasing a home today would receive a tax credit from the seller for the last half of last year and all of 2008 taxes due, up to the date of close. In this case, it would equal about $3192.00. Then the buyer would be responsible for any future taxes from the date of closing. In March, legislation was passed to lower taxes in the State of Indiana and those new rates will be effective for the year 2009, payable in 2010. For 2009 taxes, payable in 2010, the maximum rate for owner occupied homes will be 1.5%. In 2010, payable in 2011, taxes will be capped at 1.0% for owner occupied homes. Whether they will keep the exemptions in place when the rate is capped has yet to be determined. If they do, it will be a bonus. By 2010, the same $200,000 home (with exemptions) will pay $760.00 semi-annually. Without the exemptions, it will be $1000.00 semi-annually. **Update** January 2011 Although exemptions are still in place, they do not have an impact on reducing the assessed value.

Simple Real Estate Definitions : Home Inspection

2008-09-09T14:26:00-07:00

A home inspection is a complete, top-to-bottom, visual check-up of the structure and systems of a house. It is meant to be an objective determination of a home's condition. A home inspection usually takes 2-6 hours to complete, depending on the size of the home. During the inspection process, the inspector will examine all of the following components of a home: Home exterior including doors, decks, and vegetation Heating and cooling systems for leaks and efficiency Electrical systems for safety and soundness of design Plumbing systems for venting, distribution, and drainage In addition, the inspector will review the roofing system, the home's interior, and several other parts of the property. A home inspection may be ordered by a home owner or by a home buyer. For a home owner, an inspection can detail a home's shortcomings and provide a roadmap for repairs. This can help a person prepare his home for sale because 'major issues' can be addressed in advance of listing. For a home buyer, a home inspection physically reviews a home under contract, identifying structural flaws that may impact the home's desirability. This is essential for the negotiation process because no home is 'perfect' -- even new ones! A home inspection highlights potential long-term trouble spots and the likelihood for expensive home repairs. This is why real estate professionals often recommend inspecting a home immediately after signing a purchase contract. To find a qualified home inspector in your area, ask your real estate agent for a referral, visit the American Society of Home Inspectors Web site or the National Association of Certified Home Inspectors.

Home Fire Caution

2008-09-07T17:16:00-07:00

Tonight, I was at my daughters when a loud boom pierced the evening calm, then the sound of firetrucks converging on the neighborhood. Of course the neighbors gathered around to see what had happened. The sight of the home on fire reminded me of a similar fire in my neighborhood when we lived in California. The garage was blown out and both cars in the driveway were charred; the glass on both vehicles appeared melted. Luckily, noone was hurt. I’m not sure about the cause of this fire tonight, but the one in California was the result of a propane tank not being properly closed on the gas grill. The grill was stored in the garage. With the propane slowly leaking from the tank, it wasn’t long before the gas furnace ignited the leaking propane. To watch a fire consume your neighbors home is a frightening experience. As fall approaches and we store our gas grills, please be cautious if you are storing these items in the garage.

All Real Estate is Local

2008-09-01T17:31:00-07:00

Stories on TV about the national real estate market are misleading to Americans. This is because there is no such thing as a 'national real estate market'. Consider the latest American Housing Survey. It found that there are 124,377,000 homes in America spread across: 50 states, with More than 30,000 incorporated cities, and with An innumerable number of neighborhoods And yet, the media repeatedly groups all 124 million homes into one giant lump and then gives an analysis. No matter how you slice and dice the data, a home in Oregon can't be compared to a home in Indiana. The real estate market in New York City has little to do with what is happening here in Indianapolis. This is why national real estate statistics are somewhat useless. To get real estate analysis that matters, look local instead. And I don't mean stats from your state -- I mean stats from your neighborhood. It's the only way to know what's driving home prices on your street. You can drive through any city or suburb around Indianapolis and see every neighborhood and community is different. Finding local data is far too narrow to be covered by the press. So, the best place to get local real estate data is from a local real estate agent or from somebody else with access to raw real estate data in and around your neighborhood. By talking to 'in the market' professionals that know your backyard, you'll get a much clearer picture of your local market -- good or bad -- than the national media could ever provide. Real estate is a local market so your real estate data should be local, too. Contact me if you want to know what the stats are for your Indianapolis neighborhood.

How Labor Day Weekend Can Impact Home Affordability

2008-09-01T17:18:00-07:00

As we get closer to Labor Day, volume on Wall Street is dwindling as market players get a head start on their long weekend. Today could be a difficult day to shop for mortgage rates and that can impact home affordabilility. Expect volatility. This is because mortgage rates are based on the price of mortgage bonds and, on Wall Street, bonds trade a lot like stocks. There has to be a buyer and a seller at a specific price to make a deal. With so many traders on vacation today, though, there are fewer opportunities to match buyers and sellers. This can cause mortgage prices rise or fall faster than on a 'normal' day, directly leading to mortgage rate volatility. Each 0.125% mortgage rate increase is an extra $96 cost per $100,000 borrowed on a principal + interest home loan. For a light-volume trading day, there is a lot of information for markets to digest: The weather reports on Tropical Storm/Hurricane Gustav Reports that inflation is rising Reports that Consumer Spending is slowing Ongoing political tension between the U.S. and Russia By themselves, each of these points can move markets. Together, however -- and aided by Labor Day -- they can move markets a lot. Mortgage bond pricing is fluid, changing every minute of every day. Today, those changes will be exaggerated and, as an example, in the first 30 minutes of trading, mortgage rate pricing swung from rate improvement to rate deterioration in a flash.

Short Sales Process For Buyers

2008-08-30T04:53:00-07:00

Short sales are NOT short! In the midst of several short sale negotiations, experience tells me home buyers do not know what Short Sale means. While visiting a past client yesterday, she asked if a short sale meant the seller was trying to sell fast. In theory, that is usually the case. The seller is trying to sell fast to get out of a home they can no longer afford. In practice, it rarely happens fast. The process can be long and drawn out with twists and turns not found in a traditional home purchase. A short sale – in simple terms - means the bank or investor is being asked to accept less than is owed on the property. Banks and investors really don’t like losing money – who can blame them, most of us don’t! As a buyer, what does short sale mean for you? Where are the deals? Although there are deals to be had in short sales, you generally are not going to get a steal. Banks are fairly savvy and know what the value of the home is. When they start a short sale file, one of their first actions is to have the home appraised or what is called a Broker Price Opinion (BPO). Just because it is a short sale doesn’t mean they will accept any offer. They have guidelines which determine the loss they will take on a particular property. You have to be patient! This is not easy to do when you are waiting for an answer. If your offer is the first offer a bank has received on the home, your wait time will most likely be longer. Most banks do not want a short sale file until there is an offer. Being the first offer may mean a month to six week wait for an answer. Banks always have the final word! All offers are subject to bank approval from the sellers lender. Generally the bank will send a demand statement with their terms. You will then have the option of accepting their terms or not. Much like a counter offer, except the banks counter offer is final. Property is AS-IS Many banks have special addendums which state the property is being sold “as-is”. You can still have an inspection, but the bank will not be doing any repairs. Any repairs would have to be negotiated with the seller, but remember, the seller is facing foreclosure and may not have the funds to repair any inspection items noted for repair. Short sales are not easy or fast, but the rewards of equity can be a payoff for your time and patience. Much of the burden of the process lies with the agent who has the home listed and whether they have submitted a complete package to the bank. A gentle reminder – your agent can not make the bank work faster – it is a process! Believe me, I have tried!

Indianapolis Real Estate Market Report - Traders Point - July 2008

2008-08-20T14:59:00-07:00

For the month of July, there were 17 homes sold and closed in Traders Point, compared with 12 homes sold in June. The highest price home was $810,200. The lowest priced home sold was $82,500. The average sold home in Trader's Point was a three bedroom, three bath with 2683 square feet and an average price of $300,541. The average Days on Market for homes sold was 93 days, up from 88 days last month. There are currently 198 homes available for sale in Trader's Point, which gives us an absorption rate of 11.64 months. Average days on market and absorption rate will vary by price range. Search Homes for Sale in Traders Point __________________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 7/1/2008 and 7/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis real estate market. Call Paula - 317–605–4174

Plainfield Real Estate Market Report - July 2008

2008-08-20T14:25:00-07:00

For the month of July, there were 27 homes sold and closed in Plainfield, compared with 31 homes sold in June. The highest price home was $320,000. The lowest priced home sold was $20,000. The average Plainfield home sold was a three bedroom, two bath with 1915 square feet. The average Days on Market for homes sold was 84 days, up from 82 days last month. There are currently 198 homes available for sale in Plainfield, which gives us an absorption rate of 7.33 months. Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 7/1/2008 and 7/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Plainfield Indiana real estate markets. Call Paula - 317–605–4174

Avon Real Estate Market Report - July 2008

2008-08-20T14:09:00-07:00

For the month of July, there were 84 homes sold and closed in Avon, compared to 89 homes sold in June. The highest price home was $382,500. The lowest priced home sold was $69,900. The average Avon home sold was a three bedroom, two bath with 2015 square feet. The average Days on Market for homes sold was 67 days, down from 76 days last month. There are currently 536 homes available for sale in Avon, which gives us an absorption rate of 6.38 months. Average days on market and absorption rate will vary by price range. Search All Avon Homes for Sale Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 7/1/2008 and 7/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Avon Indiana real estate markets. Call Paula - 317–605–4174

Real Estate Terms - BPO

2008-08-20T03:43:00-07:00

BPO is short for Broker Price Opinion. A BPO is most commonly used by banks and investors when determining the property value of a home which is in the pre-foreclosure process. In place of a full appraisal, the bank or investor will hire a broker or agent to evaluate the property and provide a written opinion of value. We use our market knowledge and listing data to assist the bank in determining fair market value based on variables within the area of the subject property.

Brownsburg Real Estate Report - July 2008

2008-08-20T13:56:00-07:00

For the month of July, there were 56 homes sold and closed in Brownsburg, which is up by six homes over June. The highest price home was $309,000. The lowest priced home sold was $59,342. The average Brownsburg home sold was a three bedroom, two bath with 1836 square feet. The average Days on Market for homes sold was 82 days, down from 128 days last month. There are currently 432 homes available for sale in Brownsburg, which gives us an absorption rate of 7.71 months. Search all Brownsburg Homes for Sale Average days on market and absorption rate will vary by price range. Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 7/1/2008 and 7/31/2008. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis and Brownsburg Indiana real estate markets. Call Paula - 317–605–4174

With Increases To Its Fees, Fannie Mae Makes Buying A Home More Expensive

2008-08-07T17:03:00-07:00

Fannie Mae announced a new risk-based pricing model and additional mortgage delivery fees this week, adding to the cost of buying a home. Risk-based pricing was first introduced by Fannie Mae this past April. It added new, mandatory loan fees for high-risk borrowers while rewarding a small group of low-risk borrowers with fee credits. In the updated model, even 720 credit scores with a 20 percent downpayment won't protect mortgage applicants from the risk-based fees and they can range as high as 2.750 percent, depending on credit scores and downpayment size. Fannie Mae will continue the practice of rewarding high-downpayment borrowers with fee credits. Fannie Mae's second pricing change involves the Adverse Market Delivery Charge and it is not risk-based -- it applies to all applicants equally. First introduced in December 2007, Adverse Market Delivery Charges are mandatory surcharges on all conforming mortgages. The fee was initially a quarter-percent. It's now doubled to 0.500 percent. Combining risk-based pricing and delivery fees, mortgage applicants have two choices to pay them: As a one-time fee, paid at closing, payable to the lender As an interest rate increase, payable month-after-month to the lender The one-time fee is calculated by multiplying to fee amount by the applicant's loan size and dividing by 100. The interest rate increase is calculated as a general rule, where each 0.500 percent in fees can be substituted for a 0.125 percent increase to a mortgage rate. The fees become 'official' October 1, 2008, but lenders are expected to deploy them much sooner.

Making English Out Of Fed-Speak (August 2008 Edition)

2008-08-05T16:31:00-07:00

For the second consecutive meeting, the Federal Open Market Committee left the Fed Funds Rate unchanged at 2.000 percent. In its press release, the Federal Reserve addresses inflation, saying that it 'has been high', fingering energy and commodity costs as culprits. The Fed does expects inflation to moderate later this year, however. Regarding recession, the Fed addressed softening labor markets and tightening credit, and said that high energy prices may slow down economic activity in the months ahead. The key comment, repeated from the June statement, was this: Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth. Translated, it reads: The Federal Reserve expects that its policy changes to-date will help the markets find balance and order. In other words, the Fed is biased towards a Fed Funds rate pause at its September 16, 2008, meeting barring new developments. Stock markets are reacting favorably to the FOMC statement, bouncing higher after the 2:15 PM ET release. This movement is pulling money away from mortgage bonds and, as a result, rates are at their worst levels of the day. Source Parsing the Fed Statement The Wall Street Journal Online August 5, 2008 https://online.wsj.com/internal/mdc/info-fedparse0808.html

Indianapolis Foreclosure Statistics June 2008

2008-07-17T15:33:00-07:00

Everyone in Indianapolis knows, when it rains it pours. This week has been “one of those”, where both computers have been in for repair. For an entire 15 hours, I had no computer access at home. Amazing how dependant we are on these little machines. That’s my explanation for why the foreclosure report is a few days late Originally, this was supposed to be posted here three days ago, so the stats are a few days old. There are currently 22,679 homes available for sale in the entire Indianpolis area served by our BLC. Of these listings, 2615 are in the process of foreclosure or have been foreclosed on. These include: Bank owned HUD Owned Foreclosure Possible Short Sale Of the homes included in these catgories, the breakdown for price is: 930 homes are priced at $50,000. or less 856 homes are priced between $50,000–100,000. 496 homes are priced between $101,000–150,000. 171 homes are priced between $151,000–200,000 60 homes are priced between $201,000–250,000 35 homes are priced between $251,000–300,000 19 homes are priced between $301,000–350,000 11 homes are priced between $351,000–400,000 34 homes are priced over $401,000. Of the 22,679 homes avaiable, 2264 are priced under $50,000, with a total of 7108 homes priced under $100,000. If you are looking for a good investment, first home, or fix and flip, there are many goods deals. There are also some homes in truly “bad” condition, which would not justify the price. My suggestion for those looking to find a deal is, consider all the costs!

