Indianapolis Homes, Community and Real Estate News Recently posted or modified blog posts in the category - Real Estate Newshttps://www.hometoindy.com/blog/Copyright HomeToIndy.com2016-06-11T05:14:17-07:00tag:hometoindy.com,2012-09-20:3450Distressed Property Sales in Metro Indianapolis<img src="https://assets.site-static.com/userfiles/279/image/2003-2009_foreclosures.png" width="599" height="248" />2012-10-26T13:04:00-07:002016-06-11T05:14:17-07:00Paula Henrytag:hometoindy.com,2012-09-20:2311Fall Out From the First Time Homebuyers Credit
Stimulus - something that rouses or incites to activity: as a : incentive b : stimulant
<img style="float: left; margin: 5px;" title="Tax Credit Affect on Selling Your Home" alt="Cost of Selling Your Home" height="185" width="275" src="https://assets.site-static.com/userfiles/279/image/iStock_000003581136XSmall.jpg" />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 <a href="http://www.irs.gov/newsroom/article/0,,id=206292,00.html">article about repayment of the tax credit for 2008</a>.
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 <a href="http://www.irs.gov/newsroom/article/0,,id=206293,00.html">here.</a>
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.2012-01-23T03:20:00-07:002013-07-29T16:05:35-07:00Paula Henrytag:hometoindy.com,2012-09-20:1160We've Moved!<br /><img src="https://assets.site-static.com/userfiles/279/image/Sycamore_Group_Associates.gif" width="211" height="158" alt="Sycamore Group Associates Carmel Indianapolis" title="Sycamore Group Associates Indianapolis Realtors" style="float: left; margin: 5px;" />A New Year, a new broker! The<a title="Home to Indy Team Realtors Sycamore Group" href="https://www.hometoindy.com/about/"> Home to Indy Team</a> 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 <a target="_blank" href="https://www.hometoindy.com/property-search/site-map/" title="Indianapolis Property Search">Indianapolis Home Search</a>. 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 <a href="https://www.hometoindy.com/about/" title="Indianapolis Realtors">growing our team</a> 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! 2012-01-03T01:51:00-07:002013-05-03T06:00:55-07:00Paula Henrytag:hometoindy.com,2012-09-20:2191Occupy Movement Focuses On Foreclosures 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.
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<a title='Additional Costs to Buying a Indianapolis Foreclosure Home ' href='https://www.hometoindy.com/blog/additional-costs-to-buying-a-foreclosure-or-bank-owned-home/'>Additional Costs to Buying a Foreclosure or Bank Owned Home</a>
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<br />2011-12-26T07:05:00-07:002012-01-02T15:45:29-07:00Paula Henrytag:hometoindy.com,2012-09-20:2101HomeToIndy.com Announces the Digital Acquisition of My317Home.comThe 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, <a href='https://www.hometoindy.com/foreclosures/' title='Foreclosure homes in Indianapolis'>foreclosures</a>, <a href='https://www.hometoindy.com/short-sales/' title='Short Sale Homes for Sale Indianapolis'>short sales</a>, 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, <a title='Indianapolis Communities and Subdivisions' href='https://www.hometoindy.com/communities/'>subdivisions and communities of Indianapolis</a> 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.
<img title='Indianapolis Homes for sale' alt='My 317 home website' height='386' width='580' src='https://assets.site-static.com/userfiles/279/image/My317Home2.png' />
<a rel='author' href='https://plus.google.com/u/0/109416057093460000846/about'>About Paula Henry</a>2011-12-04T22:47:00-07:002011-12-20T17:46:59-07:00Paula Henrytag:hometoindy.com,2012-09-20:1911Does Indianapolis Offer the Most Affordable Homes? 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 <a href='http://www.nahb.org/news_details.aspx?sectionID=135&newsID=14031' title='NAHB-Wells Fargo Housing Affordability Index'>National Association of Home Builders (NAHB) and the Wells Fargo Housing Market Index</a>, 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!
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<a href='https://www.hometoindy.com/blog/indianapolis-real-estate-at-the-bottom-of-the-list/' title='Indianapolis Propert Vales Less Likely to Decline'>Indianapolis Real Estate at the Bottom of the List</a>2011-11-28T11:19:00-07:002011-12-15T08:35:44-07:00Paula Henrytag:hometoindy.com,2012-09-20:1902Top 3 Reasons You May Want to Wait to Buy a HomeReasons to Wait to Buy a Home
<img src='https://assets.site-static.com/userfiles/279/image/iStock_000001005295Small1-2-Small-200x300.jpg' width='150' height='225' alt='Buying a home in Indianapolis' title='Indianapolis Home Buying Advice' style='float: left; margin: 5px;' />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 <a title='Palm Desert Real Estate' href='http://kimberleyjoykelly.com/communities/palm-desert-ca-homes-real-estate/'>Palm Desert Real Estate</a> agent in Southern California and has been licensed now for 11 years. She is a great short sale Realtor for sellers in the <a title='Palm Springs real estate agent' href='http://kimberleyjoykelly.com/communities/palm-springs-ca-homes-real-estate/'>Palm Springs real estate</a> market. You can check out Kim's regular blog postings by visiting her <a title='La Quinta homes for sale' href='http://kimberleyjoykelly.com/communities/la-quinta-ca-homes-real-estate/'>La Quinta homes for sale</a> website.2011-11-24T07:33:00-07:002011-12-07T21:48:34-07:00Paula Henrytag:hometoindy.com,2012-09-20:1389Indianapolis 16th Cheapest Place to Live in USIndianapolis 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 <a href="http://images.businessweek.com/slideshows/20110616/the-25-cheapest-cities-in-the-u-s-/slides/11" title="Indianapolis Cheapest City in US">Bloomberg</a> named Indianapolis as the 16th cheapest cities in the US. I prefer affordable over cheap, but either way, it's a great moniker. <img style="float: right; margin: 5px;" title="Homes in Indianapolis" alt="Indianapolis Home" src="https://assets.site-static.com/userfiles/279/image/img-1006-20-28small-29-small.jpg" height="200" width="300" />
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 <a href="https://www.hometoindy.com/indianapolis-relocation/" title="Indianapolis Relocation">relocating to Indianapolis</a>. 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 <a href="https://www.hometoindy.com/blog/category/first-time-home-buyers/" title="First Time Home Buyers Indianapolis">first time home buyers</a>, 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.
