Indianapolis Real Estate Blog by Paula Henry

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.

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When you’re serious about buying a home and getting the best deal you can, these few simple steps can ensure you are prepared.

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.

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I have written a few articles and posts about the pros and cons of lease option. With more lease option homes available in the Indianapolis MLS, it is wise for home buyers and sellers to know exactly what the process entails. There appears to be some misconception about what a lease option is. For more information, clisk on the foloowing articles. If you have any questions, feel free to contact me.

Lease Option for Buyers

Is Lease Option an Option for Sellers?

Another Effect of a Slower Market

Indianapolis Real Estate Market Snapshot

Real estate sales in Indianapolis and the surrounding cities experienced slower sales in December. Home showings were down, but have picked up considerably since the first of the year. Listings are down in most areas which is typical for this time of year.

The average days on market are not bad in most areas. The homes which are properly priced and presented are selling fairly quickly. While setting showing appointments this week, I came across many homes which already have a contract submitted or are under contract.

Avon Indiana Market Snapshot:

Brownsburg Indiana Market Snapshot:

Plainfield Indiana Market Snapshot:

Speedway Indiana Market Snapshot:

Wayne Township Indianapolis Market Snapshot:

Pike Township Indianapolis Market Snapshot:

Zionsville Real Estate Market Snapshot:

Westfield Real Estate Market Snapshot:

Carmel Real Estate Market Snapshot:

Fishers Real Estate Market Snapshot:

Noblesville Real Estate Market Snapshot:

Much of the information provided here is general in scope. There are often differences in the actual data for a specific neighborhood or price range. Sometimes, the data available through our Broker Listing Cooperative is missing information. If you would like specific data for your neighborhood, Click Here Email Neighborhood Market Statistics. and send me an e-mail.  

Information gathered from the Metropolitan Indianapolis Board of Realtors and is deemed reliable, but not guaranteed.

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  For pictures and information about Indy West, including Speedway, Avon, Plainfield, Brownsburg, Eagle Creek, Indianapolis, Wayne Township and Pike Township, visit Indy West Undressed.