Use The Inflation Calculator To Check If Your Income Is Keeping Up With 'Life'

2008-07-28T18:45:00-07:00

The phrase 'Consumer Price Index' can be intimidating and unclear to Americans. It's an economic term, after all, and not a part of everyday American language. It even has its own abbreviation to add to the confusion -- CPI. So, when a layperson hears that 'CPI is rising', it's not always clear what it means. The tendency, therefore, is to ignore the news. This is one reason CPI is commonly substituted with the more down-home expression of 'Cost of Living'. In contrast to the term 'CPI', the phrase 'Cost of Living' is a lot more clear. When people hear that the Cost of Living is rising, instinctively, they get it. And now they can see how it works in numbers, courtesy of the Bureau of Labor Statistics. The Inflation Calculator at the government Web site helps a person compare household income to the changing Cost of Living between any two years since 1913. For example, a U.S. household earning $48,201 in 2007 would have to increase that income to $50,868 just to keep up with 'life'. CPI touched a 17-year high in June, jumping 5.000 percent year-over-year. Without a 5.000 percent increase an income, a household falls behind.

Indianapolis Historical Homes and Landmarks

2008-07-01T02:43:00-07:00

I can imagine this late 19th – 20th century Revival home was an icon of wealth and prosperity in the early 1900’s. Originally designed and built for Henry F Campbell in 1916, the home was not completed until 1928, after World War I. Mr Campbell never lived in the home and in 1945, the home was converted to apartments. In 1993, the Historic Landmarks Foundation rated the property “outstanding”, (the highest rating), which placed the Campbell Mansion on the National Register of Historic Places. Check out the slideshow to see the amazing architect and beauty of this home.

Foreclosure Rates Are Falling (Despite What You See In The Headlines)

2008-07-13T12:24:00-07:00

According to RealtyTrac, the rate of foreclosures across the U.S. is slowing. Versus May, June foreclosures fell at a 3 percent clip. 25 states showed improvement month-over-month, led by many of the same areas that had fueled foreclosure activity in 2007. A sampling of RealtyTrac's data includes: California : Foreclosures down 4.54 percent Georgia : Foreclosures down 14.91 percent Arizona : Foreclosures down 0.07 percent Michigan : Foreclosures down 6.00 percent Illinois : Foreclosures down 15.65 percent However, the improving nature of the data is not what is making news this morning. Instead, the press is reporting that foreclosures are up by half since last year and that bank seizures have tripled. And while the annual data may be accurate, that doesn't mean that it's necessarily relevant to home buyers and home sellers across the country. This is because people buying and selling homes don't usually boast an 'annual' mentality; when someone's an active participant in the real estate market, the mentality is 'right now'. In other words, annual data fits an economist, but month-to-month data fits you. June's foreclosure data may be the start of a trend, or it may be a blip. It's really too soon to tell. But the RealtyTrac data reinforces what real estate professionals already know -- that markets all over the country are showing signs of life. Tomorrow, I’ll post the stats for bank owned, short sales, pre-foreclosre and HUD owned homes in the Indianapolis real estate market.

The 'Sheep Effect' On Your Housing Payment

2008-07-08T15:26:00-07:00

A noon-hour, mortgage-bond rally rendered homes more affordable for Americans Tuesday. It was the second straight day on which this happened. On both days, the action was swift. The speed at which Monday's and Tuesday's respective rallies tore through mortgage markets illustrates how deep the uncertainty that surrounds the U.S. economy really is. One reason why the market swings so quickly is that, lately, traders are tending to follow the herd. As a mortgage rate shopper, it's outstanding when the herd is moving in your favor. However, when the herd moves in the opposite direction, the impact on your monthly housing cost can be huge. Volatility has been the common theme for mortgage rates in 2008 and it's likely to remain a factor until the nation's economic picture gets a little bit more clear. Some experts are saying that may happen in 2009. Therefore, you should be prepared for rapid mortgage rate movement and act accordingly when you see a rate-and-payment combination that makes sense for your household budget. The payment you see in the morning is likely to be gone by the afternoon.

Indianapolis Home Buyers - Consider Supply and Demand Before Making an Offer

2008-07-07T18:18:00-07:00

Many home buyers today believe they can should automatically offer a reduced price if a home has been on the market for awhile. Another fallacy is there must be something wrong with a home if the price has been reduced. Don't mistake the reduction of a home's listed price as a signal that something is wrong with the home, or that a price reduction is automatically in order when you decide to make an offer. In many neighborhoods around Indianapolis -- the supply of homes for sale has outpaced the demand for homes. When supply exceeds demand, there is a downward pressure on price until a balance point is reached. During the recent boom in real estate, this economic equation was reversed, creating upward pressure on prices. Nationally, some areas have seen over a 20% reduction in price since 2005. Here in Indianapolis, our average price reduction is about 2.6%. Of course some areas have seen more, some less. It really depends on the neighborhood, area of town and the home. Supply and demand in today's market can be illustrated by a seller listing their home at a price and finding few potential buyers. When the price drops, however, more buyers suddenly show interest in the home. Further price reductions, of course, bring even more interested buyers until a deal is made and the home goes under contract. When supply exceeds demand over a long period of time, prices tend to drop and that is why a market like this one is called a 'Buyer's Market'. There are areas in Indianapolis which are creeping close to being a nuetral market, favoring neither the buyer or the seller. Price reductions don't signal problems with a home, but merely that it was priced too high to find a buyer given the current market's supply and demand. When you find a home you want to make an offer on, take all factors into consideration before deciding you want to make a 'low-ball' offer. There could very well be another buyer right behind you who understands the market and value of the home.

Why July May Be The Best Time To Write A Purchase Contract In 2008

2008-07-07T15:28:00-07:00

It's a terrific time to buy your Indianapolis home, but not because homes happen to be affordable. It's a terrific time to buy because the variety of mortgage products available to home buyers looks poised to shrink. Monday, Alt-A mortgage lender IndyMac Bank stopped accepting mortgage applications and it's likely that other Alt-A lenders will likely follow suit. Alt-A loans are ones in which borrowers can't (or won't) verify one of two major underwriting criteria: Evidence of income Evidence of assets Since the Credit Crunch began last July, Alt-A mortgages have been a steady source of funds for 'in-between' borrowers -- those that are not quite prime, and not quite sub-prime. IndyMac was among the largest lenders of its type and had outlasted many of its peers. Its position as a market leader and subsequent exit from lending means that the remaining Alt-A lenders will likely make one of two choices in the coming weeks: Raise rates and fees because of greater Alt-A mortgage risk, or Follow IndyMac's lead and exit mortgage lending altogether Both outcomes would be harsh for home buyers of all types because when any large bank takes mortgage-related losses like IndyMac just did, it tends to create major risk aversion in the market. Risk aversion impacts everyone -- even the 'good' borrowers. Banks have been nervous about lending for several months and so they'd rather pass on an 'average' mortgage application rather than risk getting stuck with a potentially 'bad' one. IndyMac's exit may cause fewer mortgages to get approved. In other words, buyers eligible for financing today may be ineligible tomorrow. Therefore, if you're a home buyer in Indianapolis and you know your credit profile is less-than-ideal, consider writing a purchase contract sooner rather than later. Your mortgage options may be thinning, and the ones you have may be getting more expensive.

Indianapolis Real Estate Market Reports - June 2008

2008-07-03T19:13:00-07:00

JUNE 2008 #Homes Sold # Homes Active Highest Price Sold Lowest Price Sold Average DOM Avon 89 525 $400,000 $55,000 76 Brownsburg 51 425 $440,000 $58,000 128 Plainfield 31 188 $378,000 $55,000 82 Zionsville 31 353 $1,050,000 $112,200 55 Carmel 136 933 $1,999,900 $60,000 65 Fishers 126 873 $1,070,000 $90,480 75 Indianapolis 46278 12 131 $595,000 $75,000 88 Indianapolis 46254 36 388 $232,000 $42,650 91 Indianapolis 46234 39 270 $650,000 $59,900 84 Indianapolis 46214 17 219 $173,000 $53,000 115 June real estate market reports for Indianapolis and surrounding communities. If you would like the report for your zip code, neighborhood or city, drop me a note and let me know. Average days on market and absorption rate will vary by price range. ____________________________________________________________________________________ Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 6/1/2008 and 6/30/2008. Available homes were active on 1/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team, at Keller Williams Realty, serving the Indianapolis real estate markets. Contact Paula – 317–605–4174

Zionsville Indiana 'Dusty Boots' Home Tour

2008-07-03T09:11:00-07:00

Get your boots out! No, the weather’s not changing, at least not yet! It’s time for a preview of the 2008 Luxury Home-a-Rama homes while they are still under construction. Since there might be a bit of dirt and dust, no…..there will more than likely be some dust and dirt, maybe even some mud. But, what fun it will be. BAGI (Builders Association of Greater Indianapolis) is hosting the tour on July 13th from noon-4:00. If you have never been to The Willows in Zionsville, you will definately be impressed. You may even find your next new home. Get all the details here. Home Tours from the 2007 Home-a-Rama The Willows Neighborhood Tour

How Job Losses In The Economy Are Helping Home Affordability

2008-07-02T21:13:00-07:00

On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report. More commonly, it's called the 'jobs report'. The jobs report is a sector-by-sector look into the U.S. economy and whether businesses are hiring -- or firing -- workers. This is one of the reasons why its release is so hotly anticipated each month -- the jobs report can reveal a lot about the state of the U.S. economy. Last month, the economy shed 62,000 jobs. Now, many people will assume that job losses like this are terrible for the U.S. economy. Sometimes, that's true. This month, it's not. Given the ongoing tug-o-war between inflation and recession, markets are somewhat pleased with the June job loss figures because job losses reduce the likelihood of inflation in the U.S. economy. Inflation is considered by many -- Ben Bernanke included -- to be among the top threats to the U.S. economy -- it devalues the dollar and leads to increases in the Cost of Living. Inflation also threatens home affordability because mortgage rates tend to rise when inflation is present. June's job losses -- while bad for those impacted -- is helping to relieve inflationary pressures on the economy and that is boosting markets performance this morning. Stocks are slightly up, and mortgage rates are slightly down.

Are Sub-Prime Mortgage Problems Finally A Thing Of The Past?

2008-07-02T14:11:00-07:00

In the summer of 2005, sub-prime mortgage lending was at its peak. Rates were relatively low and lending guidelines were relatively loose. At the time, the 'standard' sub-prime mortgage product was the 3/27 ARM. The 3/27 had a few basic traits: A fixed, 3-year 'starter rate' Every six months thereafter, the mortgage rate changed The formula by which it changed was (4.999 percent + 6-month LIBOR rate) If the loan was interest only, it usually converted to principal + interest at the first adjustment, too. Because the summer of 2005 was the peak of sub-prime lending, it makes sense that the summer of 2008 is the peak of sub-prime adjusting. For Indianapolis homeowners with adjusting sub-prime loans, there is some (relative) good news out there. Today, the 6-month LIBOR hovers near 3.15 percent, meaning that an adjusted mortgage rate will be in the neighborhood of 8.15 percent. This is versus the rate of 10.30 percent that sub-prime borrowers faced last summer when LIBOR was much higher than it is today. Adjustments of any size can strain a household budget, though, so if you're a sub-prime borrower and your pending adjustment will cause financial strife, be proactive -- talk to your lender before you miss a payment. Lenders are often more willing to talk with 'current' borrowers than with delinquent ones. (Image courtesy: Washington Post)

Indianapolis Ranked 6th Best Bargain Market - It's Not All About Price

2008-07-02T05:19:00-07:00

You’ve heard me say it time and again, I love Indianapolis! I didn’t need a “best of” list to make me believe Indianapolis is a great place to live, but when the news prints something that speaks of the great benefits of living in Indianapolis, I’m right there, saying, YES! MSN, with the help of Sperlings Best Places, has just published it’s “Real Estate Best Bargain Markets”. Read the full article here. I was happy to see the criteria wasn’t based on price of homes alone. The factors considered when compiling the list were: Most livable area Strong economy Home prices are appreciating Quality of life Low unemloyment Short commute times Entertainment and recreation Housing affordability Once the figures were compiled and the list created, Indianapolis ranks as the 6th best real estate bargain market. When it comes to Real Estate, Indianapolis is one of the most affordable cities in America. Again, it’s not all about price, though. It’s the bargain of living in an affordable city with access to a wide range of benefits and amenities Where else can you have access to a dynamic, renovated, revitalized downtown like Indianapolis? You want sports, we got it! Arts and entertainment, check! Museums and culture – done! If you need more ideas about what to do in and around Indianapolis, search AroundIndy.com. You want to know more about real estate in Indianapolis and the suburbs around Indianapolis, you know who to contact.

Indiana Residential Real Estate Sales Disclosure

2008-07-02T03:44:00-07:00

The Residential Real Estate Sales Disclosure Law (I.C.32–21–5) requires sellers of 1–4 unit residential property to give a disclosure form to buyers. The disclosure form is a two page document which details items of importance to buyers, the condition of items and whether or not they are included with the property. Items of importance on the sellers disclosure include: Appliances Electrical System Water and Sewer System Heating and Cooling System Roof Known Hazardous Conditions Hazardous conditions include knowledge of radon, mold, methane gas, radioactive material, lead based paint, toxic materials, asbestos insulation, biological contaminants, etc. Also included is a long list of other disclosures a buyer should be made aware of. This section deals mostly with the land, improvements and external conditions affecting the property, including, but not limited to: Any foundation problems? Encroachment and easements? Structural Problems? Additions or Alterations made without a permit? Moisture or water problems? Property in flood plain? Any threatened or pending litigation? Underground Storage Tanks? Property located within one mile of airport? Damage from wind, flood, rodents, termites? Is the property subject to covenants, conditions and restrictions? Indiana law requires the sales disclosure be provided to the buyer before a contract is written. There is a lot of information to be provided in the Residential Real Estate Sales Disclosure, which should be read, understood and questioned. However, it is never a replacement for an independent professional inspection of the property. Sample Indiana Real Estate Sales Disclosure There are properties which are exempt from providing a real estate disclosure in Indiana.