<a href="https://www.hometoindy.com/indianapolis-homes/" title="Indianapolis Homes">Indianapolis Homes</a> - The average home in Indianapolis has 3 bedrooms, 2 baths, 1696 square foot and sold for $112,400.
<a href="https://www.hometoindy.com/avon-homes/" title="Avon Homes for Sale">Avon Homes</a> - The average home in Avon Indiana was a 3 bedroom, 3 bath with 2136 square foot and sold for $155,253.
<a href="https://www.hometoindy.com/brownsburg-homes/" title="Brownsburg Homes for Sale">Brownsburg Homes</a> - The average home in Brownsburg Indiana was a 3 bedroom, 3 bath with 2168 square foot and sold fro $168,485.
<a href="https://www.hometoindy.com/carmel-homes/" title="Carmel Homes for Sale">Carmel Homes </a>- The average home sold in Carmel Indiana had 4 bedrooms, 4 baths with 2730 square foot and sold for $318,879.
<a href="https://www.hometoindy.com/danville-homes/" title="Danville Homes for Sale">Danville Homes</a> - The average home sold in Danville Indiana had 3 bedrooms, 2 baths with 1872 square foot and sold for $142,594.
<a href="https://www.hometoindy.com/fishers-homes/" title="Fishers Homes for Sale">Fishers Homes</a> - The average home sold in Fishers Indiana had 3 bedrooms, 3 baths with 2237 square foot and sold for $208,896.
<a href="https://www.hometoindy.com/greenwood-homes/" title="Greenwood Homes for Sale">Greenwood Homes</a> - The average home sold in Greenwood Indiana had 3 bedrooms, 3 baths with 1997 square foot and sold for $160,408.
<a href="https://www.hometoindy.com/noblesville-homes/" title="Noblesville Homes for Sale">Noblesville Homes</a> - The average home sold in Noblesville Indiana had 3 bedrooms, 3 baths with 2172 square foot and sold for $179,977.
<a href="https://www.hometoindy.com/plainfield-homes/" title="Plainfield Homes for Sale">Plainfield Homes</a> - The average home sold in Plainfield Indiana was a 3 bedroom, 2 bath with 1922 square foot and sold for $150,104.
<a href="https://www.hometoindy.com/westfield-homes/" title="Westfield Homes for Sale">Westfield Homes</a> - The average home sold in Westfield Indiana was a 4 bedroom, 3 bath with 2218 square foot and sold for $205,101.
<a href="https://www.hometoindy.com/zionsville-homes/" title="Zionsville Homes for Sale">Zionsville Homes</a> - 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 bath2011-07-19T21:10:00-07:002013-07-30T04:06:48-07:00Paula Henrytag:hometoindy.com,2012-09-20:1288Paula and Ines go head to head:Miami vs IndianapolisThis 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 <a title='Miami Beach Realtor' href='http://blogs.forbes.com/quickerbettertech/2011/05/30/home-sales-down-not-for-this-realtor/'>Forbes</a>. If you are thinking about a <a title='Miami real estate' href='http://www.miamism.com/'>vacation home in Miami</a>, Ines is the Realtor I recommend.
People are drawn to my website, <a href='http://miamism.com'>miamism.com</a> 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
<a href='https://www.hometoindy.com/blog/lockerbie-square-victorian-home/'>Lockerbie Square Victorian Home</a> vs <a href='http://www.miamism.com/green-houses-from-the-past/'>Miami Green Houses from the Past</a> <img src='https://lh3.googleusercontent.com/F8Xru0l37aZJHTF1ExNHqziiyHfXKakc8Dlc2DJ4y-Lpbb5LYtUyNc7ReDpbA0ad85WfZRQB3ewS7Mu7k4mWm-k2Nj34V1dFgWQRgtCdFSTdFQ2aP3w' height='200' width='500' /> 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
<a href='https://www.hometoindy.com/blog/category/greenways-and-trails/'>Central Canal Towpath and Greenway</a> vs <a href='http://www.miamism.com/standing-ovation-to-the-new-world-center/'>New World Center in Miami Beach</a> <img src='https://lh4.googleusercontent.com/MamUBhbpNIDrbYOLERJDo2GNrAhhGd7679NCtuFc21XXN7D7iuzrgn080gwH4gWrVAFpVTipJQfYYh5fw1rbDP6cJSLpKxJ2H5p2KH7iPm5XYjB5PfI' height='200' width='500' /> 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
<a href='https://www.hometoindy.com/blog/union-laundry-lofts-in-downtown-indianapolis/'>Union Laundry Lofts in Downtown Indianapolis</a> vs. <a href='http://www.miamism.com/miami-condos-by-the-heat-stadium/'>Miami Condos by the Heat Stadium</a> <img src='https://lh6.googleusercontent.com/mI0o9pSfLH9anZxP0KqyzH1Lzu0ydyX-hclnNQq1NoPjQlLFGQnLdgaLBSKUXv4Eto_AfoYzLbrVJCBdxDRqhA4zc7mGsP4Op_btRK0wi2OaGvU2L9I' height='206' width='500' /> 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! 2011-06-07T06:20:00-07:002011-09-08T16:12:37-07:00Paula Henrytag:hometoindy.com,2012-09-20:1286How Many Deals Are There in the Indianapolis Real Estate Market?<a href="https://www.hometoindy.com/wp-content/uploads/KWProof.ashx_.png"><br /></a>As I was writing a guest post about short sales for a friend of mine, <a title="Sacramento Real Estate" href="http://www.sacramentorealestatevoice.com/" target="_blank">Gena Riede in Sacramento</a>, 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 <a href="https://www.hometoindy.com/property-search/site-map/" title="Indianapolis Real Estate Listings">Indianapolis MLS listings</a>. 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 <a title="Homes for Sale in Indianapolis" href="https://www.hometoindy.com" target="_blank">homes for sale in Indianapolis</a>, 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!
