Indianapolis Real Estate News And Information From HomeToIndy.com

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...

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.

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. 

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.

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...

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 ...

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. 

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 ...

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...

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 ...

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...

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...

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...

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...

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:

1. Interest rate reduction
2. Loan term extension
3. 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...

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.