Indianapolis Real Estate - Absorption Rate

2008-06-28T17:31:00-07:00

Recent requests for absorption rates prompted me to take a look at the current absorption rates in some of the cities around the Indianapolis area. The absorption rate is based on supply and demand and indicates the month’s supply of homes available when we compare the latest month’s sales against the available inventory. The data provides an estimate of time on market. What the figures mean has been debated. The generally accepted interpretation is: 0–3 months = Sellers Market 4–6 months = Neutral Market 6+ months = Buyer’s Market Although the numbers do give us an idea of what is happening in the real estate market, they don’t provide a complete story. The following figures are a broad look at the individual cities. City May Sold Current Inventory Absorption Rate Avon 90 539 5.9 Months Brownsburg 74 426 5.7 Plainfield 35 189 5.4 Wayne Township 135 1273 9.4 Pike Township 118 857 7.2 Carmel 139 943 6.7 Zionsville 40 356 8.9 Fishers 151 875 5.7 When we break down the figures a bit, we may get a different story. Let’s see what the numbers tells us when we break down the absorption rate by price point for individual real estate markets around Indianapolis. Avon Absorption Rates Most of the homes in Avon are priced between $100,000 – $200,000 and the majority of homes sold in Avon are under $300,000. The higher the price point, the higher the absorption rate. When averaged by price point, homes in the $100,000–200,000 price range are closest to the average for the city. Avon May Sold Current Inventory Absorption Rate $100-200K 59 335 5.6 Months $201-300K 13 100 7.7 $301-400K 5 41 8.2 $400K+ 3 41 13.6 Carmel Absorption Rates The averages for Carmel are a bit different. Most of the real estate inventory in Carmel is priced below $400,000. Homes in these price ranges are close to the city averages, with many below the average absorption rate. Carmel May Sold Current Inventory Absorption Rate $100-200K 27 179 6.6 Months $201-300K 44 223 5.0 $301-400K 33 170 5.1 $401-500K 11 86 7.8 $501-600K 4 58 14.5 $601-700K 7 54 7.7 Zionsville Absorption Rates Homes in Zionsville typically range in a higher price point than other cities within the Indianapolis area and suburbs. Prices below $600,000 sell well and are below the city average Absorption rate. Homes above $600,000 in Zionsville sell much slower and distort the true absorption rate as a whole. Zionsville May Sold Current Inventory Absorption Rate $100-200K 7 45 6.4 Months $201-300K 12 53 4.4 $301-400K 8 73 9.1 $401-500K 5 38 7.6 $501-600K 6 27 4.5 $601-700K 1 33 33 $701-800K 1 87 87 What does absorption rate mean? Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data. This data is reflective of Indianapolis homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed. Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home To IndyTeam at Keller Williams Realty, serving the Indianapolis Real Estate Market.

Making English Out Of Fed-Speak (June 2008 Edition)

2008-06-25T12:57:00-07:00

The Federal Open Market Committee left the Fed Funds Rate unchanged at 2.000 percent this afternoon, as expected. In its press release, the Federal Reserve noted the co-existence of inflation and recession. On inflation, the Fed said that energy and food prices are contributing to an 'elevated state' of inflation, but that it expects price pressures to ease 'later this year and next year'. On the topic of recession, the Fed seemed a bit more concerned. Overall, markets reacted favorably to the press release; both stocks and mortgage rates showed signs of improvement in the statement's wake. Source Parsing the Fed Statement The Wall Street Journal Online June 25, 2008

The Midwest Flooding And Its Impact On Your Home Mortgage

2008-06-20T08:52:00-07:00

Flooding in Indiana and the Midwest has displaced thousands of families and caused billions of dollars in damages. It may also cause mortgage rates to rise. As the extent of the damage becomes more clear, prices for grain and livestock are soaring. For example, a host of dietary staples are suddenly more expensive at the supermarket, including: Meat Pork Chicken Dairy Eggs Rising food prices are considered inflationary and inflation tends to make mortgage rates rise. But of all the foods that are increasing in price, it's corn whose price is rising the most -- up 70 percent so far since January. This is mostly because flood waters damaged up to 3 million acres of harvest in Iowa, our top-producing state. Corn, of course, is a primary feed for livestock, so rising prices make it more expensive for farmers to raise hogs, cows and chickens. These higher costs get passed along to consumers and contribute to a higher Cost of Living around the country. After facing (and adjusting) to rising gasoline prices, Americans are facing higher costs again -- this time at the supermarket. And if food prices don't recede with the flood waters, Americans may find that they're getting hit in a third place -- right in their mortgage rates. Source Hog Farmers Face a Perfect Storm Ilan Brandt, Joe Barrett The Wall Street Journal, June 20, 2008

Time to Pay Up - Indianapolis Real Estate Taxes - C-Bill Due

2008-06-13T18:39:00-07:00

The time has come for the homeowners in Indianapolis to realize the effect of the “stay” on taxes ordered last year by Governor Daniels. Almost one year ago, the uproar over tax bills could be heard throughout the city of Indianapolis as homeowner after homeowner opened their 2006 tax bill. Trending had reached into the pocketbooks of most real property owners, from residential to businesses. Quickly, we were given a stay on taxes at the previous years rates, while all properties in Indianapolis were reassessed. Let me tell you, it was NOT the assessment which was the problem – it is the tax rate. It was never more evident than the closing I attended today on behalf of my clients. Should we have closed last week on their home, we would not have known how much the C bill would be. However, this week, they have been certified and sent out, meaning the tax is DUE. Not only is the C bill now due – the new tax amount changed in this instance. What did this mean to my client and the new buyer? The taxes my client paid for 2006, due in 2007 was $1018.00 semi-annually. The reassessment did not change the assessed value. Now, their actual taxes, (after a year long wait for reassessment), amounts to $2334.00 semi-annually. The same as it was last year when the original bill came out. Based on their tax rate before the C bill, their tax credit to the buyer would have been roughly $3054.00. The amount they actually credited the buyer for taxes was $9630.00. Let me break it down for you? They paid the C-Bill = $2631.00 – The C-bill was the additional amount needed to cover all of 2006 taxes, payable in 2007. Divided by two, it equals $1315.00 per half. The original tax amount = $1018.00 x 3(halves) New tax bill equals an additional $1315.00 x 3(halves) Plus the C-bill of $2631.00 A grand total of $9630.00 The figures are not exact! For easy math, I rounded it out to equal 3 semi-annual payments. Since we pay taxes in arrears, my clients owe for all taxes due in 2007 and until June 13th for 2008. I figured the amounts until June 30th. Lest you think my clients sold a million dollar home with a view of Eagle Creek or an estate in Meridian Kessler, their gross assessed value was $123,300 and an adjusted net value of $85,300. What changed? The tax rate. Their tax rate was 5.47%, an increase of 4.28%. Every homeowner will be receiving their C bill in the mail, beginning yesterday. I expect many in Indianapolis will be shocked to find the amount they now owe. To be fair, I have heard many will not see an increase or have a balance on their C bill. I’ll wait to see if it is true. One thing I do know, many home sellers in the Indianapolis area with increases such as my clients experienced will not be able to sell their homes; they can not afford to bring the additional amount needed to close on their home. There will also be buyers who will now not qualify for their payment, based on the new tax amount. I sincerely hope we see an end to the tax crisis here in Indianapolis when the 1% cap takes effect in 2010. Remember, though, it is a 1% tax rate cap on the assessed values. Hopefully, we won't see the assessed values suddenly increase. Just a thought! Related Articles: Silver Lining for Property Taxes Indianapolis Property Taxes Property Tax Rebates The Tax Man Cometh

Indianapolis Real Estate Appreciation

2008-06-18T02:09:00-07:00

I found this cool calculator just sitting on my desktop and thought I would share it with you. It’s a simple tool for calculating appreciation or equity growth. Since it is not specific to a neighborhood or area of town, the results may actually be different for your home. Historically, Indianapolis real estate is a slow, steady market with modest appreciation of approximately 3%. Although, the numbers haven’t held true the last few years, real estate is cyclical. Click on the graph to compute your estimated appreciation. Insert the number of years the property is owned in place of loan length.

Guess Which 4 States Accounted For More Than 50 Percent Of May 2008 Foreclosures

2008-06-13T12:35:00-07:00

RealtyTrac released its most recent foreclosure statistics and if you only read the headlines, you think the entire country was on the verge of losing its homes. The underlying data tells a different story, however. More than half of the country's foreclosure activity in May 2008 was tied to just 4 states in the union: California (28 percent) Florida (14 percent) Arizona (5 percent) Michigan (5 percent) In other words, the majority of mortgage defaults are coming from a small minority of states. See, between 2002 and 2006, California, Florida and Arizona were very popular with real estate speculators, many of whom over-extended themselves on real estate; and Michigan's economy has been decimated by job losses in the auto and manufacturing industries. In addition, these 4 states are among the nation's most populous. It makes sense that they are distorting the national statistics. On a local level, the news is not so grim. Not only did 20 states show a reduction in monthly foreclosure activity, but many more fell below the national foreclosure average. That type of story, though, doesn't make for good headlines, is all. How did Indianapolis and the surrounding counties fair for May? Indiana ranked 12th in the nation, with foreclosure filings down 3.32% from last month and up 3.01% over May 2007. Sample filings for counties in Central Indiana: Marion County: 1934 filings in May – 1 in every 214 housing units Hendricks County: 5 filings in May – 1 in every 10,686 housing units Hamilton County: 132 filings in May – 1 in every 724 housing units Boone County: 9 filings in May – 1 in every 2364 housing units Johnson County: 75 filings in May – 1 in every 719 housing units Search the full May 2008 foreclosure report for yourself on RealtyTrac's Web site. Search Indianapolis Foreclosure Homes for Sale

Indianapolis Real Estate, Flood Plains and Homeowners Insurance

2008-06-09T15:22:00-07:00

Last weeks rain and subsequent flooding in several locations around the state have left many homeowners wondering if they will ever return to the place they called home. They are digging out their belongings, trying to salvage what they can, while they wait for the waters to recede and a “good word” from their insurance company. Many may not get the news they hope for. While some of the flooded areas were in a flood plain and more than likely, covered by flood insurance, many were not. The outcome could have a devastating effect on cities and communities throughout Indianapolis and the state; more importantly, the people who live there. There were floods in places which never flood and we’re talking Indiana here. Did you know our average precipitation is 35–40 inches a year? Even so, many were not and could not be prepared for this devastation. Will Your Insurance Cover Water Damage? The home of one of my clients took in water in the basement when the electricity went out, causing the sump pump to fail. Now, this may not be a flood or rain issue as it pertains to their homeowners insurance coverage, however, they still may not be covered. Why? They were transferred out of state and the insurance may not cover the claim since they were not living in the home. Apparently, they should have notified the insurance company and changed their coverage when they moved from the home. If you are transferred or not living in your home, be sure you notify your insurance company to maintain the proper coverage for your home. One more reminder: make sure you have a battery back-up for your sump pump.

To Paint Or Not To Paint? Advice for Indianapolis Home Sellers and Home Buyers

2008-06-05T20:19:00-07:00

Decorating a home is truly a matter of personal preference and one distinct difference of opinion between home buyers and home sellers is often paint color. While you may love the red wall in the family room, if you are trying to sell your Indianapolis home, you may want to consider neutralizing the color, especially dark colors. Dark colors tend to make a room look smaller and less open. A tip for Indianapolis home sellers: Buyers will offer 3-4 times less than the cost of a simple repair or paint job required to make a home perfect for them. So, if $500 dollars fixes a real (or perceived) problem, buyers will reduce their offer by $1,500-$2,000 for the property, or will make no offer at all. Unfortunately, buyers and their real estate agents are not always honest in their feedback. Sometimes, they'll give no feedback at all. A tip for Indianapolis home buyers: The home with the ugly paint in the kitchen may actually be a better investment and a better buy than the home down the street with a kitchen painted using your favorite kitchen color. Often, a seller is not aware about their home's features that buyers detest. When you make an offer, you can always ask for the desired repairs or changes prior to move-in.

How Long Do Household Items Last?

2008-06-01T06:34:00-07:00

When you’re buying a home, knowing the condition of major systems in the home is an important factor to consider. The cost of repairing and/or replacing major components can equal a substantial investment. This is also great information to have when selling your home or remodeling. Use as a checklist to provide the new home owner with any records you have. Homebuyers appreciate knowing the home they are buying has been properly maintained. Even if everything is working properly when you buy a home, it’s good to know the life expectancy of the systems. We all hear about the standard systems within a home; water heater, central air, furnace and appliances, but what about the common products and materials used in a home? Here’s a list of both the common and “not so common” products and their life expectancy. Dishwasher: 10 years Microwave: 11 years Range: electric, 17 years; gas, 19 years Central Air Conditioning: 15–20 years Water Heater: electric, 14 years; gas, 11–13 years Bathtub: cast-iron, 50 years; fiberglass, 10–15 years Counter top: ceramic tile, lifetime; laminate, 10–15 years; Natural Stone, lifetime Exterior door with protective overhang: 80–100 years Garage-door opener: 10–15 years Copper wiring: 100 years Sealer, silicone and waxes: 1–5 years Paint: wall and trim, 15 years, if washable; exterior, 15 years Wallpaper: 7 years Flooring: Natural Wood, 100 years Carpet, 8–10 years Stone, slate, granite, 100 years Vinyl, 50 years Linoleum, 25 years Ducts: galvanized, 30 years; plastic, 15 years Windows: Aluminum, 15–20 years Wood, 30+ years Wood Deck: 15–20 years Swimming Pool: 18 years Brick, stone wall: 100 years Walk: gravel, 4 years; concrete 24 years Sink: enamel steel, 5–10 years; enamel cast iron or porcelain 25–30 years Roof: Asphalt, 20 years Wood shingles, shake, 15–30 years Slate, 50+ years Clay/concrete – Lifetime Gutters: Aluminum, 20 years; Galvanized Steel, 20 years Siding: Vinyl, 50 years Aluminum, 20–50 years Wood, 10–100 years Stucco, 50–100 years Drywall: Lifetime For additional information about the life expectancy of commonly used materials, you can find a checklist here from the National Association of Home Builders.

The IRS Favors Green Over Every Other Color (And We're Not Just Talking 'Money')

2008-05-30T13:15:00-07:00

Many Indianapolis home sellers prepare their home for listing with cosmetic changes such as paint and reflooring, but 'green' thinking can give an additional boost to value and grab a federal subsidy. Homeowners who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in their home can receive a tax credit of up to $500 from the IRS. In addition, 30% of the purchase cost for qualified solar cells and for solar water heating (used exclusively for purposes other than heating swimming pools and hot tubs) can be refunded, too -- up to $2,000 per household . There are more energy-saving credits available, too. The U.S. Department of Energy lists all of the credits available to homeowners and those credits come right off of your tax bill come April 15. A home on the market that features energy-saving upgrades carries a unique appeal to buyers and proves that not all home improvements are not equal -- especially in the eyes of the IRS.