<a title="Indianapolis Foreclosure Homes for Sale" href="https://www.hometoindy.com/foreclosures/" target="_blank">Search Indianapolis Foreclosure Homes</a>
<a title="Indianapolis Homes for Sale" href="https://www.hometoindy.com" target="_blank">Search all Indianapolis Homes</a>2011-05-30T20:23:00-07:002013-07-29T16:26:00-07:00Paula Henrytag:hometoindy.com,2012-09-20:1284Opportunity Knocks for Buying Your Dream Home in San DiegoThis 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 <a href='http://sandiegopreviews.com/'>homes in San Diego</a> or lakefront estates in Indianapolis. <a href='https://assets.site-static.com/userfiles/279/image/Luxury-Home-in-San-Diego.jpg'><img height='199' width='300' alt='San Diego Luxury Homes' src='https://assets.site-static.com/userfiles/279/image/Luxury-Home-in-San-Diego.jpg' title='Luxury-Home in San Diego' style='float: left; margin: 5px;' class='size-full wp-image-9967 alignleft' /></a>We are seeing smart money aggressively buying in our <a href='http://www.sandiegopreviews.com/idx/'>San Diego real estate market</a>, 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. <a href='http://luxuryhomesdigest.com/' title='San Diego Luxury Homes'>by Roberta Murphy</a>
2011-05-24T07:19:00-07:002011-11-11T09:14:11-07:00Paula Henrytag:hometoindy.com,2012-09-20:1283Sacramento Real Estate and the Art of Selling a HomeThis 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 <a title='Indianapolis Homes for Sale' href='https://www.hometoindy.com/blog'>HomeToIndy.com</a>. 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 <a href='http://www.sacramentorealestatevoice.com/'>Sacramento</a> 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.
<a href='https://assets.site-static.com/userfiles/279/image/What-Have-We-Thought.jpg'><img class='aligncenter size-full wp-image-9952' title='What Have We Thought' src='https://assets.site-static.com/userfiles/279/image/What-Have-We-Thought.jpg' alt='Art in Sacramento' width='575' height='431' /></a>
We were hard hit by the recession in Sacramento. What I have been seeing in the <a href='http://www.sacramentorealestatevoice.com/'>Sacramento real estate</a> 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 <a href='http://www.sacramentorealestatevoice.com/'>Sacramento Real Estate Voice</a>
2011-05-17T11:58:00-07:002012-02-06T02:31:28-07:00Paula Henrytag:hometoindy.com,2012-09-20:1282A New Chapter for Estridge Homes<a href="https://assets.site-static.com/userfiles/279/image/IMG_9664.jpg"><img class="alignleft size-full wp-image-9943" style="float: left; margin: 5px;" title="Estridge Homes" src="https://assets.site-static.com/userfiles/279/image/IMG_9664.jpg" alt="Edinwilde in Franklin Township" width="275" height="166" /></a>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 <a title="Indianapolis neighborhoods" href="https://www.hometoindy.com/indianapolis-homes/subdivisions/">neighborhoods in Indianapolis</a> and the metro area, including <a href="https://www.hometoindy.com/fishers-homes/anderson-hall/" title="Anderson Hall Homes for Sale">Anderson Hall</a>, <a title="Westfield Homes for sale in Centennial" href="https://www.hometoindy.com/westfield-homes/centennial/">Centennial at 146th Street</a>, <a title="Franklin Township Homes in Edenwilde" href="https://www.hometoindy.com/indianapolis-homes/edenwilde/">Edenwilde</a>, 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 <a title="Brownsburg Homes in Highland Green" href="https://www.hometoindy.com/brownsburg-homes/highland-green/">Highland Green in Brownsburg</a>.
I hear good things about David Weekley homes from Realtor friends in Texas. I wish them well! 2011-05-06T21:58:00-07:002013-04-23T16:51:52-07:00Paula Henrytag:hometoindy.com,2012-09-20:1281Living in Tucson Arizona - Where the Sun ShinesEvery Tuesday, here on Indy Real Estate Talk, we are featuring guest posts from real estate experts around the country. This week we have, <a href="http://www.tucsonazrealestateblog.com/" title="Tucson Realtor">Realtor, Dave Smith</a>, 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 <a href="http://www.tucsonazrealestateblog.com/" title="Tucson Real Estate">Tucson Real Estate Market</a>? 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 <a href="http://www.tucsonazrealestateblog.com/" title="Tucson Real Estate">homes in Tucson</a>. 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.2011-05-03T19:42:00-07:002013-06-30T05:37:36-07:00Paula Henrytag:hometoindy.com,2012-09-20:720Downtown Indianapolis Lures both the Young and the YoungerIndianapolis 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.
