Indianapolis Real Estate News And Information From HomeToIndy.com

 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...

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,...

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...

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.

...

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...

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.

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:

1. California
2. Florida
3. Arizona
4. 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.

1. 40 states fell below the national Foreclosures Per Capita average in 2009
2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008
...

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...

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...

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.

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.