New Trends Buyers Want in a Home

2008-05-30T06:36:00-07:00

While perusing the paper this past week, I came across an article describing the new trends in home building. Although it was originally published in another city, the new design and amenities buyers want in custom homes can be found in many neighborhoods in Indianapolis. What are the hot ticket items buyers are looking for? Master Bedroom Suites on the Main Floor Level No longer just a master bedroom, and no longer relegated to the upstairs, Master Suites provide a sanctuary of privacy within the home. The preferred location is on the main level.Today’s master suite is larger, with a sitting area or sitting room. It’s not just about the bedroom either, master bathrooms are much like those found in the finest resorts. Lots of tile, spa bathtubs, large showers with dual heads, at least one, usually two walk-in closets and granite or quartz countertops make up the designer masterbath. The Mud Room is Coming Back Around I remember my grandparents having what they called a mud room. I always thought of it as the laundry room. Mud rooms can be separate or inclusive of the laundry room. Either way, the laundry room is larger and not just a closet. Mostly found in the entrance from the garage or another exterior entrance, mud rooms allow extra space for backbacks, shoes, coats; anything you want to drop once you get inside the door. Media Rooms Media Rooms in Indianapolis are usually found in the basement area. I have seen them both as a separate room or as a large open area, but always with a large screen TV and comfy seating. Many offer a bar area in the basement as well, ranging in size from small to kitchen size, with space for a refridgerator, microwave and sink. So, whether you are an entertainer or just want someplace to keep snacks close-by, you’ll have the space. Often, I hear the media room called, “The Man Room”. E-Space I have only seen this in a few homes, but it was definately e-space. Located between the mud room and the kitchen, it consists of a desk space, ideally used as a place for charging or recharging cell phones, laptops, ipods or any of our daily “keep me connected” tools. If not e-space, most homebuyers want a separate office which serves the same purpose. Again, main floor level is preferred. Family Room, Hearth Room, Morning Room Whatever you want to call it, a less formal space within the home designed for relaxation. I like the morning room version with lots of windows to let the light in. Bigger Rooms Not only do homebuyers want specific rooms, all the rooms must be bigger. Although not mentioned in the article, another desired feature are Jack and Jill bathrooms and/or more bathrooms. So, where do you find homes in the Indianapolis area which fit the bill for today’s homebuyer? There are many areas around the city where you can find homes with all or some of these amenities and you don’t have to build custom to find them. I have toured and/or shown several in the last year. And where I go, so goes my camera. The pictures here are from homes in Carmel Indiana.

The Remodel is Complete

2008-05-29T06:39:00-07:00

We have finished the remodel of the bathrooms in our home. I don’t recommend people remodel when selling their home. In our case, it was necessary. We have loved this home in it’s prior condition; now, it is even more beautiful! It isn’t the granite or tile floors, the pool or covered patio, although they are great features; It is the memories and family time spent here which have made it home. It has taken us longer than anticipated to complete everything and in the mean time, I have had a few opportunities to go back to Phoenix and visit. This week, while I was here, my daughter and grandchildren from Columbus, Ohio, came out for a visit, so we have captured a few more memories…….to last a lifetime. It’s been a lot of fun and sometimes frustrating getting everything in place; finally, we are ready. Our home is staged and ready to sell. If you are looking for a great home in Phoenix – I know such a place.:

Why It Will Be Cheaper And Easier To Buy A Home This Week Versus Next Week

2008-05-28T21:16:00-07:00

Mortgage financier Fannie Mae is toughening its mortgage application decision-making process effective Monday, June 2, 2008. The new guidelines will force many Americans to face higher mortgage rates, higher loan fees, or to be shut out from 'prime' mortgage rates altogether. The new 'mortgage rules' include the following changes: Higher income levels required for basic approvals Interest only loans are now considered high-risk Condos are now considered high-risk 60-day mortgage lates within 6 months are a major red flag Not all of the changes are for the worse, though. In the new guidelines, self-employed borrowers will no longer be viewed as more risky than a W-2 employee. This will help small business owners and commission salespeople get more mortgage approvals than in the past. Fannie Mae agreed to honor all mortgage approvals granted prior to its changes, so if you've been putting off that pre-approval, consider talking to your loan officer before the weekend starts. Your mortgage approval will be much more lenient today than if you wait until Monday.

How is the Real Estate Market?

2008-05-28T20:17:00-07:00

How’s the real estate market? Depends on who you ask or what you read. You don’t have to look far to find bad news. I pass by most of the articles written by mainstream media. They are all about sensationalism and beating a dead horse! One such report this week indicates homes across the nation have lost an average of about 14% of their value. Truth: some areas have lost more, some areas have seen property values increase. Another article printed yesterday by Money Magazine is just the kind of advice buyers and sellers don’t need. Don’t get me wrong; much of what Ms. Gengler had to say was not bad advice in theory, but it certainly wasn’t new. Except…..Her opinion about how much buyers should offer on a home was way off base. There may be some markets where her advice would work. For the real world of real estate in Indianapolis, buyers who decide to offer 10% below what comparable homes are selling for will find themselves renting long term. It’s really an injustice for buyers who may want to take advantage of the great mortgage rates, to be told they should “move on” if the seller doesn’t accept their “low” offer. That’s not to say a buyer has to offer full price. A blanket figure, though, is not realistic. This type of reporting is exactly what keeps buyers sitting on the fence wondering if they can time the market and why people like this guy call me. I am not a big fan of using averages to determine value. Most reports about real estate markets are based on averages from data derived from Boards of Realtors around the country. While a great resource for gathering information to determine value, the stats are based on broad averages. What applies in one city or neighborhood is not applicable to the entire nation. When looking for real knowledge about real estate in the area you are buying or selling, don’t read the news or take advice from someone who is using broad averages. Find a good Realtor who will break down the results for you, based on the “particular” area you are buying or selling your home. Another Truth: All real estate is local!

How Would You Negotiate?

2008-05-26T18:11:00-07:00

The phone rings – it’s someone I’ll call Mr. Boston, asking about negotiating a price on property. The conversation went something like this. Mr. Boston – Yes, I received an email from your team about negotiation. I was wondering how you structure and negotiate an offer. Okay, says me……..what specifically can I help you with? Mr. Boston – How much off of a home can someone expect to offer in Indianapolis? What would be your strategy? Me: There is not a standard, there are actually homes on the market which are priced correctly and selling quickly. My strategy would depend on the home, location, neighborhood, amenities, how long the home has been on the market, recent comparable sales…….. Mr. Boston: What if the home has been on the market for three to four months? Me: There is no way I can determine a fair offer price on a home without knowing anything about the home. There are many factors to consider, such as, neighborhood, location, lot, schools, recent sales, seller motivation……as well as how the buyer is financing. Mr. Boston: The home is priced in the mid $600’s, in a nice neighborhood in Carmel, on an average lot……..it’s a nice home. About how much are you seeing homes in this price range sell for. I want to know how you would negotiate. Me: I can’t negotiate or suggest a price on a home I have not seen and know nothing about. I might as well throw darts in the dark. Mr. Boston: I understand if you do not want to tell me a price because you think I won’t use you as my Realtor. Me: I can’t tell you a price because I know nothing about the home. It would be a disservice to you to suggest I could. Mr Boston: The assessor’s value is $600,000. Me: The assessors’ value does not determine market value. You could pay anywhere from $500–700k. on an assessed value of 600k. Mr. Boston: I can see you’re not going to be very helpful and we are not going anywhere. Me: You think? Thanks and Good Luck! A last word of caution………. Mr. Boston – if you do find someone who will give you a price based on the vague information you provided me…….all I can say is………..RUN. As a Realtor, I have an obligation to represent my client’s best interest. in that interest, I do not write offers or suggest an offer price on homes I have never seen.

Memorial Day 2008

2008-05-26T07:43:00-07:00

To the brave men and women who have given their all to serve our great country. I thank you and remember your bravery and sacrifice! This was recorded at the Verizon Center in Noblesville, Indiana.

Home......it's all about family

2008-05-25T13:50:00-07:00

When people find out I moved back to Indianapolis from sunny Arizona, they always ask Why? Here’s one of four reasons – the fourth grandchild. There’s also brothers, sisters, my Dad, lifelong friends, family cookouts, celebrations and get togethers. But….the grandbabies, they get preferential treatment. And, do they know it!

One Liner

2008-05-20T13:13:00-07:00

Indianapolis will host the 2012 Super Bowl. :)

I'm Sorry, You're a Waste of My Time

2008-05-21T16:59:00-07:00

A Rant! This week I am in Arizona while we have new carpet and tile installed in preparation for listing our home next week. Another goal was to get estimates for moving when we do sell. I called a couple of different companies we have used before, Mayflower and United Van Lines to set appointments. While speaking to them, they understood we would be listing our home next week. I had one appointment set for today and one for tomorrow. Rose Mary, from United Van Lines came by today. She was professional, efficient, very pleasant and fun. Since we are paying our own move, she was very helpful with suggestions about ways to save money on the move. Did you know it’s more than $20.00 if they pack your mirrors for you? I love her North Carolina accent, too. Tonight, I receive a call from the sales agent for Mayflower to confirm our appointment. When he found out I did not know the exact date we would be moving and that my home was not on the market yet, he said he would have to advise me he would not be showing up tomorrow for our appointment. It was a waste of his time. His words! He informed me, since the real estate market in Phoenix is soooooo bad and unless I planned on giving my home away, he doesn’t want to waste gas coming out here. It would be different if my home had already been on the market for 3–4 weeks, he said. Oh really!! How does that change the fact your quote is only good for 60 days? If I give it away, I could be moving next month. If it’s overpriced, I could be here for another year. Thank you for your opinion of the Phoenix real estate market. I do understand the cost of gas and it’s about 35–40 cents more per gallon in Indianapolis right now. However, it does not keep me from doing business. I’m sure I wouldn’t have to worry about business or the cost of gas if I told potential clients they are a waste of my time and gas. I’m sorry Mr. Seller, why don’t you call me back when you are ready to sign a contract. Until then, don’t bother. And, Ms. Buyer, can you just choose a home from the internet. After all, you can have an inspection and you’ll see the home then. We can get it all done in one trip. Yeah, I can see that working already. Rant Over! BTW – My clients are NEVER a waste of my time. *UPDATE* the powers that be at Mayflower have a different opinion of client care. They called me before 8:00 a.m. PST to apologize for their sales agent's lack of customer service. Related Posts: To Remodel or Not The Realtor Is The Seller

Everyone Wants a Short Sale

2008-05-20T15:44:00-07:00

This was a statement from a negotiater for a bank I am working with in a current short sale. Her intent was to explain why she is behind with 70 files on her desk. Her actual statement was, “Have you heard the news, everyone wants a short sale?” I beg to differ with her. The people I work with who need a short sale approval do NOT want a short sale. They wanted to live in their home or at least try to sell it before they missed payments. They didn’t expect to lose their job or have a financial turn of events in their life. It just happened! As a matter of fact, two of my current clients never heard of a short sale until they called their bank to try to arrange some type of payment plan. The voice on the other end asked them if they wanted to do a short sale. After determining it might be an option, they contacted me and asked about the short sale process. I’m sure there are homeowners out there who do want a short sale. Those who have lost more equity than they can ever make up. They bought with a bad loan which they planned to refinance. There are investors and homeowners who bought too high with too little money. Yes, there are people who do want to short sale their home, however, I have not found the majority bought homes hoping to eventually do a short sale. So, a blanket statement such as this one is simply a mindset of this individual. Unfortunately, her mindset will affect the way she handles her files, as well as her thoughts about the client who is looking for her assistance.

What to do in Indianapolis

2008-06-06T03:04:00-07:00

When you can’t decide what to do or just don’t know what is happening around Indianapolis, don’t despair! AroundIndy.com is a great website dedicated to keeping track of “things to do” around Indy. They offer an extensive community calendar featuring day to day activities and events around Indy, from Farmers Markets and concerts to day trips and dining. The site directory will help you find local activities, even neighborhood garage sales. The best part, straight from the webmaster: “You don't have to take any surveys, answer any questions, jump through any hoops, or register for ANYTHING to see and use the entire site. We promise no pop-up ads, no junk e-mail, no spam, no spyware, no cookies, no kidding! Simple, fast-loading pages, straightforward, easy to use and navigate, nothing fancy, not a lot of bells and whistles—just lots of good information about what's going on around Indy.” With summer in full swing, you’ll want to keep this website bookmarked. I’m thinking, “Devour Downtown” looks like a great way to check out our local dining establishments, as well as enjoy a walk around downtown. Check it out, you’ll be glad you did.

It May be Less Expensive to Buy Than Lease

2008-05-19T22:13:00-07:00

In the course of a week, I receive at least 3-4 inquiries about rentals or lease options. This month I have seen more than usual. I have actually had four different people email me about the same downtown condo. I believe it's related to the fact there are no longer 100% loans available and those who thought about buying are now looking at other alternatives, while they save their down payment and/or closing costs. Other factors include home owners who went through foreclosure or short sale and are now renting. One thing which always come out of my conversation with those who call me about lease or lease/option is, the dream of home ownership is alive and well. Many are tired of renting; they want a bigger place, a place of their own. Now may be the time to act. Recent news in the Indianapolis Star indicates the occupancy rate downtown has reached it's highest peak since the mid 1990's, with only 4.6% of rentals unoccupied. I see the trend around the city and in the 'burbs. My search for a young lady on Saturday showed only 9 available rentals in Avon. This is less than half of the available homes for lease just a few months ago. At the time I was looking for some clients and there were between 25-30 homes. Numbers for available leases in other areas of homes less than $1500.00 a month. Pike Township has 17. Wayne Township has 18. Washington Township has 46. Brownsburg has 5. Carmel has 24. Zionsville has 6. Fishers has 15. With school ending for the summer, many will be looking for a new rental and they may be hard to come by. There are certainly apartments available and homes which are not listed in the local search Realtors use. I used our local Realtor statistics from MIBOR to research the current and recent lease activity. Of course, it may just be a summertime boom. One thing's for sure. When occupancy rates go up, so do rental rates. It's that supply and demand theory which made homebuying a hot commodity a few years back. Another factor to consider for Indianapolis is the tax rate. In a few years, homes which are non-owner occupied will pay twice the tax rate as an owner occupied home, which may further drive up the price of rentals. If you are in the market for a home, this may be the perfect time to stop paying rent and buy your home. There are special programs available for first time home buyers and rates are great right now.