<img class="img_box_left" width="250" height="188" title="Downtown Condos in Indianapolis " alt="Indianapolis Downtown Condos" src="https://assets.site-static.com/userfiles/279/image/25_2820956_01.jpg" />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.
<a title="Retire in indianapolis" href="http://money.cnn.com/galleries/2007/moneymag/0710/gallery.bpretire.moneymag/20.html">CNN Money</a> designated the <a title="Discover Mass Ave" href="http://www.discovermassave.com/">Mass Ave Arts District</a> 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 <a title="Indianapolis" href="http://www.usatoday.com/money/economy/housing/2007-08-07-forbes-affordable-housing_N.htm">most affordable cities to live in by Forbes</a>. For the club swinging group, who want some time on the links, <a title="Golf in indianapolis" href="http://money.cnn.com/magazines/moneymag/bpretire/2007/rankings/golf.html">Indianapolis offers 137 golf courses, ranking 14th in the Nation.</a>
<img width="300" height="225" style="float: right; margin: 5px;" title="Indianapolis Downtown Condos at Buschman Building" alt="Downtown indianapolis Condos" src="https://assets.site-static.com/userfiles/279/image/25_21036672_01.jpg" />
Along with the wonderful <a href="https://www.hometoindy.com/blog/indianapolis-parks-and-greenways-the-history/" title="Indianapolis Parks and Greenways">parks and greenway system</a>, there is plenty of outdoor activities in downtown Indianapolis.
Young professionals are also calling downtown Indianapolis home. I recently sold a Brownstone at <a title="Lockerbie Square Homes for Sale" href="https://www.hometoindy.com/indianapolis-homes/lockerbie-square/">Lockerbie</a> 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.
<a title="Indianapolis Homes for Sale" href="https://www.hometoindy.com/">Homes in Indianapolis</a> 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.
2011-05-01T15:28:00-07:002013-07-29T16:32:37-07:00Paula Henrytag:hometoindy.com,2012-09-20:1270The Home Price Index Shows Home Values Lower Broadly, But Not Specifically
<a href="https://www.hometoindy.com/wp-content/uploads/IMG_0269.jpg"><img style="float: left; margin: 5px;" height="206" width="275" alt="Indianapolis Real Estate and Homes for Sale" src="https://assets.site-static.com/userfiles/279/image/IMG_0269-300x225.jpg" title="Indianapolis Home" class="alignleft size-medium wp-image-9672" /></a>Home values fell again in January, according to the Federal Home Finance Agency's Home Price Index. Values were reported <a target="_blank" href="http://www.fhfa.gov/webfiles/15565/MonthlyHPI32310.pdf" title="Home Price Index April 2007 to January 2010">down 0.6 percent</a>, 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.2010-03-26T04:46:00-07:002013-07-29T16:51:07-07:00Paula Henrytag:hometoindy.com,2012-09-20:1268CNNMoney.com Predicts The Best And Worst Real Estate Markets For 2010
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 <a title="CNNMoney story on 2010 home prices" href="http://money.cnn.com/magazines/moneymag/moneymag_realestate/2010/biggest_gains.html" target="_blank">2010's home appreciation list</a> and Hanford, California <a title="CNNMoney story on 2010 home prices" href="http://money.cnn.com/magazines/moneymag/moneymag_realestate/2010/index.html" target="_blank">at its bottom</a>. 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.
<a href="https://www.hometoindy.com/" title="Indianapolis Real Estate"> Real estate in Indiananpolis</a> is more local than that. When we say <a href="https://www.hometoindy.com/blog/defining-the-indy-real-estate-market-means-going-local/" title="Real Estate is Local">'real estate is local'</a>, 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, <a href="https://www.hometoindy.com/about/" title="Indianapolis Realtors">local Indiananpolis Realtor </a>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.2010-03-23T04:46:00-07:002013-07-29T16:52:18-07:00Paula Henrytag:hometoindy.com,2012-09-20:1272Foreclosures Per Capita February 2010
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 <a title="Buying a Home Indianapolis" href="https://www.hometoindy.com/buyers/">Indianapolis home buyers</a>, 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 <a target="_blank" href="http://www.realtor.org/press_room/news_releases/2010/02/ehs_january2010" title="Existing Home Sales January 2010">38 percent of all resales</a>. 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 <a title="Indianapolis Foreclosure Homes for Sale" href="https://www.hometoindy.com/indianapolis-homes/foreclosures/">market for a bank-owned home</a>, 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, 2010.2010-03-11T05:45:00-07:002013-07-29T16:53:14-07:00Paula Henrytag:hometoindy.com,2012-09-20:1264Indianapolis Listed in the Top 10 Housing Markets<a rel="attachment wp-att-3789" href="https://www.hometoindy.com/?attachment_id=3789"></a><a href="https://www.hometoindy.com/files/2010/10/indy-map.png"></a><a href="https://assets.site-static.com/userfiles/279/image/indy-map-300x241.png"><img width="275" height="221" class="alignleft size-full wp-image-8900" style="float: left; margin: 5px;" title="indy-map" src="https://assets.site-static.com/userfiles/279/image/indy-map-300x241.png" alt="Indianapolis Map" /></a><a title="Indianapolis Real Estate" href="https://www.hometoindy.com">Indianapolis Real Estate</a> 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 <a title="Indianapolis Housing Most Affordable" href="https://www.hometoindy.com/blog/indianapolis-offers-most-affordable-housing/" target="_blank">most affordable housing market</a> in the nation for a city our size.
Now, <a title="Indianapolis Best Housing Market" href="http://www.forbes.com/2010/02/19/best-housing-prices-personal-finance-real-estate-affordable-homes_2.html" target="_blank">Forbes</a> 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 <a href="https://www.hometoindy.com/blog/category/market-statistics/" title="Indianapolis HOme Sales and Market Reports">home sales in Indianapolis</a>. 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 <a title="Indianapolis Homes for Sale" href="https://www.hometoindy.com">Indianapolis Homes for Sale</a>2010-02-25T09:35:00-07:002013-07-29T16:53:46-07:00Paula Henrytag:hometoindy.com,2012-09-20:1259The Severity Of The Foreclosure Crisis Depends On Where You Live
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. <a title="RealtyTrac.com tracks foreclosure data" href="http://www.realtytrac.com/contentmanagement/pressrelease.aspx?channelid=9&itemid=8533" target="_blank">As reported by RealtyTrac</a>, 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 <a href="https://www.hometoindy.com/buyers/" title="Indianapolis Home Buyers">homebuyers in Indianapolis</a> 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 <a title="Distressed properties account for 32 percent of home sales (January 2010)" href="http://www.realtor.org/press_room/news_releases/2010/01/december_down" target="_blank">one-third of all home resales</a>. 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 <a href="https://www.hometoindy.com/indianapolis-homes/foreclosures/" title="Foreclosures in Indianapolis">bank-owned home</a> and make it to closing. If you're serious about buying foreclosures, it's probably best to start your search soon.2010-02-14T05:45:00-07:002013-07-29T16:55:08-07:00Paula Henrytag:hometoindy.com,2012-09-20:1252Pending Home Sales Predicts A Stronger Spring Market
The Pending Home Sales Index rose slightly in December, <a title="Pending Home Sales December 2009" href="http://www.realtor.org/press_room/news_releases/2010/02/stabilize_remain" target="_blank">climbing 1 percent from November</a>.
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 <a title="Existing Home Sales Data December 2009" href="http://www.realtor.org/press_room/news_releases/2009/12/another_respond" target="_blank">fell by 17 percent</a> in December. Based on the most recent Pending Sales Index, therefore, we can expect January's closed sales to be similarly level.
For <a href="https://www.hometoindy.com/buyers/" title="Home Buyers in indianapolis">home buyers in Indianapolis</a>, 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.2010-02-03T05:45:00-07:002013-07-29T16:57:12-07:00Paula Henrytag:hometoindy.com,2012-09-20:1254RealtyTracs 2009 Foreclosure Report Gives Reason For Optimism
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 <a href="https://www.hometoindy.com/indianapolis-homes/foreclosures/" title="Indianapolis Foreclosures for Sale">homes in foreclosure in Indianapolis</a> 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 <a title="RealtyTrac.com tracks foreclosure data" href="http://realtytrac.com/" target="_blank">foreclosure heat maps</a>. 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 them2010-01-15T05:45:00-07:002015-05-28T08:13:04-07:00Paula Henrytag:hometoindy.com,2012-09-20:1217WHY Banks Are Losing MoneyThis is from the STUPID FILE of things banks do on <a title="Indianapolis Foreclosures for Sale" href="https://www.hometoindy.com/indianapolis-homes/foreclosures/">bank owned properties</a>. 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. <br />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.2009-09-10T20:21:00-07:002013-07-29T17:07:12-07:00Paula Henrytag:hometoindy.com,2012-09-20:1215High End Homes Not Selling in Metro Indy<a href="https://www.hometoindy.com/wp-content/uploads/shutterstock_1821825.jpg"><img class="alignleft size-medium wp-image-8956" style="float: left; margin: 5px;" title="Luxury Homes Indianapolis" src="https://assets.site-static.com/userfiles/279/image/shutterstock_1821825-201x300.jpg" alt="Indianapolis Luxury Homes" width="201" height="300" /></a> 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 <a rel="nofollow" href="http://www.wthr.com/Global/story.asp?S=11021939" target="_blank">read the story here</a>.
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.
<a href="https://www.hometoindy.com/blog/category/market-statistics/" title="Indianapolis Real Estate Market Reports"> Home sales in Indianapolis</a> over the past few months may not reveal the true picture of sales per price point. Since many<a title="First Time Home Buyers Indianapolis" href="https://www.hometoindy.com/blog/category/first-time-home-buyers/"> first time home buyers</a> 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 <a href="https://www.hometoindy.com/zionsville-homes/" title="Zionsville homes for sale">Zionsville</a>, <a href="https://www.hometoindy.com/carmel-homes/" title="Carmel Homes for Sale">Carmel</a> and <a href="https://www.hometoindy.com/fishers-homes/" title="Fishers Indiana Homes">Fishers</a>. 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 <a href="https://www.hometoindy.com" title="Indianapolis Real Estate">Indianapolis real estate</a>. If you have 9.9 million laying around, the Hilbert Mansion is beautiful, a great location and priced right.2009-09-01T20:21:00-07:002013-07-29T17:07:50-07:00Paula Henrytag:hometoindy.com,2012-09-20:1212Your New Mortgage Payment InfoWhat 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 <a title="Indianapolis Property Tax C Bill" href="https://www.hometoindy.com/blog/time-to-pay-up--indianapolis-real-estate-taxes--c-bill-due/">Indianapolis property tax C-bill </a>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.2009-08-19T01:04:00-07:002013-07-29T17:13:21-07:00Paula Henrytag:hometoindy.com,2012-09-20:1211TAXING Times in Indianapolis – Property Taxes, That is!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
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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 <a title="Property Tax Refunds" href="https://www.hometoindy.com/blog/dont-cash-that-check/">here </a>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?