Avon Indiana Luxury Homes and Neighborhoods

2008-05-05T20:47:00-07:00

Avon Indiana’s finest neighborhoods offer luxury living at it’s best. There are several neighborhoods in Avon featuring homes built by Indy’s top home builders. Build your custom dream home or choose an existing home in one of these distinguished Avon neighborhooods. Homes in these communities start at $400,000. to over $1,000,000 Parks at Prestwick Parks at Prestwick, located in the southwest corner of Avon is built on a nature preserve, with rolling hills, trails and wooded lots. Choose a home overlooking the Prestwick Country Club and golf course or a secluded home amongst trees. Amenities include a community park, basketball court and swimming pool. Video Tour of Parks at Prestwick Parks at Prestwick Homes for Sale Woodcreek Farms Woodcreek Farm is a lovely community of stately homes on tree lined streets with large lots. Perfectly manicured lawns, open green areas and a small creek which runs through the neighborhood. Located off CR200 (21st St), just east of SR 267, close to the new Ronald Reagan Parkway. Video Tour of Woodcreek Farm Woodcreek Farm Homes for Sale Heritage Hill Heritage Hill is the newest custom and luxury home community in Avon and Brownsburg. Built on 100 acres of nature, with rolling hills and wooded lots, there’s still time to choose a great lot for your custom home. Future amenities include, park/playground, nature area, pool and clubhouse. New home lots are available at the Villages of Heritage Hill. Located off SR267, north of CR200. Video Tour of Heritage Hill

Working with Banks

2008-05-05T01:45:00-07:00

You don’t have to search too long to find bank owned homes in the Indianapolis Metropolitan area. There are plenty around town and more than likely some are really good deals. Banked Owned Homes or REO (Real Estate Owned) properties are homes which the owner defaulted on. The home has been foreclosed on, went to the Sherrif’s sale, and no one bought. Now, the bank has it in it’s portfolio. I have heard banks don’t like owning real estate in this manner. I’m sure they like owning real estate, just not the real estate on their books as non-performing assets. I have also read banks are willing to assist those who have fallen behind on their payments. I’m not sure either of these statements are true. The banks and lenders I have worked with seem to stall every chance they get. My team and I have represented several homeowners in the short sale process, as well as buyers who have made offers on bank owned property, only to have the bank thrawt our efforts to bring them a buyer and close the transaction. A few deals gone bad……. * Clients home is listed as short sale and we submit an offer for $113,000. The bank never responds to the offer or our phone calls. The property is foreclosed on and offered for sale by the Sherrif. No takers! Bank then puts the home on the market for $89,500 and closes in three weeks. * We represent the buyer of a home for $76,000. The bank does not have clear title. Our clients wait two months past the original closing date, only to find out the judge has still not signed the strict foreclosure paperwork. They decide to look for another home. Bank puts the home back on the market for $59,000. * Again representing the buyer, the bank takes three weeks to turn on the water so my client can perform inspections. With one week before closing, the bank refuses to repair major components of the home; no compensation or reduction in price to cover the costs. My client walked, bought another home, and the bank owned home is still on the market. And to think, we deposit our money for safe keeping with some of these institutions………Hmmmm…

Is it Better to Rent or Buy?

2008-03-29T06:03:00-07:00

The answer really depends on your personal objective and time frame.The longer you plan to live in a home, the more sense it makes to own. While I can't simply answer the question for you, I have found this cool tool which can assist you in evaluating the costs involved for both options. By inserting a few details you can determine how long it would take to break even, depending on down payment, interest rate and costs to buy. You can also utilize the advanced settings to include more specific costs and deductions. This is simply a 'numbers' tool and does not consider other intangibles associated with owning your own home. Things like: painting the room the color you want growing a garden or landscaping installing a fence or basketball goal updating your home the security of knowing the landlord can't move you at the end of the lease. In matters of finance, it is always best to check with your financial adviser. Click here to use this tool.

Investors Set Sight on Indianapolis Real Estate

2008-03-20T06:01:00-07:00

Recent phone calls and requests about property listings in Indianapolis from buyers around the country prove the real estate market in Indy has piqued the interest of investors. Some have expressed an interest in foreclosed and bank owned homes, while others are looking at anything which is a deal. There are many cities around the country with a higher inventory of foreclosure and bank owned properties than Indianapolis. So, why are investors looking at Indianapolis for their investments? It's all about price! Indianapolis has the lowest priced homes in the nation for a city our size. Let's look at a few statistics: There are currently 21258 properties for sale in the Indianapolis area. 7146 of these properties are listed for less than $100,000. The number equals 33.6% of all active properties available. 4339 of these properties are in Marion County. 634 properties in Marion County are priced less than $25,000. Granted, not all of these properties are a good investment; some are. Is investor activity good for the Indianapolis real estate market? I believe it is! Most of the investors I have spoken to are interested in a price point less than $75,000. Most will pay cash and fix up the property. Some will flip the property for a quick profit, while others will fix up the property and hold as a long term investment. Regardless of whether they fix for a profit or hold as an investment, the benefit of rehabbed homes will increase the value of properties and the surrounding neighborhood. Nothing blights a neighborhood more than vacant, run down homes. What do you think? Is investor activity good for Indianapolis?

Indianapolis Real Estate Blog Finds New Outlet

2008-03-09T04:08:00-07:00

You can now find the Indianapolis Real Estate blog, IndyRealEstateTalk.com at RSSHugger, a spam free blog directory which understands the power of SEO. How ingenious to have every participant write a review of their site for submission or pay twenty dollars if you don t want to write a review. They receive a backlink and my blog is listed in their directory with an RSS feed. If you have a blog, go get hugged today at RSSHugger.

Simple Real Estate Definitions: Average Days On Market

2008-02-12T10:11:00-07:00

In the world of real estate, Days On Market is the number of days between when a home lists for sale and when it goes under contract. It is often abbreviated as DOM. Average Days on Market is a similar statistic but instead of applying to one home in particular, it applies to all homes in a given neighborhood, ZIP code, or city. Average DOM are most often different when broken down by price range within a city and zip code. Average DOM is calculated by adding the number of days for which every listed home in an area was available for sale, and then dividing that number by the total number of listings. In a buyer's market, Average Days On Market is often elevated. This is because homes don't sell as fast as during a seller's market when the Average DOM can be quite low. For buyers and sellers of real estate, Average Days On Market can be a strong indicator of home prices. When Average DOM falls, home prices tend to increase. Tags: Indianapolis+Real+Estate, Days+on+Market

Indianapolis Real Estate Market Questions

2008-02-09T19:40:00-07:00

I received a call today from a gentleman which made me think about questions I am routinely asked about the real estate market here in the Indianapolis area. Referring to a previous post, he specifically wanted to know about buying a home in Indianapolis. Here’s a few of the questions I am asked and my response: Q: Is it reasonable to expect to pay 10–20% less than the listed price? A: It depends on the property and the area of town! Not every home on the market is overpriced and those which are priced correctly initially are still selling well. I have seen homes which have sold for less than 10–20% of the original listing price, but the formula does not apply to every home on the market. Q: Will there be more homes on the market in a few months? A: Yes and there will also be more buyers. Spring is the start of the busiest buying time of the year. Although you may have more selection – you will have more competition. Q: Have we hit the bottom of the market? A: Luckily, Indianapolis did not have the huge price increases some areas of the country had. Still, we have suffered the effects of a slow down in real estate sales. I personally believe this year will be the start of a turn around for the real estate market in Indianapolis. Q: Where’s the next hotspot(s) around the city? A: My bets are on the Northwestern portion of Indianapolis, the western portion of Hamilton County, Boone County around Zionsville and Anson, as well as Plainfield and the area around the new airport. These answers are in no way intended to be used as general investment advice. Your personal investment and home purchase should be based on an understanding of the local market conditions within the area you choose to invest or buy.

Did You Know : The Lifespan Of A Mortgage Approval

2008-02-07T16:28:00-07:00

Mortgage approvals don't last forever. A conforming mortgage approval from Fannie Mae or Freddie Mac has a shelf-life of 120 days. After 120 days, the approval expires and a mortgage applicant must re-submit his application for consideration. In addition, a mortgage approval can 'expire' within the 120-day period for other reasons: Change of job status or income Newly-acquired monthly debt (i.e. car payment, student loan) Change in asset levels If your current mortgage approval (or pre-approval) is dated prior to February 3, 2008, it is now expired and your new approval may be subject to Fannie Mae's new, more strict, underwriting guidelines.

Answers From the Lenders

2008-01-24T02:10:00-07:00

Occasionally, I receive questions from my websites about the process of financing, selling or buying a home. I welcome these questions and diligently seek to find competent professionals to answer these questions. This week s question was presented to three lenders for an answer. The Question: How many prequalification applications can I submit, and will it affect my credit rating? Answers from the Indianapolis Home Mortgage Specialists: The rule is that 'like credit pulls' with in a 30 day period only count as one pull. So if I applied for a Home loan with 4 places and they all pulled my credit with in 30 days it would only count as one, however if I applied for a Home loan, a car loan, and 90 days same as cash on furniture that is three different pulls. The Action Team Matt Gunning Sales / Realtor Relations Countrywide Bank, FSB matt_gunning@countrywide.com As far as limits to the number of times you can apply for a mortgage, no limits exist. Applying for a mortgage does not lower your credit. What can lower your credit score is having your credit report pulled over and over again. You do not have to do a formal pre-approval with every mortgage company you contact. You can have one mortgage company pre-approve you and call other mortgage companies for rate quotes and estimate of closing costs. If they tell you they need to pull your credit, tell them you are not ready to do that at this time and give them an idea of your median credit score (once you are pre-approved make sure to ask the lender what your three credits scores are on your credit report - lenders go off the middle score). Rates are based on credit scores so a lender will need to have an idea of your credit score and how much you plan to put down on a purchase in order to give you an accurate rate quote. Amy K. Trusty Relationship Manager First Horizon Home Loans Aktrusty@fhhlc.com Everytime you submit a loan application your credit is pulled. From the time the first credit inquiry is pulled for mortgage purposes your credit can be pulled multiple times during a 30 day period without affecting your credit score as long as all the inquires are only for the purpose of obtaining a mortgage. The situation that borrower's get into when applying for a home loan with multiple companies is that they do not always know exactly the first date their credit is pulled nor do the companies always disclose the exact number of times they pass your information along to investors who also pull your credit. They just tell you they will have several companies competing for your loan and give you the best pricing. When this happens, your credit will be pulled multiple times and may or may not be during the window of time that is allowed to have it pulled multiple times. If the company is a direct lender they have an agreement with their investors to use their credit report and your credit is only pulled once. Therefore, it is important to know the type of company you are giving your personal information to when applying for a home loan. Perfect Mortgage is a direct lender and works with clients to find the best home loan with the best pricing that fit their financial needs. Tauscha Snyder Mortgage Banker PERFECT MORTGAGE tsnyder@perfectmortgage.com Remember, if you have questions about real estate or financing, I have a team of professionals ready to provide answers. Tags: Indianapolis, Home+Loans

Is It Time to Buy Your Indianapolis Home?

2008-01-23T08:39:00-07:00

This is the time of year when many start their search for a home. For some reason, the end of football season signifies the start of home buying season. Here in Indianapolis, the Colts have been eliminated from the Super Bowl, so we are seeing a jump start in homebuyers who are looking to make a move into a new home this year. Although the Colts didn’t make it to the goal line enough times to ensure a victory, 2008 looks like a winning year for buying a home. Interest rates are down! While mortgage standards for qualifying have changed, there are still plenty of loan programs available to fit the needs of most homebuyers. We still have more homes on the market than demand, giving buyers more choice in homes in all price ranges. Home prices are down – In most cities and neighborhoods around Indianapolis home prices are down from the last two years. I personally believe it is a great time to buy a home in Indianapolis. Search Indianapolis Homes for Sale

Real Estate Term: Earnest Money

2008-01-16T10:23:00-07:00

When a buyer and seller reach agreement on a home sale, the buyer typically puts a small amount of money into a trust account. This up-front deposit is more commonly known as 'earnest money'. A sales contract's earnest money requirement will vary from contract to contract. It can be as high as 10 percent of the purchase price and could be as low as $500; earnest money is a negotiable item between buyers and sellers. Some factors that can influence earnest money amounts include: Market conditions: Stronger markets often call for more earnest money Buyer economics: First-time buyers often give less earnest money Seller psychology: Skeptical sellers often ask for more earnest money No matter how large or how small, however, earnest money is supposed to give the seller a sign of good faith that the buyer wants to purchase the home. To this end, earnest money can be forfeited if the buyer later 'backs out' of the deal, or breaches the terms of the purchase agreement. Breaching, however, is infrequent. This is because most purchase contracts are written with buyer-focused 'outs' called 'contingencies'. A typical contingency is that the seller must provide a clean title policy to the buyer, or that the buyer must secure financing prior to given date, or that the home must pass a satisfactory inspection. If any of these contingencies cannot be met, the purchase agreement is voided and earnest money returned to the buyer. When contingencies are met, however, earnest money becomes a deposit and is applied directly to the buyer's bottom line at settlement. If the buyer is expected to have $50,0000 for the closing, for example, the true bottom line is $50,000 minus the earnest money deposit. Earnest money customs vary from state to state, city to city, and even locale to locale. Be sure to ask your real estate agent and/or real estate attorney for professional counsel before signing purchase contracts. The earnest money you save may be your own.

Historical Indiana Facts or not......

2008-01-20T15:56:00-07:00

I am one of those people who really enjoy history and facts. So, I hope to bring you a few factoids here and there. This one is probably fact . Origin of the Name Indiana The name 'Indiana' simply means 'land of the Indians.' This refers to a large number of Indians that were located throughout the state when the first settlers to this state arrived. I have never seen an Indian in Indiana although I have seen several in the West and Southwest states. I m not sure we even have an Indiana reservation in Indiana. This next one has been debated time and again .How did the people of Indiana pick up the moniker of Hoosiers? Well, you can believe one of the following, or another you have heard. Origin of the Nickname Hoosier Indiana may have been referred to as the 'Hoosier State' as early as the 1830s. There are many explanations as to why we are called Hoosiers. Some of the explanations are funny, illogical and believable. Here are some of the most common explanations. The Who's Here Story-on the early Indiana frontier, log homes were few and far between in the Indiana interior. There were no real close neighbors, so when someone knocked on a cabin door or was heard coming through the woods, a person would yell out 'Who's here' or 'Who's yere.' This evolved into the word 'Hoosier.' The Who's Ear Story-this story was popularized by the Hoosier poet James Whitcomb Riley. In frontier Indiana there were many small taverns and saloons scattered throughout the state. Continually fights broke out in these bars with punching, biting, scratching and gouging occurring. The next morning the bartender was likely to find an ear on the floor of the saloon, nudge it with his foot and call out 'Who's Ear?' This evolved into the word 'Hoosier.' The Hoosier River Men Story-Along the waterways of the state there were bullying and rambunctious Indiana rivermen, always ready for a brawl, who were reputed to be quite successful in winning all of their fights, 'hushing' their opponents. They became known as 'Hushers' and eventually 'Hoosiers.' Mr. Hoosier Story-it is said that a contactor named Hoosier liked to hire Indiana men to work on the Louisville and Portland Canal. These men became known as 'Hoosier's men' and later, 'Hoosiers.' Information provided from the Northern Indiana Center for History website. Check out their site for much more about Indiana.

The $1.00 Home

2008-01-29T01:33:00-07:00

It is not surprising many people ask about the $1.00 homes listed in our local BLC (Broker Listing Cooperative). The Indianapolis BLC is the same as the Multiple Listing Service (MLS). If it looks too good to be true, it probably is! These home are not available for one dollar. Although listed as such, they re actually homes which are being auctioned. They require a minimum bid, as well as a substantial deposit the day of the auction. Some require a non-refundable earnest deposit when your bid is accepted. You will have to do your inspections beforehand or lose your earnest money if you decide not to buy. There are currently 20 homes in the Indianapolis area which are listed for a dollar or less. A few honestly look like they may only be worth the listed price, while several are very nice homes. About half of these homes have been on the market for quite a while. My guess is the minimum bid is too high or the interior condition is not acceptable. Whether you are selling a home by auction, with an agent, or FSBO, price and condition will always determine whether you sell.

Simple Real Estate Definitions : PITI

2008-06-11T09:09:00-07:00

Most homeowners make four housing-related payments each month: Principal on a mortgage Interest on a mortgage Taxes on the real estate owned Insurance for the real estate owned Collectively, these payments are known by the acronym PITI but don't let it fool you -- a homeowner's monthly expenses are still called PITI even if one or more of the elements doesn't apply. For example, a homeowner with an interest only mortgage does not pay principal each month. Additionally, condo owners typically don't pay homeowners insurance -- they pay a monthly assessment and/or maintenance fees to an association instead. But regardless for what it stands, determining a comfortable PITI should be every homeowner's starting point when looking for a new home. PITI is the monthly housing cost, after all, and by knowing what fits in your budget, it's a lot easier to compare homes and their related expenses. Although you won’t hear it in PITI, the cost of Home Owner Association (HOA) fees will also be applied to your monthly housing cost by your lender. It should also be a consideration when budgeting your monthly expenses. It's certainly better than asking the bank 'how much home can I afford' -- all that's going to tell you is the P and the I. As a homeowner, you need to know all four. PITI is most commonly pronounced pee-eye-tee-eye.

Business Planning and Real Estate - A Comfortable Balance

2008-01-01T15:47:00-07:00

As the last year comes to an end and I begin planning for the current year – yes, it is here, already, I find it is a bit more difficult than last year. Business planning, as it goes, is not a favorite activity of many, and I am no exception. It interferes with my creative process. Once you have it in black and white, written down and committed to, there still needs to be some room left for adjustment to income and expenses. I can’t be too creative. 2008 has my team starting at a record pace. I have been inundated with calls about everything from foreclosures to short sales, listing homes, and buyers who are starting their search to those ready to write an offer. This sudden burst of activity has me reconsidering my business plan. How does one plan for both busy and slow times at the same time? I really don’t expect an answer to come flying through the comments of my blog, but the process of writing my business plan for this year found me comparing the process to buying a home. See how that creative process can not be left alone. Numbers are a huge part of any business plan. It’s the same with my clients. I have some clients who are uncertain of the amount for which they qualify for when we first speak. Others are certain of the amount which they are comfortable paying each month and they want to know how much house that dollar amount will buy them. The truth is, what you qualify for may not be what you are comfortable with. Numbers, like the cost of taxes, insurance, principal, interest, and HOA dues, add up to a monthly cost which should leave some cushion in the finances. In matters concerning finances, it is wise to leave some room for unexpected expenditures. While I finish my business plan, be sure your homebuying plan takes all your costs into consideration, both monthly and upfront costs. Make sure you have a partner in the homebuying process who is committed to your plan. Find out more about the homebuying process.

5021 Jackson St. Indianapolis Home for Sale

2011-07-01T11:15:00-07:00

Classic Indianapolis Bungalow This charming bungalow is located at 5021 Jackson Street on Indy's west side is charming. Original hardwood floors in living area, hallways and bedrooms are in excellent condition, adding warmth to this lovely home. Well maintained home features new vinyl windows, a large fenced backyard with a tree lined lot. One and a half detached garage with covered patio space for entertaining friends and family. Located on a quiet dead end street. Easy travel time to downtown and walking distance to bus service.

Protect Your Family from Foreclosure Scams

2007-12-28T15:20:00-07:00

Smart Money recently published an article about new consumer scams for the New Year. Two of the scams mentioned are about foreclosure rescue companies and foreclosure rental scams. I have posted warnings and information about avoiding these snakes who target people who are facing foreclosure. Foreclosure Rescue scams offer to deal with your lender for you and charge a substantial up front fee for no service. This is generally something you can do for yourself. There is absolutely no reason to pay someone to do this task for you. If you need help there are companies you can contact who can assist you for free. Foreclosure rental scams seem a little more above board, but are actually more costly to the homeowner facing foreclosure. They offer to catch you up on your mortgage payments in exchange for you signing your deed over to them. You can rent back your home from them until you get caught up, then they will sign the deed back over to you. What they really do is take whatever equity you have, take your rent payments from you and never send a dime to the bank. Eventually, the bank will foreclose. In the meantime, you have lost all equity and given your money to a scam artist. Read the entire article at Smart Money here.

Lease Option for Buyers in Indianapolis

2007-12-27T19:30:00-07:00

In a follow up to my previous post about Lease Options, let’s talk about the benefits and risk for the buyer in a lease option situation. Many of the buyers who I speak to who are interested in a lease option, are sincerely looking to get out of a rent situation and start applying equity toward their own home. Like most of us, they want a place they can call home. Somewhere they can put down roots, make memories, plant a garden, and not have to worry about rent increases or where they will go at the end of their rent term. The biggest misunderstanding most have about the lease option process is the amount of down payment they will need and the monthly payment. In a true lease option, the down payment can be a considerable amount, anywhere from 2–10% of the purchase price, sometimes more. An example from a recent client. The home was priced at $156,000. The seller wanted $5000. down and $1500.00 a month in payments. The monthly payments would be about $250. more a month than if they were to purchase. With $150 a month being applied to the purchase price at the time of purchase, the buyer would have about $8600 toward down payment and/or closing costs at the end of a two year lease. Assuming they were in a position to buy outright with the same $5000. to use toward closing costs, and a 7% interest rate, they would have paid less for the home upfront and their payments would have been about $1250 a month. These are esimates and depend on the specific loan program, taxes and insurance of the property. When you purchase a home through lease option, you lose power in negotiating the purchase price. Whether the purchase price is determined at the beginning of the lease option or is subject to appraisal at the end of the lease term is negotiable and is a term of the lease you want to clearly define. Having a good understanding of the Indianapolis real estate market is crucial in determining which is best for a particular home and your situation. In the above scenario, let’s assume the price of $156,000 was established up front in the contract. If after two years of making payments toward the purchase price, you decide to exercise your option to purchase and the appraised value was $149,900, you have lost $6100.00 in value. Since every lender will require an appraisal, you now only have $2500.00 toward your downpayment and/or closing costs. If the terms of the contract established the price was subject to appraisal at the time of purchase, you would still have your $8600. There are both pros and cons in a lease option for buyers. Having a professional to assist you in determining value and guiding you through the contracts and negotiation can help you better decide whether lease option is the right decision for you.

What Will Become of Bush Stadium in Indianapolis?

2007-12-25T14:54:00-07:00

Bush Stadium stands as a remnant of what it once was. In the glory days of it’s youth, the stadium was revered as one of the finest ball fields in Minor League baseball. As former home to the Indianapolis Indians, and the Indianapolis Clowns Negro League team, Bush Stadium was most recently used as midget car race track. Today, it has been vacant for eight years and is owned by Indy Parks. Although just a remnant, it still stands. Now, the question is what to do with the building which was once filled with baseball fans. For many, the building and grounds are an eyesore, while others want to see it remain. The city is not prepared for the cost of rehabbing the building and it is unlikely the stadium will ever be used for sports again. The chances of it being demolished are slim, since the building is listed on the National Register of Historic Places. There has been much talk about what to do with the stadium in the last few months. Much of the speculation has the building remodeled and used in some fashion for life science facilities. The buildings location along White River at 16th Street makes for a quick trip to IUPUI and medical facilities like Wishard Memorial, Indiana University Medical Center and Riley Childrens Hospital. Whatever it becomes, I hope the original building remains as part of the new plans. Bush Stadium Wiki Indianapolis Indians Wiki Minor League Ballparks

Boone County Wins the Draw!

2007-12-19T08:37:00-07:00

I’m sure it wasn’t actually a draw, still, the outcome of Medco’s decision to build it’s pharmaceutical distribution center in Boone County is a big win for both Boone County and the Indianapolis area. Medco will make it’s new home in AllPoints at Anson. The creation of employment in Anson fits right in with the original plans of the developers. Anson consists of over 1700 acres, about 20 miles northwest of Indianapolis. This master planned community combines residential, business, greenways, parks and schools for the optimal lifestyle; a place where you could work, live, play and shop, all within minutes of each other. The Anson project has taken awhile to get off the ground. While it seemed to be stalled, work there has been continous. Recently, anchor tenants backed out, KB Homes left the Indianapolis area and pulled out of Anson. Now, Meijer has been named an anchor tenant and Lowes will begin construction early next year. Developers are looking at local builders for residential development. I personally love this area of Indiana. Located just north of Eagle Creek, northwest of Traders Point and west of Zionsville, Anson is ripe for growth in the next few years. Eventually, there will be over 600 homes built in Anson. I believe this is just the beginning of huge growth in Northwest Indianapolis. I hope it includes a mall somewhere in the future For more information about the area and the plans for Anson, check out their website here.

Preparation is Key When Buying a Home

2007-12-23T21:08:00-07:00

When you’re serious about buying a home and getting the best deal you can, there are few simple steps can ensure you are prepared, before you sign. Step #1 – Don’t get pre-qualified! A pre-qualification letter merely means you have spoken to the lender or a loan officer and based on what you tell them, they say you are qualified. They may have run a credit report, but they haven’t actually verified your funds, employment or taken into consideration any problems which may show up. I recommend my clients get pre-approved. A pre-approval means everything has been verified, your funds have been in the bank long enough, there’s no judgments against you which shouldn’t be there. I have seen this happen more than once. A pre-approval can take up to a few weeks and essentially means you are approved for the loan, subject to the appraisal. Having pre-approval strengthens your negotiating position. Step #2 – Sell First, Then Buy – When you buy a home before you sell your existing home, you literally put yourself at a disadvantage on both sides. Once you sign a contract to purchase based on the sell of your current home, you have lost negotiating power. You will usually pay more for the home you plan to buy and generally lose money on the home you are selling. Step #3 – Make a list and check it twice. Make a list of things you must have in your home and items you absolutely don’t want. This makes narrowing down the choices easier. Once you and your agent have a list of homes to see, have your checklist ready. The checklist helps analyze each home on the basis of what you want in a home and not be persuaded by the current owners decorating taste or the fact they have a beautiful deck with a spa. If there’s not enough of the must haves to go with the spa, you may want to keep on looking. Step #4 – Do your due diligence. Along the lines of making a list, you will also want to take into consideration your lifestyle. Do you have children? Are schools important? How close do you want to be to shopping, parks, the golf course? What’s a comfortable commute to work? Check out neighborhoods, drive around at different times of day and on weekends. Can you hear trains or planes? Is there a lot of traffic? Call the police for crime statistics. Once you have found the perfect home in the perfect area, you should be just as disciplined in narrowing down a fair market value offer. Your real estate agent can assist you in a big way here. They know the comparable sales and can find information about those sales which impact the true sales price. They know how to adjust for amenities, square footage, seller concessions, etc. Step #5 – Don’t use multiple agents. I know this sounds a bit self serving. Having one agent who works diligently for you gives you the opportunity to find the best deals on the market. Many new homes come on the market and are sold almost immediately for one reason. Someone had an agent who was watching out for them and what they want. By the time you find it driving through a neighborhood or perusing the internet, the home is gone. Find an agent who you are mutually committed to, who knows what you want and you will increase your odds of finding the perfect home for you. Check out more information about buying a home.

Compare Real Estate Markets in US

2007-12-10T06:05:00-07:00

How does the Indianapolis real estate market compare to markets around the country? I was speaking with a gentleman last week whose company is transferring him here from the Seattle, Washington. He wondered how much it would cost here to duplicate the home he has there. Larry Cragun, a Realtor in Issaquah, Washington and I have talked about the differences in prices between the Seattle area and Indianapolis. He writes a continuing series about locations around the country where you can buy $200,000 homes. I knew from my conversations with Larry, our prices were about half the cost of homes in the Seattle area. A quick search based on This client’s criteria confirmed he could buy the same home here for about half of what he is selling for in Seattle. Of course we don’t have the water and mountains……..I guess there is a price for views. There have been many articles written, graphs and charts displayed and data provided establishing the Indianapolis market as the best value in real estate in the country. Forbes recently placed us as the most affordable US real estate market.The National Association of Homebuilders/Wells Fargo Housing Opportunity Index also chose Indianapolis as the most affordable housing market. Both of these sites provide great data for keeping track of what is happening in Real Estate across the country and here in Indy. I also came across this site by National City. Here you can take a look at what areas are overvalued or undervalued, as well as view historical data for cities across the nation. If you like data, statistics and charts, you’ll enjoy these sites. They’ll also come in handy if you are considering transferring or relocating to Indianapolis. Search Indianapolis Property Listings

Speedway Gets a Face Lift

2007-12-04T17:06:00-07:00

The Civil Town of Speedway announced today, Mansur Real Estate Services has been chosen as the Master Developer of the Speedzone. The corner where Crawfordsville Road meets Georgetown and 16th Street has undergone many changes throughout the years. Do you remember when there was a White Castle there? What about the little mexican restaurant? I think the name was Gringo’s. They had the best tacos around. The shopping center across the street from the Indianapolis Motor Speedway, on the south side has been an eyesore for years without evidence of much business being done there, except, maybe late at night. Georgetown, between Crawfordsville and 25th St holds little appeal for the Native Hoosier or the out of town visitor. Speedway is just not what it used to be. All is about to change…….. I am impressed and excited to see what the future holds for the redevelopment of Speedway. Main Street will see a complete overhaul of all the shops and the addition of condos above the shops. Condos in Speedway will definitely be a big draw. I expect many will be snatched by racefans and those who maintain a second home. Phase one of the redevelopment will affect the areas bordered by 10th Street, 16th Street, Main Street and Olin Ave. Phase two continues the work along Crawfordsville Road to the 465 interchange and north to the Speedway Boundary. Take a look at the plans here. Search Speedway Indiana Homes for Sale

Indianapolis Real Estate and Business News

2007-11-23T05:40:00-07:00

Real Estate and Business News for Indianapolis ~ Nov. 18–23. 2007 The Legends District SoDo – While the South side of Downtown Indianapolis is ripe for a facelift and expansion of the city, will the incentives be too costly to carry through with the project known as The Legends District SoDo? Read More I personally love the project idea, while I do have to admit, I am not sure how many more condos the city needs. There are currently 371 condos available in Center Township. ________________________________________________________________ More on Property Taxes: Property Taxes will be a continuing issue during this years Legislative Session. Hearings on Gov. Daniels property tax reform plan will begin in December. Read More Meanwhile, Senate Bill 21 is being introduced as an alternative to the property tax rebate. The bill offers a credit instead of the widely criticized rebate. Read More _______________________________________________________________ Active Adult and Senior Housing: Noblesville continues single family home expansion as the Plan Commission approved a proposal for residential development focused on the housing needs of empty nesters, or Active Adults. Read More The Bradford Group is seeking zoning from Hancock County for a retirement community on the eastside of McCordsville. The project, known as Copper Leaf, would be an all inclusive retirement community designed for the Active Adult lifestyle with a 9 hole golf course, shopping and dining. Copper Leaf will also offer assisted living facilities and Hospice care. I love the concept of people being allowed to “age in place”, as the president of The Bradford Group so eloquently states it. As our population ages, communities like Copper Leaf will be highly sought after. Read More ________________________________________________________________ Investing in Indianapolis Is Indianapolis a good city to invest in? Blue Real Estate, a Beverly Hills, California based investment company believes so. In the last year they have purchased about 1.7 million square feet of property in Indianapolis worth $110 million. Find Out Why The housing rental market is also on the upswing. Due in part to the rise in foreclosures and the tightening of lending standards, more people are renting instead of buying. Read More Here This is a great article with a positive outlook for the future economic condition of the Indianapolis real estate market. ________________________________________________________________ This is not intended to be a complete update of business or real estate news in Indianapolis.