2009-08-17T01:09:00-07:002013-07-29T17:13:41-07:00Paula Henrytag:hometoindy.com,2012-09-20:1208Facing Foreclosure in IndianapolisLosing 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 <a href="https://www.hometoindy.com/sellers/short-sale/" title="Selling Your Home by Short Sale">short sale on their home</a> 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 <a href="https://www.hometoindy.com/sellers/foreclosure-options/" title="Foreclosure Options for Indianapolis Home Owners">what is the best option for you</a>, contact your legal and financial advisers.
Inform yourself, so you can make the best decision for yourself.2009-08-02T00:08:00-07:002013-07-29T17:14:31-07:00Paula Henrytag:hometoindy.com,2012-09-20:1205Indianapolis Foreclosure Statistics 2003 - 2009Recently, 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.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/279/image/2003-2009_foreclosures.png" height="166" width="521" />
*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………….2009-07-19T13:53:00-07:002013-07-29T17:14:51-07:00Paula Henrytag:hometoindy.com,2012-09-20:1198Certified Deed RipOff<a href='https://www.hometoindy.com/?attachment_id=2364' rel='attachment wp-att-2364'><img style='float: left; margin: 5px;' title='Deed and Note for Home' alt='Mortgage Note Agreement' height='250' width='166' src='https://assets.site-static.com/userfiles/279/image/Mortgage_Note.jpg' /></a>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.2009-05-27T09:44:00-07:002011-07-11T09:17:27-07:00Paula Henrytag:hometoindy.com,2012-09-20:1183WARNING - You Don't Need Their HelpIt is part of my normal routine to contact lenders on behalf of my clients who are in the process of trying to obtain a <a target="_blank" href="https://www.hometoindy.com/sellers/short-sale/" title="Indianapolis Short Sales">short sale on their home</a>.
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.2009-04-01T18:55:00-07:002013-07-29T17:17:42-07:00Paula Henrytag:hometoindy.com,2012-09-20:1158Refinancing Your Indianapolis Home?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:
<a href="https://www.hometoindy.com/blog/are-your-exemptions-filed/" title="Indianapolis Property Tax Exemptions">Are Your Tax Exemptions Filed</a>
<a href="https://www.hometoindy.com/blog/indianapolis-tax-estimator-for-marion-county/" rel="nofollow" title="Marion County Taxes">Indianapolis Tax Estimator </a>2009-01-17T00:28:00-07:002013-07-29T17:27:13-07:00Paula Henrytag:hometoindy.com,2012-09-20:1151Spinning the AveragesIt’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 <a title="Selling Indianapolis Homes" href="https://www.hometoindy.com/sellers/">selling your Indianapolis home</a>, these are the numbers you want to know for your neighborhood.
Thanks for reading!
Tags: <a rel="tag" href="http://technorati.com/tag/Indianapolis+real+estate">Indianapolis+real+estate</a>, <a rel="tag" href="http://technorati.com/tag/Market+Statistics">Market+Statistics</a>2009-01-04T08:19:00-07:002013-07-29T17:30:31-07:00Paula Henrytag:hometoindy.com,2012-09-20:1149What is a Short Sale?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 <a title="Foreclosure options Indianapolis" href="https://www.hometoindy.com/sellers/foreclosure-options">short sale is one option </a>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. <a title="HUD approved Counselors Indianapolis" href="http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?searchstate=IN&filterLng=&filterSvc=&filterMultiState=&searchName=&searchCity=indianapolis&searchZip=&searchService=&searchLang=&searchAffiliation=&webListAction=Search"></a>
<a title="HUD approved Counselors Indianapolis" href="http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?searchstate=IN&filterLng=&filterSvc=&filterMultiState=&searchName=&searchCity=indianapolis&searchZip=&searchService=&searchLang=&searchAffiliation=&webListAction=Search">Search here</a> 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, <a title="Paula Henry, Indianapolis Realtor" href="https://www.hometoindy.com/contact/">contact me </a>for a confidential consultation.2008-12-31T06:16:00-07:002013-07-29T17:30:57-07:00Paula Henrytag:hometoindy.com,2012-09-20:1136Defining Average Vs. Median Home PricesOne 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.
<a rel="attachment wp-att-1179" href="https://www.hometoindy.com/?attachment_id=1179"><img src="https://assets.site-static.com/userfiles/279/image/Nov_2008.png" width="600" height="150" alt="November Market Statistics" title="Indianapolis Market Statistics" /></a>
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 <a title="Local Real Estate Markets" href="https://www.hometoindy.com/blog/defining-the-indy-real-estate-market-means-going-local/">numbers on a very local level.</a>
If you read this far, Thanks!2008-12-21T07:40:00-07:002013-07-29T17:32:28-07:00Paula Henrytag:hometoindy.com,2012-09-20:1132Are You Facing Foreclosure?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.
<a href="https://www.hometoindy.com/blog/is-hope-for-homeowners-a-plan-for-you/" title="Hope for Home Owners">Hope for Homeowner Program </a>
<a title="Hope for Homeowners" href="https://www.hometoindy.com/blog/is-hope-for-homeowners-a-plan-for-you/"></a> <a title="Bank Bailout Programs for Foreclosure" href="https://www.hometoindy.com/blog/real-bailout-from-the-banks/">Bank BailOut Programs </a>
<a title="Bank Bailout Programs for Foreclosure" href="https://www.hometoindy.com/blog/real-bailout-from-the-banks/"></a> 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 title="Short Sale for Indianapolis Home Owners" href="https://www.hometoindy.com/sellers/short-sale/">a short sale </a>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.2008-12-10T14:29:00-07:002013-07-29T17:49:43-07:00Paula Henrytag:hometoindy.com,2012-09-20:1109Indianapolis Tax Estimator for Marion CountyHere’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 <a title="Indianapolis Property Tax estimator" href="http://www.stats.indiana.edu/dlgf_calculators/tax_calc.html">Marion County Tax Estimator site.</a> 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 <a title="General Property Tax Info" href="http://www.in.gov/dlgf/4929.htm">link in the center</a> 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 <a title="Indianapolis property tax deductions" href="http://www.in.gov/dlgf/2344.htm">go here to find out about deductions</a>.
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 <a title="Marion County Taxes Indianapolis" href="http://www.in.gov/dlgf/4929.htm">go here</a>.
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.2008-10-28T08:43:00-07:002015-05-28T08:20:55-07:00Paula Henrytag:hometoindy.com,2012-09-20:1107Is Hope for Homeowners a Plan for You?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. <a href="http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL" title="Hope for Homeowners">See the full guidelines here.</a>
2008-10-27T18:59:00-07:002013-07-29T17:57:46-07:00Paula Henrytag:hometoindy.com,2012-09-20:1106Real BailOut from the BanksThe 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, <a title="Foreclosure help for homeowners" href="http://money.cnn.com/2008/10/24/real_estate/indymac_solution/index.htm?postversion=2008102416">IndyMac, has their program in place</a> and Bank of America, who now owns Countrywide, has <a title="Foreclosure help for homeowners" href="http://money.cnn.com/2008/10/06/real_estate/Drastic_plan_slashes_mortgage_costs/index.htm?postversion=2008100917">announced their plan for homeowners</a>, 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 <a href="https://www.hometoindy.com/sellers/foreclosure-options/" title="Foreclosure Options for Home Owners ">what your options are. </a>2008-10-27T17:47:00-07:002013-07-29T17:58:07-07:00Paula Henrytag:hometoindy.com,2012-09-20:1069Indianapolis Property Taxes - A Homebuyers StoryA 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, <a target="_blank" href="https://www.hometoindy.com/dont-cash-that-check/" title="Indianapolis Property Taxes">please read this story</a>.
I’d love to hear your stories about how the property tax situation has affected you. 2008-09-10T03:05:00-07:002013-07-29T18:13:50-07:00Paula Henrytag:hometoindy.com,2012-09-20:1067Indianapolis Property Taxes - A QuestionThis 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 <a title="Indianapolis Property Tax Exemptions" href="http://www.in.gov/dlgf/2344.htm">specific exemptions </a>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. 2008-09-09T17:36:00-07:002013-07-29T18:14:44-07:00Paula Henrytag:hometoindy.com,2012-09-20:1065Home Fire Caution<img src='https://assets.site-static.com/userfiles/279/image/burning-home.gif' width='275' height='198' alt='Home on Fire' title='Burning Home' style='float: left; margin: 5px;' />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.2008-09-07T17:16:00-07:002011-07-09T10:56:31-07:00Paula Henrytag:hometoindy.com,2012-09-20:1064All Real Estate is LocalStories 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 <a href='https://www.census.gov/hhes/www/housing/ahs/ahs05/tab1a-1.pdf' target='_blank'>124,377,000 homes</a> 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<a href='https://www.hometoindy.com/communities/' title='Indianapolis Neighborhoods and Communities'> city or suburb around Indianapolis</a> 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 <a href='https://www.hometoindy.com/blog/defining-the-indy-real-estate-market-means-going-local/' title='Local Indianapolis Real Estate Market'>local real estate data is from a local real estate agent</a> 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.
<a title='Paula Henry, Indianapolis Realtor' href='https://www.hometoindy.com/contact/'>Contact me</a> if you want to know what the stats are for your Indianapolis neighborhood.2008-09-01T17:31:00-07:002011-07-09T10:37:05-07:00Paula Henrytag:hometoindy.com,2012-09-20:1061Average Home Price in IndianapolisOnce again, <a title='Indianapolis Real Estate' href='https://www.hometoindy.com'>Indianapolis Real Estate</a> 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 <a href='http://money.cnn.com/2008/08/19/real_estate/most_affordable_housing/index.htm' title='Indianapolis most afforadble homes'>article at CNN Money</a> 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 <a href='https://www.hometoindy.com/communities/' title='Indianapolis Communities and Homes'>narrow the search locally</a> to area, neighborhood and subdivision. Let’s look at a few examples:
In <a title='Pike Township Homes Indianapolis' href='https://www.hometoindy.com/indianapolis-homes/pike-township/'>Pike Township</a>, 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 <a href='https://www.hometoindy.com/indianapolis-homes/eagle-creek/' title='Eagle Creek Homes in Indianapolis'>Eagle Creek area of Indianapolis</a>. 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 <a href='https://www.hometoindy.com/indianapolis-homes/historic-indianapolis/' title='Homes in Indianapolis Historic Districts '>Historic Districts </a>comprising the higher end sales for central Indianapolis and downtown. It includes the areas of <a title='Chatham Arch Homes Indianapolis' href='https://www.hometoindy.com/indianapolis-homes/chatham-arch/'>Chatham Arch</a>, <a href='https://www.hometoindy.com/indianapolis-homes/lockerbie-square/' title='Lockerbie Square Historic Homes for Sale'>Lockerbie Square</a>, <a href='https://www.hometoindy.com/indianapolis-homes/the-old-northside/' title='Old North Side Homes Indianapolis'>Old Northside</a> 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 <a href='https://www.hometoindy.com/contact-us/' title='Paula Henry, Indianapolis remax agent'>contact me</a>.