A New District for Downtown Indianapolis

2007-11-12T13:19:00-07:00

Downtown is prepared to offer a new destination district. After two years of quiet real estate transactions, the land has been acquired. The Legends Entertainment, LLC., is finalizing plans for Legends District-SODO. The new SODO District, literally, South of Downtown is located south of South Street from Madison Avenue to the railroad tracks and to the south past Merrill Street. The artist rendition of the plan. The vision is to create an independant destination in the Spirit of Times Square and make Indianapolis more of a destination………maybe we’ll be able to drop the New Years Ball in 2010. The project is expected to begin in fall 2008 with completeion by the end of 2009. The project will include shops, hotel rooms, a concert venue and condos. I personally believe Indianapolis is a great place to live with a variety of cultural and arts events to make it a destination. As such, I am excited to see the addition of another cultural district downtown. UPDATE: 6/30/2009 So Long, SoDo - According to the Indianapolis Business Journal, the SoDo District dream has ended with the sale of the parking lot at Meridian and South Streets. Read More Here.

Indianapolis Arts Garden

2007-10-31T16:57:00-07:00

The Artsgarden in Indianapolis sits atop the intersections of Washington and Illinois Streets in downtown Indianapolis. The Artsgarden connects the Circle Centre Mall and the Embassy Suites. The seven story structure is glass enclosed where you can capture an amazing view of the city. Offering over 300 free concerts a year, the Artsgarden is operated by the Arts Council of Indiana. Visit the Cultural Concierge desk to learn more about arts in Indianapolis or to obtain more information and tickets to performances.

Cancer Survivors Park

2007-10-21T02:42:00-07:00

This beautiful little park sits on a triangular piece of land bordered by University Park, 10th Street and Indiana Ave., across from Wishard Hospital. The 1 1/2 acre park is a tribute to those who have survived cancer. The Cancer Survivor Park is the inspiration of Richard and Annette Bloch. Richard, the “R” in H&R Block is a lung cancer survivor whose goal is to provide 52 such parks around the country. Upon entering the park, visitors begin a Positive Mental Attitude walk, composed of 14 inspirational and informative plaques. In the center of the park is an interactive computer screen which depicts the names of local cancer survivors. There are also eight life size sculptures depicting cancer treatment and successes.

Halloween Fun and Hayride in Brownsburg

2007-10-11T17:14:00-07:00

The Haunts of Hidden River have greased the wagon wheels in preparation of the annual Haunted Hayrides. The event is hosted at Arbuckle Acres Park in Brownsburg. For the faint of heart and little ones, the Hardly Haunted Hayride runs from 6:30–7:00, with the thriller rides from 7:00–10:00. Join the fun this year with a host of activities including a chili cook off, Kids Costume Contest, a Pumpkin Carving Contest and a concert by KIST. Not KISS Children of all ages are sure to enjoy the Slightly Haunted Puppet Show.

The End of the Road for Nehemiah

2007-10-02T02:14:00-07:00

Many first time homebuyers throughout the years have used programs like AmeriDream and Nehemiah to assist in buying a home. With the tightening of lending practices throughout the country, it was just a matter of time before such programs would be unavailable. The Nehemiah program and other DPA (down payment assistance) programs have been scrutinized throughout the years and now, they are about to become extinct. Most DPA s have until October 31, 2007 to close any loans they currently have in the works. The end of the road for Nehemiah is March 30, 2008. DPA programs allow the seller to participate in the buyer s downpayment. The standard 3% downpayment on an FHA program was gifted by the seller to Nehemiah, who in turn gifted it back to the buyer. Nehemiah, a privately funded company, then receives a fee for their services. FHA allows gifts for the downpayment and Nehemiah provides such assistance.When utilizing a DPA the buyer is generally asking the seller to contribute 6% of the sales price in concessions. 3% for downpayment assistance and 3% in closing costs. The argument is the price of the home is increased to account for the 6% contribution, therefore, loans are actually funded for more than the value of the home, increasing the liklihood of default. I actually have a client who plans to use such a program. Now, they are hoping they can. I personally believe in the program when used as intended, with the seller actually providing the 6% and the value of the home is not inflated to cover the cost. In Indianapolis, we have many homes sitting on the market, which are underpriced for the recent comps. These are perfect examples of homes which would qualify for the Nehemiah program without inflating the price beyond the comparable value of the neighborhood. On October 1, 2007, Nehemiah has filed a lawsuit seeking an injunction to block implementation of the rule.

The Skies Are Looking Sunny in West Indy

2007-06-29T11:59:00-07:00

Never mind the days of rain we have had recently or cloudy skies! The business news this week is bright for the western portion of Indianapolis. Purdue Research Foundation announced plans for a technology park at Ameriplex Indianapolis business park. Appropriately named, Purdue Accelerator Park at Ameriplex-Indianapolis, the park will help create new high-tech businesses and promote the expansion of established companies. The park will accommodate up to 75 businesses and create 1500 jobs. The business park will be located along the I-70 corridor near the new Indianapolis International Airport, consisting of 78 acres. Indianapolis and the State of Indiana will help fund the project with a 5 million dollar city grant and another 2 million dollar state grant. The state grant is contingent upon the creation of 2000 jobs. Job creation is good news for the city of Indianapolis. The finished business development will provide: -50,000 - 70,000 square foot multi-story office building -100,000 -150,000 square foot industrial building -300 bed, six story hotel with 30,000 square foot conference center -3 restaurant and retail sites -space for four additional buildings Add this to the new jobs which will be created by the opening of the new airport, the future is looking bright!

Time, Time, Time Is On My Side! Is it?

2007-05-12T11:45:00-07:00

If you're thinking about buying an Indianapolis Home, time may not be on your side! The current market conditions will not hold for long. There will be changes, there always are. Everyday, someone will ask me if this is a good time to buy a house. My short answer is yes! My long answer depends on your purpose and your financial goals. The indicators are good for buying a home. The Indianpolis real estate market is the most affordable housing in the nation. The income/housing ratio in Indianapolis is 20%, meaning the average homeowner in Indianapolis spends 20% of their income toward their housing costs. Did you know in some parts of the country the figure is 50% or more? Interest rates remain historically low. There is a lot of inventory available. It is a buyer's market! It is currently a buyer's market in Indianapolis and the surrounding area, as well as most of the Unites States. Once the supply of homes decreases, the tide will turn to a more balanced market, interest rates may not hold and the cost to buy will increase. Time will change the factors! To expound on my long answer - If you are looking to flip a property for quick profit, there are some deals out there, but be careful. Your holding costs could be more than anticipated. Looking to buy, hold and rent? Again, some great deals within many areas in Indianapolis where the rents will exceed the monthly costs. Do you want to purchase your primary residence? It is a great time to buy a home. Whether you are an investor or homeowner, I would be happy to help you analyze your unique situation.

Fourth of July Fireworks and Activities in Indianapolis - 2011

2011-06-28T08:10:00-07:00

July 4th Fireworks, Parades and Festivities Avon Indiana - Enjoy scrumptuous ribs and food at the Annual Hendricks County RibFest. Food, fun, games, rib contest and fireworks at Washington Township Community Park. Festivities begin at 5:00 and fireworks begin at 10:00. Brownsburg Indiana - Experience a full day of fun starting with the Fourth of July parade beginning at 10:00 from the Brownsburg High Shool and ending at Arbuckle Acres Park. The parade is followed by a Carnival at the park and the 47th annual fireworks display at dusk. Carmel Indiana - Carmelfest 2011 begins July 3rd with two days of fun, games, activities, live music, talent contest and of course food. July 4th starts the day with the St Vincent Health Center Parade and ends with fireworks at 9:45 at the Carmel Civic Square. Read more about Carmelfest. Fishers Indiana - What better way for water lovers to enjoy the 4th of July than at Geist. Festivities include a boat parade, food, skydiversm live music and a fireowrks display over the water at dusk. From 5:30-11:00 Glorious Fourth at Connor Prairie in Fishers. Enjoy a day of fun festivities like they did in the 1800's. Scavenger hunt, crafts, barn dance, sack races or play on the playground. Enjoy fireworks and the Star Spangled Symphony. Indianapolis - Enjoy a day in downtown Indianapolis at the Canal Walk, Chilrens Museum, White River State Park or shopping, then gather around for the most spectacular fireworks display in Indiana, shot from the roof of Regions Bank. Noblesville Indiana - Parade and fireworks festival at the Noblesville High School. Parade begins at 5:00, then you can enjoy games, ladder golf tornaments, corn hole, a bounce house and slide for the little ones and fireworks at 10:00. Weekend event at Lights Over Morse Lake in Cicero. Starting on July 2 with a kids carnival, cornhole tournament and continuing throught the weekend. Ballon rides, talent show, parade on Monday, the 4th, music festival and fireworks top off this funfilled weekend. Plainfield Indiana - Take the family to Hummel Park for a fun filled day of activities, food, concert by the Hendricks County Symphony and fireworks. Plainfield activities are planned for July 3rd. For a list of events featuring Fireworks and July 4th Activities, visit AroundIndy.com.

Can You Name this Indianapolis Sculpture

2011-02-28T23:28:00-07:00

March Photo Contest Last month's contest was a bit harder than I thought. I guess I get out and look at more homes than most people, so I'll make this month's a bit easier, I hope :) This month's contest is a two parter = a better chance to win. First, name the location of this sculpture for a $25.00 gift card to Scotty's Brewhouse. Second part, tell me the name of the sculpture and I'll make it another $25.00. We could have two winners this month. The first one who tells me where the sculpture is located wins, as well as the first person who tells me the name. If you are lucky enough (or just know your Indy sculptures) to be the first to tell me both - you win double and can take your friends to Scotty's with you. No waiting until the end of the month this time; after all, March Madness is just around the corner. Photo and blog are copyright of Paula Henry and HomeToIndy.com. All rights reserved.

Soldiers and Sailors Monument Faces South - Do You Know Why?

2011-04-12T19:20:00-07:00

Soldiers and Sailors Monument, an Indianapolis landmark, is located in the center of the circle in Downtown Indianapolis. The monument was commissioned in 1888, and was erected to to honor Indiana’s Civil War veterans. Made from Indiana limestone, the monument was completed in 1901 at a cost of $600,000. At the time the monument was constructed, the primary mode of transportation was the rail raod. The train station lies to the south of the city of Indianapolis, so the Statue faces the train station, watching and waiting to welcome home returning soldiers. It’s sword represents victory It’s torch represents the light of civilization It’s Eagle represents freedom From “A Circle City History” by Jeffrey Tenuth, 2004

Current Pending Home Sales

2011-04-10T22:10:00-07:00

Pending Homes Sales provide us with up to the minute statistics of what is happening in the market right now. Pending home sales help determine the rate of activity in the home sales market and represent the current expected sales for the next month. Since contracts on homes do not always close, the sold home data is not the same as pending sales. Lets look at the current market statistics for pending home sales: Avon - There are currently 445 homes for sale in Avon Indiana, with prices from $54,000 - $1,149,000. There are currently 113 pending sales in Avon, priced from $42,400 - $489,000. Brownsburg - Currently there are 361 homes for sale in Brownsburg, from $44,900 - $1,300,000 and 75 pending sales ranging in price from $49,500 - $400,000. Carmel - Available active Homes for sale in Carmel are 829, ranging in price from $54,900 - $7,700,000. There were 149 pending home sales, ranging in price from $104,900 - $995,000. Danville - Of the 104 listed homes for sale in Danville, priced from $34,900 - $1,100,000, there are 17 home sales pending, from $29,900 - $274,900. Fishers - Fishers homes for sale range in price from $52,650 - $5,500,000 and there are 766 active listings. Pending homes equal 208 sales, priced from $64,900 - $1,749,900. Greenwood - Pending homes range in price from $38,700 - $429,900 with 121 sales ending. There are currently 738 active homes for sale in Greenwood, priced from $34,900 - $2,899,900. Noblesville - There are 632 active homes for sale in Noblesville, priced from $32,900 - $3,900,000, with 135 pending sales ranging in price from $39,900 - $750,000. Westfield - The town of Westfield has 57 homes pending, ranging in price from $64,900 - $840,000, with another 242 Westfield homes for sale, priced from $73,800 - $1,350,000. Zionsville - There are currently 291 Zionsville Homes for Sale, priced from $80,000 - $4,800,000 and 49 pending sales ranging from $45,000 - $1,150,000 This is the start of the busiest time of year and it is evident in the number of pending homes. If you have questions about home sales in your neighborhood, contact us and we'll be happy to send you the information for current activity in your market. Or click the market report and we'll send you a comaparative market analysis for your home and neighborhood sales.