________________________________________________________________________________________<br />
Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of <a target='_blank' href='https://www.hometoindy.com/indianapolis-homes/' title='Indianapolis Homes'>Indianapolis homes</a> 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.
<a title='Indianapolis Homes Blog' href='https://www.hometoindy.com/blog/'>Indianapolis Real Estate Blog</a>, written by Paula Henry, an <a title='Indianapolis Realtor' href='https://www.hometoindy.com/about/paula-henry/'>Indianapolis Realtor</a> and team leader of The Home to Indy Team at Keller Williams Realty, serving the <a title='Indianapolis Homes' href='https://www.hometoindy.com/indianapolis-homes/'>Indianapolis real estate</a><a target='_self' href='https://www.hometoindy.com/brownsburg-real-estate.php' title='Brownsburg Homes for Sale'> </a>market.
Call Paula - 317–605–4174
<br />
2008-08-23T16:20:00-07:002011-11-11T22:34:01-07:00Paula Henrytag:hometoindy.com,2012-09-20:1050Bank Owned Homes in Indianapolis<br />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 <a title="Indianapolis Foreclosure Homes" href="https://www.hometoindy.com/indianapolis-homes/foreclosures/" target="_blank">bank owned homes in Indianapolis</a>; 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 <a title="Foreclosures in Indianapolis" href="https://www.hometoindy.com/foreclosures/">Indianapolis Foreclosure Homes for Sale</a>2008-08-10T03:10:00-07:002013-07-29T18:19:47-07:00Paula Henrytag:hometoindy.com,2012-09-20:1047Indianapolis Real Estate at the Bottom of the ListHome 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; <a href="https://www.hometoindy.com/blog/defining-the-indy-real-estate-market-means-going-local/" title="Indianapolis Real Estate">all real estate is local.</a> If you are in the market to <a title="Indianapolis Buying a Home" href="https://www.hometoindy.com/buyers/">buy a home in Indianapolis</a>, 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 <a title="Carmel Indiana Homes for Sale" href="https://www.hometoindy.com/carmel-homes/">Indianapolis-Carmel real estate market</a> 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, <a href="http://phx.corporate-ir.net/phoenix.zhtml?c=63356&p=irol-newsArticle&ID=1171100&highlight" title="PMI Group">click here</a>.
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<a href="https://www.hometoindy.com/indianapolis-real-estate-due-to-bounce-back/" title="Indianapolis Real Estate Market"></a> <a href="https://www.hometoindy.com/blog/compare-real-estate-markets-in-us/" title="Indianapolis Real estate">Compare Real Estate Markets in the US</a>
<a href="https://www.hometoindy.com/blog/indianapolis-ranked-6th-best-bargain-market--its-not-all-about-price/" title="Indianapolis Real Estate Market">Indianapolis Ranked 6th Best Bargain Market</a>2008-07-21T19:55:00-07:002013-07-29T18:21:03-07:00Paula Henrytag:hometoindy.com,2012-09-20:1046Don't Cash That CheckAnother Repercussion of the Indianapolis Property Tax Issue
<a href="https://assets.site-static.com/userfiles/279/image/bank-check-scanning-2-small.jpg"><img height="200" width="130" alt="Check from Mortgage Company" src="https://assets.site-static.com/userfiles/279/image/bank-check-scanning-2-small.jpg" title="bank-check-scanning" style="float: left; margin: 5px;" class="alignleft size-full wp-image-8990" /></a>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 <a href="https://www.hometoindy.com/blog/time-to-pay-up--indianapolis-real-estate-taxes--c-bill-due/" title="Indianapolis Property Tax C bill">C-bill or reconciliation bill </a>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.
<a href="http://www.in.gov/dlgf/4929.htm" title="Indianapolis Tax Estimator">Marion County Tax Estimator</a>
<a href="http://www.in.gov/dlgf/2516.htm" title="Indianapolis Property Taxes">Citizens Guide to Property Taxes</a>
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<a title="Property Taxes and Your MOrtgage Payment" href="https://www.hometoindy.com/blog/your-new-mortgage-payment-info/">Your New Mortgage Payment</a>2008-07-20T07:13:00-07:002013-07-29T18:21:24-07:00Paula Henrytag:hometoindy.com,2012-09-20:1044Indianapolis Foreclosure Statistics June 2008Everyone 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!2008-07-17T15:33:00-07:002015-05-28T08:12:46-07:00Paula Henrytag:hometoindy.com,2012-09-20:1042Foreclosure Rates Are Falling (Despite What You See In The Headlines)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.2008-07-13T12:24:00-07:002015-05-28T08:12:28-07:00Paula Henrytag:hometoindy.com,2012-09-20:1005Time to Pay Up - Indianapolis Real Estate Taxes - C-Bill Due<img src="https://assets.site-static.com/userfiles/279/image/966070-mortgage-and-money-6-small.jpg" border="0" alt="Indianapolis Real Estate Taxes" hspace="5" vspace="5" align="left" />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!
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<a href="https://www.hometoindy.com/the-tax-man-cometh-–-pay-your-dues-or-get-out/" target="_blank" title="Indianapolis Property Taxes">The Tax Man Cometh</a>2008-06-13T18:39:00-07:002013-07-29T18:26:14-07:00Paula Henrytag:hometoindy.com,2012-09-20:1014Guess Which 4 States Accounted For More Than 50 Percent Of May 2008 ForeclosuresRealtyTrac 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<a title="Foreclosure Homes for Sale in Indianapolis" href="https://www.hometoindy.com/indianapolis-homes/foreclosures/"> Indianapolis Foreclosure Homes for Sale</a>2008-06-13T12:35:00-07:002015-05-28T08:12:11-07:00Paula Henry