Union Laundry Lofts in Downtown Indianapolis

2011-01-19T23:08:00-07:00

Union Laundry Loft Condos offer affordable Indianapolis Condo living. Condos in Downtown Indianapolis are plentiful, ranging in size, location and price. While there are several new condo developments downtown, my favorites are the conversions of historic buildings. Union Laundry Lofts is one such conversion featuring unique loft style condominiums just minutes from downtown. Located in Historic Fletcher Place - Union Laundry Lofts offers the privacy of a quiet neighborhood in an up and coming area of revitalization. With new condo developments in the area and many restored turn of the century homes, your sure to love the atmosphere of this close knit community. When you truly want to enjoy the benefit of living downtown, condos offer freedom from upkeep and maintenance, allowing you time to explore the city. Union Laundry Lofts location provides the perfect combination of a quiet retreat within minutes of the bustling city life of downtown. Community Amenities include: Exterior Maintenance ~ Garage Parking ~ Trash Removal ~ Snow Removal ~ Landscaping Secure Entrance ~ Common Area Maintenance ~ Basement Storage Union Laundry Lofts is close to public transportation, freeways and the cultural trails. You won't have to go far to find a path to the city and you'll love returning home at the end of the day. Copyright © 2011 by Paula Henry, All Rights Reserved. *Union Laundry Loft Condos in Indianapolis*

Central Canal Towpath and Greenway ~ The History and Neighborhoods

2011-02-14T18:20:00-07:00

Historic towpath turned urban oasis..... The trails, paths and greenways throughout Indianapolis provide homeowners wonderful park features, close to home. If you're thinking about buying a homes or condo in Indianapolis, you might want to consider how close the nearest trail or greenway is. Runners, joggers, bicyclists and even cross country skiers can be seen enjoying the trails and greenways around Indy. Approved for funding in 1836, the Central Canal was originally intended to extend 296 miles, running through Indianapolis from Peru to Worthington. Construction ended with economic crisis in 1839, leaving only eight miles in downtown Indianapolis that was operational. Towpaths were the roads or trails along the banks of the canal which allowed teams of horses or humans to pull, or tow, vessels along the canal. This rich history was the impetus for the Central Canal Towpath, an urban oasis which begins in Broad Ripple Village and runs south to 30th Street. The towpath is part of the Indiana Greenways Foundation.Keeping with its historical tradition, the towpath consists of a crushed limestone surface best suited for walkers, runners and cyclists. The Central Canal Towpath spans more than five miles and connects to the Monon Trail and White River Trail. The canal was designated an American Water Landmark in 1971, and includes two restored 19th-century bridges. One bridge connects to the grounds of the Indianapolis Museum of Art. Other popular sites along the trail include the campus of Butler University, IMA Nature Trail, Riverside Regional Park, Riverside Golf Academy, Marian College and the Christian Theological Seminary.In 2002, the towpath section spanning Guilford Avenue to the Monon Trail were part of the Broad Ripple revitalization project, which included new paving, landscaping and gaslights Neighborhoods Near the Central Canal Towpath Experience the rich history of the region, along with the beauty of north Indianapolis neighborhoods. Many home owners cherish living near the greenways and trails of Indianapolis. The Central Canal Trail runs near some of the most beautiful neighbohoods in north Indianapolis, including: Wafleigh ~ Meridian Kessler ~ Butler-Tarkington ~ Rocky Ripple Search homes in north Indianapolis neighborhoods or let us know what you are lookin for in your next home and we'll set up a search for you.

Indianapolis Flower and Homes Show

2011-03-05T04:34:00-07:00

This weekend will be a great time to visit the Indianapolis Flower and Home Show. The rain outside holds the promise Spring is on it's way What better way to launch into Spring than to look at beautiful flowers and gardens. .Whether you looking for a garden overhaul or just want to add some color to your garden, this is your opportunity to see some professionally designed garden spaces. Meet Chip Wade from HGTV's 'Curb Appeal' and learn get great ideas for maximizing your homes curb appeal. This is especially important if you plan on selling your home this spring. Don't have a lot of garden space, but still want to beautify your outdoor area, check out the Big Ideas for Small spaces segment. Best of all the Flower and Home Show is located at Lucas Oil Stadium, which is always a treat to visit. You can also meet the Colts Linebacker, Phillip Wheeler.

Washington Township Community Park - Avon Indiana

2010-05-11T06:12:00-07:00

Washington Township Community Park in Avon offers a place for everyone to have fun or relax. With open green spaces for a game of frisbee or basking in the warmth of a summer afternoon. Two picnic shelters provide ample space for up to 125 people to celebrate your life events or just get together. The smaller gazebo, which overlooks the creek, is the perfect place for a small wedding or intimate afternoon lunch with friends. Bring the kids for a fun afternoon at the playground. Or for wintertime fun, try the sledding hill. Sportsenthusiasts will love the volleyball and basketball facilities along with over 5 miles of walking trails. Paws Park is the first doggie park in Hendricks County and your furry friends will love this park as much as your human friends do. The park is currently undergoing renovation and adding an additional 80 acres of fun filled space for Hendricks County residents. The expansion includes: A new scenic entryway A new playground A splash pad New park shelter Community Center Amphitheatre additional grass fields for sports and events You won't want to miss the 1875 Iron Whipple Bridge which originally linked Danville to Indianapolis. Not only is this a great park, it holds a bit of Hendricks County history. Homes for Sale in Avon Avon Indiana Parks and Recreation

Exploring the Parks in Brownsburg

2011-02-23T14:50:00-07:00

As the winter months creep on, it’s nice to plan ahead for spring activities. For residents in the city of Brownsburg, the community’s parks and recreation department offers a variety of programs through the Brownsburg Community Center and Brownsburg High School Aquatics Center. For those planning ahead, summer camp registration for Tiny Tot Camp and Adventure Camp, begins Tuesday, February15th. For now, try bundling up and enjoying the colder weather, as winter hikes and outdoor ventures present intriguing looks into local wildlife. Study animal tracks in the snow, or ponder what animals eat in the winter months. The city offers more than 165 acres of public space and five local parks that are ready to be explored. Explore the trails of Brownsburg with your family this summer with The Family Night Hike Series. Arbuckle Acres Park offers activities for individuals or families looking for a day outdoors. Picnic shelters, playgrounds, paved walking trails, wooded areas for hiking, basketball and tennis courts provide a variety of opportunities for outdoor activities. The Maple Ridge Trail is a popular option at Williams Park, which also features an ADA accessible trail, picnic shelters, playground, basketball and sand volleyball courts. Just north of Williams Park lies Veterans Memorial, a beautiful garden dedicated to active and retired members of the U.S. military. A pathway of brick pavers are inscribed with names of veterans, which encircles a granite monument listing the names and dates of U.S. military actions. Stephens Park features open green space, picnic shelters, grills, playground and sand volley ball for an impromptu Sunday picnic, and Cardinal-Delaware property features open space for those looking for some quiet and solitude. Would you like more information about neighborhoods, subdivisions and living in Brownsburg? Have questions, contact us, we're happy to help! Brownsburg Indiana Homes for Sale Brownsburg Parks and Recreation

My Top 10 Picks for Holiday Fun in Indianapolis

2010-11-30T22:34:00-07:00

The Holidays are a perfect time to get out and explore the city. The Holiday calendar for Indianapolis is jam packed with activities for every day in the month of December. These are some of my favorites. Circle of Lights at Soldiers and Sailors Monument - Whether you drive, walk or take a horse drawn carriage around the circle, this Indianapolis landmark is a must see during the Holidays. Benjamin Harrison House - Decorated for the Holidays, the authentically restored Italianate home of the late President is an Historic beauty that comes alive during the Holidays. Schedule a Victorian Holiday tea or view it for free during the “12 Free Days of Christmas”. Circle Centre Mall - It’s not only about the shopping. Once you have your shopping done, take in a musical presentation at the Indianapolis Arts Garden. Bonus - underground the mall is the cheapest place to park downtown :) Garfield Park Conservatory and Sunken Gardens - Certain to thrill the old and young alike. A beautiful display of lights and poinsettias for those of us who like simple decor and a train village sure to thrill the children in us all. Jolly Days Winter Wonderland at the Indianapolis Children’s Museum. A great time for kids of all ages. Snow, cookies, reindeer, ice skating and Santa - what child could ask for more? Oh yeah, the Yule Slide is always a treat! Christmas at the Zoo - A magical winter wonderland complete with 100,000’s of thousand lights and an all star cast of lions, tigers, bears and Santa. Duke Energy Yuletide Celebration - Sandi Patty joins the Indianapolis Symphony Orchestra for one of Indianapolis’ favorite Holiday event. Great fun for kids and adults alike at the Hilbert Circle Theatre. The Polar Express at IMAX Theatre - There is no better place to watch this great family show in 3D. Broad Ripple Lights Up - Mark your calendars for December 11th for a celebration - “Broad Ripple Style”. Children's activities at the firehouse, live reindeer, a parade, Mr. and Mrs. Claus and tree lighting. A Holiday list would not be complete without a traditional performance of The Nutcracker. Choose between watching the Nutcracker at Madame Walker Theatre by the Indiana Ballet Conservatory or at the Scottish Rite Cathedral, performed by the Indianapolis School of Ballet. BONUS* The city’s most favored production of Handel’s Messiah will be performed at Clowes Memorial Hall at Butler University by the Indianapolis Symphony Orchestra. There are so many things to do in Indianapolis in December, it’s difficult to choose. I would love to know what your favorites are, what you traditionally do each year and if we share some favorites.

Avon Indiana Farmers Market

2010-08-07T18:59:00-07:00

I recently stopped by the Avon Farmers Market for some fresh vegetables and fruit. I grabbed some zucchini, tomatoes and canteloupe among other items. It's one of the great pleasures of summer in Indianapolis. I have wonderful memories of eating fresh tomatos, but can't seem to grow them myself, so I feast on the product of anothers green thumb - or should I say red thumb. I always stop to admire the beautiful flowers and plants while I am there. Not only do they have the best vegetables and fruit - they have a greenhouse of beautful plants and flowers, along with garden accessories. Stop by and get your fresh produce; you may also find a new houseplant or flowers for your garden.We added some Cannalilly's and Hibiscus to our yard this summer and will go back for some fall plants.

Relocation and Your Indiana Drivers License

2011-01-06T03:43:00-07:00

There are so many things to think about when you transfer from one city to another. One of the first items on your checklist will be obtaining a drivers license in your new State of residency. As someone who has transferred several times in my life, this task was always fairly simple, except for waiting in line. I've been fairly lucky with the line status in indiana, but obtaining my drivers license required three trips and a barrage of documents. If you do not currently have an Indiana Drivers License, the State now requires SecureID. The premise is, it helps control Identity theft. This sounds like a great idea, and I'm sure it is, but you must be prepared. The documents you will need include; an original or certified birth certificate, or an unexpired US Passport, two items proving Indiana residential status one original document with your name and Social Security number. There is one more caveat - if your current legal name is different than your birth name, you must provide legal proof of your name change. If you are a married woman, you will need an original (certified copy) of your marriage certificate. If you have ever been divorced, you will also need certified copies of your divorce decree. If you were married more than once, you will need documentation for every name change. These documents can be obtained from the city or county in which you were born, married or divorced. This also applies if you are a man who has changed his birth name. For more information about obtaining your Indiana Drivers License, visit the Government website for the Bureau of Motor Vehicles. And, welcome to Indiana!

Celebrating the Holidays in Indianapolis

2010-11-30T22:50:00-07:00

I remember the first time I saw Soldiers and Sailors Monument lighted at Christmas in downtown Indianapolis. The ten year old child never forgot the beauty of seeing so many lights on what is dubbed by some, as the worlds tallest Christmas tree. For that little girl, it was a mesmerizing sight. It’s still amazing to visit Monument Circle during the holidays, partly to enjoy the beauty and partly to satisfy the memories of a little girl. Walking around the Circle, people stop every few minutes to admire the monument all dressed up for the holidays. It’s magical! While the memories of yesteryear are firmly planted in my mind, it’s more exciting for me as an adult. When I was a child, the only time we went downtown was to see the Monument at Christmas or to buy shoes at Stouts when school started. Today, downtown Indianapolis is a vibrant, active city! I find myself drawn to downtown this time of year. It’s an atmosphere that requires more than a quick trip around the circle. The lampposts are decorated, the mall is buzzing, the Indianapolis Zoo at White River State Park is embellished with hundreds of thousands lights. It’s worth putting on my winter gear to brave the cold and enjoy the wonder of it all. Another favorite activity of mine is to drive or walk through the Historic Homes neighborhoods during the Holidays. When my family would make the trip downtown, we headed south on Meridian from 56th St. I would be the one seated by the window, so I could see all the big beautiful homes, so elegantly decorated. I didn’t know then, it was the architecture of these homes that captivated me and still does today! A leisurely drive down the cobblestone streets of Lockerbie Square or a tour of Benjamin Harrison’s home in the Old Northside still brings a sense of wonder and excitement. Today, I enjoy these activities with my children and grandchildren. They, in turn, will have their own memories and favorites to celebrate during the holidays and carry it forward to the next generation. Maybe, they’ll develop a love of the historical beauty of our city their Mimi so enjoys.

The Christmas Spirit of Giving - Free Activities in Indianapolis

2010-12-12T23:29:00-07:00

Today begins the annual '12 Free Days of Christmas' the city of Indianapolis conducts every year. This is really a great time to get out and explore the city. Starting today with free admission to the Eiteljorg Museum. The Eiteljorg is a Museum dedicated to Native American and Western Arts and has one of the best collections in the world. The building itself is unique and looks like they picked it up from the deserts of New Mexico and planted here in Indianapolis. I'm not sure that will be enough to keep you warm today, so go inside and check out the museum. The line up this year includes favorites for all. You're sure to find something you want to do. Free admission and activities for the 12 Free Days of Indy Christmas include: Day 2: Tour of James Whitcomb Riley' Home and Museum in Lockerbie Square Mistletoe Musical Festival at the Indianapolis Arts Garden Meredith Nicholson House Tour Day 3: Indy Wine Trail - wine tasting and a free glass of wine. Day 4: Indianapolis Art Museum J.K. Lilly Jr. House Tour Day 5: Benjamin Harrison Home Tour Morris Butler House Tour Skating at The Indiana State Fairgrounds Day 6: Indianapolis Motor Speedway Museum Indiana Medical History Museum Celebrities and Santa at The Indianapolis Airport Day 7: NCAA Hall of Champions Tour Scottish Rite Cathedral Tour Day 8: Indiana State Museum w/Santa and Mrs. Claus Day 9: Conner Prairie History Park Day 10: Rhythm Discovery Center - Make some music! Day 11: Indiana History Center Tour Day 12: Children's Museum of Indianapolis - Oh such fun! There's something for everyone!! More information about the events can be found at Visit Indy. Have fun and let me know if you take in any of these festivities this year!